---

       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

          Monday, September 28, 2020, Vol. 23, No. 194

                           Headlines



A U S T R A L I A

AUSTRALIA: Loosens Lending Laws to Revive Coronavirus-Hit Economy
CUMMINS POOL: Second Creditors' Meeting Set for Oct. 2
PREMIER RETAIL: Looking to Exit 350 Stores in Australia and NZ
WESTSTATE CONSORTIUM: First Creditors' Meeting Set for Oct. 6


C H I N A

CHINA EVERGRANDE: Gets Nod to List Property Services Operation
CHINA EVERGRANDE: S&P Alters Outlook to Negative, Affirms 'B+' ICR
CHINA EVERGRANDE: Warns of Looming Cash Crunch, Spooking Investors


I N D I A

AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating
AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
BALAJI CORPORATION: CARE Lowers Rating on INR5.60cr Loan to D
BULLAND BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating
GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating

JUGNU FOODS: CARE Reaffirms D Rating on INR14.92cr LT Loan
KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
KAMINENI STEEL: CARE Keeps D Debt Rating in Not Cooperating
KWALITY TOWNSHIP: ICRA Keeps D Debt Rating in Not Cooperating
MAKTEL POWER: Insolvency Resolution Process Case Summary

NAIK ENVIRONMENTAL: ICRA Keeps B Debt Rating in Not Cooperating
NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating
NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating
OSWAL OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating
PARAMOUNT BLANKETS: CARE Keeps D Debt Ratings in Not Cooperating

PARAMOUNT IMPEX: CARE Lowers Rating on INR1.76cr LT Loan to C
PENINSULA PROJECTS: ICRA Withdraws B Rating on INR20cr Loan
PSK TEXTILES: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
RAJAGOPAL CONSTRUCTIONS: Ind-Ra Assigns 'BB-' LT Issuer Rating
SHIRPUR GOLD: CARE Lowers Rating on INR75cr LT Loan to D

SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating
UJAAS ENERGY: Insolvency Resolution Process Case Summary
URJA AUTOMOBILES: ICRA Keeps B Debt Ratings in Not Cooperating
VARUN AQUA: ICRA Assigns B+ Ratings to INR7cr Loans


M A L A Y S I A

PERAK CORP: Refutes Putra Claims of its Financial Status


P H I L I P P I N E S

RURAL BANK OF STA. ELENA: Deposit Insurance Claims Due Oct. 2


S I N G A P O R E

PACIFIC RADIANCE: Assesses Recoverability of Amounts Due from JVs


V I E T N A M

HO CHI MINH POWER: Fitch Gives 'BB' LT IDR, Outlook Stable

                           - - - - -


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

AUSTRALIA: Loosens Lending Laws to Revive Coronavirus-Hit Economy
-----------------------------------------------------------------
Reuters reports that Australia said on Sept. 25 it would ease
lending standards for banks in a move designed to free up credit
and revive the economy, which slid into its first recession in
nearly 30 years due to the coronavirus pandemic.

Shares of Australia's "Big Four" banks rallied after the
announcement but the move, which needs legislative approval, has
attracted criticism from consumer groups and analysts who say the
relaxed laws water down protections designed to reduce financial
risks, according to Reuters.

Reuters relates that Australian Treasurer Josh Frydenberg said the
changes will ease the regulatory burden and cut the cost and time
faced by consumers and small businesses seeking to access credit.

"The flow of credit will be absolutely critical to our economic
recovery," Frydenberg told reporters in Canberra, Reuters relays.
"But our current regulatory framework, with respect to lending
. . . has become overly prescriptive, and responsible lending has
become restrictive lending."

Reuters says the changes remove responsible lending laws introduced
in the wake of the global financial crisis that, among other
things, require banks to check whether information provided by
borrowers in their loan applications is correct.

They also follow other stimulatory measures such as government
guarantees for bad debts and cheap funding lines from the central
bank.

According to Reuters, Australian banks had tightened lending
practices following a government-led inquiry, known as the Royal
Commission, which found lenders were approving loans to people that
could not repay them. But the need to stimulate the country's
economy has led lawmakers to now relax their tough stance.

"Before the Royal Commission banks had very poor reputations and
after the Royal Commission it got worse because it showed that
they've been lending quite irresponsibly," Reuters quotes CLSA
senior banking analyst Brian Johnson as saying.

"Now what we are seeing is politicians . . . basically embracing
what it previously would have called irresponsible lending."

Reuters says banks and investors cheered the news with National
Australia Bank and Westpac Banking shares rising over 6%, while
Commonwealth Bank of Australia was up more than 3%. Australia and
New Zealand Banking Group rose 5%. That helped lift Australia's
benchmark index more than 1%.

"This is a significant government initiative that will reduce red
tape for consumers seeking a loan and importantly speed up the
process for customers to obtain approval for a loan," Reuters
quotes Westpac CEO Peter King as saying in a statement.

Consumer advocates have criticised the plan, however, arguing it
removes existing protections and would cause more harm to people
and the economy, Reuters states.

"Watering down credit protections will leave individuals and
families at severe risk of being pushed into credit arrangements
that will hurt in the long term," said Karen Cox, CEO of Financial
Rights Legal Centre.

Reuters adds that JPMorgan said while changes might cut costs and
boost cash earnings in the short term, runaway growth in household
credit would be a concern, even though the pace of such growth was
still very modest.

"We caution that Australia is starting with amongst the highest
household gearing in the world," it said.

CUMMINS POOL: Second Creditors' Meeting Set for Oct. 2
------------------------------------------------------
A second meeting of creditors in the proceedings of Cummins Pool
And Spa Services Pty Ltd has been set for Oct. 2, 2020, at 11:00
a.m. via video conference or telephone.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 1, 2020, at 4:00 p.m.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of Cummins Pool on Sept. 22, 2020.


PREMIER RETAIL: Looking to Exit 350 Stores in Australia and NZ
--------------------------------------------------------------
Inside Retail reports that despite delivering a 29 per cent growth
in net profit to AUD137.8 million for FY20, Premier Investments is
looking to exit 350 stores across Australia and New Zealand due to
unfavorable rent agreements.

Underlying earnings before interest and tax jumped 11.9 per cent to
AUD187.2 million, while overall online sales grew by a record 48.8
per cent--contributing 25.5 per cent of sales in the second half of
the year.

According to the report, Chairman Solomon Lew said the strong
retail result, which encompasses brands such as Smiggle, Peter
Alexander and Just Group, was not a product of dumb luck.

"Rather, Premier has managed its own luck over a number of years by
controlling those things that we can control, for example by fully
owning our distribution centre and head office, by continually
strengthening our balance sheet and heavily investing in our world
class online capabilities," Inside Retail quotes Mr. Lew as
saying.

"Customers are choosing to increasingly shop online during this
highly uncertain environment . . . Our online business has a
significantly higher EBITDA than the retail store channel, and this
accelerated swing in customer preference has increased our focus on
individual store profitability."

And while Mr. Lew lauded the business' online growth, he was also
quick to add that the bricks-and-mortar retail space had shifted
just as significantly – to the point that in order to ensure the
continued strength of Premier's brands it has plans to shut down up
to 350 stores across Australia and New Zealand, and a number of
international sites.

According to Inside Retail, CEO Mark McInnes said Smiggle, for
example, is performing well in regions where schools have re-opened
and poorly in those where they have not.

"To ensure [Smiggle] rebounds and can grow quickly post Covid-19,
the group will close all Hong Kong retail stores by October 31,
close up to 55 stores in the UK in FY21, and impair all other
Smiggle UK and Republic of Ireland [and] Singapore, Mayalsia and
Hong Kong," Mr. McInnes, as cited by Inside Retail, said.

Mr. McInnes didn't specify if these closures would be permanent or
temporary, but said Premier will offset this action with an
increased focus on the online side of the business, which leaves
the brand best-placed to thrive post-pandemic, Inside Retail adds.

And while the impact on Smiggle seems to be far and away the
largest for Premier, McInnes maintained the business' position that
should landlords not understand the changing nature of physical
retail Premier is more than willing to exit unfavorable leases.

"We've got plenty of landlords we've come to agreements with,
because there's plenty that get it," Mr. McInnes said, notes the
report. "[But] we take every store, every decision, as it comes
based on the shop's profitability. And pleasingly there are a lot
of landlords who respect and value the brand . . . and then some
landlords who don't get it. And if they don't offer us rent that
can keep our stores profitable, we close."

WESTSTATE CONSORTIUM: First Creditors' Meeting Set for Oct. 6
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Weststate
Consortium Pty Ltd will be held on Oct. 6, 2020, at 4:30 p.m. at
the offices of BRI Ferrier NQ, Level 1-211 Sturt Street, in
Townsville, Queensland.

Moira Kathleen Carter of BRI Ferrier was appointed as administrator
of Cummins Pool on Sept. 5, 2020.




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

CHINA EVERGRANDE: Gets Nod to List Property Services Operation
--------------------------------------------------------------
The Standard, citing Bloomberg News, reports that China Evergrande
has received approval from Hong Kong Exchanges and Clearing to spin
off its property management segment, paving the way for the company
to raise much-needed capital.

The Standard relates that the unit, recently valued at US$11
billion (HK$85.8 billion) in a stake sale to strategic investors,
is seeking an initial public offering, said people familiar with
the matter. If Evergrande pulls off the listing, it could replenish
the indebted developer's finances, the report relays.

This comes at a time strategic investors have the right to demand
the company pay them US$19 billion in January if it can not
complete a targeted listing in China, The Standard says.

According to The Standard, the world's most indebted developer said
on Sept. 24 it would take legal action against those who made up a
fake company document claiming it is asking support from Guangdong
province to approve its long-delayed A-share backdoor listing plan
given surging default risk.

S&P Global also cut its outlook on Evergrande's B+ credit rating to
negative from stable on Sept. 24, the report notes.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2020, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Ratings of China Evergrande Group and subsidiary
Hengda Real Estate Group Co., Ltd at 'B+' with Stable Outlooks. At
the same time, Fitch has affirmed Evergrande's senior unsecured
rating at 'B' with a Recovery Rating of 'RR5'. Fitch has also
assigned Hengda's wholly owned offshore financing platform, Tianji
Holdings Limited, a Long-Term IDR of 'B+' with Stable Outlook and a
senior unsecured rating of 'B' with a Recovery Rating of 'RR5'.

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

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

CHINA EVERGRANDE: S&P Alters Outlook to Negative, Affirms 'B+' ICR
------------------------------------------------------------------
On Sept. 24, 2020, S&P Global Ratings revised the outlooks on China
Evergrande Group, the company's property arm Hengda Real Estate
Group Co. Ltd., and offshore financial platform Tianji Holding Ltd.
to negative from stable. At the same time, S&P affirmed its 'B+'
long-term issuer credit ratings on the three companies and its 'B'
long-term issue rating on the U.S. dollar notes issued by
Evergrande and guaranteed by Tianji.

S&P said, "The negative outlook on Evergrande reflects our view of
the increasing liquidity pressure on the company over the next six
months, partly due to the imbalance in the capital structure. It
also reflects our expectation that Evergrande's margin will
decline, weighing on its leverage.

"We revised the outlooks to negative because Evergrande's
short-term debt has continued to surge, partly due to its active
acquisition of property projects. We had previously expected the
company to address its short-term debt, especially given the tough
economic climate.

"In addition, we believe Evergrande will have to repay a portion of
its sizable A-share strategic investments. This could further weigh
on the company's weaker-than-peer liquidity profile.

"In our view, Evergrande faces increasing challenges to improve its
liquidity because of the sheer size of its debt. The company had
short-term debt of Chinese renminbi (RMB) 396 billion as of June
30, 2020. Debt rose by 6%, or RMB23.5 billion, in the first half of
the year, partly because the company consolidated short-term debt
from property projects it had acquired in the secondary market."
Evergrande also stepped up land and project acquisitions as
opportunities arose amid the pandemic. It contracted RMB134 billion
on such acquisitions in the first half, similar to the amount spent
for the entire 2019.

Moreover, Evergrande's potential need to repay a portion of its
strategic investments for its planned A-share listing continues to
be a key swing factor for its liquidity profile. The listing
deadline is January 2021 and if it fails, a part of the RMB130
billion in investments could become due. This could be significant,
even for the company's large scale.

S&P said, "In our view, some financial institutional investors
aiming for a financial return within a fixed time frame may not
extend the listing deadline but choose to redeem their investments.
According to our sensitivity analysis, under the scenario where
half of the investors redeem, Evergrande's liquidity sources will
only be able to cover slightly more than 80% of its liquidity
uses.

"That said, we believe the risk of a liquidity crunch is still low
for now. In our view, Evergrande will need to slow its project
acquisitions and prioritize financial discipline because regulators
in China are tightening funding conditions for developers,
including measures on leverage and liquidity which have been dubbed
the "three red lines" policy. In addition, we believe Evergrande is
working on getting more strategic investors to stay put, which is a
positive trend."

Also, as an asset-rich company, Evergrande has different means to
raise funds. These include further domestic bond issuances, a
separate listing of its property management business, and the dual
listing of China Evergrande New Energy Vehicle Group Ltd.
(Evergrande Vehicle) on Shanghai's Science and Technology
Innovation Board. The company has already raised HK$27.5 billion
over the past month by introducing strategic investors in its
automobile and property management businesses.

S&P sid, "At the same time, we expect steady sales in 2020 to
support Evergrande's liquidity. Sales could rise considerably
during the peak months of September and October. We anticipate the
company's contracted sales will rise by more than 25% to about
RMB760 billion this year. We estimate a cash collection rate of
almost 90%, partly driven by its promotional campaigns. In our
view, the company will continue to expedite its cash inflow by
utilizing its sizable land resources at the expense of margins if
necessary.

"We forecast Evergrande's EBITDA in 2020-2022 will be 10%-30% below
its peak in 2018. Nevertheless, EBITDA should increase moderately
by about 10% as revenue picks up amid more project deliveries. The
company's gross margin will likely drop to 23%-24% in 2020-2021,
from 28% in 2019. However, risks remain on the downside due to its
focus on increasing cash inflow. Evergrande's average selling price
(ASP) has been rising back to above RMB9,000 per square meter, but
promotions may derail this trend.

"Evergrande will likely realize at least part of its debt reduction
target, given the regulatory stance to rein in developers' debt
leverage. This should support the moderate deleveraging that we
project, despite the less favorable EBITDA trajectory. We expect a
debt-to-EBITDA ratio of 7x-8x in 2020-2021, compared with 8x in
2019."

Evergrande's subsidiary, Hengda, has similar trends in liquidity
and leverage. The onshore property developer accounts for about 70%
of Evergrande's debt, and around 90% of its sales and profit.

CHINA EVERGRANDE GROUP

S&P said, "The negative outlook reflects our expectation that
Evergrande's liquidity may continue to deteriorate over the next
six months, as its short-term maturities continue to surge, while
it may need to repay some of its strategic investments due in
January 2021. It also reflects the likely material decline in
Evergrande's margin as the company speeds up its contracted sales
at the expense of profitability.

"We may lower the rating if Evergrande's liquidity does not improve
such that its liquidity sources can cover its uses. This could
happen if Evergrande fails to enhance its capital structure and
lower its short-term financing, including trust loans, to below the
current level of about 47% of outstanding debt, or if the company
fails to undertake non-debt fundraising.

"We could also lower the rating if we believe Evergrande will need
to repay a majority of its strategic investments.

"We could also downgrade Evergrande if the company engages in
substantial debt-funded land banking or other major nonproperty
investments, such that its debt-to-EBITDA ratio deteriorates to
beyond 8x without signs of improvement."

S&P could revise the outlook back to stable if:

  (1) Evergrande improves its capital structure by extending its
debt maturity profile, such that the ratio of short-term liquidity
sources to uses will be sustainably over 1x; and

  (2) The company's profitability stabilizes, likely by keeping the
ASP steady. At the same time, Evergrande will need to slow debt
growth such that the debt-to-EBITDA ratio stays below 8x on a
sustained basis.

HENGDA REAL ESTATE GROUP CO. LTD.

The negative outlook mirrors that on Hengda's parent, Evergrande.
The outlook on Evergrande reflects our expectation that its
liquidity may continue to deteriorate over the next six months with
the surge in short-term maturities and potential repayment of
A-share strategic investment. Its material margin decline due to
the focus on contracted sales inflow may further weigh on its
leverage.

S&P may lower the rating on Hengda if it downgrades its parent.

S&P sid, "In a remote case, we may also lower the rating on Hengda
if the company's strategic importance within the group declines,
while its stand-alone credit profile (SACP) deteriorates and
becomes weaker than that of the group. That could happen if
Evergrande substantially lowers its stake in Hengda and shifts its
strategic focus to other business segments, while Hengda's leverage
or liquidity materially deteriorate from current levels.

"We may revise the outlook on Hengda back to stable if we make a
similar outlook revision on Evergrande."

TIANJI HOLDING LTD.

The negative outlook on Tianji reflects the outlook on its parent,
Hengda. S&P also expects Tianji to maintain its status as a core
subsidiary of Hengda over the next six months.

S&P may lower the rating on Tianji if it downgrades its parent.

In a remote case, S&P may also lower the rating on Tianji if the
company's strategic importance within the group declines, while its
SACP deteriorates and becomes weaker than that of the group. That
could happen if Evergrande substantially lowers its stake in Hengda
and shifts its strategic focus to other business segments, while
Hengda's leverage or liquidity materially deteriorate from current
levels.

S&P may revise the outlook on Tianji back to stable if it makes a
similar outlook revision on Hengda.


CHINA EVERGRANDE: Warns of Looming Cash Crunch, Spooking Investors
------------------------------------------------------------------
Bloomberg News reports that China Evergrande Group, the world's
most indebted developer, has warned Chinese officials it faces a
potential default that could roil the nation's $50 trillion
financial system unless regulators approve the company's
long-delayed stock exchange listing.

China Evergrande Group mapped out the scenario in an Aug. 24 letter
to the Guangdong government seen by Bloomberg, in which the company
sought support for a restructuring proposal needed to secure the
listing and avert a cash crunch.

According to Bloomberg, some of Evergrande's biggest strategic
investors have the right to demand their money back if the company
fails to win approval for a backdoor listing on the Shenzhen stock
exchange by Jan. 31.

If investors refuse to extend the deadline, Evergrande will need to
repay as much as CNY130 billion, equivalent to 92 percent of its
cash and cash equivalents, Bloomberg relays.

That may lead to "cross defaults" in Evergrande's borrowings from
banks, trusts, funds and the bond market, eventually leading to
systemic risks for the broader financial system, Bloomberg relates
citing letter sent to the provincial government of Guangdong, where
the company is based.

Evergrande said in a statement that online social media posts about
its asset restructuring plans are "made up," without specifying
details, according to Bloomberg.

The firm added that it had generated CNY400 billion of cash inflows
from project sales in the first eight months and maintained healthy
operations. It didn't address questions on whether it had sought
help from the government, Bloomberg relays.

Evergrande shares fell 5.6 percent in Hong Kong on Sept. 24 to a
four-month low on concerns that it won't meet the listing deadline,
Bloomberg notes. Evergrande Real Estate Group's domestic bond due
in 2023 closed at a record low. The developer's dollar bonds also
sank, pulling down other Chinese property and high-yield notes by
as much as 2.5 cents on the dollar, according to traders.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on  Sept.
17, 2020, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Ratings of China Evergrande Group and subsidiary
Hengda Real Estate Group Co., Ltd at 'B+' with Stable Outlooks. At
the same time, Fitch has affirmed Evergrande's senior unsecured
rating at 'B' with a Recovery Rating of 'RR5'. Fitch has also
assigned Hengda's wholly owned offshore financing platform, Tianji
Holdings Limited, a Long-Term IDR of 'B+' with Stable Outlook and a
senior unsecured rating of 'B' with a Recovery Rating of 'RR5'.   
The Tianji-guaranteed senior unsecured notes issued by Scenery
Journey Limited have been downgraded to 'B' with a Recovery Rating
of 'RR5', from 'B+' with a Recovery Rating of 'RR4', to reflect
Fitch's revised rating approach, whereby the bond rating is linked
to Tianji, the guarantor, rather than Hengda, the keepwell
provider. Fitch affirmed Hengda's 'B+' senior unsecured rating with
a Recovery Rating of 'RR4' and then withdrew the rating because the
senior unsecured rating was no longer relevant to the agency's
coverage.

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



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

AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amoda Iron
& Steels Limited (AISL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D; Issuer not cooperating;
   Facilities-CC                   Based on best available
                                   Information

   Short Term Bank       5.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 11, 2019, placed the
ratings of AISL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 31, 2020 to September 1, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating dated June 11, 2019 the following were
the Strengths and Weaknesses:

Key rating Weaknesses

* Delays in meeting of debt obligations: The company was unable to
generate sufficient cash flows leading to strained liquidity
position resulting in delays in meeting its debt obligations on
time.

Key Rating Strengths

* Experienced and qualified promoter with more than two decades of
experience in the manufacturing of iron and steel products.

Amoda Iron & Steels Limited (AISL), which was incorporated in 2003,
by Mr. Upputhulla Kondala Rao, Mr. T. Satish Kumar, Mr. T. Satish
Kumar and others. The promoters of the company are post graduates
and have more than two decades of experience in Steel Industry.
However, The company is managed by Mr. Upputhulla Kondala
Rao(Managing Director), who has more than two decade of experience
in various industry i.e., Steel, cotton and others.

Amoda Iron & Steel Limited (AISL), was incorporated in the year
2003 as a public limited company (unlisted). The company is
promoted by Mr. Upputhulla Kondala Rao, Mr. T. Satish Kumar, Mr. T.
Satish Kumar and others. The company is engaged in manufacturing of
sponge iron, which is used in manufacturing of steel bars. The
company has a total installed capacity of around 200 tons per hour,
and the plant is located at Jaggayyapet, Andhra Pradesh. The
company procures basic raw material, viz. Iron Ore, Coal and
Limestone from in and around Jaggayyapet. The company sells its
products to the steel plants in the adjoining areas.

AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arowana
Exports Private Limited (AEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short-term Bank       7.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 29, 2019, placed the
rating(s) of AEPL under the 'issuer non-cooperating' category as
Arowana Exports Private Limited had failed to provide information
for monitoring of the rating. Arowana Exports Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated August 31, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on July 29, 2019 the following were the
rating strengths and weaknesses:

Key rating Weakness

* Delay in debt servicing: As per interaction with banker, the
account has been classified as NPA. As informed by management, due
to increase in factory overheads resulting in liquidity crunch led
to delay in debt servicing.

Incorporated in September 2014, as a private limited company, by
Mr. Rajendra Vitthal Shinde and Mrs. Sheetal Rajendra Shinde,
Arowana Exports Private Limited (AEPL) is a 100% export oriented
unit and is engaged in processing and export of sea foods, majorly
shrimps. The company has commenced operations from September, 2014.
The company exports products under the brand name of "Arowana"
mainly to South Africa, Spain, Germany, Australia, Portugal, China,
Hong Kong, Vietnam and Malaysia and procures fish from local
fishermen operating in western and eastern coastline of India.

BALAJI CORPORATION: CARE Lowers Rating on INR5.60cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on the long term bank facilities
of Shree Balaji Corporation (SBC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.60      CARE D Revised from CARE BB-;
   Facilities                      Stable; Issuer Not Cooperating
                                   and removed from INC

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SBC
factors in on-going delays in the debt servicing of term loan. The
rating continues to be constrained by project funding and execution
risk with on-going project with marketing risk, poor liquidity
position, cyclicality in real estate industry and partnership
nature of constitution.  The rating continues to derive strength
from long track record of group operations coupled with renowned
group presence and highly experienced promoters in real estate
development & construction activities.

Rating Sensitivities

Positive Factors

* Timely repay its debt obligations and establish clear repayment
track record of the firm

* Timely completion of the project and selling of the flats as
envisaged

* Improvement in liquidity position through timely sales and
collection of the sale proceeds

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: As per banker feedback and
bank statements received for the term loan, there were multiple
instances of delays in the debt servicing where the interest
payments were not paid for the period May 1, 2019 to December 19,
2019. The firm had also delayed in the interest payments for the
period January 1, 2020 till February 29, 2020. Subsequently, the
firm has availed moratorium I & II for the period March 1, 2020 to
August 31, 2020. However, all the interest dues till February 2020
were repaid on September 3, 2020 and interest for the period March
to August 2020 of INR0.41 crore was deferred by the banker.
Further, the principal repayments were commenced from January 2020
however; the firm has not paid the same due to delay in the
completion of the project. The firm has asked for extension of COD
till December 31, 2020 and the same is not yet approved by the
bank.

* Project funding and execution risk with on-going project: Due to
delays in completion of the project, the cost has increased from
INR14.09 crore to INR15.46 crore which is being funded through
promoter's contribution of INR5.78 crore, term loan from bank of
INR6.65 crore and rest through advances from customers. However,
the firm has incurred INR12.89 crore till June 30, 2020 which was
funded through promoter's contribution amounting to INR5.93 crore,
INR5.50 crore through term loan from bank and INR1.46 crore through
customer advances. Nevertheless, project funding risk continue to
persist as for the balance of INR2.57 crore, entity has to be
dependent on bank borrowing of INR1.05 crore (not yet tied-up) and
remaining through customer advances.

* Marketing risk: Out of the total saleable 12 flats, entity has
booked only 1 flat as on June 30, 2020. Thus ability of the firm to
timely sale the remaining flats and thereby receives the advances
and sale proceeds as envisaged amongst the competition
from other players in the surrounding vicinity remains critical.

* Poor Liquidity Position: Liquidity remains poor due to no selling
of the flats with delay in the completion of the project along with
cost overrun witnessed by the firm. The same has further resulted
in delays in debt servicing by the firm. The same was also
attributable due to non-completion of project in timely manner
along with slowdown in real estate sector. Cash
coverage ratio also remains at lower level.

* Cyclicality in real estate industry: The capital-intensive real
estate industry is highly cyclical in nature. The industry that
seemed to have bounced back from the downturn during 2008 is
currently facing subdued demand as well as slow rate of approvals.
Further, demonetization, GST and implementation of RERA have
impacted the real estate sector in the past. However, with the
improvement in macro-economic conditions in the country, the real
estate sector is expected to attain a gradual recovery.

* Partnership nature of constitution: SBC is a partnership firm,
hence the risks associated with withdrawal of partners' capital
exist. The firm is exposed to inherent risk of partners' capital
being withdrawn at time of personal contingency. Due to the
partnership nature of constitution, it has restricted access to
external borrowing where net-worth as well as credit worthiness of
the partners are the key factors affecting credit decision of
lenders.

Key Rating Strength

* Long track record of group operations coupled with renowned group
presence in real estate development & construction activities: SBC
belongs to TG which is engaged in the development & construction of
various real estate projects for over three decades. The group has
developed & constructed over 20 residential projects across the
western suburbs of Mumbai, viz. Khar, Juhu, Vila Parle, Malad,
Nallasopara, Andheri, Virar, etc. The said projects comprise a mix
of residential, residential cum-commercial, commercial and
residential redevelopment projects.

* Highly experienced promoters in real estate development &
construction activities: The overall operations of SBC are looked
after by the promoters – Mr. Kishin Godhwani along with his son
Mr. Deepak Godhwani, who possesses a total experience of over 30
years and 14 years respectively in the real estate development &
construction activities.

Established in 2009 by Mr. Kishin Godhwani along with his son Mr.
Deepak Godhwani, Shree Balaji Corporation (SBC) belongs to the
Trinetra Group (TG), and is engaged in development & construction
of residential spaces. The group has developed residential,
residential-cum-commercial and residential redevelopment spaces
across the western suburbs of Mumbai. Currently, SBC has undertaken
redevelopment and saleable residential & commercial project named
Hariniwas at Jawahar Nagar, Goregaon (West) which is registered
with RERA (P51900016435). It includes one tower with G+7 floors,
having total 30 flats (comprising 4 flats per floor and 2 shops at
the ground floor) out of which total 12 are saleable (with total
carpet saleable area of ~ 7,984.82 Sq. Ft.) and rest 18 flats are
for existing rehabilitant.

BULLAND BUILDTECH: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bulland
Buildtech Private Limited (BBP) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated august 20, 2019, placed the
rating of BBP under the 'issuer non-cooperating' category as BBP
had failed to provide information for monitoring of the rating. BBP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated September 1, 2020 and September 3, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The long-term rating has been reaffirmed on account of
non-availability of requisite information and no due-diligence
conducted due to non-cooperation by Bulland Buildtech Private
Limited (BBP) with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk. Further, the ratings
continue to remain constrained by delays in debt servicing due to
stretched liquidity position.

Detailed description of the key rating drivers

Key Rating Weakness

Delhi-based BBP was incorporated by Mr. Rajneesh Nagar, Mr. RamKesh
Basist and Mr. Krishan Pal Singh. The company is engaged in real
estate development. Currently, BBP is developing 'Bulland Elevates'
residential project with 10.95 lsf of saleable area. The promoters
of BBP have other business interests such as dealership of Lohia
Machinery Limited (LML), dealership of TVS Motor Company; which is
being carried out through associate concerns, namely, M/s Bulland
Automobile and M/s Bulland Motors, and M/s Flash Express Courier
Services engaged in courier business.

GOVERDHAN TRANSFORMER: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goverdhan
Transformer Udyog Private Limited (GTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.50      CARE D; Issuer not cooperating;
   Facilities-CC                   Based on best available
                                   Information

   Short Term Bank       1.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GTPL to monitor the ratings
vide emails communications/letters dated Sept. 2, 2020, Sept. 4,
2020, Sept. 7, 2020, Sept. 10, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information and No Default statement (NDS)
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating takes into account the non-availability of information
and due-diligence has been conducted due to non-cooperation by
Goverdhan Transformer Udyog Private Limited with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, as per the banker interaction, the company
had availed moratorium facility and interest deferment till Aug.
31, 2020.

The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING/CARE D; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

At the time of last rating on August 13, 2019, the following were
the rating weaknesses.

Key Rating Weaknesses

* Continuous overdrawal in CC account for more than 30 days due to
the delay in collection of receivables from the government
departments.

Uttar Pradesh based Goverdhan Transformer Udyog Private limited
(GTPL) is a private limited company incorporated in January, 1985
and is being managed by Mr. Rajesh Kapoor; Ms. Seema Kapoor and Mr.
Naman Kapoor. The company is engaged in manufacturing of
transformers for state owned electricity boards and other
government departments at its manufacturing facility located at
Shikohabad (Uttar Pradesh), with an installed capacity of 6,000
units per annum as on March 31, 2019, The main raw-material for
GTPL is copper & aluminum wires, transformer oil and CRGO
(Lamination) which are procured domestically from traders and
manufacturers across India.

JUGNU FOODS: CARE Reaffirms D Rating on INR14.92cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed the ratings on the long term bank
facilities of Jugnu Foods Private Limited (JFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       14.92      CARE D Rating reaffirmed and
   Facilities                      removed from issuer not
                                   cooperating

Detailed Rationale & Key Rating Drivers

The rating for the bank facilities of JFPL continues to take into
account the on-going delays in its debt servicing obligations due
to delay in commencement of production in its debt funded capex.

Rating Sensitivities

Positive factors

* Establishing clear repayment track record of 90 days

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: There are on-going delays in
term loan repayments due to delay in commencement of production in
the debt funded capex resulting in revenue loss and inability of
the company to make the payment on time.

Liquidity – Poor

The liquidity position of JFPL continued to remain poor marked by
delays in debt servicing. Despite a negative operating
cycle, average working capital utilization, as informed by the
lenders, remained high at 80% for 12 months ended July 2020. The
company had availed the moratorium benefit from March 2020 for a
period of six months on its bank facilities in line with RBI
announcement in the wake of Covid pandemic.

Incorporated in January 2013, Nagpur (Maharashtra) based JFPL, is
promoted by Mr. Ajay Saxena and Mr. Jay Saxena and is engaged in
the business of manufacturing of a variety of biscuits such as
'Monaco', 'Krackjack' , 'Marie' and 'Parle – G' on job work basis
for Parle Products Pvt. Ltd. The company has a unit for
manufacturing of biscuits at its plant situated in Chhindwara,
Madhya Pradesh with an annual capacity of 28,000 MT as on March 31,
2020.

KAMARLI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Kamarli Steels Private Limited continue to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term–          (10.00)    [ICRA]D ISSUER NOT COOPERATING;

   Interchangeable                Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term–          20.00     [ICRA]D ISSUER NOT COOPERATING;

   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-
   Interchangeable     (10.00)    [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

KSPL commenced operations from June 2015. The company is managed by
Mr. Shreenath Das Agarwal and Mr. Amit Agarwal. KSPL trades in
various types of steel items like MS Scrap, MS Structure, TOR (Cold
treated bars) Steel, CR Sheet, MS Plate and other scrap items. The
company has its registered office in Darukhana, Mumbai and rented
warehouses at Kalamboli (Navi Mumbai) and Bhavnagar (Gujarat). The
company's associate concern, Kasturi Commodities Private Limited is
involved in the business of ship breaking and trading in various
types of steel and scrap items. It has an outstanding rating of
[ICRA]D ISSUER NOT COOPERATING.

KAMINENI STEEL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamineni
Steel and Power India Private Limited (KSP) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     1,777.91     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated October 23, 2019, placed the
ratings of KSP under the 'issuer non-cooperating category' as the
company had failed to provide information for monitoring the rating
as agreed to in its Rating Agreement. Kamineni Steel & Power India
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated September 2, 2020 and September 3, 2020.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on October 23, 2019 the following were
the rating strengths and weaknesses updated for the information
available from Registrar of Companies.

Key Rating weakness

* Stressed liquidity position and subdued industry demand leading
to delays in debt servicing: The company has been incurring huge
net losses and has negative cash accruals for the last three years
ended March 31, 2017 due to subdued steel industry scenario on
account of cheap imports of steel in domestic market. Furthermore,
losses have led to significant erosion in the net worth of the
company.  The company had approached lenders for restructuring of
debt however the company failed to receive the mandatory 75% of
vote share by lenders in favor of resolution plan, a pre-requite
according to the Insolvency and Bankruptcy code to get the plan
endorsed by the bankruptcy court. Currently, the same is under
process with National Company Law Appellate Tribunal (NCLT).

Key rating strengths

* Experienced promoters: KSP has experienced board of directors who
earlier were in the business of steel manufacturing and trading.
Mr. Kamineni Suryanarayana, Chairman of the company, has about four
decades of experience in the steel manufacturing and marketing
businesses. Mr. Kamineni Sashidhar, the Managing Director, has
about two decades of experience in the health care industry. Mrs
Kamineni Indira and Mr. Sridhar Kamineni are the other two
directors who have about a decade of experience as entrepreneurs.

Kamineni Steel and Power India Private Limited (KSP) is a part of
Hyderabad-based Kamineni group which has presence in steel pipes,
healthcare and education sectors. KSP has set up a 360,000 MT round
billet manufacturing plant at Narketpally, Nalgonda district,
Andhra Pradesh. The plant is adjacent to its group companies namely
Oil Country Tubular Limited and United Seamless Tubular Private
Limited. KSP was promoted as a backward integration of the group
and will be supplying billets to USTPL, which has capacity of
300,000 MT and also to USAI Forge (group's forging unit). The
company has reported a net loss of INR221.02 crore during FY17 on
total operating income of INR5.93 crore.

KWALITY TOWNSHIP: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Kwality Township Pvt. Ltd to the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term          5.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund based/                   Rating continues to remain in
   Term loan                     the 'Issuer Not Cooperating'
                                 category

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

Incorporated in 2009, KTPL develops housing projects and townships
and undertook its first township project, "ARK City" in 2009. In
this project located in Meerut, Uttar Pradesh, the company sold 300
plots and is developing single story and duplex houses on another
100 plots as row houses. KTPL commenced the construction of its
second project "ARK Residency", Meerut, in 2012. This is a
mixed-use project, comprising 72 commercial units and 45
residential units. The total project cost is estimated at INR19.72
crore, which is proposed to be funded by customer advances (40%),
promoter's contribution (35%) and debt (25%).

MAKTEL POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Maktel Power Limited
        Plot No. 659, GIDC Estate
        Waghodia, Dist. Vadodara
        Gujarat 391760
        IN

Insolvency Commencement Date: September 11, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 9, 2021
                               (180 days from commencement)

Insolvency professional: Dharit Kishorbhai Shah

Interim Resolution
Professional:            Dharit Kishorbhai Shah
                         C/o Bipin & Co
                         Chartered Accountants
                         302, Centre Point
                         R.C. Dutt Road
                         Alkapuri, Vadodara
                         Gujarat 390007
                         E-mail: bipin.smdt@gmail.com
                                 cirp.maktel@gmail.com

Last date for
submission of claims:    September 30, 2020


NAIK ENVIRONMENTAL: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR6.00 crore bank facilities of Naik
Environmental Engineers Private Limited Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term,         4.50       [ICRA]B(Stable); ISSUER NOT
   Fund based                    COOPERATING; Rating Continues
   Limits                        to remain under issuer not
                                 cooperating category

   Short-term         1.50       [ICRA]A4; ISSUER NOT
   Nonfund                       COOPERATING; Rating Continues
   Based Limits                  to remain under issuer not
                                 cooperating category

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

Naik Environmental Engineers Private Limited (NEEPL) is a private
limited company incorporated in the year 1990. The company is an
environmental engineering company providing solutions for waste
water recycling. The company has a patented product with brand name
'Ecobiopack'. NEEPL has its owned registered office and work
facility located in Navi Mumbai spread across an area of 2,800
square feet whereas it has an additional workshop in Khopoli
(Raigad district in Maharashtra).

NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nandi Pipes
Pvt Ltd. (NPPL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.40      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank       1.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale& Key Rating Drivers

CARE had, vide its press release dated August 2, 2019, placed the
rating of NPPL under the 'issuer non-cooperating' category as NPPL
had failed to provide information for monitoring of the rating.
NPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated Sept. 2, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on August 2, 2019 the following were the
rating weaknesses (updated for the information available from
Registrar of Companies):

Key Rating Weaknesses

* Stretched liquidity position: Owning the stretched liquidity
position company has not been able to service its debts and has
been classified as NPA by the lenders.

Nandi Pipes Private Limited (NPPL) was incorporated in October,
2011 by Mrs. V. Aravinda Rani, Mrs. S. Sujala and Mrs. S. Parvathi.
The company is engaged in manufacturing of PVC pipes with an
installed capacity of 6000 Metric tons. The manufacturing facility
is located at Nandyal, Andhra Pradesh.

NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR9.00 crore bank facilities of Navin
Cold Storage Pvt. Ltd. continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based–         1.81       [ICRA]D ISSUER NOT
COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund based-         1.17       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund based          5.50       [ICRA]D ISSUER NOT COOPERATING;
   working                        Rating continues to remain
   capital loan                   under 'Issuer Not Cooperating'
                                  category

   Unallocated         0.52       [ICRA]D ISSUER NOT COOPERATING;
   Limits                         Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Navin Cold Storage Pvt. Ltd. had set up its cold storage unit in
West Medinipur, West Bengal in 1990 to carry out the business of
storage and preservation of potatoes. The current capacity of the
cold storage unit is 23,557 metric tones (Mt).

OSWAL OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oswal
Overseas Limited (OOL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.95      CARE C; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long Term/Short       0.78      CARE C; Stable/CARE A4;
   Term Bank                       Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 22, 2019, placed the
rating of OOL under the 'issuer non-cooperating' category as OOL
had failed to provide information for monitoring of the rating. OOL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated September 8, 2020 and September 3, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been reaffirmed on account of non-availability of
requisite information and no due-diligence conducted due to
non-cooperation by OOL with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information availability risk as
a key factor in its assessment of credit risk. Further, the ratings
continue to remain constrained by small scale of operation, weak
overall financial risk profile and regulated nature of sugar
business. The ratings, however, continue to draw comfort from
experienced management.

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operations: The scale of operations of OOL broadly
marked by total operating income (TOI) of around INR 76.00 crores
for the last two financial years i.e.FY18-FY19 (refers to the
period April 1 to March 31). Further the company had gross cash
accruals of INR 2.11 crores in FY19. During 3MFY20 the company has
achieved a TOI of around INR 50.84 crores and reported net losses
resulting into negative GCA (refers to the period April 1 to June
30; based on unaudited results). The modest scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

* Weak overall financial risk profile: PBILDT margin of OOL for
FY20 stood at 3.15% as against 3.23% for FY19. PAT margin declined
during FY20 to 0.14% as against 1.10% for FY19. Overall gearing
stood high at 9.09 times and debt to equity stood at 8.42 times as
on March 31, 2020 as against 11.92 times and 10.84 times
respectively as on March 31, 2019.

* Regulated nature of sugar business: The industry is cyclical by
nature and is vulnerable to the government policies for various
reasons like its importance in the Wholesale Price Index (WPI) as
it classifies as an essential commodity. The government on its part
resorts to various regulations like fixing the raw material prices
in the form of State Advised Prices (SAP) and Fair & Remunerative
Prices (FRP). All these factors impact the cultivation patterns of
sugarcane in the country and thus affect the profitability of the
sugar companies.

Key rating strengths

* Experienced Management: OOL is a Public Limited company (closely
held) originally incorporated in 1984 by Mr. Paramjeet Singh. He is
a graduate by qualification, having an experience of around three
decades in various business segments including one and half decades
in sugar industry. He is well supported by other directors, Mr.
Harihar Nath Sharma, who is also a graduate by qualification and
having experience of around two and half decades of experience in
accounts and finance including one and half decades in the sugar
industry through his association with OOL. Mr. Anoop Kumar
Shrivastav is a commerce graduate having an experience of around
one decade in IT Management and around 3 years in sugar industry
through his association with OOL. Mr. Rajinder Pal Singh is a
graduate by qualification and has an experience of around half a
decade in the sugar industry though his association with OOL.

Delhi based Oswal Overseas Limited (OOL) (erstwhile ANK Impex
Private Limited) is a Public Limited Company incorporated in 1984
as a private Limited company. OOL is engaged in manufacturing of
sugar. The manufacturing unit is located in Bareilly, Uttar
Pradesh. The company procures sugarcane from the farmers in the
area allotted by the Cane Commissioner and sells sugar in bulk to
wholesalers/agents.

PARAMOUNT BLANKETS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paramount
Blankets Private Limited (PBL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long Term/Short       1.00      CARE D; Issuer not cooperating;

   Term Bank                       Based on best available      
   Facilities                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2019, placed the
ratings of PBL under the 'issuer non-cooperating' category as PBL
had failed to provide information for monitoring of the rating. PBL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated August 17, 2020 and August 26, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating takes into account non-availability of requisite
information and no due-diligence conducted due to noncooperation by
Paramount Blankets Private Limited with CARE'S efforts to undertake
a review of the rating outstanding.

CARE views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on July 9, 2019, the following were the
rating strengths and weaknesses:

The rating has been reaffirmed on account of on-going delays in
debt servicing due to stretched liquidity position

Paramount Blankets Private Limited (PBL) was incorporated as a
private limited company in 2004 by Mr. Sat Bhusan, Mr.Mukesh Gupta
and Mr. Rakesh Dayal. The company is engaged in manufacturing and
trading of blankets such as mink blanket, polar fleece blanket,
coral fleece blanket, etc. In addition to this, the company also
undertakes job work i.e., manufacturing of blankets for PIP wherein
the raw material is provided by its associate concern namely
Paramount Impex Private Limited (PIP). PBL sells its products under
the brand name, "Paramount" through distributors in Haryana, Delhi,
West Bengal and Madhya Pradesh and also exports to Australia and
Brazil. Apart from these, the company also sells its  products to
PIP. PBL has two associate concerns, namely, Paramount Impex
Private Limited (engaged in manufacturing of blankets, rugs and
curtains) and Paramount Global Private Limited (engaged in trading
of blankets, rugs and curtains).

PARAMOUNT IMPEX: CARE Lowers Rating on INR1.76cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paramount Impex Private Limited (PIP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        1.76      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short-term Bank      10.50      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 26, 2019, placed the
ratings of PIP under the 'issuer non-cooperating' category as PIP
had failed to provide information for monitoring of the rating. PIP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated August 17, 2020 and August 26, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Paramount Impex Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The revision in rating assigned to the bank facilities
of Paramount Impex Private Limited (PIPL) takes into account
decline in scale of operations below average financial risk
profile, and elongation of inventory holding period. The rating is
further constrained by fragmented and unorganized nature of textile
industry and increasing competition from low cost manufacturing
countries. The rating, however, continues to draw comfort from the
experienced promoters coupled with PIP's long track record of
operations.

Detailed description of the key rating drivers

At the time of last rating on July 26, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Decline in scale of operations: The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits. The scale of operations has declined from
INR54.22 crore in FY17 to INR42.54 crore in FY18.

* Below average financial risk profile: The PBILDT margin continued
to remain low at around 6.09% in FY18. The PAT margins stood at
0.02% for the past three financial years. (FY16- FY18). The capital
structure of the company stood leveraged as on past three balance
sheet dates (FY16-FY18). The overall gearing and debt equity ratio
stood at 1.59x and 0.28x as on March 31, 2018. The coverage
indicators as marked by interest coverage and total debt to GCA
remained weak at 1.48x and 22.55x for FY18.

* Elongation of inventory holding period: The inventory holding
period has elongated to 147 days for FY18 as against 113 days for
FY17. The average collection period stood at 32 days for FY18.
Further, the creditor's period stood at 70 days for FY18.

* Fragmented and unorganized nature of textile industry and
increasing competition from low cost manufacturing countries: The
textile-related products industry is characterized by numerous
small players and is concentrated in the northern part of India.
Low entry barriers and low investment requirement makes the
industry highly lucrative and thus competitive. Smaller companies
in general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared with larger companies who have better efficiencies and
pricing power considering their scale of operations. PIP also faces
stiff competition from cheaper imports from China, Bangladesh and
Vietnam in the same product segment.

Key Rating Strengths

* Experienced promoters & long track record of operations: The
current management comprises of Mr. Sat Bhushan Gupta, Mr. Rajeev
Gupta and Ms. Urmil Gupta, who have wide experience of around two
decades in the manufacturing of home furnishing and bedding
accessories through their association with PIP. It is a family-run
business and the directors actively take part in the overall
operations of the company including production, administration and
distribution.

PIP was incorporated in 1995 by Mr. Sat Bhushan Gupta and Mr. Raghu
Nandan Sarup. The current management includes Mr. Sat Bhushan
Gupta, Mr. Rajeev Gupta and Ms Urmil Gupta. The company is engaged
in the manufacturing and trading of textile products. The company
manufactures home furnishing products which includes bedroom
accessories (blankets, bed sheets, pillow covers) and kitchen
accessories (velvet bottle cover, aprons). The company is also
engaged in trading of blankets. PIP's also export its products to
U.K., Canada and Europe. PIP mainly procures its raw material i.e.
cotton fabric and velvet etc. from domestic manufactures. The
process of the company are ISO 9001 & 14001 certified and the
manufacturing unit is located at Panipat, Haryana.

PENINSULA PROJECTS: ICRA Withdraws B Rating on INR20cr Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Peninsula Projects (Bangalore) Private Limited (PPPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-
   Fund Based TL        20.00      [ICRA]B (Stable); Withdrawn

Rationale

The Long-term rating assigned to PPPL has been withdrawn at the
request of the company, based on the no objection certificate
provided by its banker. ICRA is withdrawing the rating and that it
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed.

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

Liquidity position
Not captured as the rating is being withdrawn

Rating sensitivities
Not captured as the rating is being withdrawn.

Peninsula Projects (Bangalore) Private Limited operates a hotel
property named Royal Orchid Suites in Bangalore since 2009. The
company is a part of the Bangalore-based Vaswani Group, which is
primarily into real-estate space. The property has a management
tie-up with ROHG and is situated in Whitefield that hosts various
IT and other companies. The hotel consists of 88 rooms, including
42 executive apartments, 42 studio apartments and four penthouse
suites, apart from a banquet hall, a lounge bar, a restaurant, a
spa and a swimming pool.

PSK TEXTILES: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded PSK Textiles
India Private Limited's (PSK) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB+ (ISSUER NOT CO-OPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR208.6 mil. (increased from INR 50.00 mil.) Term loan due on

     May 2024 downgraded with IND BB-/Stable rating;

-- INR50.0 mil. Fund-based facilities Long-term rating
     downgraded; short-term rating affirmed with IND BB-
     /Stable/IND A4+ rating; and

-- INR26.0 mil. Non-fund-based facilities assigned with IND A4+
     rating.

The downgrade reflects the deterioration in PSK's credit metrics in
FY20 and the continued weakening in the same in FY21.

KEY RATING DRIVERS

PSK's credit metrics deteriorated in FY20 owing to an increase in
the total debt, as the company availed a new term loan for
expanding its capacity by 64 air jet looms. The net financial
leverage was 11.1x in FY20 (FY19: 2.1x) and the interest coverage
was 3.7x (4.1x). In FY20, the company incurred a total capex of
INR261.7 million, which was funded by term loans and internal
accruals. The metrics have weakened further in FY21 due to the
availing of a new COVID-19 loan. The figures for FY20 are
provisional in nature.

The ratings reflect PSK's small scale of operations, as indicated
by revenue of INR93 million in FY20 (FY19: INR248 million; FY18:
INR104 million). The revenue declined in FY20 due to the
non-settlement of bills in March 2020 because of the COVID-19-led
lockdown. The revenue had increased sharply in FY19 due to the
receipt of payment of INR150.0 million for a large export order.
During April-August 2020, the company earned revenue of INR14.8
million. Ind-Ra expects the revenue to decline further on a yoy
basis in FY21 due to the continued economic disruptions caused by
the pandemic.  

The ratings are constrained by PSK's modest EBITDA margins due to
the nature of the business. The margin improved to 32.7% in FY20
(FY19: 12.39%) due to an increase in the sales of high-margin
products. The return on capital employed was 5% in FY20 (FY19: 5%).
The management expects the EBITDA margin to improve in the FY21 due
to increased sales of higher-margin products.

Liquidity Indicator - Stretched: PSK's average utilization of the
fund-based limits was 36% during the 12 months ended August 2020.
The cash flow from operations improved to INR203 million in FY20
(FY19: nil) due to favorable changes in the working capital. The
net working capital cycle elongated slightly to 24 days in FY20
(FY19: 21 days) due to an increase in the receivables days to 92
days (36 days). The receivables days increased in FY20 because
payments were delayed due to the COVID-19-led lockdown. The cash
and cash equivalent stood at INR2.0 million at FYE20 (FYE19: INR3.6
million). The company had availed the Reserve Bank of
India-prescribed moratorium for March-August 2020.

The ratings continue to benefit from the promoters' experience of
over three decades in the textile industry, which has led to
established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the scale of operations and the liquidity
position, leading to deterioration in the credit metrics, on a
sustained basis, will be negative for the rating.

Positive: An improvement in the scale of operations along with an
improvement in the liquidity position and credit metrics, on a
sustained basis, will be positive for the rating.

COMPANY PROFILE

Incorporated in 2005 by KS Shekar, Tamil Nadu-based PSK primarily
weaves fabrics on job work basis.  The company has an installed
capacity of 80 air-jet looms and manufactures 35,000 meters per
day. PSK has its own windmill, which has a capacity of  2.5MW.


RAJAGOPAL CONSTRUCTIONS: Ind-Ra Assigns 'BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajagopal
Constructions (RC) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund based working capital limit assigned with IND
     BB-/Stable/IND A4+ rating; and

-- INR56.5 mil. Non-fund based working capital limit assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect RC's small scale of operations, as indicated by
revenue of INR268.8 million in FY19 (FY18: INR262.0 million). The
management estimates the revenue to have grown slightly to INR270
million in FY20 owing to steady execution of orders. RC executes
construction contracts majorly for the East Coast Railway zone and
has an outstanding order book of about 0.5x of FY19's revenue
providing low orderbook visibility. The firm has received
maintenance orders during the COVID-19 led lockdown due to the
significantly reduced movement of trains. Further, the firm has bid
for orders worth INR960 million, which is expected to provide
revenue visibility for FY22.

Liquidity Indicator- Stretched: RC's average maximum utilization of
fund-based facilities was 54% in the 12 months ending July 2020.
The cash flow from operations declined to INR21.8 million in FY19
(FY18: INR46.2 million) due to a fall in the absolute EBITDA to
INR62.3 million (INR68.1 million) and increased working capital
requirement of INR16.8 million (negative INR3.62 million).  The
firm's working capital required increased in FY19 due to an
increase in inventory and debtor days. The firm's cash balance as
at FYE19 stood at INR8.2 million (FYE18:INR5.8 million). The
stretched liquidity indicator also factors in the limited
diversification of the firm's lenders and the lack of access to
capital markets.

The ratings are constrained by RC's high geographical risk, as most
of its projects are concentrated in Andhra Pradesh and Odisha, and
high customer concentration as it has only two customers with a
majority portion of its orderbook arising from a single customer
-East Coast Railway. High susceptibility to government regulations
due to the firm's tender-based business and high competition
further constrains the ratings.

The ratings are also constrained by the proprietorship nature of
the business.

The ratings, however, are supported by the firm's healthy EBITDA
margin, which is a result of mechanization of the construction
process, which has led to decreased labor requirement. The margin
contracted, although remained healthy, at 23.2% in FY19 (FY18:
26.0%) due to increased raw material costs. The firm has imported
four specialized cranes, which it rents out when not in use. The
management estimates the margin to have remained stable in FY20,
and expects it to remain at similar levels in FY21 due to the
confirmed nature of orders and the presence of price escalation and
variation clause available in its orders.

The ratings also factor in RC's comfortable credit metrics. The
firm's interest coverage (operating EBITDA/gross interest expense)
deteriorated to 2.6x in FY19 (FY18: 3.1x) owing to the lower
EBITDA. The net leverage, however, improved to 2.3x in FY19 (FY18:
3.1x) owing to the repayment of its term loans and reduced reliance
on fund-based facilities.

The ratings are also supported by the proprietor's over three
decades of experience in the construction business.

RATING SENSITIVITIES

Positive: Substantial growth in the scale of the operations, while
maintaining the profitability and liquidity, leading to an
improvement in the credit metrics will lead to positive rating
action.

Negative: Deterioration in the scale of operations, leading to a
deterioration in the liquidity or net leverage exceeding 3.5x will
be negative for the ratings.

COMPANY PROFILE

RC is a proprietorship firm promoted by Rajagopal Raju Bhupatiraju
in 1985 and is engaged in construction activities majorly for East
Coast Railways zone in Andhra Pradesh and Odisha.


SHIRPUR GOLD: CARE Lowers Rating on INR75cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on the long term bank facilities
of Shirpur Gold DMCC (SGD; Erstwhile Zee Gold DMCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       75.00      CARE D Revised from CARE C;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SGD
factors in delay in interest payment of working capital demand
loan.

Rating Sensitivities

Key Positives

* Timely repayment of interest and principal on sustained basis

* Improvement in the profitability margins of more than 5% on a
sustained basis

* Overall gearing of less than unity on a sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing by the company:  As a part of CARE's due
diligence process, CARE had interacted with SGD's banker and CARE
had received banker feedback via email dated September 11, 2020
stating delay in interest payment which however, has been
regularized as on September 11, 2020.

Liquidity: Weak

Liquidity of the company remains weak marked by fully utilized bank
facilities, low cash & bank balance of INR0.75crore as on March 31,
2020. Further, the cash accruals for FY20 remained low at INR7.66
crore.

SGD is a part of Essel group with 100% holding of Shirpur Gold
Refnery Limited. The company is engaged in processing and trading
of gold bars. SGD procures raw material (dore) from Latin America
and sells in the domestic markets. SGD has tied up with mining
companies from gold producing countries in Latin America,
Australia, Africa etc. in order to ensure proper and regular supply
of gold dore. Post procurement, refining is done through Dubai's
gold refiners like Al Etihad Gold Refinery DMCC, Dubai. After
getting the refined bars of 99.5% purity the same are sold to
bullion banks like Standard Bank of London, RAK Bank Dubai and
other wholesale traders in Dubai. SGD acquired 70% stake in Metalli
Exploration and Mining (MEAM) in Mali, Bodoko. This company is yet
to commence operations.

SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of Shiv
Shakti Enterprise continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–         10.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Established as a partnership firm in February 2014, Shiv Shakti
Enterprise commenced the development of its first residential real
estate project viz. Siddhi Vinayak Heights in April 2014. The
project is one with 152 two BHK flats, with saleable area in the
range of 1138sq.ft to 1186sq.ft. Located in the Pal-Adajan area of
Surat, the management is targeting the people employed in companies
located in the Hazira industrial belt as prospective buyers. The
management had rescheduled the project completion from September
2016 to July 2017.

UJAAS ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ujaas Energy Limited
        Survey No. 211/1
        Opp. Sector-C & Metalman
        Sanwer Road Industrial Area
        Indore MP 452015
        IN

Insolvency Commencement Date: September 17, 2020

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: March 16, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Navin Khandelwal

Interim Resolution
Professional:            Mr. Navin Khandelwal
                         206, Navneet Plaza
                         5/2 Old Palasia
                         Indore 452018
                         E-mail: navink25@yahoo.com
                                 cirpujaas@gmail.com

Last date for
submission of claims:    October 3, 2020


URJA AUTOMOBILES: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR6.50 crore bank facilities of Urja
Automobiles Private Limited continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        1.00       [ICRA]B (Stable) ISSUER NOT
                                 COOPERATING, Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   e-DFS              5.00       [ICRA]B (Stable) ISSUER NOT
                                 COOPERATING, Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Unallocated        0.50       [ICRA]B (Stable) ISSUER NOT
                                 COOPERATING, Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Incorporated in February 2013, Urja Automobiles Private Limited
(UAPL) is an authorised dealer for sale of passenger vehicles of
Nissan Motors India Private Limited (NMIPL) in Bihar. UAPL operates
one 3S (Sales, Spares, Service) facility in Patna and four sales
outlets in Muzaffarpur, Purnia, Begusarai and Bhojpur districts in
Bihar.

VARUN AQUA: ICRA Assigns B+ Ratings to INR7cr Loans
---------------------------------------------------
ICRA has assigned ratings to the bank facilities of Sri Varun Aqua
Enterprises (SVAE), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based–
   Cash Credit           5.90      [ICRA]B+(Stable); assigned

   Unallocated
   limits                1.10      [ICRA]B+(Stable); assigned

Rationale

The rating factors in SVAE small scale of operations with an
operating income of INR31.5 crore in FY2020 in a highly fragmented
and competitive industry, which restricts the benefits arising from
the economies of scale. The rating considers the susceptibility of
its revenues and profit margins to volatility in raw material
prices. The rating also notes the moderate financial risk profile
of the firm, characterised by a high gearing, moderate coverage
indicators and high working capital intensity due to stretched
debtors.

The rating, however, derives comfort from the firm's established
presence of nearly two decades in the shrimp feeds and feeds
supplements trading industry which helped it in developing and
maintaining healthy relationships with its suppliers and
customers.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the firm would sustain its revenues and maintain its liquidity
position.

Key rating drivers and their description

Credit strengths

* Long experience of partners in feed trading business: The
partners have extensive experience of nearly two decades in the
feed trading business, which resulted in healthy relationships with
suppliers and customers.

Credit challenges

* Small scale of operations: SVAE is a small-sized firm involved in
trading of shrimp feed and feed supplements. The firm's  revenues
declined to INR31.5 crore in FY2020 from INR36.9 crore in FY2019
due to high competition, limiting its financial flexibility. The
revenue growth is expected to be muted in the current year because
of the impact of the Covid19 pandemic.

* Moderate financial risk profile: The firm's financial risk
profile remained moderate with a high gearing of 1.9 times and
TOL/TNW of 2.2 times as on March 31, 2020. The coverage indicators
were also moderate with an interest cover of 2.3 times and Total
debt/OPBDITA of 8.0 times in FY2020. Low net worth of the firm
because of regular capital withdrawals impacted SVAE's capital
structure and coverage indicators.

* Highly fragmented industry due to absence of entry barriers: The
firm faces competition from other organised and unorganised players
in the absence of entry barriers in the shrimp feed trading
industry, which limits its pricing flexibility and bargaining power
and exerts pressure on its margins.

* Risks arising from partnership nature of business: Given SVAE's
constitution as a partnership firm, it is exposed to discrete risks
including the possibility of withdrawal of capital by the partners
and the risk of dissolution of the firm upon death, retirement or
insolvency of the partners. Moreover, the partnership nature limits
SVAE's flexibility to tap external
channels of financing.

Liquidity position: Adequate

SVAE's liquidity is adequate with INR2-2.5 crore buffer in working
capital limits and low repayment obligations of INR0.1 crore in
FY2021. Moreover, the firm does not have any major capex plans in
the near term.

Rating sensitivities

Positive triggers – ICRA could upgrade the rating of SVAE if
healthy revenue growth along with an improvement in profitability
leads to healthy coverage indicators.

Negative triggers – Pressure will arise on SVAE's rating if a
decline in profit margins leads to a further stretch in coverage
metrics and stretched liquidity position. Specific credit metric
which could lead to downgrade in ratings of SVAE is (1)
OPBIDTA/Interest less than 2.0 times on sustained basis

Sri Varun Aqua Enterprises (SVAE) was established in 2004 and is an
Andhra Pradesh-based partnership firm promoted by Mr. K. Srinivas
Reddy, Mr. Dwarampudi Ammireddy and Ms. Kovvuri Somireddy. The firm
trades in shrimp feed and shrimp feed supplements. The firm buys
feed and sells it to shrimp farmers across India. Its key business
unit is located in Kakinada city of East Godavari district.

In FY2020, on a provisional basis, the company reported a net
profit of INR0.4 crore on an operating income of INR31.5 crore
compared to a net profit of INR0.5 crore on an operating income of
INR36.9 crore in the previous year.



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

PERAK CORP: Refutes Putra Claims of its Financial Status
--------------------------------------------------------
Malay Mail reports that Perak Corporation Berhad (PCB) on Sept. 21
clarified that none of its subsidiaries, associate companies or PCB
itself have been placed under liquidation, winding-up or judicial
management.

According to the report, PCB in a statement said that only
Animation Theme Park Sdn Bhd, which was placed in receivership on
December 4, 2019, had ceased operations on January 28.

"The company also wishes to clarify that investment in share
capital in Movie Animation Park Studios (MAPS) by PCB Development
Sdn Bhd (PCBD) was for a total amount of RM58.35 million.

"Total shareholders' advance from PCB Group amounts to RM275.2
million, funded via internally generated funds and bank
borrowings," the statement read, Malay Mail relays.

Malay Mail relates that PCB said that it had on July 23 applied and
obtained a restraining order from the Ipoh High Court for 90 days,
which will expire on October 20, 2020, enabling the company to call
for a Court Convened Creditors' Meeting pursuant to Section 366 of
the Companies Act 2016.

"The restraining order was applied by the company and PCB
Development Sdn Bhd (Companies) to formulate and finalise a
proposed scheme of arrangement between the Companies and its scheme
creditors, to be put forward to the creditors at a Creditors'
Meeting to be convened.

"By way of an application, an extension of the restraining order
may be allowed by the High Court provided all the relevant
conditions set out in Section 368 of the Companies Act 2016 are
fulfilled.

"The company had on July 3 appointed M&A Securities Sdn Bhd as its
Principal Adviser to conceptualise a proposed restructuring
scheme," it said.

Malay Mail adds that PCB said it will make further announcements to
Bursa Securities as and when there is a development in relation to
its regularisation plan to uplift itself from its PN17 status.

PCB also clarify that there have been no discussions between the
Perak government and any parties for the sale of the Lumut Port.

"The company stresses that it has no intention whatsoever to sell
Lumut Port," it said, Malay Mail relays.

On Sept. 15, Parti Bumiputera Perkasa Malaysia (Putra)
vice-president Datuk Hamidah Osman claimed that PCB is in the midst
of winding up its operations.  She also said that PCB's assets will
be auctioned if it goes into receivership.

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

Meanwhile, Mentri Besar Datuk Seri Ahmad Faizal Azumu said that PCB
is currently under PN17 and the state government had carried out
several transformations to revive it.

                         About Perak Corp

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

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



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

RURAL BANK OF STA. ELENA: Deposit Insurance Claims Due Oct. 2
-------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
depositors of the closed Rural Bank of Sta. Elena (Camarines
Norte), Inc. have until October 2, 2020 to file their deposit
insurance claims.

Based on latest PDIC data, deposit insurance claims for 533 deposit
accounts with aggregate insured deposits amounting to PHP2.2
million have yet to be filed by depositors. Data also showed that
as of July 31, 2020, PDIC had paid depositors of the closed Rural
Bank of Sta. Elena (Camarines Norte), Inc. the total amount of
PHP25.1 million, corresponding to 90.0% of the bank's total insured
deposits amounting to PHP27.9 million.

Depositors are advised to file their claims either online via
electronic mail (email) at pad@pdic.gov.ph or through postal mail
or courier addressed to the PDIC Public Assistance Department, 6th
Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City.

Claims may also be filed personally at the PDIC's Public Assistance
Center in Makati City on a per appointment basis. To make an
appointment, depositors may call the Public Assistance Hotline at
(02) 8841-4141 or at Toll Free number 1-800-1-888-7342 or
1-800-1-888-PDIC, send an e-mail to pad@pdic.gov.ph, or
send a private message at PDIC's official Facebook account,
www.facebook.com/OfficialPDIC.

When filing claims through e-mail, scanned copies or photo images
of the signed and accomplished Claim Form, evidence of deposit
(i.e., savings passbook, certificate of time deposit, etc.), and
one valid photo-bearing ID with the depositor's signature should be
attached to the e-mail. Scanned copy or photo image of the first
and last page of the passbook, or the front and back
portion of the certificate of time deposit should be sent as e-mail
attachments.

For claims filed personally or via postal mail or courier service,
depositors are advised to enclose the accomplished and signed Claim
Form, original Savings Passbook and/or Certificate of Time Deposit
and photocopy of one (1) valid photo-bearing ID with depositor's
signature.

The depositors are further advised that additional documents and/or
original copy of documents submitted via e-mail may be required by
PDIC, as necessary, in the course of evaluation and processing of
claims.

The Claim Form can be downloaded from the PDIC website
http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim
Form is free and there is no fee for filing deposit insurance
claims.

Depositors who are below 18 years old should mail or submit either
a photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
mail or submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the PDIC
website.

Depositors who have been notified of their documentary deficiencies
through official letters from PDIC are requested to comply with the
indicated requirements. The procedures and requirements for the
filing of deposit insurance claims are posted in the PDIC website.

The last day for filing deposit insurance claims was moved to
October 2, 2020 from August 3, 2020 to allow the depositors more
time to prepare the required documents before filing their claims,
and to ensure that affected depositors are not disenfranchised
because of the enhanced community quarantine.

Under the PDIC Charter, depositors are given two years from bank
takeover to file deposit insurance claims with the PDIC. Rural Bank
of Sta. Elena (Camarines Norte), Inc. was taken over by the PDIC on
August 3, 2018 after it was ordered closed by the Monetary Board of
the Bangko Sentral ng Pilipinas on August 2, 2018.

Depositors who will not be able to file their deposit insurance
claims with PDIC on or before October 2, 2020 may file a claim
against the assets of the bank with the Regional Trial Court -
Branch 64, Labo, Camarines Norte where the Petition for Assistance
in the Liquidation (PAL) of Rural Bank of Sta. Elena (Camarines
Norte), Inc. is pending under Sp. Proc. No. 19-0319. Payment of
these claims shall be subject to availability of assets of the
closed bank, legal priority and approval of the Liquidation Court.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims.

For more information, depositors may call the PDIC Public
Assistance Hotline at (02) 8841-41-41, or the Toll-free hotline
1-800-1-888-PDIC or 1-800-1-888-7342 during office hours.
Depositors may also send an e-mail to the PDIC Public Assistance
Department at pad@pdic.gov.ph or private message at the official
PDIC Facebook account, www.facebook.com/OfficialPDIC.



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

PACIFIC RADIANCE: Assesses Recoverability of Amounts Due from JVs
-----------------------------------------------------------------
Annabeth Leow at The Business Times reports that embattled offshore
marine-services provider Pacific Radiance has impaired costs from
its joint-venture companies because of an industry downturn, the
board said on Sept. 25.

The Singapore Exchange had asked about US$7.02 million in
impairments on amounts due from the two units, booked in the six
months to June 30, BT says.

BT relates that the sum, which was up from US$522,000 in the
year-ago period, came mainly from vessel and charter-related
expenses and loans meant for vessel acquisition, the board replied.
It noted that its joint ventures Duta Maritime Ventures Sdn Bhd and
Navigatis Radiance Pte Ltd were unable to repay what they owed.

Pacific Radiance management has thus moved to impair part of the
amounts due, after assessing their recoverability as at end-June,
BT says.

On the overall US$47.5 million due from joint-venture companies,
the board said that these amounts are due or repayable on demand.
Other related companies include PT Jawa Tirtamarin, with US$29.8
million due, and Al Hail Marine Services LLC, with US$2.48 million
due, according to the latest disclosure.

Pacific Radiance "has made the necessary provision" for these
amounts due, said the board. It added: "The management will
continue to monitor and assess the recoverability of the amounts
outstanding regularly."

Trading in Pacific Radiance shares were suspended in February 2018,
BT notes.

                       About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than $500 million.



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

HO CHI MINH POWER: Fitch Gives 'BB' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Vietnam-based Ho Chi Minh Power
Corporation (EVNHCMC) a Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'BB' with a Stable Outlook.

EVNHCMC's rating is based on the consolidated credit profile of
Vietnam Electricity (EVN, BB/Stable), which owns 100% of the
company, in line with Fitch's Parent and Subsidiary Linkage Rating
Criteria. The consolidated rating approach is driven by the strong
integration of EVNHCMC's credit profile with that of its parent.
Fitch assesses EVNHCMC's Standalone Credit Profile (SCP) at 'bb',
the same as that of EVN and the Vietnam sovereign rating
(BB/Stable).

EVN's SCP benefits from its position as the owner and operator of
Vietnam's electricity transmission and distribution network, and
the companies near 54% share of the country's installed generation
capacity. Fitch's Government-Related Entities Rating Criteria
equalises EVN's rating with that of the sovereign should its SCP
weaken, provided the likelihood of state support remains intact.

KEY RATING DRIVERS

Strong Integration with Parent: EVN determines EVNHCMC's profit
through a bulk-supply tariff-setting mechanism. The bulk-supply
tariff aims to cover EVNHCMC's costs and earn a profit that will
allow the company to maintain operations and meet investment plans.
EVN also appoints EVNHCMC's key management, approves its business
and investment plans, oversees the subsidiary's financial
management, and approves key executives' compensation packages. EVN
and the government guaranteed around 45% of EVNHCMC's total
borrowings at end-2019.

Market Position Supports SCP: EVNHCMC's SCP is assessed at the same
level as EVN's given the high influence the parent has on EVNHCMC's
business plans and financial profile including profitability,
though Fitch believes EVNHCMC's credit metrics are stronger than
that commensurate for its credit assessment. EVNHCMC's SCP is
supported by its dominant market position in electricity
distribution in Vietnam's Ho Chi Minh City, its diversified
counterparties and low receivable days. EVNHCMC's credit profile,
similar to that of its parent, is constrained by the regulatory
framework's short history and political risks, and the short period
for which tariffs are set in the framework.

Diversified Counterparties, Low Receivables Risk: EVNHCMC's credit
profile benefits from its stable and diversified customer base.
More stable residential customers account for 44% of EVNHCMC's
revenue and its top-20 customers account for around 5% of its total
revenue. Lower counterparty risk is also reflected in EVNHCMC's
high collection rates of almost 100% and low receivable days of
around five days.

Tariff Increase Restrictions; Lower ROE: EVN can increase retail
electricity tariffs every six months to meet rising production
costs, in accordance with the regulatory framework that was
introduced in August 2017. However, automatic adjustments are
limited to 5%, with price increases of 5%-10% requiring approval
from the Ministry of Industry and Trade, and larger increases
requiring approval from the prime minister.

Nevertheless, Fitch expects delays in implementing tariff increases
in general and the current challenging macroeconomic conditions may
adversely affect businesses and individuals, who may strongly
oppose any tariff increases. EVN sets the major cost of electricity
purchase through the bulk-supply tariff for distribution companies,
including EVNHCMC, with the aim of providing a modest profit.

High Capex Forecast: Fitch expects EVNHCMC's capex to remain high.
The company plans an annual outlay of VND4 trillion-5 trillion over
the next three to four years (2019: VND3.5 trillion). EVNHCMC's
capex is mainly for the enhancement of the distribution grid and
building substations and transmission lines to improve power supply
capacity. Fitch estimates EVNHCMC's FFO net leverage will stay
under 2.0x over the next three years after increasing to about 2.2x
in 2020 (2019: 1.5x).

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

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

DERIVATION SUMMARY

EVNHCMC's credit profile and rating assessment are driven by that
of its parent, EVN, considering the strong linkages between the two
and the extensive influence EVN has on EVNHCMC's business plans and
financial profile, including profitability.

PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable, SCP: bb+)
and Korea Electric Power Corporation (KEPCO, AA-/Stable, SCP: bbb)
are similar to EVN as they are monopolies in their countries'
electricity transmission and distribution sectors, and own and
operate the majority of installed power-generation capacity. PLN
and KEPCO's IDRs are equalised with those of Indonesia (BBB/Stable)
and South Korea (AA-/Stable), respectively, per Fitch's
Government-Related Entities Rating Criteria.

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

KEY ASSUMPTIONS

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

  - Ho Chi Minh City's electricity demand to rise by 1% in 2020,
lower than the 7% average in the last few years, due to the effects
of the coronavirus pandemic. Demand to rise by around 7% per year
after 2020.

  - Average retail tariffs to decrease by 1% and bulk-supply
tariffs to increase by 1% in 2020. Average retail tariffs to remain
flat thereafter with the bulk-supply tariff declining by 1% in
2021.

  - Distribution losses of around 4% per year (2019 and 2018: 4%).

  - Capex of VND4 trillion per year in 2020 and 2021, increasing to
VND5 trillion per year in 2022 and 2023.

  - Blended interest rate of 4.5% in 2020, increasing gradually to
6% in 2023

RATING SENSITIVITIES

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

  - Positive rating action on EVN

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

  - Negative rating action on EVN

For EVN's ratings, the following sensitivities were outlined by
Fitch in a rating action commentary on September 15, 2020:

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

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

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

  - Negative rating action on the sovereign

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

LIQUIDITY AND DEBT STRUCTURE

EVNHCMC had VND4 trillion of cash and cash equivalents at end-2019,
against current debt maturities of VND1.3 trillion. Fitch expects
the company to generate negative free cash flow in the
near-to-medium term due to high capex. However, Fitch believes its
liquidity will be supported by its direct and indirect linkages to
EVN and the state, respectively.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

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


                           *********


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

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

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

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

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



                *** End of Transmission ***