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

                     A S I A   P A C I F I C

          Wednesday, September 30, 2020, Vol. 23, No. 196

                           Headlines



A U S T R A L I A

EDEN MARINE: First Creditors' Meeting Set for Oct. 7
JRD NUMBER: Second Creditors' Meeting Set for Oct. 7
STA TRAVEL: Australian Unit Placed Into Liquidation


C H I N A

JINGRUI HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B' ICR
LIUZHOU DONGTONG: Fitch Affirms LT IDR at BB, Outlook Stable
XINJIANG GOLDWIND: Moody's Affirms CFR at Ba1, Outlook Stable


H O N G   K O N G

CATHAY PACIFIC: Pilots Want Seat at Table for Restructuring Talks
GOLDIN FINANCIAL: Creditors Put Kowloon Headquarters on the Market


I N D I A

AASHIRWAD INDUSTRIES: CRISIL Withdraws D Rating on INR17cr Loans
ATHARVA DEVELOPERS: ICRA Withdraws D Rating on INR12.50cr Loan
BRIJNANDAN INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
DEEPAK FASTENERS: CRISIL Keeps D Debt Ratings in Not Cooperating
DEHRADUN HIGHWAYS: Insolvency Resolution Process Case Summary

DHARAMRAJ CONTRACTS: Ind-Ra Keeps 'D' LT Rating in Non-Cooperating
GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating
GOYAL AUTOMOBILES: ICRA Keeps D Debt Rating in Not Cooperating
GVG KRAFT: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
H N CONSTRUCTION: ICRA Lowers Rating on INR10cr Loans to B+

HANUMAN MOSAIC: CRISIL Keeps D Debt Ratings in Not Cooperating
HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
IIFL FINANCE: Moody's Cuts CFR & Senior Secured Rating to B2
INDUSTRIAL HANDLING: CRISIL Keeps B+ Ratings in Not Cooperating
ISHANIKA HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating

JAGWANI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
JALARAM COTTON: ICRA Moves B Debt Rating to Not Cooperating
JAVIN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
JAWAHAR SAW: CRISIL Keeps D Debt Rating in Not Cooperating
K B A INFRASTRUCTURE: Ind-Ra Keeps B+ LT Rating in Non-Cooperating

KANURU BAPAIAH: CRISIL Keeps B Debt Rating in Not Cooperating
KAPIL ENTERPRISES: Ind-Ra Withdraws B+/NonCooperating Issuer Rating
KRISHNA STEEL: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
M. A. S. SUBBAIAH: CRISIL Keeps B+ Ratings in Not Cooperating
MA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating

MAA BASANTI: CRISIL Keeps B Debt Ratings in Not Cooperating
MARUTI BARRIER: CRISIL Keeps B Debt Ratings in Not Cooperating
MATRI BHUMI: CRISIL Keeps B Debt Ratings in Not Cooperating
NEOKRAFT GLOBAL: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
ODYSSEY ADVANCED: Ind-Ra Moves 'B' Issuer Rating to NonCooperating

OMEGA INFRAENGINEERS: Ind-Ra Moves BB+ LT Rating to NonCooperating
PLUTON TRADING: CRISIL Lowers Rating on INR55cr Loans to D
PRG BUILDCON: Ind-Ra Cuts LT Issuer Rating to D, Outlook Stable
PUNEET STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PUNJ AUTOS: CRISIL Keeps B Debt Ratings in Not Cooperating

RAMAWTAR AGRAWAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
ROOTS COOLING: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
S.B. AGENCIES: CRISIL Keeps D Debt Rating in Not Cooperating
SALASAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SAMBANDAM SIVA: Ind-Ra Moves BB LT Issuer Rating to NonCooperating

SANTOSHI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRIM INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
SOUTHERN GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
SURANA METACAST: CRISIL Keeps D Debt Ratings in Not Cooperating

UNIFOUR DEVELOPERS: CRISIL Moves B+ Rating from Not Cooperating
VDB PROJECTS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
ZUARI AGRO: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating


J A P A N

MITSUBISHI MOTORS: Mulls Early Retirement for 500-600 to Cut Costs


M A C A U

MELCO RESORTS: S&P Affirms 'BB' Long-Term ICR, Outlook Negative


N E P A L

NEPAL: 50% of MSMEs Face Closure Due to Pandemic, Survey Reveals


N E W   Z E A L A N D

TRAVELPHARM GROUP: Placed Into Liquidation


S I N G A P O R E

CHINA GREAT: To be Delisted from SGX, Must Propose Exit Offer
STRATECH GROUP: Unable to Make Exit Offer, To Be Delisted on Oct 23


S R I   L A N K A

SRI LANKA: Moody's Cuts LT Issuer & Sr. Unsec. Ratings to 'Caa1'


X X X X X X X X

[*] Pandemic "Triple Shock" Hitting Economies Across EAP Region

                           - - - - -


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

EDEN MARINE: First Creditors' Meeting Set for Oct. 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Eden Marine
Centre Limited will be held on Oct. 7, 2020, at 10:00 a.m. via
electronic facilities only.

Marcus William Ayres and Stephen James Parbery of Duff & Phelps
were appointed as administrators of Eden Marine on Sept. 28, 2020.

JRD NUMBER: Second Creditors' Meeting Set for Oct. 7
----------------------------------------------------
A second meeting of creditors in the proceedings of JRD Number 1
Pty Ltd has been set for Oct. 7, 2020, at 11:00 a.m. via
teleconference only.

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. 6, 2020, at 5:00 p.m.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of JRD Number on Sept. 1, 2020.

STA TRAVEL: Australian Unit Placed Into Liquidation
---------------------------------------------------
Stuart Marsh at 9News reports that STA Travel has been placed into
liquidation following a meeting of creditors on Sept. 25.

The travel agency, which follows in the collapse of its Swiss
parent company, was placed into voluntary administration on August
21, the report notes.

Trading under three separate entities in Australia, STA Travel Pty.
Ltd and IEP Pty Limited were on Sept. 25 placed into liquidation,
according to 9News.

A decision on the third entity, STA Travel Academic Pty Limited,
was expected later on Sept. 25.

STA Travel operated a number of online travel agent services and a
network of 27 shopfront outlets across Australia, all of which have
closed, 9News states.

All staff were made redundant upon appointment of the
administrators.

In economic terms, liquidation is the process of selling all assets
and dissolving a company entirely to repay outstanding debts, 9News
says.

According to 9News, administrators Jason Tracy and Timothy Norman
of Deloitte issued guidance notes in August that affected customers
should read the terms and conditions of any outstanding holiday
deals.

"Please note that we are only appointed over the Australian
domiciled companies and not all entities in the STA Travel
international group," the administrators advised, 9News relays.

"Please check the terms and conditions on any correspondence or
booking information you have with an STA Travel international group
company, as you may have a claim against an entity within the STA
Travel international group of companies which we do not control.

"We encourage you to reach out to the relevant entity in this
regard."

                          About STA Travel

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

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

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

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



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

JINGRUI HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------------
On Sept. 28, 2020, S&P Global Ratings revised the outlook on
Jingrui Holdings Ltd. to stable from negative. S&P affirmed its 'B'
long-term issuer credit rating on the company and the 'B-'
long-term issue rating on its senior unsecured notes.

S&P said, "We revised the outlook on Jingrui to stable to reflect
our view of a reduced risk that the company would overstretch its
balance sheet with substantial land replenishment in the next 12
months. This is in light of Jingrui's willingness to slow its
growth targets amid tightening financing conditions. We anticipate
the company's steady land replenishment over the past 12 months
will support its contracted sales in the next two years."

In S&P's view, Jingrui's stable financial metrics will be supported
in the next 12 months by its mild growth appetite, prudent
financial management, and proven track record in offshore
refinancing. The company deleveraged faster than S&P expected in
2019. Its debt-to-EBITDA ratio fell to 6.3x, from 8x in 2018, owing
to improved revenue booking and a decrease in total debt. The
company further repaid some offshore debt with cash in 2020.

Jingrui is unlikely to have material debt growth in the next 12
months, given tightening funding conditions for developers and the
company's risk aversion. S&P said, "We expect Jingrui to spend 40%
of its contracted sales on land replenishment. As such, we estimate
its see-through debt-to-EBITDA ratio will be stable at about 6x in
the next 12-24 months, low relative to similarly rated peers. We
reflect this with a one-notch uplift in our comparable ratings
analysis."

S&P said, "We expect Jingrui to achieve its total contracted sales
target of Chinese renminbi (RMB) 25 billion in 2020, based on the
pick-up in sales in July and August as well as extensive project
launches in the fourth quarter. The company's business operations
will likely recover from the slowdown in the first half as markets
in higher-tier cities stabilize after the pandemic. Jingrui's land
bank, which includes 96% of saleable resources in first- and
second-tier cities, should also support our forecast of stable
sales in 2020 and single-digit growth in 2021.

"We believe Jingrui will be able to manage its offshore debt
maturities as the company has demonstrated its refinancing ability
this year amid offshore market volatility. In addition, Jingrui has
smooth cross-border channels to remit cash from onshore; it
transferred about RMB1.5 billion offshore in March. Repayment with
onshore resources--though not management's preference--provides
liquidity buffer if the offshore market does not support new
issuances.

"Nonetheless, we note Jingrui's reliance on offshore borrowings has
increased over the years, leading to larger refinancing needs." The
company's high exposure to U.S. dollar notes (47% of total debt as
of June 2020) subjects it to offshore funding volatility. Its
upcoming offshore maturities include US$350 million due in April
2021 and US$200 million due in October 2021.

Jingrui's small scale and land bank provide limited buffer against
greater volatility in operations or markets. The company's current
land bank can support about two years of development, which is at
the lower end among peers. Jingrui's liquidity position may come
under pressure if the company takes a more aggressive stance on
growth and acquisitions--even though its current cash balance is
sufficient to cover short-term debt.

Jingrui has RMB6.4 billion in commercial properties (mainly offices
and residential apartments in Shanghai and Beijing) and RMB1.5
billion in saleable investments to support liquidity, if needed.
However, S&P does not include any disposals in its base case and
liquidity assumptions.

S&P said, "The stable outlook reflects our view that Jingrui will
maintain prudent financial management and a mild growth appetite,
such that its financial metrics will stabilize in the next 12-24
months. We also expect the company to manage its large offshore
debt refinancing, backed by its high onshore cash balance, fair
track record in offshore credit markets, and access to cross-border
cash remittance channels.

"We could lower the rating if Jingrui's contracted sales on an
attributable basis are likely to be lower than our forecast of
RMB12 billion-RMB13 billion for 2020 and 2021.

"We could also downgrade the company if its leverage deteriorates
such that its consolidated and see-through debt-to-EBITDA ratio
does not stay below 8x, or its consolidated EBITDA interest
coverage is less than 1.5x in the next 12 months. This could happen
if Jingrui's revenue or margin is likely to be materially lower
than our forecast, signifying further weakening of business
operations.

"Rating upside is limited in the next 12 months. We could upgrade
Jingrui if the company's scale and profitability improve
significantly, and its see-through and consolidated debt-to-EBITDA
ratio stay below 5x on a sustainable basis."


LIUZHOU DONGTONG: Fitch Affirms LT IDR at BB, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed China-based Liuzhou Dongtong Investment
& Development Co., Ltd.'s (LDI) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB'. The Outlook is
Stable. Fitch has also affirmed LDI's senior unsecured bonds at
'BB'.

LDI is the major government-related entity (GRE) in Liuzhou and is
mainly responsible for affordable housing, primary-land development
and urban-infrastructure projects in the city.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: The company is wholly
controlled by the Liuzhou municipal government, which appoints the
company's board members. Major events, including strategic
development, acquisitions, disposals, long-term plans and major
capex, require the government's approval. The company's operational
and financing activities are also monitored by the government.

'Strong' Support Record and Expectations: LDI is a major GRE in
Liuzhou and has a solid government support record. The company has
received large capital injections from the government over the past
few years, including an injection of over CNY2 billion in 2019,
which accounted for around 10% of its equity. Fitch expects the
government's support to continue in the next few years.

'Moderate' Socio-Political Implications of Default: LDI plays an
important role in social housing, primary-land development and
urban-infrastructure construction in the city. Fitch does not
expect a default by the company to immediately disrupt the public
services LDI provides. The government may consider appointing other
GREs to provide some of the services, if necessary.

'Strong' Financial Implications: LDI has borrowed substantially
from state-owned banks and the onshore and offshore debt capital
markets over the past few years. A financial default by LDI would
negatively affect the funding for other enterprises owned by the
Liuzhou municipal government. The government would have a strong
incentive to avoid a company default.

'b' Standalone Credit Profile: The Standalone Credit Profile is
assessed under Fitch's Public Sector, Revenue-Supported Entities
Rating Criteria. LDI's revenue defensibility is assessed at
'Weaker' because the pricing for its public-sector business is
constrained by the government. Its operating risk is assessed at
'Midrange' and financial profile is considered 'Weaker'. The weak
financial profile reflects the company's high leverage, with net
debt/EBITDA of over 50x at end-2019, and Fitch expects the debt
leverage to be maintained at over 50x in the next five years under
the rating case. This is mitigated by its strategic government
links and ongoing financial support.

DERIVATION SUMMARY

LDI's rating is derived from the four factors under Fitch's
Government-Related Entities Rating Criteria, combined with the 'b'
SCP under its Public Sector, Revenue-Supported Entities Rating
Criteria.

RATING SENSITIVITIES

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

  - An upward revision in Fitch's credit view of the Liuzhou
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.

  - A stronger assessment of the government's support record and
the socio-political and financial implications of a default.

  - A stronger Standalone Credit Profile

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

  - A lowering of Fitch's credit view of the Liuzhou municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations.

  - A significant weakening of the socio-political or financial
implications of a default, a weaker government support record or a
dilution of the government's shareholding or control.

  - A weaker Standalone Credit Profile

Rating action on LDI would lead to similar action on the US dollar
notes.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

XINJIANG GOLDWIND: Moody's Affirms CFR at Ba1, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Xinjiang Goldwind Science &
Technology Co Ltd's Ba1 corporate family rating.

The rating outlook remains stable.

"The affirmation of Goldwind's Ba1 corporate family rating reflects
its leading market position in the manufacture of wind turbine
generators and its vertically integrated business model," says Ivy
Poon, a Moody's Vice President and Senior Analyst.

"The rating affirmation also reflects our view that, despite the
slower than expected recovery in profit margin in 2020, the
company's leverage will improve moderately in 2021-22 to a level
consistent with the current rating," adds Poon.

RATINGS RATIONALE

Goldwind has maintained its solid market position as the largest
manufacturer of wind turbine generators in China, as measured by
capacity installations. Its integrated business model provides a
degree of business stability against the cyclical manufacturing
business.

However, the slower than expected recovery in its profit margin
from the 2019 trough will weaken Goldwind's cash flow and keep its
leverage elevated in 2020. Margin compression is mainly driven by
higher procurement costs as well as delayed operation expenses
associated with the overseas business resulting from a delay in
grid connections as construction works were disrupted by the
coronavirus pandemic.

Moody's expects the company's gross margin will weaken to 16%-17%
in 2020 before an improvement to above 20% in 2021-22. However,
pricing pressure from intensified market competition driven by grid
parity in 2021 casts uncertainty over the pace and extent of
improvement.

The company has introduced a number of countermeasures, including a
shift to higher-margin wind turbine generators, enhanced product
efficiency through ongoing technological improvements, as well as
refinements of its overseas business strategy.

The financial risks are also partly mitigated by the company's
deleveraging through working capital management. Driven by a
gradual recovery in its profit margin and ongoing deleveraging
efforts, Moody's expect the company's adjusted funds from operation
(FFO) to debt will improve to 10%-12% in 2021-22 from 7%-8% in
2020. The company's business strategy to monetize its power
projects could also partly alleviate the pressure on leverage.

These projected metrics have also considered the company's sizable
RMB7.5 billion -RMB9.5 billion annual capital spending planned
during 2020-22.

Goldwind's exposure to environmental risk is low for its wind power
generation business, while its manufacturing business does not
create material levels of pollution in air, soil and water.

The company faces moderate social risk. However, this risk is
mitigated by its track record of stable and safe operations of the
wind farm to support steady power supply to grid companies. It has
also implemented safety review procedures at various stages of the
manufacturing process to ensure staff health and safety.

In terms of governance risk, Moody's has considered the company's
ambitious capital spending and high leverage. Nevertheless, as a
company listed on the stock exchanges, the company has developed a
corporate governance structure with regular disclosures on its
operations and finances.

The outlook on the rating is stable, reflecting Moody's expectation
that Goldwind will maintain a stable credit profile, with a
moderate improvement in its financial metrics after 2020.

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

While an upgrade is unlikely in the near term, the rating could be
upgraded in the longer term if (1) the manufacturing business shows
a stable operating performance; and/or (2) the company establishes
a meaningful track record of monetizing its power assets or
implementing a material deleveraging plan, and significantly
improves its financial profile.

Financial metrics indicative of an upgrade includes FFO/debt rising
above 20% on a sustained basis.

Moody's could downgrade the ratings if (1) adverse regulatory
policies materially jeopardize the power generation business in
China; (2) Goldwind's manufacturing business exhibits even greater
volatility than historically observed, resulting in a material
deterioration in profitability and cash flow; and/or (3) Goldwind
engages in more aggressive capacity expansion.

Financial indicators for a downgrade include FFO/debt remaining
below 8.0% over a prolonged period.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Xinjiang Goldwind Science & Technology Co Ltd is the largest
manufacturer of wind turbine generators in China and also engages
in wind power generation. At June 30, 2020, the company was 13.76%
owned by Xinjiang Wind Power Co, Ltd (which is ultimately owned by
the State-owned Asset Supervision and Administration Commission of
Xinjiang Uygur Autonomous Region and China Three Gorges Corporation
(A1 stable)), 13.50% owned by Hexie Health Insurance Co., Ltd. and
10.53% owned by China Three Gorges Corporation.



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

CATHAY PACIFIC: Pilots Want Seat at Table for Restructuring Talks
-----------------------------------------------------------------
Reuters reports that pilots at Hong Kong's Cathay Pacific Airways
are pushing to be included in restructuring talks at the carrier
and will run a newspaper advertisement to drum up public support, a
union representing them told Reuters on Sept. 29.

Reuters says the comments come after the group this month declined
to apply for more government employment subsidies for its main
business units, freeing it from the condition to retain jobs tied
to the grants and fuelling worries of layoffs.

"What we want is to make sure if there is some sort of decision
with regards to the future of the pilots, that we will be involved
in discussions on what the structure looks like," Reuters quotes
Chris Beebe, the general secretary of the Hong Kong Aircrew
Officers Association (HKAOA), as saying.

Beebe declined to comment on whether pilots would offer concessions
like temporary salary cuts or unpaid leave schemes as have been
agreed at other airlines amid crumbling demand due to the
coronavirus pandemic, Reuters says.

Many Cathay pilots had already participated in a company-wide
voluntary unpaid leave scheme, he said.

The union will run an advertisement in the South China Morning Post
in its push for a seat at the table for talks on the restructuring
plan that is due to be announced in the fourth quarter, Beebe said,
Reuters relays.

According to Reuters, the advertisement will highlight
HKAOA-commissioned research in which most respondents said they
thought the union's 2,200 members were important to the city's
global reputation.

Reuters relates that the carrier, which received a US$5 billion
government rescue package, has refrained from large-scale job cuts
but has warned it is reviewing all aspects of its business model.

HKAOA represents pilots at the main brand, Cathay Pacific. Pilots
at regional brand Cathay Dragon and low-cost carrier HK Express are
represented by other unions, Reuters notes.

Several employees have told Reuters on condition of anonymity that
they are bracing for major job losses.

Rival Singapore Airlines has already announced plans to cut around
20 per cent of positions, while Australia's Qantas Airways has said
it will cut nearly 30 per cent of its pre-pandemic staff, adds
Reuters.

                       About Cathay Pacific

Cathay Pacific Airways Ltd., also known as Cathay Pacific or
Cathay, is the flag carrier of Hong Kong, with its head office and
main hub located at Hong Kong International Airport. Cathay
operates scheduled airline services.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
10, 2020, Egan-Jones Ratings Company, on Sept. 3, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Limited to CC from CCC. EJR
also downgraded the rating on commercial paper issued by the
Company to D from C.

GOLDIN FINANCIAL: Creditors Put Kowloon Headquarters on the Market
------------------------------------------------------------------
South China Morning Post reports that Goldin Financial Holdings is
about to lose one of its crown jewels--its corporate headquarters
in Kowloon Bay--after creditors put the property up for sale by
tender.

Receivers and managers of the asset have engaged Knight Frank as
the sole agent to seek buyers for the 28-story Goldin Financial
Global Centre on Kai Cheung Road, the Post relates citing a
statement issued by the property consultancy.

The Grade A tower, with an area of 852,433 square feet, may fetch
at least HK$12 billion (US$1.53 billion), or HK$14,000 per sq ft,
according to the statement, the Post relays. The tender closes on
November 11. At that price, the property would have lost as much as
27 per cent since Goldin last appraised its value at HK$15 billion
to HK$16.5 billion, based on the company's filings in July.

The Post says the sale suggests its billionaire major shareholder
Pan Sutong has lost come control of its assets to creditors as the
group struggles to refinance its debt load, despite bringing in
outside help from CK Asset Holding. The developer, among the most
aggressive asset acquirers in Hong Kong in recent years, is
embroiled in a legal fight with hostile creditors in recent months
over loan disputes.

"The asking price is reasonable," the Post quotes Vincent Cheung,
managing director of Vincorn Consulting and Appraisal, as saying.
He added that investors may push for a much bigger discount to
lower their investment risk considering the gloomy economic
sentiment, suggesting that buyers may try to clinch a deal in the
HK$8.4 billion to HK$9.6 billion price range.

According to the Post, the company said undisclosed creditors
stepped up their pursuit on July 24 by seeking court approval to
gain access to some of the company's accounts and keys to its
premises, after appointing their own receivers over the units that
owed the creditors.

The distressed developer had HK$18.5 billion in total liabilities
on December 31, according to its interim accounts published in
March, while its cash stood at HK$2.38 billion, the Post discloses.
Its principal bankers are Industrial and Commercial Bank of China,
Industrial Bank, Shanghai Commercial Bank and HSBC.

CK Asset Holdings controlled by the family of Hong Kong's most
famous billionaire, Li Ka-shing, in July stepped in to help the
indebted developer, arranging a HK$8.7 billion financing package to
bail out the company, the Post recalls.

Goldin bought Kai Tak Area 4B Site 4 for HK$8.91 billion in
November 2018, and another commercial site there for HK$11.1
billion in May 2019.

But it soon found that it had overextended itself. Within a month
of winning the bid for the Kai Tak 4C Site 4 commercial site it
walked away from the deal, forfeiting HK$25 million in deposit. And
in July, Goldin sold Kai Tak Area 4B Site 4 residential site for
HK$3.477 billion to Chen Zhuang Rong, a mainland businessman.

On Sept. 25, the company said that it will post a loss of HK$6.1
billion for the financial year ending June 2020 compared to a
profit of HK$6.4 billion last year, the report discloses.

Based in Hong Kong, Goldin Financial Holdings Ltd is a diversified
company. The Company's operations include Factoring, Wine
Production and Sales and Property Investment and Development.



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I N D I A
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AASHIRWAD INDUSTRIES: CRISIL Withdraws D Rating on INR17cr Loans
----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Aashirwad Industries Private Limited (AIPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------     -----------   -------
   Cash Credit        10        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Proposed Long       2        CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Rating Withdrawn)
   Loan Facility       
                                
   Term Loan           5        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

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

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

Detailed Rationale

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

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

Incorporated in June 2012, AIPL manufactures AC roofing sheets. The
company is promoted by Mr. Rahul Tupe and Ms. Leena Tupe. Its unit
is in the Butibori Industrial area of Nagpur (Maharashtra), and has
installed capacity of 54,000 tonne per annum.

ATHARVA DEVELOPERS: ICRA Withdraws D Rating on INR12.50cr Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Atharva Developers, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term,         12.50      [ICRA]D ISSUER NOT COOPERATING;
   fund based:                   Withdrawn
   Term Loan          
                  
Rationale

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

Key rating drivers

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

Liquidity position

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

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

Atharva Developers a proprietorship firm incorporated in 2007 to
carry on real estate construction in and around Mumbai. The
proprietor, Mr. Deepak Shah has been engaged in the real estate
business for two decades and has completed four projects including
both residential as well as commercial projects in Malad and
Santacruz in Mumbai.

BRIJNANDAN INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR12.00 crore bank facilities of
Brijnandan Industries Private Limited 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–        9.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based–        2.50       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     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.

BIPL was an authorised dealer of Renault for the sale of passenger
cars, servicing and sale of spares in Bihar. However, its
automobile dealership business has been discontinued.

DEEPAK FASTENERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Deepak Fasteners
Limited (DFL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit@         123     CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit^          39     CRISIL D (ISSUER NOT COOPERATING)  
  

   Cash Credit&          30     CRISIL D (ISSUER NOT COOPERATING)  
   

   Cash Credit$          39     CRISIL D (ISSUER NOT COOPERATING)  
   
  
   Cash Credit#          39     CRISIL D (ISSUER NOT COOPERATING)  
   

   External
   Commercial
   Borrowings           100.87  CRISIL D (ISSUER NOT COOPERATING)  
  

   Foreign Bill
   Discounting**         10     CRISIL D (ISSUER NOT COOPERATING)  
  

   Letter of Credit%     50     CRISIL D (ISSUER NOT COOPERATING)  
  

   Letter of Credit^^    20     CRISIL D (ISSUER NOT COOPERATING)  
  

   Letter of Credit$$    15     CRISIL D (ISSUER NOT COOPERATING)  
  

   Letter of Credit&&    15     CRISIL D (ISSUER NOT COOPERATING)  
  

   Letter of Credit##    25     CRISIL D (ISSUER NOT COOPERATING)  
  

   Term Loan             42.13  CRISIL D (ISSUER NOT COOPERATING)  
  

@includes a sub limit of INR65 Crore Packaging Credit and INR30
Crore of Bill Discounting
^includes a sub limit of INR39 Crore Packaging Credit and INR39
Crore of Bill Discounting
&includes a sub limit of INR30 Crore Packaging Credit
$includes a sub limit of INR20 Crore Packaging Credit
#includes a sub limit of INR18 Crore Packaging Credit
%includes a sub limit of INR50 Crore Buyer Credit and INR15 Crore
of Bank Guarantee. Interchangeable from Non fund based to Fund
based limits to the extent of INR20 Crore
^^includes a sub limit of INR20 Crore of Buyer credit and INR2
Crore of Bank Guarantee
$$includes a sub limit of INR15 Crore Buyer Credit and INR4.5
Crore of Bank Guarantee
&&includes a sublimit of INR15 Crore Buyer Credit and INR10 Crore
of Bank Guarantee
##includes a sublimit of INR25 Crore of Buyer Credit.
Interchangeable from Non fund based to Fund based limits to the
extent of INR5 Crore.
**Represents Foreign Outward Bill Negotiated under Letter of
Credit (FOBNLC)/ Foreign Outward

CRISIL has been consistently following up with DFL for obtaining
information through letters and emails dated June 30, 2020 and
August 31, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DFL, incorporated in 1958 and promoted by Mr. Kailash Kalra, has
consolidated finishing capacity of 70,000 tonne per annum (tpa) of
fasteners at its facilities in Punjab, Himachal Pradesh, and Madhya
Pradesh. In fiscal 2009, DFL acquired the Unbrako brand from
Precision Castparts Corp (PCC), along with its intellectual
property rights, manufacturing facilities in Ireland, and workforce
and distribution network. In fiscal 2011, Banyan Tree Growth
Capital LLC and DEG-Deutsche infused INR70 crore into DFL in the
form of zero-coupon compulsorily convertible bonds for a 13% equity
stake (post conversion into equity). In fiscal 2014, DFL
commissioned a plant, with finishing capacity of 28,500 tpa, near
Bhopal.

DFUK and DFA commenced commercial operations in fiscals 2008 and
2009, respectively, and are the distribution arms. DFSL,
incorporated in fiscal 2009 after DFL acquired the Unbrako fastener
business from PCC, has a manufacturing and research facility in
Shannon, Ireland.

DEHRADUN HIGHWAYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Dehradun Highways Project Limited
        B-292, Chandra Kanta Complex
        Shop No. 2 & 3
        Near Metro Pillar No. 161
        New Ashok Nagar
        New Delhi 110096

Insolvency Commencement Date: September 18, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 17, 2021
                               (180 days from commencement)

Insolvency professional: Anil Kohli

Interim Resolution
Professional:            Anil Kohli
                         ARCK Resolution Professional LLP
                         409, 4th Floor, Ansal Bhawan
                         16 K G Marg, Connaught Place
                         New Delhi 110001
                         E-mail: insolvency@arck.in

Last date for
submission of claims:    October 2, 2020


DHARAMRAJ CONTRACTS: Ind-Ra Keeps 'D' LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dharamraj
Contracts India Private Limited's Long-Term Issuer Rating of 'IND D
(ISSUER NOT COOPERATING)' in the non-cooperating category and
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR210 mil. *Fund-based working capital limits (Long term
     rating/short term rating) maintained in the non-cooperating
     category and withdrawn; and

-- INR390 mil. **Proposed non-fund-based working capital limits
     (Short term rating) maintained in the non-cooperating
     category and withdrawn.

-- INR700 mil. ***Non-fund-based working capital limits (Short
     term rating) maintained in the non-cooperating category and
     withdrawn.

  * Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn.

  ** Maintained at 'Provisional IND D (ISSUER NOT COOPERATING)'
before being withdrawn.

  *** Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Established in 2010, Dharamraj Contracts India undertakes design,
engineering, construction maintenance and repair of civil
infrastructure projects such as roads, highways and building works,
for central and state government road construction departments.

GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Ganpati Ridhi
Sidhi Agro Industries Private Limited (SGRSAI) continue to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         7.7       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          2.5       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2013, SGRSAI mills and processes non-basmati rice
and wheat at its unit at Mau in Uttar Pradesh. It commenced
commercial operations in April 2015. The company is promoted by Mr.
Nirmal Gupta and his family members.



GOYAL AUTOMOBILES: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR5.00-crore bank facilities of
Goyal Automobiles Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         5.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2000 as a proprietorship firm, Goyal Automobiles
(GA) is an authorised dealer for vehicles manufactured by Hero
Motocorp Limited (HML). The company sells vehicles and provides
ancillary services that include vehicle servicing and sale of spare
parts and accessories from its showroom based in Raigarh,
Chhattisgarh.

GVG KRAFT: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned GVG Kraft Private
Limited (GKPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR9.43 mil. Term loan due on March 2022 assigned with IND BB
     / Stable rating; and

-- INR60 mil. Fund-based facilities assigned with IND BB /
     Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect GKPL's small scale of operation as indicated by
revenue of INR368 million in FY20 (FY19: INR384 million). The
decline in revenue was majorly due to a decrease in sales
realization. However, the management expects the revenue to
increase in FY21 owing to an increase in demand of Kraft box,
despite the stoppage of its operations for one and a half months
due to the COVID-19-led nationwide lockdown. The company achieved
revenue of INR120 million as of mid-August 2020. FY20 financials
are provisional in nature.

The ratings also factor in GKPL's modest EBITDA margin of 4.9% in
FY20 (FY19: 12.2%) with a return on capital employed of 8% (28%).
The decline in margin was driven by an increase in raw material
price.

The ratings also reflect the company's modest credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expenses) of 3.0x in FY20 (FY19: 7.0x) and net leverage (total
adjusted net debt/operating EBITDA) of 4.8x (2.0x). The
deterioration in the credit metrics was mainly attributed to a
decrease in absolute EBITDA to INR18 million in FY20 (FY19: INR47
million, partially offset by a reduction in the total debt to INR89
million (INR93 million).

Liquidity Indicator - Stretched: GKPL's average use of the
fund-based facilities was 68.3% during the 12 months ended in
August 2020. The company's cash flow from operations almost halved
to INR7 million in FY20 (FY19: INR15 million) due to elongation of
its net working capital cycle to 92 days (87 days), resulting from
a reduction in payable period to 28 days (60 days). GKPL had
availed the Reserve Bank of India-prescribed moratorium under the
COVID-19 relief package for interest and principal payments of term
loans for March to June 2020. At FYE20, the company had a low cash
balance of INR2 million (FYE19: INR0.1 million). The company has
scheduled repayments of INR5 million and INR4 million during FY21
and FY22, respectively.

However, the ratings are supported by GKPL's promoter's
three-decade-long experience in the paper industry.

RATING SENSITIVITIES

Positive: Any significant growth in the revenue and operating
profitability, along with an improvement in the liquidity position,
leading to the net leverage reducing below 4.0x will lead to a
positive rating action.

Negative: Any decline in the revenue or operating profitability,
along with a further stretch in the liquidity position, leading to
the net leverage increasing above 5.5x, will lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2015, GKPL manufactures packing Kraft material. The
company has a monthly manufacturing capacity of 1,800 tons.



H N CONSTRUCTION: ICRA Lowers Rating on INR10cr Loans to B+
-----------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of H N
Construction Private Limited has been downgraded and continues to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based–          3.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING/Rating downgraded
                                   from [ICRA]BB+ (Stable)
                                   ISSUER NOT COOPERATING and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Unallocated          7.00       [ICRA]B+(Stable) ISSUER NOT
   Limit                           COOPERATING/Rating downgraded
                                   from [ICRA]BB+ (Stable)
                                   ISSUER NOT COOPERATING and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

As part of its process and in accordance with its rating agreement
with H N Construction Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

H N Construction Private Limited (HNCPL) was incorporated in
September 2007. The company executes turnkey projects for steel
plants involving civil, mechanical and electrical works like
erection, commissioning, installation, construction of foundation,
civil works, renovation, procurement/supply, fabrication etc. of
various equipment and structure mainly in Bokaro Steel City,
Jharkhand. The management has an overall experience of more than
two decades in the same line of business primarily through its
group entity, H N Singh Construction, which was established in 1993
and the business of which was taken over by HNCPL with effect from
April 1, 2016.

HANUMAN MOSAIC: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Hanuman Mosaic
and Marble (SHM) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.00      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.73      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              0.27      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

SHM, formed in 1995 as a proprietorship firm, trades in tiles,
marbles, and sanitary ware. The firm is promoted by Odishabased Ms.
Epari Rekha, and its operations are managed by her husband Mr.
Epari Bhadrachalam, who has experience of over two decades in this
line of business.


HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Hydrobaths Ramco Marketing Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term         10.43       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long-Term          2.50       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund based                Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category


   Unallocated        1.00       [ICRA]D 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.

Hydrobaths Ramco Marketing Private Limited (HRMPL), incorporated in
2009, is involved in the trading of products like sanitary ware
(bathtubs, shower trays, Jacuzzis, shower panels, shower enclosure,
bathroom furniture, steam baths, spas), faucets, tiles and others
which are largely procured from international manufacturers from
countries like Thailand, Italy and China. The promoters were
initially involved in the manufacturing of bathtubs through a
proprietorship firm (set up in 1992). Later in 1999, another
proprietorship firm named Hydrobaths Ramco Marketing Company (HRMC)
was set up and in the year 2000, the firm started importing
products like sanitary ware and faucets. In 2009, Hydrobaths Ramco
Marketing Private Limited, was incorporated which took over the
business of HRMC. HRMPL procures products from international
manufacturers like Guangzhou Metal & Mineral Imp Exp Limited, SIAM
Cement Group, Ceramic Atlas Concorde Spa Italy and others and sell
in domestic market. HRMPL sells its through distributors, dealers,
own retail showroom and also project sales (sale to institutional
clients). The company has franchisee arrangement with its 3
distributors located in Mumbai, Bangalore and Kolkata though
distributors in cities like Hyderabad, Chennai, Cochin, Ahmadabad
and others operate their own showrooms. The company has its
exclusive showroom (around 35000 sqft) at Gurgaon.

IIFL FINANCE: Moody's Cuts CFR & Senior Secured Rating to B2
------------------------------------------------------------
Moody's Investors Service has downgraded IIFL Finance Limited's
("IIFL Finance") corporate family rating (CFR) to B2 from B1,
senior secured debt rating to B2 from B1, and senior secured
medium-term note (MTN) program rating to (P)B2 from (P)B1.

The rating outlook has been changed to stable from rating under
review.

The rating action concludes the review for downgrade initiated on
May 29, 2020.

RATINGS RATIONALE

The downgrade of IIFL Finance's ratings reflects Moody's
expectation that the company's asset quality and profitability will
deteriorate as loan delinquencies and defaults increase. This
weakening will be driven by declining earnings and cash flow at its
customers due to the deep coronavirus-led economic contraction.

Loans to small and medium-sized enterprises (SMEs), real estate
developers and micro-finance companies -- segments that represent
about 40% of its assets under management -- are at the greatest
risk of a deterioration in asset quality, given the disruption to
their business activities and their limited balance sheet
liquidity. At the end of June 2020, about 50% of these loans were
subject to repayment moratoriums, compared to about 30% for IIFL
Finance's total loan book.

In line with its industry peers, Moody's expects IIFL Finance will
restructure loans to borrowers whose businesses and earnings have
been affected by the coronavirus outbreak. The longer and deeper
the hit to India's economic activity, the greater the negative
financial impact on borrowers, leading to an increase in
non-performing loans. However, the increase will be gradual as loan
restructuring will prevent an immediate sharp increase in
non-performing loans

IIFL Finance's profitability will also deteriorate as credit costs
increase in line with the deterioration in asset quality. While,
IIFL Finance has increased loan loss provisions against potential
asset quality deterioration, Moody's expects its provisioning
coverage will deteriorate as NPLs increase. IIFL Finance's return
on assets has already deteriorated, declining to about 1.0% in June
2020 (annualized) from an average of 1.8% in the past three years,
excluding the one-time mark-to-market impact on foreign exchange
borrowings.

IIFL Finance's capital remains stable as the company has slowed
loan growth in response to the contraction in economic activity and
to conserve liquidity. IIFL Finance has not yet raised equity,
unlike some of its peer non-bank finance companies (NBFCs), which
have raised equity capital to shore up their buffers given the
challenging operating conditions. While IIFL Finance is backed by
strong shareholders, its access to equity capital remains to be
tested.

While IIFL Finance's funding remains stable, funding conditions
remain challenging for Indian NBFCs. In particular, non-bank debt
markets remain largely closed to many NBFCs given the risk aversion
prevalent in Indian financial markets.

As a result, IIFL Finance remains reliant on public sector banks as
the primary source of liquidity to repay maturing obligations. Loan
securitizations and assignments, which were a key source of funding
in the past 12-18 months, have slowed given increased risk aversion
amongst banks given the bleak asset quality outlook. In addition,
IIFL Finance's modest liquidity provides limited buffer should
funding conditions suddenly tighten.

STABLE OUTLOOK

The stable outlook reflects Moody's expectation that IIFL Finance
will continue to perform in line with that of its B2 CFR peers over
the next 12-18 months, with its stable capitalization providing
resilience against weakening profitability and asset risk. In
addition, Moody's expects ongoing deleveraging due to lower
originations to result in reduced refinancing needs.

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

Given the stable outlook, IIFL Finance's ratings are unlikely to be
upgraded over the next 12-18 months. Nevertheless, Moody's could
revise the rating outlook to positive if: (1) if the company
strengthens its liquidity by refinancing or raising new funding
over the next few quarters, (2) the company strengths its
loss-absorbing buffers by raising equity capital, or (3) if the
operating environment improves, supporting a strengthening in asset
quality.

Moody's will downgrade the ratings if the company's liquidity
deteriorates, or if there is a significant deterioration in its
asset quality beyond Moody's current expectations, leading to a
worsening of its solvency metrics.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Headquartered in Mumbai, IIFL Finance Limited reported total assets
of INR335 billion at June 30, 2020.

INDUSTRIAL HANDLING: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Industrial Handling
(IH) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.67       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             2.83       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

IH, set-up in 1985 as a proprietorship firm by Mr. Champa Nandi, is
in the business of providing heavy hydraulic equipment and crane
rental services. The company has a fleet size of 70 cranes with
capacity 20- 400 Metric Tonnes. It also has a workshop in Haldia
equipped with good infrastructure, qualified and expert mechanics,
operators who are well- versed in modern technology.


ISHANIKA HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Ishanika Hotels
Private Limited (IHPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              12        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2015, IHPL is promoted by Mr. Arun Singh and his
wife Ms. Rolli Singh. The company is setting up a hotel project in
the area of around 12000 sq. ft. comprising seven floors. The
property comprises 58 rooms and is situated at Gomti Nagar, Vibhuti
Khand Lucknow, and Uttar Pradesh. The commercial operations are
expected to start from April 2017.


JAGWANI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jagwani Projects
Private Limited (JPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     14        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

JPPL, incorporated in 1988, is promoted by the Kolkata (West
Bengal)-based Jagwani family. It currently exports iron ore fines.
The company has also diversified in the manufacture of light
emitting diode (LED) lighting systems. The company manufactures
bulbs, tube lights, panel lights etc. under its LED lighting
division.

JALARAM COTTON: ICRA Moves B Debt Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the rating for the INR7.00 crore bank facilities of
Jalaram Cotton Ginning and Pressing Factory to 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based           7.00       [ICRA]B (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

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

Established in 1993, Jalaram Cotton Ginning and Pressing Factory
(JCGPF) is involved in cotton ginning and pressing business and is
owned and managed by Mr. Hitesh Thakkar and Mr Nilesh Patel. The
firm's manufacturing facility is located in Vadodara, Gujarat and
is currently equipped with 25 ginning machines and one fully
automatic pressing machine, with a capacity to manufacture 180
bales per day (24 hours operations).

JAVIN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR30.00 crore bank facilities of
Javin Construction Private Limited continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term           30.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based/                     COOPERATING, Rating continues
   Term loan                       to remain in the 'Issuer Not
                                   Cooperating' category

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

Javin Construction Pvt Ltd is a special purpose vehicle formed to
execute the 'Raj empire' project in the Raj nagar Extension area of
Ghaziabad. The development of the project is through the consortium
of group entities namely S M builders, SS Buildcon and JCPL itself.
The shareholding of these three entities are 50:40:10. The group is
managed by two set of promoters namely Mr. Mukesh Chandra Agarwal
from SS group and Mr. Deepak and Mr. Sudhir Rawat. The SS group has
good experience in real estate development in NCR. The other
directors also have more than 15 years of experience in real
estate. Following is a list of projects completed by the group
directors.

JAWAHAR SAW: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Jawahar Saw Mills
Private Limited (JSMPL; a part of the Agicha group) continues to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           45.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Satramdas and Co and JSMPL. The
entities, together referred to as the Agicha group, are managed by
the same promoter family, and trade in the same product. There have
been instances of financial transactions between them, and they
share infrastructure, and procurement, finance, and management
teams.

The Agicha group, founded by Mr. Agicha and family in 1956, trades
in timber logs. Mr. Manohar Agicha manages the operations.

K B A INFRASTRUCTURE: Ind-Ra Keeps B+ LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K B A
Infrastructure Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, K B A Infrastructure is an engineering,
procurement, and construction contractor that executes government
projects and subcontract works in Mumbai, Maharashtra.


KANURU BAPAIAH: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Kanuru Bapaiah
Constructions And Leasing (KBCL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Established in the 2016, KBCL is partnership firm promoted by Mr.
Rao. The firm is currently constructing a commercial building in
Vijayawada. The firm is expecting to generate revenues in 2020-21.

KAPIL ENTERPRISES: Ind-Ra Withdraws B+/NonCooperating Issuer Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kapil
Enterprises Private Limited's (KEPL) Long-Term Issuer Rating of
'IND B+ (ISSUER NOT COOPERATING)' and simultaneously withdrawn it.


The instrument-wise rating actions are:

  -- INR1.11 mil. **Term loan maintained in non-cooperating
      category and withdrawn; and

  -- INR70 mil. *Fund-based working capital limit maintained in
      non-cooperating category and withdrawn.

* Maintained at 'IND B+ (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER
NOT COOPERATING)' before being withdrawn.

**Maintained at 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

KEPL is a rubber tire and agricultural engineering equipment
manufacturer. It has plants in Bhiwadi, Neemrana and Kosi, and a
sales office in New Delhi. KEPL manufactures rubber tires and a
wide variety of agricultural engineering equipment such as tail
wheels, leather goods, leather shoe, footwear, uppers, steel rims,
hubs, top link, chain links and axle pin. KEPL exports all its
products to the US.


KRISHNA STEEL: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Shree Krishna
Steel Udhyog's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR5.0 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR75.0 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 26, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M/s Shree Krishna Steel Udhyog is engaged in the business of
transformer lamination. It is based in Surat, Gujarat, and has an
installed capacity of 15 tons per day.


M. A. S. SUBBAIAH: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of M. A. S. Subbaiah
Chettiar Educational And Charitable Trust (MASS) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Term Loan        7.8        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Secured Overdraft     3.1        CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING)

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

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

Detailed Rationale

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

Set up in 1998, MASS runs four institutions: MASS College of
Education, MASS College of Arts and Science, MASS Polytechnic
College, and MASS Teacher Training Institute. All the institutes
are located in separate campuses in Kumbakonam, Tamil Nadu.
Operations are taken care by the managing trustee, Mr. S Vijaya
Kumar.

MA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Ma Chandi Rice Mill
(MCRM) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.25       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit-          1.3        CRISIL D (ISSUER NOT
   Book Debt                        COOPERATING)

   Proposed Long Term     .48       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              .97       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Set up in 2001 as a partnership firm by Mr. Ramapada Shaw and Mr.
Muktipada Shaw, MCRM processes nonbasmati par boiled rice. Its
manufacturing facility in Burdwan, West Bengal, has capacity of 12
tonnes per hour. It sells rice under the Bright Gold brand.

MAA BASANTI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Basanti Agritech
Food Product Private Limited (MBA) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash         3.24       CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

   Term Loan            14.76       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2016, MBA, promoted by Mr. Ashok Kumar and his
brothers, is setting-up a flour milling unit for manufacturing
wheat flour (atta), maida, suji and bran. Production is expected to
begin from December 2018 onwards.

MARUTI BARRIER: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maruti Barrier Films
(MBF) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         9         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

MBF, based in Rajkot (Gujarat), was set up in June, 2017; it
manufactures flexible packaging material such as low density and
nylon multi-layer plastic films, plastic bags and plastic sheets
which finds application mainly in packaging of food items and
consumer goods. The firm is promoted by Mr. Jayesh Sorathiya and
family. The firm has a plant based in Veraval, Rajkot, Gujarat.
Commercial operations commenced from September 2017.

MATRI BHUMI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Matri Bhumi Agritech
Llp (MBA) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.17      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              6.67      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Working Capital Loan   3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Established in 2015, MBA, a partnership firm of Mr. Pritam Paul and
Mr. Bharat Chandra Paul, operates a cold storage unit (primarily
for storing potatoes) in Hooghly, WB. The cold storage currently
has a capacity of 248,965 quintals in six chambers.

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

The instrument-wise rating actions are:

-- INR97.90 mil. Term loan due on March 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR175 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR125 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 24, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1952 and incorporated in October 1992, Neokraft
Global is a leading manufacturer of automotive lighting systems.
The company has its head office as well as a plant in Bahadurgarh
(Haryana). This plant is dedicated to manufacturing supplies for
its large original equipment manufacturer customer segment. In
2012, the home lightings, home furnishing articles and commercial
lightings unit demerged as Neokraft Global Private Limited. The
group has a combined workforce of 2,000 employees.


ODYSSEY ADVANCED: Ind-Ra Moves 'B' Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Odyssey Advanced
Telematics Systems' Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits migrating to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR19 mil. Non-fund-based limits migrating to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 26, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Odyssey Advanced Telematics Systems is a proprietorship concern
that provides operations and maintenance services to the
telecommunication sector. In addition, it is engaged in civil
construction and executes orders issued by different state
government entities.


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

The instrument-wise rating actions are:

-- INR22.50 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER  NOT COOPERATING) rating;

-- INR42.50 mil. Non-fund-based working capital facility migrated

     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR 45.22 mil. Term loan due on November 2025 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 17, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Omega Infarengineers, incorporated in 2009, undertakes government
contracts for design, fabrication, erection and commissioning of
structural steel work of mega power projects, refineries and
railways.


PLUTON TRADING: CRISIL Lowers Rating on INR55cr Loans to D
----------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Pluton
Trading Private Limited (PTPL) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'. The downgrade
reflects the delays in debt servicing for more than 30 Days due to
its stretched liquidity position.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Electronic Dealer     44         CRISIL D (ISSUER NOT
   Financing Scheme                 COOPERATING; Downgraded from
   (e-DFS)                          'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    11         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with PTPL for obtaining
information through letters and emails dated September 16, 2020
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

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

PTPL was set up as a partnership firm, Pluton Trading Co, in 2013,
and was reconstituted as a private-limited company with the current
name in April 2017. It is an authorised and sole distributor of TCL
for Morbi, Gujarat, and trades sodium tripolyphosphate, soda ash,
sodium meta silicate, sodium bicarbonate and other related
chemicals which is majorly used into ceramic and sanitary ware
manufacturing. Mr. Mayur Likhiya and Mr. Keyur Likhiya are the
promoters.

PRG BUILDCON: Ind-Ra Cuts LT Issuer Rating to D, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded PRG Buildcon
India Pvt Ltd's (PRG) Long-Term Issuer Rating to 'IND D' from 'IND
BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits (Long-term)
     downgraded with IND D rating; and

-- INR700 mil. Non-fund-based working capital limits (Short-term)

     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by PRG and
overutilization of its working capital limits in December 2019, due
to its stretched liquidity position, resulting from delays in
receivables from its customers.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Incorporated in December 2014, PRG (formerly Naya Infrastructure
Pvt Ltd) undertakes sub-contracting works in irrigation, building
and water supply projects in Andhra Pradesh and Telangana. PRG is
certified as a special class civil contractor by the Government of
Telangana. The daily operations of the company are managed by Sunil
Kumar Bontha.


PUNEET STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Puneet Steels and
Alloys Private Limited (PSAPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

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

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

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

Detailed Rationale

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

Incorporated in 1990, PSAPL is managed by Mr. Anil Jindal and Mr.
Ratan Goel. The company manufactures castings for original
equipment manufacturers in the National Capital Region, tractor
manufacturers, and the Indian Railways.

PUNJ AUTOS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Punj Autos Private
Limited (PAPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              2.75      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

PAPL was incorporated in 2013 and commenced operations in June
2014. The company has a HCIL dealership in Hoshiarpur, Punjab. It
has one showroom with sales, service, and spares facilities for
cars. It is managed by Mr. Ayodhya Nath Sharma and his family.

RAMAWTAR AGRAWAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Ramawtar Agrawal Road
constructions Private Limited (RARCPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Bank         15        CRISIL B+/Stable (ISSUER NOT
   Guarantee                       COOPERATING)

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

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

Detailed Rationale

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

RARCPL, incorporated in 2002 by the Agarwal family, is engaged in
toll collection on build-operate-transfer basis. It also undertakes
road projects from PWD and CGRRD (Chhattisgarh Rural Road
Development Agency). Daily operations of the group are is managed
by the director, Mr. Ramawatar Agrawal.

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

The instrument-wise rating actions are:

-- INR99 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Non-fund-based working capital facility migrated
     to non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 19, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Promoted in 1994 by Anoop Kumar Saxena, Roots Cooling Systems
designs, manufactures, installs, and commissions evaporating
cooling equipment and ventilation and pollution control systems.
The Noida-based company also executes heating, ventilation, and air
conditioning turnkey projects.


S.B. AGENCIES: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of S.B. Agencies (SBA)
continues to be 'CRISIL D Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

SBA was set up in 1989 by Mr. Nazar Mohamed Ellias and his wife,
Mrs Raheena Jalaudeen. The firm trades in tiles, sanitary items and
granites, and is based in Attingal (Kerala).

SALASAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Salasar
Industries Private Limited (SSIPL) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

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

   Proposed Short Term    0.17      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             12.60      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

SSIPL, incorporated in September 2013, manufactures ferrosilicon.
The manufacturing facility at Naharlagun, Arunachal Pradesh, has a
capacity of 8800 tonne per annum. The company took over the
operations of Shree Salasar Industries (a partnership firm set up
in 2008) with effect from September 10, 2013.

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

The instrument-wise rating actions are:

-- INR16.4 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR185.0 mil. Fund-based facilities migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/  
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR55.0 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 25, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sambandam Siva Textiles, incorporated in 1994 as a private limited
company, is a Salem-based cotton yarn manufacturer. It was a public
limited company and was subsequently converted to private limited
company in 2003.  The company has an installed capacity of 30,240
spindles with 85% capacity utilization.  


SANTOSHI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Santoshi Rice
and Pulse Mill (SSRPM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              1.03      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Established in 1993, SSRPM is a partnership firm promoted by
Ahmedabad (Gujarat) based 'Vohra' family. The firm is engaged in
processing of basmati rice which is contributes around 40 per cent
by volume and 60 per cent by value of the total sales and rest by
non-basmati rice. The firm's manufacturing facility is located at
Ahmedabad with processing capacity of about 8 tonnes per hour
(38400 mtpa) for rice derives roughly 60 per cent of its sales
through sale of its own brand of rice and rest 40 per cent to local
traders.

SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Sanyeeji
Rolling Mills (SSRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          19.48       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest       6.11       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Long Term Loan       13.89       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital      21.52       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

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

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

Detailed Rationale

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

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures
thermo-mechanically treated (TMT) bars at its unit in Guwahati
(Assam).


SHRIM INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Shrim Industries
Private Limited (SIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            10.55       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2014, SIPL is promoted by Mr. Shubham Sharma and
Ms. Priti Sharma. The company is setting up a plant in Kotdwar,
Uttarakhand to majorly cultivate and sell white button mushroom. It
has started production of oyster mushroom from September 2017 on a
modest scale. The company is also planning to sell compost and
spawn.

SOUTHERN GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Southern Gold Private
Limited (SGPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        30         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           10         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit &          9         CRISIL D (ISSUER NOT
   Working Capital                  COOPERATING)
   demand loan            

   Long Term Loan         7.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

SGPL was set up in 2010, and is engaged in the business of gold
retailing and wholesaling. The day to day operations of the company
are managed by Mr. CA Collins and his brother, Mr. C A Raphy. The
company currently operates two showrooms in Ernakulam and Palakkad
(Kerala) totalling 5500 sq ft.

SURANA METACAST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Surana Metacast India
Private Limited (SMPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Drop Line Overdraft    8.48      CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

   Letter of Credit       1.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.38      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              4.09      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

SMPL, a private limited company, was incorporated in 2011 and is
promoted by the Gujarat based Surana family. The directors of SMPL
are Mr. Sunil Surana and his brother, Mr. Basantilal Surana. The
company is into manufacturing of Stainless Steel (SS)
billets/ingots at Mandali near Mehsana (Gujarat). SMPL also gets
rounds and flats manufactured via jobwork.

UNIFOUR DEVELOPERS: CRISIL Moves B+ Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Unifour Developers Private
Limited (UDPL) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information for carrying out a comprehensive review of the rating.
Consequently, CRISIL is migrating its rating on the long-term bank
facilities of UDPL to 'CRISIL B+/Stable' from 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term     3.5        CRISIL B+/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan              6          CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

The rating reflects UDPL's exposure to risks associated with an
ongoing project, susceptibility to cyclicality inherent in the real
estate industry, and geographic and project concentration risk.
These weaknesses are partially offset by the extensive experience
of the promoters.

The Covid-19 pandemic is likely to have an adverse impact on the
saleability of the project.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks associated with ongoing project: UDPL is
developing a residential complex in Ranchi, Jharkhand. Business
remains susceptible to the timely completion of the project and
steady flow of customer advances.

* Susceptibility to cyclicality inherent in the real estate
industry: The real estate sector in India is cyclical, and
constrained by volatile prices, opaque transactions and a highly
fragmented market structure. Risks arising from any slowdown in the
industry will continue to constrain the business.

* Geographic and project concentration risk: UDPL is working on a
single residential project in Ranchi. Therefore, it is exposed to
significant geographical and project concentration risk. Timely
completion of the project and inflow of projects in due time will
be key monitorables over the medium term.

Strength
* Experience of the promoters: The promoters' experience of around
two decades, their strong understanding of local market dynamics,
and healthy relationships with customers and suppliers will
continue to support the business.

Liquidity Stretched
UDPL is likely to fund the construction of its ongoing project and
the upcoming phase II through a mix of customer advances, unsecured
loans and bank loan. Customer advances for phase I have been in
line with anticipation. Although cash flow from the project is
expected to be sufficient to meet term debt obligation, any
unforeseen delay in construction might result in cost overrun,
affecting repayment of term debt. Furthermore, any delay in receipt
of advances from customers is likely to impact the company's
liquidity in a significant way.

Outlook: Stable

CRISIL believes UDPL will continue to benefit from the experience
of the promoters.

Rating Sensitivity Factors

Upward factors
* Early completion of the project and higher customer advances,
resulting in substantial cash flow from operations and surplus cash
of over INR3 crore
* More than expected capital infusion leading to faster repayment
of debt

Downward factors
* Low cash flow from operations (because of subdued response to the
project or delay in completion), weakening the financial risk
profile and liquidity, with surplus cash of less than INR1 crore
* Delay or deferment of payment of loan obligations.

Incorporated in 2012, UDPL is constructing a residential building,
Aamantran, at Morabadi in Ranchi. The company is a part of the
Ranchi-based Unifour group. Mr. Suraj Singh Pratap, Mr. Sunil Kumar
Singh, Mr. Gangesh Singh, and their family members are the
promoters.

VDB PROJECTS: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned VDB Projects
Private Limited (VDB) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR500 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR1.04 bil. Non-fund-based working capital limits assigned
     with IND A4+ rating; and

-- INR126.97 mil. Term loan due on October 26, 2022 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect VDB's medium scale of operations, as indicated
by revenue INR1,788.0 million in FY20 (unaudited financials) (FY19:
INR1,696.9 million; FY18: INR1,011.5 million; FY17: INR1,016.4
million; FY16: INR1,666.51 million). The revenue increased by 5.4%
yoy in FY20 on account of the timely execution of existing orders.
The revenue had declined during FY17-FY18 because of slower
execution and bidding, resulting from stretched receivables from
state government authorities. The share of National Highways
Authority of India's (NHAI; 'IND AAA'/Stable) projects in the
revenue increased sharply to 58.0% in FY20 (FY19:3.4%). As of July
2020, VDB had an unexecuted order book of INR3301.2 million,
providing a moderate revenue visibility of 1.85x of FY20 revenue).
The company reported revenue of INR556.0 million during 5MFY21.
Order execution was affected during April-May 2020 because of the
COVID-19-led lockdown, but it picked up from 2QFY21 on account of
the relaxation in the lockdown across the country.  However, Ind-Ra
expects the overall revenue in FY21 to dip on a yoy basis due to
the slowdown in the economy caused by the pandemic-related
disruptions.

The ratings reflect the modest EBITDA margins due to the highly
fragmented nature of the industry, with the presence of a few large
players and a considerable number of small-to-medium scale
entities. Projects in the industry are awarded to contractors on a
competitive bidding basis. The margin fell to 14.1% in FY20 (FY19:
15.9%; FY18: 24.7%), due to the mobilization expenditure, which is
typically high during the initial years of a project, incurred for
a major NHAI project that commenced during the year. The return on
capital employed was 8.9% in FY20 (FY19: 10.2%). The margin had
declined sharply in FY19 because the company had given a major
project, Bruhat Bengaluru Mahanagara Palike, accounting for 82.8%
of the revenue during the year, to a sub-contractor.  The toll
plaza collection project, which offers margins of around 90%,
accounted for more than half of VDB's absolute EBITDA of INR141.4
million in FY20 (FY19: INR167.2 million). During April-August 2020,
the company had collected INR41.67 million from the toll plaza
despite nil collections in April 2020 due to the lockdown.

The ratings are also constrained by VDB's moderate credit metrics
owing to the modest margins. The metrics improved in FY20 owing to
the substantial increase in the cash and cash equivalents to
INR176.5 million (FY19: INR2.43 million), the decrease in the gross
debt to INR582.0 million (INR833.9 million) and low interest
expenses, resulting from a fall in the utilization levels on a yoy
basis. The net leverage (adjusted net debt/operating EBITDAR) was
1.6x in FY20 (FY19: 3.08x) and the interest coverage (operating
EBITDA/gross interest expense) was 2.3x (1.9x). Despite a decline
in the debt levels, the metrics are likely to be at similar levels
in FY21 due to a likely fall in the profitability.

Liquidity Indicator –Adequate: The average maximum utilization of
the fund-based working capital limits was 63.02% during the 12
months ended August 2020. The cash flow from operations increased
to INR425.3 million in FY20 (FY19: INR90.8 million) on account of a
decline in working capital requirements. The company's gross
working capital cycle is elongated, which is not uncommon in the
industry. However, the cycle improved to 166 days in FY20 (FY19:
232 days), as the company shifted the focus towards execution of
NHAI projects, wherein the payments are made in a more timely
manner compared to state government projects. Moreover, the company
had obtained the Reserve Bank of India-prescribed moratorium on its
term loan installments for April-August 2020 from all the banks and
for April-May 2020 from two out of three non-banking financial
companies. VDB has principal repayment obligations of INR83.02
million and INR95.3 million for FY21 and FY22, respectively. As of
August 2020, the company had unutilized working capital limits of
INR400 million (out of INR500 million), which would help the
company deal with any strain on the liquidity position in the near
term.

The ratings are also supported by the founders' experience of about
a decade and a half in the execution of civil construction
projects.

RATING SENSITIVITIES

Negative: Any deterioration in the profitability coupled with
stress on the liquidity position and/or further elongation of the
gross working capital cycle would lead to a negative rating action.


Positive: Any increase in the revenue coupled with sustained
profitability, the interest coverage exceeding 2.5x while
maintaining the liquidity position would lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2005, VDB operates in the engineering, procurement,
and construction segment of the construction of roads and highways
and water drains. It is promoted by M Rajagopal Reddy and its
registered office is located at Bangalore, Karnataka. The company
is in the process of executing the projects of NHAI and Bruhat
Bengaluru Mahanagara Palike. The company also operates a toll plaza
near Ballery, Karnataka.


ZUARI AGRO: Ind-Ra Keeps 'B' LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) maintained Zuari Agro Chemicals
Limited's (ZACL) Long-Term Issuer Rating of 'IND B' on Rating Watch
Evolving (RWE) and withdrawn it.

The instrument-wise rating action is:

-- The 'IND B'/RWE rating on the INR1.1 mil. Long-term loan* due
     on November 2023 is withdrawn;

*Maintained at 'IND B'/RWE before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection confirmation from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

KEY RATING DRIVERS

The maintenance of RWE reflects ZACL's ongoing business
restructuring process, wherein it is lowering the balance sheet
stress through the monetization of core/non-core assets and rights
issue; the impact of this restructuring on ZACL's credit profile is
yet to be seen.

This restructuring includes the transferring of ZACL's nutrient and
allied business (consisting of specialty fertilizers, retail, and
crop protection and crop-care business) to its 100% subsidiary
Zuari Farmhub Limited (ZFL) and the sale of its fertilizer plant in
Goa to Paradeep Phosphates Limited.

The ratings reflect the continued operations of ZACL's urea plant,
albeit at a lower capacity, and the likelihood of continued urea
operations in the near term, supported by the consistent gas supply
from GAIL (India) Limited ('IND AAA'/Stable). ZACL's nitrogen,
phosphorus and potassium plant witnessed intermittent operations
due to COVID-19-led disruptions during 1QFY21, leading to reduced
revenue of INR4.2 billion (1QFY20: INR10.6 billion; FYE20: INR20.1
billion). The EBITDA continued to be negative in 1QFY21 owing to
the lower absorption of fixed costs.

The ratings remain constrained by ZACL's high dependency on the
timely receipt of subsidy receivables, leading to a stretched
working capital cycle and high working capital borrowings, and
vulnerability to forex fluctuations and agroclimatic conditions.

Liquidity Indicator - Stretched: ZACL's average utilization of
fund-based limits was 83% for the 12 months ended June 2020, and
the cash and cash equivalents at FYE20 were INR928 million (FYE19:
INR336 million). The cash flow from operations turned positive at
INR18.2 billion (FYE19: negative INR3.3 billion) due to an
improvement in the working capital cycle to negative 5 days (192
days). The working capital cycle turned negative due to a sharp
decline in the trade receivables to INR8.2 billion in FY20 (FY19:
INR24.1 billion), owing to the realization of subsidy from the
government of India, and the inventory to INR2.5 billion (INR12.3
billion). However, the payables remained high at INR14 billion in
FY20 (FY19: INR15.0 billion). ZACL's adjusted total borrowing
decreased to INR16.2 billion at FYE20 (FYE19: INR35.2 billion), and
the interest costs increased to INR4.2 billion (INR3.7 billion).

ZACL availed the Reserve Bank of India-prescribed debt moratorium
for its bank loans over June-August 2020. The company has already
paid off its interest accrued during the moratorium period, and is
repaying the principal amount basis the terms of the moratorium.

The ratings remain supported by ZACL's established regional market
position in Maharashtra and Karnataka, its diversified revenue
profile, the likelihood of cash inflows from asset monetization
activities, the promoters' combined experience of over five decades
in the fertilizers industry and favorable supply demand scenario
for the Indian fertilizer sector.

COMPANY PROFILE

Originally founded in 1967, ZACL was formed in 2012, following the
demerger of Zuari Industries Limited into ZACL and Zuari Global
Limited. ZACL is now the flagship company of Adventz Group
(formerly KK Birla Group) and an agricultural conglomerate. The
company is mainly present in the fertilizer sector in Maharashtra,
operating in both urea and NPK segments. Its products are branded
under the name Jai Kisaan, which has a strong brand recall among
farmers.




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

MITSUBISHI MOTORS: Mulls Early Retirement for 500-600 to Cut Costs
------------------------------------------------------------------
Reuters reports that Mitsubishi Motors Corp will seek voluntary
retirement from 500 to 600 employees, mostly in management, in
Japan from mid-November to cut costs, two sources familiar with the
matter told Reuters on Sept. 26.

Reuters relates that the auto company is expected to post a net
loss of JPY360 billion in the financial year to March 2021, hurt by
a plunge in sales due in part to the coronavirus pandemic.

According to Reuters, Mitsubishi has already embarked on a plan to
cut 20% of fixed costs in two years by shrinking its workforce and
production and closing unprofitable dealerships.

The company plans to solicit voluntary retirement from management
employees aged 45 years and over in Japan at its headquarters and
other sites, such as its Okazaki plant in Aichi prefecture and
Mizushima plant in Okayama prefecture, the sources said, Reuters
relays.

Reuters says the coronavirus crisis has worsened conditions at the
company, which is already battling falling sales in its largest
markets of China and Southeast Asia, which account for a quarter of
its sales.

As part of its restructuring plan, Mitsubishi, a junior member of
the Nissan-Renault automaking group, has said it would stop making
the Pajero SUV crossover model next year and close the plant in
Japan that makes the vehicle, adds Reuters.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new vehicles,
as well as the provision of automobile sales financing and leasing
services.

As reported in the Troubled Company Reporter-Asia Pacific on June
25, 2020, S&P Global Ratings said that it has lowered by one notch
to 'BB' from 'BB+' the long-term issuer credit rating on Mitsubishi
Motors Corp. The outlook is negative. The rating was removed from
CreditWatch, on which it was placed with negative implications on
March 25, 2020.

S&P said, "The downgrade is based on our view that there is only a
limited possibility that the company's profitability in terms of
its EBITDA margin recovers to a level commensurate with the
previous rating quickly. In our view, the margin will likely plunge
in fiscal 2020 (ending March 31, 2021). We expect the sharp
decrease in global auto sales triggered by the COVID-19 pandemic to
lead to a significant deterioration in the company's profitability.
We also see a strong likelihood that the company will incur one-off
expenses from structural reforms that aim to slash substantial
fixed costs."



=========
M A C A U
=========

MELCO RESORTS: S&P Affirms 'BB' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
On Sept. 28, 2020, S&P Global Ratings affirmed its 'BB' long-term
issuer credit rating on Melco Resorts (Macau) Ltd. (MRM) and the
'BB-' long-term issuer credit rating on Studio City Co. Ltd. S&P
removed all ratings on MRM and Studio City from CreditWatch, where
they were placed with negative implications on Feb. 6, 2020.

The negative outlook on MLCO's operating subsidiaries MRM and
Studio City reflects S&P's view that downside risks to MLCO's
earnings remain, given the uncertain recovery of the tourism
industry in Macau and the Philippines.

S&P said, "We affirmed our ratings on MRM and Studio City because
we believe MLCO is on the path to recovery, given the recent easing
of travel and other restrictions in Macau and the Philippines.

"However, we assign a negative outlook to our ratings to reflect
the downside risks to MLCO's earnings. We believe the trajectory of
the rebound will depend on the pace and magnitude of the easing
measures, any resurgence of COVID-19 cases, as well as any
secondary impact from a global recession on the purchasing power
and sentiment of casino players, which is a key risk to MLCO's
credit profile."

MLCO's operations to gradually recover in the fourth quarter of
2020.

Authorities in mainland China resumed the issuance of tourist visas
to Macau for Guangdong residents on Aug. 26 and extended it
nationwide on Sept. 23. Although the road to recovery will be bumpy
given a combination of quarantine restrictions, travel fears,
economic challenges, and reduced gaming capacity, S&P believes
there is pent-up demand for casino players.

Assuming no resurgence of COVID-19 cases in Macau and mainland
China, S&P maintains its view that year-on-year growth in Macau's
gross gaming revenue (GGR) will likely be strong in 2021, but it
may still be 10%-20% below 2019 levels. S&P believes the premium
mass market will recover faster than the VIP and base mass
segments, and MLCO could benefit as a leading premium mass
operator.

S&P also forecasts City of Dreams Manila, which was recently
allowed to reopen with 30% gaming capacity, to see its GGR
recovering in 2021 to 70%-80% of 2019 levels, aided by solid mass
market demand from local players and some recovery in the VIP
segment toward the second half of 2021.

MLCO's financial discipline and efforts to preserve liquidity
during the pandemic will continue to support its credit profile.

In S&P's opinion, the company has demonstrated strong financial
discipline, preserved liquidity, and protected its credit quality
since the outbreak of COVID-19.

MLCO has suspended its quarterly dividend program since the first
quarter of 2020 and deferred a significant amount of capital
expenditure for City of Dreams Mediterranean and Studio City Phase
II to 2021 and 2022. At the same time, the company reduced its
expenses by approximately 40% from pre-COVID-19 levels. Some cost
reductions are likely to be permanent savings. MLCO has also
divested its investments in Crown Resorts, conducted additional
equity raising, and extended its maturity profile through new
issuances by Melco Resorts Finance Ltd. and Studio City Finance
Ltd. The company has no material maturities before 2024 following
the refinancing. Under a zero-revenue environment, S&P estimates
MLCO has more than 12 months of liquidity, including cash and
revolving credit lines, to cover its fixed operating expenses
(reduced to US$1.7 million a day in July from US$3.0 million before
the pandemic for Macau operations).

Parent's leverage to recover starting the fourth quarter of 2020.

Given the anticipated recovery in operations and financial
discipline, we expect MLCO to materially improve its debt-to-EBITDA
ratio to 3.3x-3.7x in 2021, from an exceptionally high level in
2020.

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

-- Health and safety

The negative outlook reflects S&P's view that downside risks to
MLCO's earnings remain, given the uncertain recovery of the tourism
industry in Macau and the Philippines.

S&P may lower our rating on MRM and Studio City if it believes MLCO
is not on track to reduce its debt-to-EBITDA to 3.5x by end-2021 or
early 2022. This is based on a 4.0x debt-to-EBITDA ratio assumption
at Melco International Development Ltd. This could happen if:

-- The rebound of tourism in Macau and the Philippines is slower
than we expect, due to weak consumer sentiment or COVID-19 fears;

-- A second wave of COVID-19 occurs in the region, such that
travel and other restrictions are reinstated; or

-- MLCO eases its financial policies before the gaming markets in
Macau and the Philippines fully recover.

S&P may also lower its rating on Studio City if its importance to
the Melco group diminishes.

S&P may revise its outlook to stable if MLCO is on track to improve
its debt-to-EBITDA ratio to 3.5x. In our opinion, this will be
primarily driven by a rapid recovery in tourism in Macau, coupled
with the company's prudent financial management.




=========
N E P A L
=========

NEPAL: 50% of MSMEs Face Closure Due to Pandemic, Survey Reveals
----------------------------------------------------------------
The COVID-19 pandemic has spurred more Nepali businesses to start
using internet, social media or digital platforms to seize business
opportunities, in the wake of declining traditional sales.

The finding is revealed in the COVID-19 Nepal Business Pulse Survey
carried out between May 25 and June 10 by the IFC and World Bank,
in partnership with the government of Japan. It shows a fifth of
businesses surveyed have started to use or have been using the
Internet, social media, specialized apps, or digital platforms for
business purposes.

The survey also reveals over half of Nepal's micro, small and
medium enterprises (MSMEs) face the risk of permanently closing
their operations within a month under the current conditions of
COVID-19 impacts.

Based on a sample of more than 540 representatives from MSMEs
across all provinces the survey also revealed over eighty percent
of businesses have suffered from a slump in sales and have taken
measures such as granting leave without pay or reduced the hours or
wages of their employees.

"These findings highlight the severe burden micro, small and medium
sized businesses are facing in Nepal due to the impacts of
COVID-19," said Rolf Behrndt, IFC South Asia Manager for Advisory
Services. "We know these businesses play a vital role in Nepal's
economy but clearly with a drop-in demand and sales, employers have
had to opt for a range of measures to cope with less revenue,
prompting questions about their future viability."

Forty-five percent of the firms had granted leave of absence to
employees, and 27 percent had reduced working hours. Across all
sectors, sizes and locations of firms, 12 percent of female
employees have been put on reduced pay.

"The COVID-19 pandemic has dealt a major blow to Nepal's economy,
with enterprises of all sizes bearing the brunt with little to no
revenue. Eighty-three percent of the firms reported a decline in
sales compared to the same time last year," said Wendy Werner, IFC
Country Manager for Nepal, Bangladesh and Bhutan. "Micro, small and
medium sized businesses play a key role in helping Nepal's economy
grow. I believe these findings would be useful in preparing a
well-informed response to help the businesses get back on their
feet."

MSMEs contribute 22 per cent to the country's Gross Domestic
Product (GDP) employing about 1.75 million people. The Central
Bureau of Statistics projects that the fallout from the pandemic
will mean significant contractions in the expected growth rate for
the sector in the fiscal year 2020 compared to years past.

"These survey results shine a stark light on the importance of
ensuring that this sector not only survives the COVID-19 pandemic
but also transforms in ways that improves its resilience and
capacity to contribute to economic recovery.  To this end, the
World Bank – working closely with the government and the private
sector – has prepared new projects to support micro, small and
medium enterprises, including in the agriculture, tourism and
financial sectors", said Faris Hadad-Zervos, the World Bank Country
Director for Maldives, Nepal and Sri Lanka.

Globally, IFC has put in place a package of measures - worth a
total of $8 billion - to help sustain economies and protect jobs
around the globe. In Nepal, IFC has just invested $25 million in
NMB Bank to support small and medium-sized enterprises (SMEs) and
green projects, and there are more under discussion with other
clients.



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

TRAVELPHARM GROUP: Placed Into Liquidation
------------------------------------------
Stuff.co.nz reports that TravelPharm Group, which operated airport
pharmacies across New Zealand, has been placed into liquidation
following a court order.

Liquidator Steven Khov of Khov Jones was appointed by the High
Court in Auckland following a creditor's successful application to
liquidate the health retailer, Stuff says.

According to Stuff, Mr. Jones said it was too early to say how much
the company owed creditors.

TravelPharm Group was wholly owned by Yoon Ju Song, who was also
the sole director of the company.

Last year a related entity, also owned by Song, TravelPharm
Auckland Airport, was placed into voluntary liquidation, Stuff
recalls.



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

CHINA GREAT: To be Delisted from SGX, Must Propose Exit Offer
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that mainboard-listed
China Great Land Holdings, a cash company under judicial management
since May 2019, will be delisted from the Singapore Exchange (SGX)
and must propose an exit offer within a month, according to its
latest bourse filing.

The bourse operator's decision on Sept. 25 came after it rejected
multiple applications for the company to transfer its listing
status and resume trading, BT says.

An implementation agreement for a transfer to Singapore Edutainment
Associates Global, first announced in July, has not been shown to
meet the requirements for a new listing, said the filing by
judicial managers from Deloitte & Touche, BT relays.

According to BT, the SGX reportedly flagged the early stage of the
planned transfer and the lack of certainty on whether Singapore
Edutainment is suitable for listing.

BT relates that China Great Land has not announced any financial
information to show Singapore Edutainment can meet the requirements
for a trading resumption proposal, and has also said that such
financial information "is presently unavailable", the filing
noted.

This is even as substantive details of Singapore Edutainment's
background, operations and track record have yet to be disclosed,
the judicial managers, as cited by BT, added.

With the SGX now moving to delist the company, China Great Land
should inform the operator of its planned exit offer "as soon as
practicable" and give updates as well, the report relays.

Trading in China Great Land shares was suspended in July 2018, BT
notes.

China Great Land Holdings Ltd., through its subsidiary,
manufactures and sells pre-stressed concrete piles, as well as
provides piling services for construction projects.

STRATECH GROUP: Unable to Make Exit Offer, To Be Delisted on Oct 23
-------------------------------------------------------------------
Vivienne Tay at The Business Times reports that the Stratech Group
is unable to make an exit offer ahead of its delisting as the funds
maintained by the company are insufficient to settle creditors'
claims in full, its liquidators said on Sept. 28 in a regulatory
update.

The company's securities will be delisted from the Singapore
Exchange (SGX) at 5:00 p.m. on Oct. 23, BT discloses.

On Sept. 14, Stratech's court-appointed liquidators from BDO
Advisory wrote to the company's controlling shareholder - a
bankrupt - to provide the former with an exit offer by Sept. 25. As
at Sept. 28, the controlling shareholder did not provide an exit
offer, BT notes.

BT relates that SGX on Sept. 10 gave notice that it will proceed to
delist Stratech as the latter failed to submit a proposal to resume
trading of its shares despite being given more than three years to
do so.

The trading suspension began in August 2017, after an earlier
trading halt could not be lifted because the Stratech group of
companies was in a negative equity position and seeking to
undertake a rights issue to pay off operational costs, the report
says.

The Stratech Group Limited was principally engaged in proprietary
real-time video and image-based intelligent Vision technology. The
Company combines video analytics with advanced electro-optics
sensor technology to provide surveillance and security solutions
for the aerospace, land transport, and maritime surveillance and
security industries.

The Stratech Group announced on Sept. 20, 2018, that a Singapore
Court has granted applications to wind up the company, and has
appointed liquidators from BDO to carry out the process.




=================
S R I   L A N K A
=================

SRI LANKA: Moody's Cuts LT Issuer & Sr. Unsec. Ratings to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service downgraded the Government of Sri Lanka's
long-term foreign currency issuer and senior unsecured ratings to
Caa1 from B2 and changed the outlook to stable. This concludes the
review for downgrade initiated on April 17, 2020.

The decision to downgrade Sri Lanka's rating to Caa1 reflects
Moody's assessment that the coronavirus-induced shock, which
Moody's regards as a social risk, will significantly weaken Sri
Lanka's already fragile funding and external positions. Heightened
liquidity and external risks stem from Sri Lanka's limited secured
funding sources to meet its material external debt service payments
over the coming years, during which period market refinancing will
remain vulnerable to shifts in investor sentiment. At the same
time, fiscal and external pressures will continue to limit the
scope for reforms to address long-standing credit vulnerabilities,
denoting weakening institutions and governance, an important driver
of the rating action.

The stable outlook denotes balanced credit risks at the Caa1 rating
level. On the downside, Sri Lanka's very large and recurring
financing needs over the near- to medium-term risk putting more
pressure on the sovereign's external and liquidity position than
Moody's currently assess. On the upside, Sri Lanka's rating is
supported by the country's relatively high levels of per capita
income and modest economic competitiveness, which provide some
prospects for growth to recover to more robust rates. Moderate
institutions strength in some areas also provides some support
compared to similarly rated peers.

Concurrently, Moody's has lowered Sri Lanka's local currency bond
and bank deposit ceilings to B1 from Ba2, lowered its long-term
foreign currency bond ceiling to B3 from Ba3 and lowered its
foreign currency bank deposit ceiling to Caa1 from B3. These
ceilings act as a cap on the ratings that can be assigned to the
obligations of other entities domiciled in the country.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Caa1 FROM B2

EXTERNAL DEBT SERVICING REQUIREMENTS AND FISCAL FRAGILITY RAISE
GOVERNMENT LIQUIDITY RISKS

Sri Lanka continues to face very tight external financing
conditions and a significant decline in revenue from a sharp and
prolonged economic slowdown. This shock occurs at a time when Sri
Lanka's credit profile is highly vulnerable given low reserve
coverage of large forthcoming external debt payments, and very weak
debt affordability.

Moody's expects government liquidity and external risks to
intensify, as the government's external debt service payments
amount to approximately $4 billion between 2020 and 2025[1], and
wide budget deficits in the next few years are likely to require at
least partial external financing. International sovereign bonds
account for a sizeable portion of maturing government debt over
this period, which leaves Sri Lanka exposed to shifts in investor
sentiment.

While external financial conditions have eased somewhat in the last
few months, they remain very tight with spreads on Sri Lankan
international sovereign bonds over US Treasuries hovering around
1000 basis points [2], indicating still impaired market access.

Moody's expects the government to settle its October 2020 $1
billion maturity by drawing down on the country's foreign reserves,
which will further deplete already thin external buffers. This may
also contribute to a more protracted economic recovery, should
import controls be extended as a means to preserve exchange rate
stability.

Beyond this next maturity, with material external risks remaining
due to persistently weak revenue from textile & garment exports,
tourism and overseas remittances, investor sentiment is likely to
be highly sensitive to the credibility of government policy. While
a government is now in place, its policy objectives and in
particular the prioritization and effectiveness of fiscal
consolidation to reduce a very high debt burden have yet to be
ascertained. Partly as a result, financing conditions are likely to
remain tight for the foreseeable future.

The government has reoriented its annual borrowing towards domestic
sources. Domestic financing conditions have eased alongside the
collapse in aggregate demand and easing in inflation, with the
Central Bank of Sri Lanka's (CBSL) cumulative 250 basis point
reduction in its policy rate corridor since January transmitting
into lower government bond yields. However, a substantial increase
in domestic borrowing by the government may hurt private sector
liquidity, constraining the economic recovery and putting pressure
on interest rates and the Sri Lankan rupee.

Since the beginning of the year, the government has also secured
some financing from nonmarket sources, including both lending and
swap facilities. In March, the government secured a syndicated loan
of $1.2 billion from China Development Bank (A1 stable) while in
July, Sri Lanka finalized a $400 million currency swap with the
Reserve Bank of India [3]. Moody's expects negotiations for further
assistance, whether through liquidity relief on bilateral debt
payments or further lending, to complement these two facilities.

Nevertheless, delays in securing additional funding from
multilateral and bilateral creditors, in addition to the IMF's
Rapid Financing Facility, mean that the financing sources for
upcoming repayments in the next few years are not secured and risk
coming at high costs.

Overall, high and higher debt servicing costs, lower revenue and
increased fiscal spending will widen the budget deficit, to 8% - 9%
of GDP in 2020-21 according to Moody's projections. Combined with
slower nominal GDP growth and a weaker exchange rate, the
government's debt burden will rise to around 100% of GDP, above the
Caa-rated median of 86% of GDP. This year's economic contraction,
after GDP growth has been dampened by several domestic shocks in
recent years, will shrink revenue from an already very narrow base.
Debt affordability, already the weakest amongst the sovereigns that
Moody's rates, will worsen further with interest payments
comprising between 55% -- 60% of revenue in 2020-21.

FISCAL AND EXTERNAL RISKS TO IMPEDE POLICY EFFECTIVENESS, FURTHER
DAMPENING THE SCOPE FOR REFORMS TO ADDRESS LONG-STANDING CREDIT
VULNERABILITIES

Moody's expects the currently challenging macroeconomic environment
to impede the government's policy effectiveness in managing the
country's twin deficits. Navigating these pressures will further
dampen medium-term prospects for reforms that would meaningfully
strengthen Sri Lanka's fiscal and external position.

Since the beginning of this year, in the absence of a seated
government, state expenditure was restricted by successive mini
budgets. Following elections in August, a government will present
its first budget for 2021 in November. Moody's expects significant
social and policy hurdles towards medium-term fiscal consolidation.
Sri Lanka's already narrow revenue base will be slow to recover
amid weaker economic growth, and expenditure pressure from public
sector wage hikes and higher debt servicing costs will continue to
limit flexibility, likely beyond the most acute phase of the
economic and financial shock.

The current shock will also challenge monetary policy
effectiveness. CBSL has undertaken substantial liquidity injections
over the past month to ease domestic credit conditions.
Nonetheless, given Sri Lanka's worsening external position, risks
are skewed towards greater pressure on the rupee and rising
inflation.

Longer term, Moody's expects the ongoing shock to curtail economic
and fiscal reform effectiveness. The newly elected government has
stated an objective of fiscal consolidation, along with
growth-oriented reforms to support domestic businesses. Despite
some greater policy clarity, Moody's expects scope for reform
implementation that would address hurdles to economic
competitiveness and very weak public finances to be limited for
some time.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's assessment of balanced credit
risks at the Caa1 rating level.

On the downside, Sri Lanka's very large and recurring financing
needs over the near- to medium-term risk precipitating greater
external and liquidity pressures than Moody's currently assesses.
Moody's forecasts Sri Lanka's gross financing requirements to
remain above 20% of GDP through at least 2022, given still elevated
primary deficits, large external debt repayments, and the large
rollover of short-term domestic debt, the last of which continues
to increase the government's already elevated interest bill.
Moreover, further risks relate to an even greater deterioration in
debt affordability, should the recovery in government revenue be
more subdued than Moody's baseline forecasts.

On the upside, Sri Lanka's rating is supported by the country's
relatively high levels of per capita income and modest economic
competitiveness, which provide some prospects for growth to recover
to more robust rates. A faster and more durable economic recovery,
supported by implementation of growth-enhancing reforms, such as in
improvements in the business environment and in export
competitiveness, would be supportive for Sri Lanka's medium-term
growth outlook and overall credit profile.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations are material to Sri Lanka's credit
profile. Variations in the seasonal monsoon can have marked effects
on real GDP growth and rural household incomes. Although the
agriculture sector comprises only around 7% of the total economy,
it employs around 25% of Sri Lanka's total labor force. Moreover,
the natural disasters - including drought, flash foods, and
tropical cyclones -- that Sri Lanka is exposed to contribute to
supply-side inflationary pressures on major food items part of the
consumer price basked, as well as higher import needs, both for
food stocks and oil imports.

Social considerations are material to Sri Lanka's credit profile.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Acute financing risks explained are triggered by
heightened uncertainty about the economic and financial impact of
the global coronavirus outbreak exacerbating Sri Lanka's
long-standing weaknesses. In general, social considerations
relevant to Sri Lanka's credit profile include relatively good
access to basic education and environmental quality, set against
weaknesses in provision of some basic services such as water and
sanitation and shelter. As Sri Lanka's population continues to
grow, the government will face ongoing fiscal pressures to deliver
high-quality social services and infrastructure.

Governance considerations are an important driver of the decision
to downgrade the rating. Moody's assessment of Sri Lanka's
institutions and governance strength primarily relate to the slow
pace of reform implementation, as well as political risks, which
impair the effectiveness of fiscal and economic policymaking.
Moreover, Sri Lanka's fragile and deteriorating fiscal position
will continue to impede fiscal policy effectiveness over the medium
term.

GDP per capita (PPP basis, US$): 13,897 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2.3% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 6.2% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -6.8% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -2.2% (2019 Actual) (also known as
External Balance)

External debt/GDP: 66.6% (2019 Actual)

Economic resiliency: ba2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On September 23, 2020, a rating committee was called to discuss the
rating of the Sri Lanka, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's institutions and governance strength, have materially
decreased. The issuer's fiscal or financial strength, including its
debt profile, has materially decreased. The issuer has become
increasingly susceptible to event risks.

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

Moody's would likely upgrade Sri Lanka's rating if financing risks
diminished materially and durably. This could stem from the
government delivering a credible and secure medium-term financing
strategy that maintained a manageable cost of debt, and a faster
and more sustained buildup in non-debt creating foreign exchange
inflows. Additionally, implementation of fiscal consolidation
measures, particularly greater revenue mobilization, that pointed
to a material narrowing of fiscal deficits in the next few years
and contributed to lower annual borrowing needs, would be positive
for Sri Lanka's rating.

Moody's would likely downgrade Sri Lanka's rating should external
and domestic financing conditions deteriorate to a greater extent
than Moody's baseline assumptions, contributing to higher repayment
stresses more consistent with a lower rating. Additionally, should
the probability increase that Sri Lanka's government debt will
continue to rise markedly beyond Moody's baseline projections, with
a related further deterioration in debt affordability, this would
also likely result in a downgrade of the rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



===============
X X X X X X X X
===============

[*] Pandemic "Triple Shock" Hitting Economies Across EAP Region
---------------------------------------------------------------
COVID-19 has delivered a triple shock to the developing East Asia
and Pacific (EAP) region: the pandemic itself, the economic impact
of containment measures, and reverberations from the global
recession brought on by the crisis.  Swift action will be needed to
ensure that the pandemic does not hamper growth and increase
poverty for years to come, according to From Containment to
Recovery, the World Bank's October 2020 Economic Update for East
Asia and the Pacific.

Domestic economic activity is reviving in some countries that have
so far contained the spread of the virus. But the region's economy
is heavily dependent on the rest of the world, and global demand
remains subdued. The region as a whole is expected to grow by only
0.9 percent in 2020, the lowest rate since 1967. While China is
forecast to grow by 2.0 percent in 2020 – boosted by government
spending, strong exports, and a low rate of new COVID-19 infections
since March, but checked by slow domestic consumption – the rest
of the EAP region is projected to contract by 3.5 percent. Mongolia
would likely experience its first recession since 2009, with
economic output projected to contract by 2.4 percent in 2020 as
weak external demand and COVID-19 containment measures hit
particularly mining and services sectors.

Prospects for the region are brighter in 2021, with growth expected
to be 7.9 percent in China and 5.1 percent in the rest of the
region, based on the assumption of continued recovery and
normalization of activity in major economies, linked to the
possible arrival of a vaccine. However, output is projected to
remain well below pre-pandemic projections for the next two years.
The outlook is particularly dire for some highly exposed Pacific
Island Countries where output is projected to remain about 10
percent below pre-crisis levels through 2021. Mongolia's economic
growth is expected to accelerate to over 5 percent in 2021-22,
supported by private consumption and a stronger impetus on
investment in the mining and manufacturing sectors.

Poverty in the region is projected to increase for the first time
in 20 years: as many as 38 million people are expected to remain
in, or be pushed back into, poverty as a result of the pandemic
(based on the upper-middle income poverty line of $5.50 a day).

In the wake of COVID-19, EAP governments have, on average,
committed nearly 5 percent of their GDP to strengthen public health
systems, support households, and help firms to avoid bankruptcy.
However, several countries have found it hard to scale up their
limited social protection programs, on which they previously spent
less than 1 percent of GDP, and continued support will put pressure
on government revenue bases.

"COVID-19 is not only hitting the poor the hardest, it is creating
'new poor.' The region is confronted with an unprecedented set of
challenges, and governments are facing tough choices," said
Victoria Kwakwa, Vice President for East Asia and the Pacific at
the World Bank. "But there are smart policy options available that
can soften these tradeoffs - such as investing in testing and
tracing capacity and durably expanding social protection to cover
the poor and the informal sector."

The report warns that without action on multiple fronts, the
pandemic could reduce regional growth over the next decade by 1
percentage point per year, with the greatest impacts being felt by
poor households, because of lower levels of access to healthcare,
education, jobs, and finance.

School closures due to COVID-19 could result in a loss of 0.7
learning-adjusted years of schooling in EAP countries, according to
analysis in the report. As a result, the average student in the
region could face a reduction of 4 percent in expected earnings
every year of their working lives.

Public and private indebtedness, along with worsening bank balance
sheets and increased uncertainty, pose a risk to public and private
investment, as well as to economic stability - at a time when the
region urgently needs both. Large fiscal deficits in EAP are
projected to increase government debt on average by 7 percent of
GDP in 2020. The report calls for fiscal reform to mobilize revenue
through more progressive taxation and less wasteful spending. In
some countries, the stock of outstanding debt might already be
unsustainable and require greater external support.   

At the same time, the crisis is accelerating pre-existing trends in
trade, including regionalization in EAP, a relocation of some
global value chains away from China, and faster growth in
digitally-delivered services, but also increasing pressure to
revert to protectionism.

"Many EAP countries have been successful in containing the disease
and providing relief, but they will struggle to recover and grow,"
said Aaditya Mattoo, Chief Economist for East Asia and the Pacific
at the World Bank. "The priorities now should be safe schooling to
preserve human capital; widening narrow tax bases to avoid cuts in
public investment; and reform of protected service sectors to take
advantage of emerging digital opportunities."


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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