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

                     A S I A   P A C I F I C

          Thursday, October 1, 2020, Vol. 23, No. 197

                           Headlines



A U S T R A L I A

AMS HOLDINGS: First Creditors' Meeting Set for Oct. 7
G.M. ELECTRICAL: First Creditors' Meeting Set for Oct. 9
IMMICK PTY: First Creditors' Meeting Set for Oct. 8
ISLAND RESOLUTION: First Creditors' Meeting Set for Oct. 7
SPEEDCAST INT'L: Black Diamond, Centerbridge Beef Up Proposals

VIRGIN AUSTRALIA: Sale to Bain on Track for October Completion


C H I N A

JIAYUAN INTERNATIONAL: Moody's Rates Proposed USD Notes 'B3'
KANGDE XIN: Faces Delisting from Shenzhen Bourse After Fraud
NANJING PUKOU: Fitch Affirms LT IDR at 'BB', Outlook Stable
SHANXI ROAD: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating


I N D I A

ACCORD LIFE: ICRA Withdraws D Rating on INR50cr Term Loan
B. P. CONSTRUCTION: ICRA Keeps B+ Rating on INR1cr Cash Credit
BAZAAR KONNECTIONS: ICRA Raises Rating on INR9.35cr Loan to B
BIPIN KUMAR: ICRA Downgrades Rating on INR10cr Loans to B+
CEBU AIR: Egan-Jones Lowers Senior Unsecured Ratings to B-

GOKAK TEXTILES: ICRA Withdraws B+ Rating on INR24.35cr Loan
HILL STONE: ICRA Keeps B+ Debt Ratings in Not Cooperating
KHED ECONOMIC: ICRA Puts B- Debt Rating on Watch Developing
KRISHNA TUFF: ICRA Keeps B Debt Ratings in Not Cooperating
MEHTA & ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating

MODERN AGRO-TECH: ICRA Keeps B Debt Ratings in Not Cooperating
NARENDRA EMPORIS: ICRA Keeps B+ Debt Rating in Not Cooperating
OZONE HOMES: ICRA Places B+ Debt Rating on Watch Negative
PR PACKING: ICRA Lowers Rating on INR15cr LT Loan to D
PURBANCHAL LAMINATES: ICRA Cuts Rating on INR7.75cr Loan to B+

R. K. CHAVAN: ICRA Lowers Rating on INR14.50cr LT Loan to B+
ROSABELLA CERAMIC: ICRA Reaffirms B Rating on INR7.08cr Loan
SAHASTRAA EXPORTS: ICRA Reaffirms B+ Rating on INR7.50cr Loan
SANT DEEPAK: ICRA Keeps D Debt Ratings in Not Cooperating
SEPAL TILES: ICRA Keeps B- Debt Ratings in Not Cooperating

SHANTOL GREEN: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDHRAJ INFRABUILD: ICRA Keeps B Debt Ratings in Not Cooperating
SUVIDHA FARMING: Insolvency Resolution Process Case Summary
TAMILNADU STATE: ICRA Keeps B Debt Rating in Not Cooperating
VEERA PRECICAST: Insolvency Resolution Process Case Summary



I N D O N E S I A

ALAM SUTERA: Moody's Places Caa1 CFR on Review for Downgrade
ALAM SUTERA: S&P Downgrades LT ICR to 'CC' on Distressed Exchange


N E W   Z E A L A N D

CAVALIER CORP: Post NZD21.5MM Net loss for Year Ended June 30


P H I L I P P I N E S

[*] Aid to Households and SMEs Key to Mitigating Pandemic's Impact


S I N G A P O R E

HIN LEONG: UniCredit Sues Firm, Glencore Over 'Sham' Oil Deal
SBI OFFSHORE: Proposes to Liquidate Company to Make Cash Exit Offer


S R I   L A N K A

[*] Moody's Cuts Deposit Ratings on 3 Sri Lankan Banks to Caa1

                           - - - - -


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

AMS HOLDINGS: First Creditors' Meeting Set for Oct. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of AMS Holdings
(WA) Pty Ltd in its Own Capacity and as Trustee for AMS Holdings
Trust will be held on Oct. 7, 2020, at 10:00 a.m. via electronic
means.

Cameron Shaw, Richard Albarran and Marcus Watters of Hall Chadwick
were appointed as administrators of AMS Holdings on Sept. 24,
2020.


G.M. ELECTRICAL: First Creditors' Meeting Set for Oct. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of G.M.
Electrical Pty. Ltd. will be held on Oct. 9, 2020, at 10:30 a.m.
via Virtual Meeting by telephone conference.

Desmond Teng and Gavin Moss of Chifley Advisory were appointed as
administrators of G.M. Electrical on Sept. 28, 2020.


IMMICK PTY: First Creditors' Meeting Set for Oct. 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of Immick Pty
Ltd, trading as Jetts Fitness Mandurah, will be held on Oct. 8,
2020, at 11:00 a.m. at the offices of HLB Mann Judd Insolvency WA,
Level 3, 35 Outram Street, in West Perth, WA.

Kimberley Stuart Wallman of HLB Mann Judd Insolvency WA was
appointed as administrator of Immick Pty  on Sept. 25, 2020.

ISLAND RESOLUTION: First Creditors' Meeting Set for Oct. 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Island
Resolution Pty Ltd will be held on Oct. 7, 2020, at 5:00 p.m. via
electronic means.

David James Hambleton of Rodgers Reidy was appointed as
administrator of Island Resolution on Sept. 28, 2020.

SPEEDCAST INT'L: Black Diamond, Centerbridge Beef Up Proposals
--------------------------------------------------------------
Speedcast International Limited (ASX:SDA) on Aug. 31 announced that
it has received further recapitalisation proposals for the business
from two of its largest lenders, Black Diamond Capital Management
and Centerbridge Partners. The Company is currently evaluating the
revised proposals with a view to maximising value for all creditors
and certainty of outcome for all stakeholders. Speedcast has
withdrawn a related motion that was due to be heard in the United
States Bankruptcy Court for the Southern District of Texas.

The Chair of Speedcast International, Stephe Wilks commented "Black
Diamond and Centerbridge are the two largest secured creditors of
the Company and we are pleased that both have delivered compelling
proposals for Speedcast. Our focus remains on evaluating both
proposals to determine an agreed path that maximises value for all
creditors and certainty for all stakeholders".

Peter Shaper, Speedcast's Chief Executive Officer, is returning to
the private equity firm he is affiliated with.  Shaper has tendered
his resignation to the Board, and the Board has accepted his
resignation.  Joe Spytek will continue in his role as President and
Chief Commercial Officer, continuing to provide senior leadership
to the Company.

Stephe Wilks further commented, "The Board is incredibly
appreciative of Peter's efforts in stabilising Speedcast through
this challenging period."

Speedcast announced its decision to recapitalize its business
through voluntary Chapter 11 proceedings on April 23, 2020. More
information about Speedcast's Chapter 11 case can be found at
http://www.kccllc.net/speedcast.

                         $395M Commitment

Speedcast on Aug. 13, 2020 announced that it has received a US$395
million equity commitment from Centerbridge Partners, L.P. and its
affiliates, one of its largest lenders. The commitment would
support a plan of reorganization, which has the support of both
Centerbridge and the Company's Official Committee of Unsecured
Creditors.

Centerbridge's proposed US$395 million equity investment provides
the opportunity for Speedcast's existing secured lenders to
participate in the equity commitment on a fully pro-rata basis to
support Speedcast's emergence from its reorganization under Chapter
11 of the US Bankruptcy Code. During the completion of the Chapter
11 process and under the new ownership structure, Speedcast remains
focused on supporting the connectivity needs of its customers and
fully intends to continue its global operations uninterrupted.

The proposed plan would enable the Company, under the leadership of
both Peter Shaper, Speedcast's Chief Executive Officer, and Joe
Spytek, Speedcast's President and Chief Commercial Officer, to
continue to execute on the transformation plan to refocus the
business, which they initiated earlier this year after joining the
organization in executive leadership roles. Both Shaper and Spytek
have extensive background in the communications and service
provider sectors, each previously serving as chief executives for
leading remote communications businesses.

Centerbridge has also committed to providing, if needed,
debtor-in-possession (DIP) financing of up to US$220 million on
favorable economic terms. The Centerbridge DIP financing, if drawn,
would be utilized to refinance the Company's existing DIP
financing, to fund the Company's Chapter 11 plan process, and to
ensure the Company can continue to meet its financial commitments
while it works toward confirmation of the plan of reorganization.

The plan will provide for cash payments to holders of secured
claims. A number of the company's trade creditors are critical to
its future, and the plan will provide to those relevant trade
creditors, a partial cash payment for those unsecured claims.
Unsecured creditors generally will share in recoveries from a
litigation trust, noting there is no certainty that any action
would be undertaken or payment made from this trust. The plan does
not contemplate any recovery for existing shareholders, and
existing shareholders would no longer have an equity interest in
the reorganized Speedcast Group.

Completion of the equity investment is subject to confirmation of
the plan of reorganisation and a number of other conditions,
including various regulatory approvals and waivers.

                  About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services. SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band, and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local upport from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise, and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, the
Debtors each had estimated assets of between $500 million and $1
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

Speedcast is advised by Weil, Gotshal & Manges LLP as global legal
counsel and Herbert Smith Freehills as co-counsel.  Michael Healy
of FTI Consulting, Inc. is Speedcast's Chief Restructuring Officer,
and FTI Consulting, Inc. is Speedcast's financial and operational
advisor.  Moelis Australia Advisory Pty Ltd and Moelis & Company
LLC are Speedcast's investment bankers.  KCC is Speedcast's claims
and noticing agent.


The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.

On August 13, 2020, the Debtor received a $395 million equity
commitment from Centerbridge Partners, L.P. and its affiliates, one
of its largest lenders.


VIRGIN AUSTRALIA: Sale to Bain on Track for October Completion
--------------------------------------------------------------
Flight Global reports that Bain Capital's acquisition of Virgin
Australia Holdings (VAH) is on track for October completion,
administrator Deloitte has indicated in a letter to creditors and
employees.

Creditors had on September 4 accepted a proposal that is structured
around 10 deeds of company arrangement (DOCAs) for all 41 VAH
entities in voluntary administration, Flight Global recalls.

"I confirm the DOCAs were executed today, September 25, 2020 and
will be lodged shortly with the Australian Securities and
Investments Commission (ASIC)," Flight Global quotes Deloitte as
saying in a same-day letter to creditors and employees.

It adds: "As deed administrators we are required under the terms of
the DOCA to make an application to court to seek consent orders for
the transfer of the VAH shares to Bain Capital. We are well
progressed on the documentation for this application and we are
hopeful that this process will be completed on or before 31 October
2020."

On completion of the share transfer, the DOCAs will be completed
and control of the companies will transfer to Bain Capital.

Thereafter, a creditors' trust will come into effect and creditors
who have claims that are released by the DOCAs will become
beneficiaries of said trust, subject to various terms, Deloitte
said in the letter.

ASIC defines a DOCA as a binding arrangement between a company and
its creditors governing how the company's affairs will be dealt
with.

In a creditors' report dated August 25, Bain outlined that the 10
DOCAs comprise two pooled groups of companies, referred to as the
Primary DOCA and the International Group DOCA, as well as eight
subsidiary DOCAs, each an entity that seems to be a special-purpose
vehicle, Flight Global relays.

Deloitte projected a 9-13% return to unsecured creditors in six to
nine months under this arrangement, the report notes.

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

At the time of its collapse, Virgin Australia continued to operate
some flights for essential workers, freight and the repatriation of
Australians.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, Virgin Australia and more than 30 of its
affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York.  Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore
Algeri were tapped as foreign representatives.  Renee M. Dailey,
Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the
Foreign Representatives.

In June 2020, administrator Deloitte agreed to sell the airline
carrier to American private equity giant Bain Capital.  The size of
the bid for the airline has not been revealed.

On Sept. 4, 2020, the creditors of Virgin Australia voted to accept
the sale of the stricken airline to Bain Capital.



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

JIAYUAN INTERNATIONAL: Moody's Rates Proposed USD Notes 'B3'
------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD notes to be issued by Jiayuan International
Group Limited (B2 stable).

The rating outlook is stable.

Jiayuan will use the proceeds from the note issuance to refinance
existing debt.

RATINGS RATIONALE

"Jiayuan's B2 corporate family rating (CFR) reflects (1) the
company's track record in its core markets in the Yangtze River
Delta, underpinned by its strong sales execution; and (2) its low
cost and quality land bank," says Danny Chan, a Moody's Assistant
Vice President and Analyst.

"On the other hand, the B2 CFR is constrained by (1) Jiayuan's
small operating scale, (2) moderate geographic diversification, and
(3) the financial risks associated with its debt-funded business
growth," adds Chan.

The proposed notes will improve Jiayuan's liquidity and debt
maturity profile without substantially impacting its credit
metrics, because it will mainly use the proceeds to refinance
existing debt.

Moody's expects Jiayuan's revenue/adjusted debt will weaken
slightly to 83%-87% over the next 12-18 months from 91.4% for the
12 months ended June 30, 2020, as revenue growth from strong
pre-sales in the past two years will be offset by debt growth to
replenish its land bank. Such a level of leverage still solidly
positions the company at its B2 rating.

Meanwhile, the company's adjusted EBIT/interest will also weaken
slightly to 2.9x-3.3x from 3.4x over the same period, driven by the
rising interest expenses on the back of rising debt.

Moody's expects that Jiayuan's contracted sales will grow to RMB35
billion-RMB40 billion over the next 12-18 months from RMB32 billion
for the 12 months ended June 30, 2020, considering its sufficient
salable resources and the solid housing demand in its core markets.
In the first eight months of 2020, the company's contracted sales
grew 8% to RMB16.9 billion.

Jiayuan's senior unsecured rating of B3 is one notch below its B2
CFR, reflecting legal and structural subordination risk. This risk
reflects the fact that most of the claims are at the operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social, and governance (ESG) factors,
Moody's has considered the risks associated with the concentration
of the company's ownership in Mr. Shum Tin Ching, who held a 69.7%
stake in Jiayuan as of July 31, 2020, and Mr. Shum's share pledge
financing.

Given the company's listed status, Jiayuan is subject to the Hong
Kong Listing Rules and Securities and Future Ordinance. In
addition, Mr. Shum has demonstrated his commitment to the company
by injecting assets to strengthen Jiayuan's operations and equity
base, and reducing his share pledge loan to lower the risk of a
change in control.

Jiayuan's liquidity is adequate. Its cash holdings of RMB9.1
billion at the end of June 2020 covered 114% of its short-term
debt. Moody's expects the company's cash holdings, together with
its contracted sales proceeds after deducting basic operating cash
flow items, will enable the company to meet its refinancing needs
over the next 12 months.

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

The stable outlook reflects Moody's expectation that (1) the
company's liquidity will remain adequate, with continued access to
the onshore and offshore loan and debt capital markets; and (2) the
company will grow its contracted sales and maintain cash
collections as planned over the next 12-18 months.

Moody's could upgrade the ratings if Jiayuan (1) grows its business
while improving its credit metrics, with adjusted revenue/debt
above 70% and EBIT/interest above 3.0x on a sustained basis; (2)
maintains adequate liquidity, with cash/short-term debt
consistently above 1.5x; and (3) keeps the risk of a change of
control at a low level.

Moody's could downgrade the ratings if Jiayuan's (1) liquidity
profile weakens; (2) risk of a change in control increases; or (3)
contracted sales or revenue prove weaker than Moody's had expected,
leading to a deterioration in the company's credit metrics.

Credit metrics indicative of a downgrade include adjusted
revenue/debt below 55%, EBIT/interest below 2.0x, or
cash/short-term debt below 1.0x, all on a sustained basis.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 17 million square meters at
the end of June 2020. It also develops and operates commercial
properties alongside its residential property projects.

KANGDE XIN: Faces Delisting from Shenzhen Bourse After Fraud
------------------------------------------------------------
Luo Meihan at Caixin Global reports that scandal-plagued Kangde Xin
Composite Material Group Co. Ltd. may be delisted from the Shenzhen
bourse in the wake of a nearly two-year probe into one of the most
high-profile corporate frauds in Chinese stock market history.

The Shenzhen Stock Exchange may review a potential mandatory
delisting of the laminating film manufacturer's shares after
China's securities watchdog accused it of "serious violations of
laws," according to a company filing to the bourse on Sept. 28,
Caixin relays.

Zhong Yu, the company's actual controller, and Wang Yu, its former
finance director, have been banned for life from serving as
executives, directors or supervisors of certain companies, and from
working in the securities industry, Caixin discloses citing China
Securities Regulatory Commission.  Two other senior executives--Xu
Shu, the company's CEO at the time of the fraud, and Zhang Lixiong,
a former deputy head of its finance center--have been banned from
serving the same positions or doing securities work for 10 years,
the report adds.

Kangde Xin Composite Material Group Co., Ltd. --
http://www.kangdexin.com/-- engages in laminating film and
photoelectric materials, 3D, and Internet applications businesses
worldwide. It offers printing substrates, environmental laminating
films, 3D grating materials, 3D imaging technology, automatic
coating equipment, and electronic display equipment under the
Kangde Film and KDX brand names for the printing and packaging, and
decoration markets.

NANJING PUKOU: Fitch Affirms LT IDR at 'BB', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Nanjing Pukou Economic Development Co.,
Ltd.'s (NPKE) Long-Term Foreign- and Local-Currency Issuer Default
Ratings at 'BB'. The Outlook is Stable.

NPKE is the key urban developer in Pukou District within Nanjing,
the capital of China's Jiangsu province, and the sole investment
and financing platform for Pukou Economic Development Zone (PKEDZ),
which accounts for the majority of Pukou District's gross regional
product.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: NPKE is wholly owned
by the Pukou District government via the Pukou Economic Development
Zone Supervision and Administration Committee (PESAC). Pukou
District government, via the PESAC, has direct control and
oversight of the company's board and monitors its strategic
planning and finances. All major corporate events, including annual
budgets, investments and M&A, require government approval.

'Strong' Support Record and Expectation: The attribute strength
factors in the government's record of financial support, including
financial subsidies and capital injections. All of NPKE's capital
has been seeded by the government. PESAC injected CNY1.5 billion
into the company in 2015, CNY8.8 billion in 2017 and CNY6.8 billion
in 2019, reducing its asset/liability ratio to below 70%. NPKE has
received financial subsidies totaling around CNY1.5 billion over
the past five years. Fitch also factors in its expectations for
extraordinary support in light of NPKE's policy role.

'Moderate' Socio-Political Implications of Default: NPKE has an
important role in carrying out the government's initiatives in the
PKEDZ, including infrastructure construction, public housing,
primary land development and industrial park management. Fitch
believes NPKE could be substituted, although this could still
result in temporary disruption to its services. Other
government-related entities (GRE) may step in to fill the gap to
prevent a halt of key services if NPKE is unable to carry out its
functions.

'Very Strong' Financial Implications of Default: NPKE is one of the
largest GREs in Pukou District and the sole platform in the PKEDZ.
Its total asset of CNY77.8 billion ranked second among local GREs
by the end of 2019. Fitch believes the government has a strong
incentive to provide extraordinary support to NPKE, if needed, as a
failure to provide timely support could damage its credibility and
indicate reduced willingness to support its GREs.

'b' Standalone Credit Profile: Fitch's assessment of NPKE's
financial profile as 'Weaker' is the dominant factor considered in
NPKE's Standalone Credit Profile. Fitch assesses NPKE's revenue
defensibility as 'Weaker' because Fitch expects higher volatility
in demand for the company's services than for China's general
economic activity and operating risk as 'Midrange', based on a
predictable cost structure. NPKE's financial profile is assessed as
'Weaker', considering its high leverage and large debt-funded
capex. Fitch estimates net leverage will remain high in the next
few years, but should be mitigated by a high liquidity cushion.

DERIVATION SUMMARY

NPKE's ratings are assessed under Fitch's GRE Rating Criteria,
reflecting the entity's control and ownership by Pukou District,
the government's support record, its support expectations as well
as the socio-political and financial impact on the government from
a NPKE default.

NPKE's ratings were derived from the four factors under Fitch's GRE
Rating Criteria, while the Standalone Credit Profile of 'b' is
based on its Public Sector, Revenue-Supported Rating Criteria.

RATING SENSITIVITIES

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

  - Fitch perceives that Pukou District's ability to provide
subsidies, grants and other legitimate resources allowed under
China's policies and regulations has strengthened

  - Stronger support record and expectations as well as higher
socio-political implications of default

  - Improvement in the Standalone Credit Profile

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

  - Fitch revises down its perception of Pukou District's ability
to provide subsidies, grants and other legitimate resources allowed
under China's policies and regulations

  - Weakening of NPKE's role in infrastructure development within
Pukou District, dilution of PESAC's shareholding, reduced control
and a weaker support record and expectations as well as
socio-political or financial implications of default

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).

SHANXI ROAD: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on Shanxi Road & Bridge Construction Group Co. Ltd., a road
construction and operation company in Shanxi province, China, at
the company's request. The outlook was stable at the time of
withdrawal.




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I N D I A
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ACCORD LIFE: ICRA Withdraws D Rating on INR50cr Term Loan
---------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Accord
Life Spec Private Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        50.0       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Withdrawn

Rationale

The ratings assigned to Accord Life Spec have been withdrawn at the
request of the company, upon receipt of no objection certificate
(NOC) from the banker, in accordance with ICRA's policy on
withdrawal and suspension of credit rating. Also, ICRA does not
have requisite information to suggest that the credit risk has
changed since the time the rating was last reviewed.

Accord Life Spec Private Limited was incorporated in 2014 with the
aim of setting up a manufacturing facility for oncology drugs from
its facility built over an area of 11 acres in SIPCOT, Chennai. The
said manufacturing facility would have a capacity to manufacture
4.5 crore tablets per annum, 1.8 crore capsules, 37 lakh
lyophilized vials and 18 lakh liquid vials. The facility will also
include a Research and Development unit.

B. P. CONSTRUCTION: ICRA Keeps B+ Rating on INR1cr Cash Credit
--------------------------------------------------------------
ICRA said the ratings for the INR14.00 crore bank facilities of M/S
B. P. Construction continue to remain in the ‘Issuer Not
Cooperating' category. The ratings are denoted as “[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING”.

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

   Non Fund Based–       6.50      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under ‘Issuer Not
                                   Cooperating' category

   Untied Limits         6.50      [ICRA]B+ (Stable)/[ICRA]A4
                                   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.

Established in 1987 as a proprietorship concern, M/s B.P.
Construction (BPC) was reconstituted as a partnership firm in 1998.
BPC is involved in civil construction and electrification for
various Government departments in the state of Jharkhand. The firm
is registered as a Class-1A contractor with the Public Works
Department (PWD), Jharkhand and a Class 1 electrical contractor
with Vidyut Vibhag, Energy Department, Government of Jharkhand for
electrification work of up to 33 KV.

BAZAAR KONNECTIONS: ICRA Raises Rating on INR9.35cr Loan to B
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Bazaar
Konnections (BK), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           9.35       [ICRA]B (Stable); Upgraded
   Fund-based                      from [ICRA]B- (Stable)
   Packing Credit       
                                   
   Long Term–           3.29       [ICRA]B (Stable); Upgraded  
   Fund-based                      from [ICRA]B- (Stable)
   Term Loan            

Rationale

The ratings upgrade reflects the recovery of BK's profitability and
scale up of operations over the last two fiscals, having
deteriorated sharply in FY2018 owing to a fire at the firm's
premises. Its net profitability stood at 7.2% in FY2020, having
previously undergone net losses in FY2018 and FY2019. The ratings
are also strengthened by the extensive experience of its promoters
in the leather handbags industry. It has an established clientele,
comprising mainly export customers. BK's customer base includes
renowned brands such as Hennes & Mauritz (H&M) and Next Retail
Limited, among others. Its long-standing relationships with its key
customers ensure repeat orders from the same.

However, the ratings remain constrained by the modest scale of
operations of the firm. Despite revenue growth in FY2019 and
FY2020, its scale of operations remains modest. The ratings are
also constrained by the high customer and geographical
concentration of its sales. The sales to its top two customers
contributed to 82.7% of its total sales in FY2020 the customers
being from the same region resulted in geographical concentration
as well. The ratings are further weakened by the firm's exposure to
risks associated with foreign exchange rate fluctuation. BK
exports most of its products but does not have a hedging policy in
place as on date, which exposes it to such risks.

The ratings also consider its constitution as a partnership firm.
It remains exposed to discrete risks, including the possibility of
withdrawal of capital by the partners and the risk of dissolution
of the firm upon the death, retirement or insolvency of partners.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that BK will continue to benefit from its long track record of
operations and established relations with key customers.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in leather handbags industry:
The firm was incorporated in 1994 for manufacturing leather and
duck-fabric handbags and exporting the products to Sweden, the UK,
the US and other European countries. It has an established
clientele of mainly export customers. The customer base includes
renowned brands like H&M, Next Retail Limited, etc. Its
long-standing relationships with its key customers ensure repeat
orders from the same.

* Recovery of operations since fire in FY2018: BK's scale and
profitability have recovered in the past two fiscals after having
significantly deteriorated in FY2018 owing to a fire in its
premises. Its scale grew by 4% in FY2020 to INR20.2 crore, having
previously grown by 47% in FY2019. Further, its net profit margin
increased to 7.2% in FY2020 having undergone net losses in the
previous two fiscals owing to the fire.

Credit challenges

* Modest scale of operations: BK's operating income (OI) grew by 4%
in FY2020 to INR20.2 crore, having previously grown by 47% in
FY2019 to INR19.4 crore. Despite growth in the past two fiscals,
its scale of operations remains modest.

* High customer- and geographic-concentration risk: BK exhibits
high customer concentration. Its top two customers contributed ~60%
of its total revenue in FY2020; however, ICRA notes that the firm
has been receiving repeat orders from these customers over the
years. The firm also exhibits high geographic diversification with
82.7% of its total sales constituting of sales to companies based
in the UK and Sweden in FY2020.

* Exposure to foreign exchange risk: BK exports the majority of its
products to countries like Australia, the UK, Sweden, etc. However,
at present, it does not hedge its sales, leading to foreign
exchange risk.

* Risks associated with constitution as partnership firm: Given
BK's constitution as a partnership firm, it remains exposed to
discrete risks, including the possibility of withdrawal of capital
by the partners and the risk of dissolution of the firm upon the
death, retirement or insolvency of partners.

Liquidity position: Stretched

The firm's liquidity is stretched with low cash and cash
equivalents as on date. Further, it has limited buffer in its
working capital limits with utilisation being approximately 92% of
its sanctioned limits in the 12-month period ending in June 2020.

Rating sensitivities

Positive triggers – ICRA could upgrade BK's ratings if the firm's
scale and profitability increase on a sustained basis. Further,
reduction in its working capital intensity improving its liquidity
position could result in a ratings upgrade.

Negative triggers – ICRA could downgrade BK's ratings if the
firm's scale declines or if its profitability metrics decline
significantly. A rating downgrade could also be triggered if its
working capital intensity deteriorates, stretching its liquidity
further.

Bazaar Konnections (BK), established in 1994, is a partnership firm
under Mr. Manpreet Singh and his wife Mrs. Neetu Kaur. The firm is
involved in manufacturing leather and duck-fabric ladies' bags and
exporting the products to the UK, the US, Sweden and other European
countries. The firm has a diversified client base with significant
brands under it. It has a manufacturing facility in Udyog Vihar,
Gurgaon (owned) covering an area of 18,000 square feet. The firm
had also constructed another manufacturing facility in Bahadurgarh.
BK manufactures leather bags of different colours, designs, shapes
and sizes as per customers' specifications. The firm has an
in-house designing unit.

In FY2020, on a provisional basis, the firm reported a net profit
of INR1.5 crore on an operating income (OI) of INR20.2 crore
compared to a net loss of INR0.6 crore on an OI of INR19.4 crore in
the previous year.

BIPIN KUMAR: ICRA Downgrades Rating on INR10cr Loans to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Bipin
Kumar Agrawal (BKA), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based–          1.50       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING/Rating downgraded
                                   from [ICRA]BB- (Stable)
                                   ISSUER NOT COOPERATING and
                                   Continues to remain under
                                   ‘Issuer Not Cooperating'
                                   Category

   Fund based–          4.00       [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

   Non-fund based–      4.50       [ICRA]B+(Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING/Rating downgraded
                                   from [ICRA]BB- (Stable);
                                   [ICRA]A4 ISSUER NOT
                                   COOPERATING and Continues to
                                   remain under ‘Issuer Not
                                   Cooperating' category

Rationale

The ratings for the INR10.00 crore bank facilities of BKA were
downgraded and continues to remain under ‘Issuer Not Cooperating'
category. The rating is now denoted as “[ICRA]B+
(stable)/[ICRA]A4; ISSUER NOT COOPERATING”.

The Long-Term rating downgrade is because of lack of adequate
information Bipin Kumar Agrawal'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 Bipin Kumar Agrawal, 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 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Established in 1987 as a proprietorship firm, BKA is involved in
construction business in Odisha. It has an established track record
of executing Government contracts for construction and maintenance
of roads and bridges. The firm has also been executing contracts
floated by the East Coast Railway for earthwork, civil construction
etc. over the last few years.

CEBU AIR: Egan-Jones Lowers Senior Unsecured Ratings to B-
----------------------------------------------------------
Egan-Jones Ratings Company, on September 22, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air Inc. to B- from B.

Headquartered in Pasay, Philippines, Cebu Air Inc. operates an
airline that provides air transportation services.


GOKAK TEXTILES: ICRA Withdraws B+ Rating on INR24.35cr Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Gokak
Textiles Limited (GTL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based           24.35      [ICRA]B+ (Stable); Reaffirmed
   Working                         and simultaneously withdrawn
   Capital Limits       
                                   
   Unallocated          50.00      [ICRA]A4; Reaffirmed
   Limits               

Rationale:

The reaffirmation in ratings notes GTL's weak operational and
financial performance for the last few years, characterised by
stretched liquidity, negative net worth and inadequate coverage
metrics owing to a decline in revenue and continuous losses at the
operating level. The ratings also consider the highly fragmented
and competitive industry structure, which restricts pricing
flexibility and exposes the company's earnings to volatility in
cotton prices and foreign exchange rates.

The ratings, however, favourably factor in the company's strong
parentage - Shapoorji Pallonji and Company Private Limited (SPCPL),
rated [ICRA]A+ (Negative)/[ICRA]A1. The parent provides regular
financial support in the form of interest bearing unsecured
loans/inter-corporate deposits (ICDs) (Rs 92.72 crore as on March
31,2020) to meet the company's debt servicing obligations and other
funding requirements. ICRA notes that the company repaid all
external borrowings in FY2020 by utilising the funds infused by
SPCPL into the company. The company's profitability indicators are
likely to be supressed in the near term because of subdued demand
as a result of the Covid-19 pandemic and high fixed overheads.
Consequently, GTL will remain dependent on SPCPL to meet its cash
flow mismatches and other funding requirements. The long-term
rating on the fund-based working capital limits of Rs.24.35 crore
has been reaffirmed and simultaneously withdrawn at the request of
the company based on the no dues certificates provided by its
bankers, in accordance with ICRA's Policy on Withdrawal and
Suspension of Credit Rating.

Key rating drivers

Credit strengths

* Strong parentage with demonstrated track record of regular
support: SPCPL, rated [ICRA]A+ (Negative)/[ICRA]A1, is the holding
company of GTL with ~74% stake. GTL has received funding support
from SPCPL over the years, by way of preference shares (Rs.175
crore) and interest bearing unsecured loans/ICDs for servicing of
debt obligations. As on March 31, 2020, GTL had outstanding
unsecured loans/ICDs of Rs.92.72 crore from SPCPL on its balance
sheet.

Credit challenges

* Weak financial profile: GTL reported losses from operations for
the seventh consecutive year in FY2020 because of a 43% decline in
operating income and relatively high overheads. The company's
capacity utilisation was impacted in FY2020 by unavailability of
power from the captive power plant, which remained shut for ~8
months, because of waterlogging caused by heavy floods in August
2019. Though the power plant resumed operations from February 2020
after the restoration work, the company's revenue flow was
significantly disrupted by subdued demand and the low average yarn
realisation due to the ongoing Covid-19 situation. These factors
have resulted in continued operational losses in FY2020 and Q1
FY2021 and further deteriorated GTL's financial risk profile.

* Earnings exposed to fluctuations in cotton prices amid
challenging demand scenario and intense competition: Earnings of
GTL are exposed to the volatility in cotton prices. The
vulnerability is further compounded by the company's limited
pricing flexibility due to intense competition and
lower-than-expected demand during the recent quarters. Further,
earnings also remain exposed to currency exchange fluctuations.

Liquidity position: Stretched

The liquidity profile of the company remains stretched, as evident
from the negative cash flow from operations in FY2020 and the
modest free cash balances of ~Rs.2.00 crore as on August 31, 2020.
Though there are no external debt servicing requirements, the
company continues to be dependent on ICDs/unsecured loans (Rs.92.72
crore as on March 31, 2020) from the holding company to meet the
cash flow mismatches, particularly in the absence of any fund-based
working capital limits.

Rating sensitivities

Positive triggers – ICRA may upgrade the company's rating if the
company is able to scale up the operations with higher capacity
utilisation, resulting in improved profitability and liquidity on a
sustained basis.

Negative triggers – Downgrade pressure on GTL could arise in case
of any further deterioration in the company's financial risk
profile. Moreover, any weakening in funding support or business
linkages with parent adversely affecting the company's credit
profile may trigger a rating downgrade. The rating assigned to GTL
factors in the high likelihood of its parent, SPCPL, extending
financial support to it because of close business linkages between
them.

GTL was incorporated in 2007, subsequent to a scheme of demerger of
the textile arm of Forbes Gokak Limited (FGL) into a separate
company. GTL has two units—a spinning mill at Gokak Falls
(Karnataka) and a garment-manufacturing unit in Belgaum district of
Karnataka. The spinning mill with a capacity of 91000 spindles and
1,104 rotors produces cotton yarn and other value-added yarns apart
from small volumes of readymade items such as cotton canvas and
terry towels. The Belgaum unit specialises in readymade knitted
garments including combed polo and T-shirts for export markets. In
FY2012, the company hived off its power-generation business under a
subsidiary named Gokak Power & Energy Limited (GPEL). While GTL
holds 51 percent stake in GPEL, the remaining 49 percent is held by
Shapoorji Pallonji Infrastructure Capital Company Limited. The
power generated by GPEL is primarily used by GTL for its spinning
unit.

HILL STONE: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR7.61 crore bank facilities of Hill
Stone Ceramic Private Limited continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based TL        3.01       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based CC        3.50       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund Based       1.10       [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Hillstone Ceramic Private Limited (HCPL) is engaged in
manufacturing of wall tiles with its plant situated at Morbi,
Gujarat. The Company was incorporated in 2010 and the operations
commenced in May 2011. It is promoted by Mr. Mahendra Mundadiya,
Mr. Dinesh Agrawal, Mr. Mahedev Detroja and Mr. Kalpesh Zalariya.,
the plant has an installed capacity of 24225 MTPA. It currently
manufactures wall tiles of size 10"x13", 10" X 15", 12"X18" and
12"X12" with the current set of machineries and production
facilities.

KHED ECONOMIC: ICRA Puts B- Debt Rating on Watch Developing
-----------------------------------------------------------
ICRA has placed the rating of Khed Economic Infrastructure Private
Limited (KEIPL) has been placed on Watch with Developing
Implications:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-         430.00      [ICRA]B-; rating placed on
   Term Loan                       Watch with Developing
                                   Implications

Rationale

KEIPL has applied to its lenders for loan restructuring under the
framework for resolution specified by the Reserve Bank of India
(RBI) vide its circular of August 6, 2020. While the company
applied for restructuring prior to the due date of September 1,
2020, it has subsequently missed its payment obligations. However,
ICRA has not recognized the missed payment as default in accordance
with the rating approach published recently on ICRA's website and
available at this link. The rating of KIEPL has been placed on
Watch with Developing Implications to reflect the uncertainty
around whether the resolution plan (RP) would be invoked or no, and
if invoked what the terms of the RP might be.

Khed Economic Infrastructure Private Limited, a Special Purpose
Vehicle (SPV) jointly promoted by Kalyani Group (KG) and
Maharashtra Industrial Development Corporation (MIDC), is
undertaking to implement a sector specific SEZ, DTA and IIA over an
area of 1705 Ha in Khed Taluka near Pune District in the State of
Maharashtra. KEIPL had signed lease agreement with MIDC for 1,200
Ha land on December 18, 2009 and for 505.62 Ha land on June 30,
2010. The above lease is for an initial period of 95 years,
extendable for a further period of 95 years. Earlier, company was
planning to setup multiproduct SEZ in 1,000 Ha however the plan is
now revised to setup 100Ha SEZ and develop remaining 900Ha area as
Integrated Industrial Area (IIA) under Maharashtra Industrial
Policy, 2013 and / or as Domestic Tariff Area. KEIPL has received
final approval for partial de-notification for 257 Ha in April
2017.

KRISHNA TUFF: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR7.00 crore bank facilities of
Krishna Tuff Private Limited (KTPL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-           1.50      [ICRA]B (Stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based-           4.32      [ICRA]B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated           1.18      [ICRA]B (Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in June 2012, Krishna Tuff Private Limited (KTPL) is
engaged in manufacturing toughened glass and insulated glass
(double glazed glass) of thickness ranging from 4–12 mm, which is
supplied to fabricators and builders in Gujarat. The unit is
located at Chatral in Gujarat, with an installed manufacturing
capacity of ~2,00,000 sq. m. of toughened glass per annum. KTPL
commenced its commercial operations from October 2014. It is
promoted by Mr. Hasmukh Patel, Mr. Ajendra Patel and family. The
promoters have more than a decade of experience in the industry
through an associate concern, Ghanshyam Glass Corporation, which is
engaged in the trading of glasses.

MEHTA & ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR14.25 crore bank facilities of
Mehta & Associates Fire Protection Systems Private Limited (MAFPS)
continues to remain under the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund Based-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non Fund Based-     8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Bank Guarantee                Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non Fund Based      2.25      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Mehta & Associates Fire Protection System Private Limited (MAFPS)
is an Ahmedabad based contractor for fire protection services. Its
core business incorporates procurement and installation of fire
protection system for various clients. It undertakes numerous
turnkey projects to procure, supply and erect the entire fire
protection system for various clients, particularly power and power
grid projects. Incorporated in 1984, MAFPS was founded by Mr Jayant
Mehta – the first-generation entrepreneur. Prior to establishing
Mehta & Associates, he worked with The Grinnell Fire Protection
Systems Co Inc., in Dallas, Texas (TYCO Group) for 7 years in
different capacities from Design Engineer to Manager (Eng.) of
Special Hazards department. Since 2009, after Mr Jayant Mehta's
demise, the company is being managed by his sons - Kaushal Mehta
and Kunal Mehta.MAFPS has two operating divisions – Systems and
Products. The systems division undertakes turnkey projects for
supply and installation of fire protection system on site. In
products division, it undertakes local distribution of
internationally procured cables and detectors from Protectowire and
Detectomat.

MODERN AGRO-TECH: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Modern Agro-Tech Industries continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–           3.55      [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING, Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Fund Based–           2.50      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING, Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non Fund Based–       0.50      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Untied Limits         3.45      [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING, Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Established in August 2010 as a partnership firm, Modern Agro-Tech
Industries (MATI) has a rice milling unit with an annual milling
capacity of 28,600 MT of paddy. The manufacturing facility of the
firm is situated in Cooch Behar, West Bengal. Commercial production
at the unit commenced in September, 2015. The firm is being managed
by four partners - Mr. Sukumar Saha, Ms. Shilpa Saha, Mr. Sunil Kr
Jain and Ms. Navita Jain, on an equal profit-sharing basis.

NARENDRA EMPORIS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Narendra Emporis Limited (NEL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-          15.00      [ICRA]B+ (Stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund based      (13.50)     [ICRA]A4; ISSUER NOT
   sublimit to                     COOPERATING; Rating continues
   cash credit                     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.
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.

Narendra Emporis Limited (NEL) (erstwhile, Narendra Cotton Ginning
& Pressing Company Private Limited) was incorporated in 1997 by Mr.
Narendra Lakhani who has had more than 30 years of experience in
cotton business line. Currently the business is being managed by
Mr. Narendra Lakhani and his two sons Mr. Dharmesh Lakhani and Mr.
Niraj Lakhani. The company was initially set up as a ginning and
pressing facility for processing raw cotton into bales. Later on,
in 2007-08 the company undertook expansion through forward
integration into spinning of yarn (open ended) with having capacity
of 20 TPD and is equipped with 6 spinning machines with 1728
rotors. The company used to give its additional capacity for job
work till FY10, however in FY11 the capacity utilization was almost
full and no job work income was realized. Further, the company is
also involved in manufacturing of grey fabrics and knitted fabrics
having the manufacturing capacity of 4 TPD, followed with the
establishment of weaving plant consisting of 25 weaving machines.
Further from FY15, the company has also diversified into Ring Spun
Carded Cotton yarn manufacturing with installation of 13 spinning
machines and 3 attachments with 16,704 spindles.

OZONE HOMES: ICRA Places B+ Debt Rating on Watch Negative
---------------------------------------------------------
ICRA has placed the rating of Ozone Homes Private Limited on watch
with negative implications following non-receipt of information
from the rated entity regarding timely servicing of the rated NCD,
and non-availability of debt servicing disclosure(s) on recognized
stock exchange.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     180.00      [ICRA]B+; Rating placed on
   Debenture                       Watch with negative
                                   Implications

ICRA, in accordance with SEBI Circular on 'Monitoring and Review of
Ratings by Credit Rating Agencies (CRAs'), dated June 30, 2017, has
sought confirmation from Ozone Homes Private Limited on debt
servicing for the rated NCD, however has not received any response
as yet. At present ICRA is unable to ascertain the status of
payment for the interest which was due on September 15, 2020.

Material Event

Non-receipt of information from the rated entity regarding timely
servicing of the rated INR180.0 crore Non-convertible debenture
(NCD) programme, and non-availability of debt servicing
disclosure(s) on recognized stock exchange as mandated under
Securities Exchange Board of India (Listing Obligation and
Disclosure Requirements) Regulations, 2015.

ICRA is monitoring the rating for material developments and would
come out with further rating action if required and disclose the
same via Press release on its website.

Key rating drivers and their description

Credit strengths

* Track record of Ozone group in developing large scale residential
projects: Ozone group has an established track record in developing
and marketing large scale residential projects.

* Adequate security cover and favorable project location: Presence
of adequate security cover in Autograph project as well as the
favorable project location, supports refinancing prospects.

Credit challenges

* Slow construction and sales progress in past one year: The
Autograph project has seen limited construction and sales progress
observed over the last 12 months. Following the change in
permissible FSI of the project, the company had applied for
revisions in the development plan of the project and is in process
of obtaining the necessary approvals. This has resulted in delay in
execution of the project.

* High refinancing risk and weak liquidity position: Weak inflow of
customer advances in the Autograph project due to delay in
execution coupled with low sales exposes the company to significant
refinancing risk due to the impending NCD redemption in November
15, 2020. Further, the significant interest payment due in
September 15, 2020, increases the pressure on the liquidity
position of the company. The company plans to refinance the
maturing NCDs with a fresh credit facility, however the subdued
market conditions due to the ongoing pandemic impedes the process.

Liquidity position: Poor

OHPL's liquidity is poor. Large NCD repayment obligations due in
November 15, 2020 and significant interest payment due in September
15, 2020, increases the pressure on the liquidity position of the
company. Due to the delay in construction in the Autograph project,
the completion of the project will extend beyond the NCD tenure,
necessitating refinancing. The company will require funding support
from the Group to meet immediate repayment obligations while it
pursues refinancing options.

Rating sensitivities

Positive triggers – ICRA could upgrade OHPL's rating in case of
timely refinancing of the NCD availed, at favourable terms while
also demonstrating timely ramp-up of construction along with
improved sales momentum in the ongoing project, leading to improved
collections, would be a key monitorable.

Negative triggers – Negative pressure on OHPL's rating could
arise in case of any delay in proposed refinancing of the NCD
availed or continued delay in execution of the ongoing project.
Further, OHPL's inability to mobilise funds from other sources
within the Group as and when required could have a negative
impact.

Ozone Homes Private Limited (OHPL) is a special purpose vehicle
(SPV) of the Ozone group which is currently developing Ozone
Autograph, a residential real estate project in Dadar, Mumbai. OHPL
has some unsold inventory in Ozone Gardenia, a completed project in
Chennai. OHPL also owns 11 units in Ozone Metrozone project,
Chennai which has been provided as security for the rated NCD
programme. Tuscan Consultants & Developers Private Limited (TCDPL)
is the majority shareholder of the company, with a shareholding of
99.8%. TCDPL is 100% owned by Mr. S Vasudevan, who is the chairman
of the Ozone group.

PR PACKING: ICRA Lowers Rating on INR15cr LT Loan to D
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of PR
Packing Service (PRP), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term fund-      15.00      [ICRA]D; Downgraded from
   based limit                     [ICRA]B+(Stable)

   Unallocated           3.50      [ICRA]D/[ICRA]D; Downgraded
   Limit                           from [ICRA]B+(Stable)/[ICRA]A4

Rationale

The rating downgrade takes into account the instances of
overutilisation in the Cash Credit limit (by more than 30 days) of
PRP, owing to the firm's poor liquidity position. The liquidity was
strained due to high inventory and receivables and the impact of
the ongoing Covid-19 pandemic, which led to inadequate cash
accruals.

The ratings are further constrained by the firm's weak financial
risk profile, characterised by continuous decline in scale of
operations over the last three years, and its leveraged capital
structure. The ratings also factor in the vulnerability of the
entity's profitability to adverse movements in kraft paper prices
and pricing pressure due to the stiff competition in the highly
fragmented packaging industry. It may be noted that the company had
been sharing No Default Statements with ICRA, indicating a regular
track record of debt servicing. However, based on the communication
received from the lender, it has come to notice that there were
instances of overutilisation of the Cash Credit limits (of more
than 30 days) in the recent past.

The ratings, however, draw comfort from the extensive experience of
the management in the packaging industry and the proximity of the
plant to suppliers of kraft paper and customers of corrugated
boxes. ICRA also considers its reputed client base and the firm's
established relationship with them.

Key rating drivers and their description

Credit strengths

* Extensive experience of the partners in the packaging industry:
The partner of the firm, Mr. Pathik Bhansali, has been in the paper
and packaging industry for more than a decade.

* Location advantages by the factory locations in the form of
sourcing and logistics convenience: PRP's factories are in
Silvassa. By virtue of being located in a union territory, the firm
benefits from the availability of uninterrupted power supply,
cheaper electricity and labour at this unit. PRP also benefits from
the proximity of both its factories to its suppliers, located
mainly in Gujarat and Maharashtra, which ensures prompt supply of
raw materials and provides logistical convenience.

* Customer base includes several reputed players which mitigates
counterparty credit risk to an extent: The customer base of the
firm comprises reputed players located in the domestic market,
which mitigates the counterparty credit risk to an extent. PRP has
built healthy relationships with its clientele, which has resulted
in repeat orders. Reliance

Industries Limited (rated [ICRA]AAA(Stable)/[ICRA]A1+) is the
firm's top customer with consistent order flow throughout the
years.

Credit challenges

* Overutilisation of cash credit limit due to stretched receivables
and high inventory: Tight liquidity position due to inadequate cash
accruals and high working capital intensity emanating from sluggish
receivables and high inventory levels led to overutilisation of the
Cash Credit limit (by more than 30 days) since July 2020. The
working capital intensity stood high at 68% in FY2020.

* Continuous decline in revenues over the last three years: The
operating income (OI) of the firm has seen a declining trend from
INR84.46 crore in FY2018 to INR32.60 crore in FY2020 (Rs. 61.40
crore in FY2019). The OI was impacted in FY2019 and FY2020 by the
demise of the entity's founder Mr. Dhananjay Bhansali in July 2018.
With a total revenue of around INR9.00 crore till August 31, 2020,
the OI is expected to witness a further moderation in FY2021.

* Stretched capital structure on account of decreased net worth and
high debt levels: Due to high unsecured loans and working capital,
the capital structure has deteriorated, and it stood highly
leveraged at 7.60 times as on March 31, 2020 (6.81 times as on
March 31, 2019).

* Stiff competition from several organised as well as unorganised
players: The market for corrugated boxes is fragmented with stiff
competition from numerous organised as well as unorganised players,
which limits the pricing ability. As the firm's customer base
comprises large players, it has limited bargaining power with them.
Consequently, PRP may often have to absorb the increase in prices
in order to retain its customers.

* Vulnerability of profitability to volatility in kraft paper
prices: The main raw material for manufacturing corrugated boxes is
kraft paper, which forms about 70-75% of the total raw material
cost. The firm has limited control over the raw material prices and
its ability to pass on the price fluctuation to end-customers
remains limited as well. These shortcomings expose the profit
margins to adverse fluctuations in kraft paper prices.

Liquidity position: Poor

PRP's liquidity is poor due to negative cash flows from operations,
which remained constrained due to high working capital intensity
and weak cash accruals to stretched receivables and high inventory.
This has resulted in overutilization of the Cash Credit limit (by
more than 30 days). The liquidity is expected to remain tight going
forward. Hence, infusion of capital or unsecured loans by partners
will remain crucial to support the liquidity.

Rating sensitivities

Positive triggers - ICRA could upgrade the ratings if the firm's
working capital utlisation remains within the sanctioned limits, on
a sustained basis for more than three months.

Negative triggers – Not applicable.

PR Packing Service is a partnership firm established in 1999 by
Late Mr. Dhananjay Bhansali and his wife Mrs. Rekha Bhansali. At
present, the firm's operations are managed by their sons, Mr.
Pathik Bhansali and Mr. Parth Bhansali. It manufactures corrugated
boxes using kraft paper. PRP has two manufacturing units in
Silvassa (Union Territory of Dadra and Nagar Haveli) with a
collective production capacity of 28,800 tonne per annum. Its
registered office is in Mumbai. The operations of the firm is ISO
9001:2008 and ISO 22000:2005 certified.

PRP recorded a net profit of INR0.40 crore on an operating income
of INR32.60 crore for the financial year ended March 31, 2020
(provisional numbers).

PURBANCHAL LAMINATES: ICRA Cuts Rating on INR7.75cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Purbanchal Laminates, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–          7.75       [ICRA]B+ (Stable) ISSUER NOT
   Working                         COOPERATING; Rating downgraded
   Capital Limit                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Fun-based–           3.51       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Non-fund Based–      4.00       [ICRA]A4; ISSUER NOT
   Import Letter of                COOPERATING; Rating continues
   Credit cum                      to remain under 'Issuer Not  
   Buyers Credit                   Cooperating' category

Rationale

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

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

Purbanchal Laminates Private Limited (PLPL) was incorporated in
2004 by Mr. Rakesh Agarwal and family. The promoters have extensive
experience of manufacturing timber products, plywood and veneers
through their association with other group companies. PLPL operates
from its plant at Gandhidham (Gujarat), with a manufacturing
capacity of 30 lakh laminate sheets per annum. PLPL is also engaged
in the trade of imported timber.

PLPL is part of the Purbanchal Group, promoted by Mr. Rakesh
Agarwal, Mr. Mukesh Agarwal and Mr. Omprakash Agarwal. The Group is
present across the value chain of timber processing—right from
trading to manufacturing plywood, baggase boards and laminates. The
Group companies include Amul Boards Pvt. Ltd., Purbanchal Laminates
Pvt. Ltd., Landmark Veneers Pvt. Ltd., Purbanchal Veneers,
Purbanchal Lumbers Pvt. Ltd. and Salasar Plywood Pvt. Ltd., all of
whom share the same management.


R. K. CHAVAN: ICRA Lowers Rating on INR14.50cr LT Loan to B+
------------------------------------------------------------
ICRA has downgraded ratings on certain bank facilities of R. K.
Chavan Infrastructure Pvt. Ltd. (RKC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          14.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating downgraded
   Limits                          from [ICRA]BB- (Stable) and
                                   moved to the 'Issuer Non
                                   Cooperating' category

   Long Term-           8.68       [ICRA]B+ (Stable) ISSUER NOT
   Non-fund                        COOPERATING; Rating downgraded
   Based Limits                    from [ICRA]BB- (Stable) and
                                   moved to the 'Issuer Non
                                   Cooperating' category

Rationale

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

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

RKC is an engineering and infrastructure enterprise, with
operations in Maharashtra, Karnataka, and Chhattisgarh. Mr.
Rajkumar Chavan undertook construction projects under a
proprietorship firm, and in 2011 RKC was incorporated. At present,
the company is engaged in the business of civil construction
(primarily roads) as a sub-contractor for private players in the
EPC segment.

ROSABELLA CERAMIC: ICRA Reaffirms B Rating on INR7.08cr Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Rosabella
Ceramic LLP (RCL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Term Loan            7.08       [ICRA]B (Stable); reaffirmed

   Fund-based
   Cash Credit          5.00       [ICRA]B (Stable); reaffirmed

   Non-fund Based
   Bank Guarantee       1.00       [ICRA]A4; reaffirmed

Rationale

The reaffirmation in the ratings continues to be constrained by the
firm's weak financial risk profile, characterised by relatively
small-scale operations, low net profit margins, leveraged capital
structure, weak coverage indicators and high working capital
intensity. Furthermore, the ratings also factor in the highly
fragmented tiles industry, which results in intense competition;
the cyclicality inherent in the real-estate industry, which is the
main end-user sector; and the exposure of Rosabella Ceramic LLP's
profitability to volatility in key inputs-gas prices. ICRA also
notes that, RCL being a partnership firm, any significant
withdrawal from the capital account would affect its net worth
adversely.

The ratings, however, continue to favorably factor in the extensive
experience of the promoters in the ceramic industry and the
proximity to raw material sources by virtue of its presence in
Morbi (Gujarat).

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that Rosabella Ceramic LLP (RCL) will continue maintain its
business positioning.

Key rating drivers

Credit strengths

* Extensive experience of promoters in ceramic industry: The
partners of the firm have extensive experience in the ceramic
industry through their associations with other companies in the
ceramic industry.

* Location-specific advantages: The location of the firm's
manufacturing facility in the ceramic tiles hub of Morbi (Gujarat),
enables easy access to quality raw materials and allows savings in
transportation cost.

Credit challenges

* Weak financial risk profile: The firm's scale of operations is
relatively small, with an operating income of INR20.49 crore in
FY2020 (Prov.). Further, the net margin remained low at 0.24% and
0.63% in FY2019 and FY2020 (provisional financials) respectively.
The capital structure remained leveraged, with a gearing at 2.76
times as on March 31, 2020. The debt coverage indicators also
remained weak owing to low profitability, with the Total
Debt/OPBDITA at 5.63 times, TOL/TNW of 3.87 times, NCA/TD of 9% and
DSCR at 0.95 times as on FY2020-end. The working capital intensity
remained high, with NWC/OI at 38% as on FY2020-end, due to
stretched receivables, to support which the creditors also remains
stretched.

* Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: Raw material and fuel are the two major
components that determine the cost competitiveness in the ceramic
industry. The firm has, however, little control over the prices of
its key inputs such as natural gas/coal and raw materials, and thus
the profit margins remain exposed to adverse movement in raw
material and gas/coal prices as the ability to pass on any upward
movement in cost to the customers remains limited due to stiff
competition.

* Intense competition and cyclicality in real estate industry: The
ceramic tile manufacturing industry is highly competitive because
of low-entry barriers. The presence of both organised as well as
numerous unorganised players in Gujarat limits the company's
pricing flexibility and the bargaining power with customers,
thereby putting pressure on its revenues and margins. Further, as
the real estate industry is the major end user of ceramic tiles,
the company's profitability and cash flows are highly vulnerable to
the cyclicality in the real estate industry.

* Risks inherent in partnership firm: Given the partnership nature
of the firm, any capital withdrawal could adversely impact the
capital structure.

Liquidity position: Stretched

The overall liquidity situation is expected to remain stretched as
repayments are tightly matched against the cash accruals. Moreover,
the cushion in the cash credit limits is low. Hence, timely support
from promoters through capital infusion/unsecured loans remains
crucial in case of any cash flow mismatch.

Rating sensitivities

Positive triggers - ICRA could upgrade RCL's rating if the company
demonstrates significant scale up of operations and profitability,
leading to higher-than-expected cash accruals on a consistent
basis. Additionally, any substantial improvement in the net worth
and better working capital management that improves the capital
structure and liquidity position are credit
positives.

Negative triggers - Negative pressure on RCL's rating could arise
if any substantial decline in revenues and profitability leads to
lower-than-expected cash accruals, which along with any major
debt-funded capital expenditure or stretch in working capital cycle
further deteriorates the capital structure and liquidity.

Rosabella Ceramic LLP (RCL) was established as a limited liability
partnership firm in April 2017 with its manufacturing facility at
Morbi, Rajkot (Gujarat). The promoters of the firm have extensive
experience in the ceramic industry through their association with
concerns, Swagat, Kwality Sanitations Pvt. Ltd., Bengal Sanitation
and Yogi Cera Decorators, who are involved in a similar industry.
The firm manufactures ceramic digital wall tiles in sizes -
12"x12", 18"x12" and 12"x24" and has an installed manufacturing
capacity of 30,375 MTPA.


SAHASTRAA EXPORTS: ICRA Reaffirms B+ Rating on INR7.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sahastraa
Exports Private Limited (SEPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term fund-
   Based limit          7.50       [ICRA]B+(Stable) Reaffirmed

   Short-term non-
   fund based limits   15.00       [ICRA]A4; Reaffirmed


The reaffirmed ratings are constrained by the stretched liquidity
position of SEPL emanating from its high receivables position,
which includes ~Rs. 12 crore of debtors outstanding for more than 6
months (as on March 31, 2020). Consequently, the company is reliant
on letter of credit (LC) backed creditors for funding its working
capital requirements, which has resulted in a high TOL/TNW1 of 1.65
times as on March 31, 2020. The ratings are also impacted by SEPL's
sharp decline in the scale of operations in FY2020 and its thin
profitability owing to the trading nature of its operations. The
turnover is further expected to decline in the FY2021 due to the
Covid-19 pandemic.

The competitive and fragmented nature of the industry with low
entry barriers also exerts pressure on the profit margins and
results in limited bargaining power with both suppliers and
customers. The ratings also factor in the exposure of SEPL to the
volatility in the prices of the traded chemicals, even though the
risk is mitigated to an extent because of limited inventory holding
by the company. However, the ratings take comfort from the
established experience of the promoters in the chemical trading
industry and the company's diversified customer base.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SEPL will continue to benefit from the experience of the
promoters in the chemical trading business along with the company's
association with its client base, which has generated repeat orders
in the past.

Key rating drivers and their description

Credit strengths

* Extensive experience of the management in chemical trading
industry: SEPL's director, Mr. Suhhail Agarwaal, has been
associated with the chemical industry for over a decade. Over the
years, the company has established strong ties with its customers,
entailing repeat orders.

* Diversified customer base: The company's customer base has
remained diversified with the top ten customers accounting for
around 53% of the total sales, both in FY2019 and FY2020. SEPL
derives a majority of its revenues from sales to manufacturers,
whereas the remaining are sold to domestic traders and
wholesalers.

Credit challenges

* Sharp decline in turnover in FY2020; low profitability due to
trading nature of the business, which is vulnerable to price
fluctuation of traded goods: The operating income (OI) dropped by
37% to INR135.24 crore in FY2020 from INR213.24 crore in FY2019,
due to a 16% drop in sales volume and 24% drop in realisations.
However, there was a 15% increase in export revenue in FY2020 to
INR39.54 crore from INR34.34 crore in FY2019, driven by growth in
sales volume. With a total revenue of INR30.67 crore till August
31, 2020, the OI is expected to witness a further moderation in
FY2021. SEPL's profit margins have remained low because of the
absence of value addition, due to the trading nature of the
business. The OPM decreased from 1.72% in FY2018 to 1.47% in
FY2020. High interest cost has impacted the net profit margins,
which stood at 0.67% in FY2020 (0.13% in FY2019). The prices of the
products traded by SEPL generally follow the international prices
of crude oil, which have remained volatile in the past. Thus, the
company remains exposed to commodity price fluctuation risks, which
have adversely affected its profitability in the past.

* Stretched receivables with debtors of ~INR12 crore outstanding
for more than 6 months: The receivables position has remained
consistently high with the debtor days at 102 and 99 in FY2019 and
FY2020 respectively, which has affected its liquidity position. The
debtors outstanding for more than 180 days as on March 31, 2020 has
been high at INR11.74 crore, up from INR4.99 crore as on March 31,
2019.

* Reliance on creditors for funding its working capital
requirements resulting in high TOL/TNW of 1.65 times: SEPL depends
on the LC facility for procuring chemicals from the overseas
suppliers as well as from a few domestic suppliers. The reliance on
creditors for working capital funding has resulted in a high
TOL/TNW of 1.65 times as on March 31, 2020 (3.57 times as on March
31, 2019).

* Highly competitive and fragmented industry with low entry
barriers: The domestic market consists of several trading entities
involved in the similar business operations as SEPL, making the
industry fragmented and competitive. In addition, since this
business model does not require any manufacturing setup or
technical expertise, the entry barrier is low.  Hence, the
company's profitability has remained moderate because of intense
competition, leading to limited pricing
power.

Liquidity position: Stretched

The liquidity profile of SEPL has remained stretched, as reflected
from the negative free cash flows during the period under review
and stretched receivables position. However, it has nominal debt
repayment obligations of INR0.12 crore each in FY2021 and FY2022
and there are no capital expenditure plans in the near-to-medium
term. The utilisation of working capital facilities was on the
lower side with an average combined utilisation of 32% for the
15-month period ended July 2020, which provides some comfort.

Rating sensitivities

Positive triggers – An upward movement in rating could take place
if there is an increase in the scale of operations and
profitability (leading to improvement in coverage indicators) on a
sustained basis. Also, any improvement in liquidity on a sustained
basis will be considered a positive for the rating upgrade.

Negative triggers – Downward pressure on the rating could arise
if there is any decline in profitability or any further
deterioration in liquidity.

Incorporated in 2000, SEPL trades in imported chemicals and caters
to both the export and domestic markets. SEPL trades in 40 to 50
chemicals which find applications in diverse industries such as
chemical manufacturing, cosmetics, pharmaceuticals, dyes and
dyestuffs, plywood, paints and resins. Methanol has been the
primary trading chemical, accounting for around 88% of the total
sales in FY2020. In FY2020, SEPL introduced new products like
Desmodur 44V20L, Titasyn TC 991, Petroleum Resin GA-120, PVC Resin
EM 2070, PVC Resin LB 110, Diisononyl Phtalate, Acrylic Acid to the
export markets. SEPL has its registered office in Mumbai and a
warehousing facility in Bhiwandi (Thane district, Maharashtra) on
rental basis. The company routes its pan-India sales through its
seven branch offices in Bhiwadi (Rajasthan), Delhi, Ghaziabad
(Uttar Pradesh), Hyderabad (Telangana), Kandla (Gujarat), Ludhiana
(Punjab) and Yamuna Nagar(Haryana). In FY2020, the exports were
made to UAE, Iran, Mauritius, Sri Lanka, Syria, Lebanon, Jordan,
Nigeria and Bangladesh.

SEPL recorded a net profit of INR0.90 crore on an operating income
of INR135.24 crore for the financial year ended March 31, 2020
(provisional numbers).

SANT DEEPAK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR13.0 crore bank facilities of Sant
Deepak Education and Charitable Trust (SDECT) continues to remain
under Issuer Not Cooperating category. The rating is denoted as
[ICRA]D ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based/        1.75       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund-based/       11.25       [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. 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.

Global Research Institute of Management & Technology, Radaur is
located in the state of Haryana in the Yamuna Nagar district. The
institution was established in year 2008 with the approval of
AICTE, affiliation of Kurukshetra University, Kurukshetra and DTE,
Panchkula. The institute is functioning under the aegis of Sant
Deepak Educational & Charitable Trust (SDECT) with a Managing
Committee to look after routine management functions. The broad
areas of administration, e.g. planning, student amenities &
welfare, faculty development, staff welfare, infrastructure
development etc. are entrusted to various committees for the smooth
functioning. The institute follows the academic  calender of
Kurukshetra University, Kurukshetra. The trust is organized by a
group of professionals. The chairman of the trust Mr. Sanjay Jindal
is a chartered accountant and has experience of 25 years of
profession, finance & accounts. Further, he also looks after many
other group companies which are mainly involved in Power Generation
Companies, Printing & Packaging, Brass Sheet Manufacturing and
various others. Further, the secretary of the Trust Mr. Deepak
Dhawan is also chartered accountant.

SEPAL TILES: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR8.29 crore bank facilities of
Sepal Tiles Private Limited (STPL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-           3.00      [ICRA]B- (Stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based-           4.04      [ICRA]B- (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund Based       (1.00)     [ICRA]B- (Stable); ISSUER NOT
   Interchangeble                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund based        1.25      [ICRA]A4; ISSUER NOT
   Letter of guarantee             COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sepal Tiles Private Limited (STPL) was incorporated in November
2011 by Mr. Lalit Patel along with other family members and
relatives. Since the promoters have been already engaged in tiles
manufacturing through other concerns namely Sepal Ceramic (ceramic
wall tiles) and Pal Marketing, they decided to venture into
manufacturing of wall tiles in order to expand the product
portfolio of the group in the tiles segment.  The company commenced
its commercial operations in August 2012 and is currently engaged
in manufacturing of multiple sizes of digitally printed ceramic
wall tiles. The plant of the company is located in Morbi, Gujarat.

SHANTOL GREEN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR21.00 crore bank facilities of
Shantol Green Energy (India) Pvt. Ltd (SGEPL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Cash credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Fund Based-        18.50      [ICRA]D; ISSUER NOT COOPERATING;
   Cash credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Shantol Green Energy (India) Pvt. Ltd. (SGEPL) (earlier known as
Shantol Green Hydro Carbons (India) Pvt. Ltd.), incorporated in
August 2011, is promoted by Mr. Shaileshkumar Makadia & Mr. Amit
Bhalodi along with the equity ownership from the corporate entity-
RNG Finlease Private Limited. SGEPL was formed to set up a
green-field unit for pyrolysis of used automobile tyres at
Bhilwara, Rajasthan with an installed capacity of 30,000 TPA.
Besides SLPL, the promoters also have other group companies engaged
in the logistics sector, namely Satkar Terminals (for empty
container warehousing, handling, transportation, container survey
and repair) and Satkar Air (for air freight forwarding).

SIDDHRAJ INFRABUILD: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR6.82 crore bank facilities of
Siddhraj Infrabuild Pvt. Ltd. (SIPL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-           2.50      [ICRA]B (Stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based-           3.00      [ICRA]B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund based        1.32      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in July 2012, Siddhraj Infrabuild Pvt. Ltd. (SIPL) is
promoted and managed by Mr. Raju Odedara. The company is involved
in earthwork-related activities, which include excavation work,
supply of sand and laying pipelines. The company has been awarded
"Class B" category contractor status. Earlier in 2003, a
partnership firm was established in the name of "Raj Construction"
wherein the business related to material handling as well as earth
work-related activities were carried out. However, later in 2012
this partnership firm was merged in the newly incorporated company
i.e. SIPL. The company is based out of Ranavav in the Porbandar
district of Gujarat. The promoter i.e. Mr. Raju Odedara has over 20
years of experience in this line of business through his
association with three other group concerns - namely Raj Transport,
Krishna Service and Jayraj Enterprise which are also involved in
earthwork-related business. All of these are partnership firms
wherein Mr. Raju Odedara is a partner.

SUVIDHA FARMING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Suvidha Farming and Allied Limited
        House No. 176, Near Habibganj
        Behind Railway Track Naryan Nagar
        Hushangabad Road
        Bhopal MP 462026
        IN

Insolvency Commencement Date: September 21, 2020

Court: National Company Law Tribunal, Noida Bench

Estimated date of closure of
insolvency resolution process: March 20, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Shaikh Nafis Anjum

Interim Resolution
Professional:            Mr. Shaikh Nafis Anjum
                         Flat No. A-206
                         Prateek Stylome Apartment
                         Sector-45, Noida
                         Uttar Pradesh 201303
                         E-mail: sn.anjum123@gmail.com

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi
                         Delhi 110048
                         E-mail: sn.anjum@aaainsolvency.com
                                 suvidha.farming@aaainsolvency.com

Classes of creditors:    Class of Creditors

Insolvency
Professionals
Representative of
Creditors in a class:    Neeraj Parmar
                         94, Pocket 4
                         Sunview, Sector-11
                         Dwarka, New Delhi 110075
                         E-mail: ip.neerajparmar@gmail.com

                         Mahavir Prasad Jain
                         M4 Harsha House
                         Karam Pura Commercial Complex
                         Delhi 110015
                         E-mail: jain.mp54@gmail.com

                         Satya Prakash
                         B-277, Gali No. 14
                         Tomar Colony, Burari
                         Delhi 110084
                         E-mail: cs.satyaprakash@gmail.com

Last date for
submission of claims:    October 7, 2020


TAMILNADU STATE: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR24.00 crore bank facilities of
Tamilnadu State Transport Corporation (Kumbakonam) Limited to
remain under Issuer Not Cooperating category. The long-term is
denoted as [ICRA]B(Stable) ISSUER NOT COOPERATING 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.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           24.00      [ICRA]B(Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The current rating action has been taken by ICRA basis dated
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

TNSTCK, headquartered in Kumbakonam and wholly owned by GoTN,
provides passenger transport services to many districts in Tamil
Nadu. Its operating network spans across Ariyalur, Karur,
Nagapattinam, Perambalur, Pudukottai, Ramanathapuram, Sivagangai,
Thanjavur, Thiruvarur, Tiruchirapalli and Karaikal regions. As on
March 31, 2018, TNSTCK had a fleet of 3,350 buses operating in 1850
routes daily through 60 depots, employing around 23,500 personnel.
The average effective distance covered per day is close to 16.3
lakh kilometres, carrying about 27.9 lakh passengers.

VEERA PRECICAST: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Veera Precicast Private Limited
        Plot No. 86/A/Part, Phase-I I.D.A.
        Jeedimetla, Hyderabad
        Telangana 500055
        India

Insolvency Commencement Date: September 21, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 20, 2021

Insolvency professional: Anjaneyulu Sadhu

Interim Resolution
Professional:            Anjaneyulu Sadhu
                         Ezresolve LLP
                         402B, Technopolis
                         Chikoti Gardens
                         Begumpet
                         Hyderabad 500016
                         E-mail: anjaneyulu@ezresolve.in
                                 veeraprecicast@ezresolve.in

Last date for
submission of claims:    October 6, 2020




=================
I N D O N E S I A
=================

ALAM SUTERA: Moody's Places Caa1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Caa1 corporate family rating (CFR) of Alam Sutera Realty Tbk (P.T.)
(Alam Sutera).

Moody's has also downgraded the backed senior unsecured rating of
the 2021 notes and 2022 notes issued by Alam Synergy Pte. Ltd., a
wholly owned subsidiary of Alam Sutera, to Caa3 from Caa1 and
placed the ratings on review for further downgrade. The notes are
guaranteed by Alam Sutera and most of its subsidiaries.

At the same time, Moody's has assigned a (P)Caa1 rating to the
proposed 2024 and 2025 senior secured notes to be issued by Alam
Sutera and placed them on review for downgrade. The proposed notes
are guaranteed by most of Alam Sutera subsidiaries and will be
secured by a mortgage over the Mall@Alam Sutera land lot and a
commercial land lot.

The outlook has been changed to ratings under review from
negative.

The rating actions follow Alam Sutera's announcement on September
29, 2020 of an exchange offer for its outstanding US dollar bonds,
namely its $115 million 11.5% bonds due April 2021 and $370 million
6.625% bonds due April 2022. All of the 2021 bonds will be
exchanged for new 2024 bonds, while 25% of the 2022 bonds will be
exchanged for new 2024 bonds and the remaining 75% for new 2025
bonds. The exchange offer will only be successful if 85% of both
the 2021 and 2022 bondholders choose to participate.

"The corporate family rating has been placed on review for
downgrade to reflect the likelihood that the rating will be
downgraded by multiple notches should less than 85% of bondholders
participate in the exchange offer. The company's current capital
structure is not sustainable and is exposed to increased
refinancing risk associated with Alam Sutera's 2021 notes, as the
company is reliant on external funding but has been unable to
secure committed funds to meet the debt maturity," says Jacintha
Poh, a Moody's Vice President and Senior Credit Officer.

"The downgrade of the existing bond ratings reflects its
expectation of significant economic loss to the existing
bondholders even if the exchange offer is successful. The economic
loss could be higher in absence of the exchange offer, a
possibility incorporated in a further review for downgrade," adds
Poh.

RATINGS RATIONALE

Moody's views the exchange offer as a distressed exchange because
the transaction allows Alam Sutera to avoid an eventual default on
its US dollar notes since the company does not have sufficient
funds to address the maturity in April 2021. The transaction will
also result in significant economic loss for investors when
compared to the original payment promise for the notes.

Assuming 85% of bondholders choose to participate in the exchange
offer, Alam Sutera could be left with around $17.25 million of the
2021 bonds and $55.5 million of the 2022 bonds. In this scenario,
Alam Sutera's impending refinancing risk will improve but not be
eliminated because of the $55.5 million coming due in April 2022.

Moody's estimates Alam Sutera would have sufficient cash to repay
the $17.25 million due April 2021. As of June 30, 2020, the company
held cash and cash equivalents of around IDR1,118 billion ($77
million). This cash balance is also sufficient to cover Moody's
expectation of approximately IDR250 billion of operating cash
outflow and around IDR200 billion in capital spending over the next
18 months.

Moody's expects Alam Sutera's financial metrics will weaken in 2020
and stay weak in 2021, driven by a reduction in land sales.
Leverage, as measured by debt/homebuilding EBITDA will be around
15.0x in 2020 and 10.0x in 2021 while EBIT interest coverage will
be less than 1.5x in 2020-21. For the 12 months ended June 30,
2020, Alam Sutera had leverage of 4.7x and EBIT interest coverage
of 1.9x.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the governance risk stemming from Alam
Sutera's (1) weak financial management, as its debt maturity wall
has resulted in significant refinancing risk and the proposed
exchange offer; and (2) concentrated ownership by its promoter as
well as its five-member board of commissioners, of which only two
members are independent. Nonetheless, the company is run by
experienced professionals and has a track record of reducing
capital spending to preserve liquidity.

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

The review will focus on the completion of the exchange offer.
Moody's could affirm Alam Sutera's CFR at Caa1 if the exchange
offer is successful resulting in an improvement in company's
capital structure with manageable refinancing risk over the next
12-18 months.

On the other hand, Moody's could downgrade Alam Sutera's CFR if the
exchange offer is not successful. Moody's could also further
downgrade the senior unsecured ratings on the existing 2021 and
2022 bonds if there is a likelihood that the expected losses will
be higher than those implied by the Caa3 rating.

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

Established in November 1993 and listed on the Indonesian Stock
Exchange in December 2007, Alam Sutera Realty Tbk (P.T.) is an
integrated property developer in Indonesia that focuses on the sale
of land lots in accordance with township planning requirements, as
well as property development in residential and commercial segments
in Indonesia. As of December 31, 2019, the family of The Ning King
owned around 47% of the company.

ALAM SUTERA: S&P Downgrades LT ICR to 'CC' on Distressed Exchange
-----------------------------------------------------------------
On Sept. 29, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on PT Alam Sutera Realty Tbk. to 'CC' from 'CCC-'.
S&P also lowered its long-term issue rating on the Indonesia-based
property developer's guaranteed senior unsecured notes to 'CC' from
'CCC-'.

The negative outlook reflects S&P's expectations that it will lower
the ratings on Alam Sutera and its senior unsecured notes to 'D'
(default) when the company formalizes the exchange offer.

The downgrade follows Alam Sutera's proposed exchange offer for its
US$115 million notes due in April 2021 and US$370 million notes due
in April 2022.

S&P views the transaction as a distressed exchange, tantamount to a
default, because it believes the participating bondholders will
receive less than originally promised without adequate offsetting
compensation. The proposed new notes have a longer tenor. Alam
Sutera is proposing to exchange the senior unsecured US$115 million
2021 notes and US$370 million 2022 notes with new senior secured
three-and-half-year US$175 million notes due in 2024 and five-year
US$237.25 million notes due in 2025. The coupons on the new notes
are lower than the 11.5% on the 2021 notes and 6.625% on the 2022
notes.

S&P also believes that the probability of a conventional payment
default would be extremely high in the absence of the transaction,
given Alam Sutera's large refinancing requirements over the next 12
months and low operating cash flows.

Alam Sutera is offering additional collateral for the proposed
notes--a land mortgage on a commercial land lot valued at
Indonesian rupiah (IDR) 2.4 trillion and Mall @ Alam Sutera valued
at IDR2.8 trillion. Nevertheless, S&P does not view the additional
collateral as providing additional adequate offsetting compensation
because of the significant uncertainty on perfecting collateral in
a bankruptcy scenario in Indonesia.

Assuming an 85% acceptance rate of the exchange offer, Alam Sutera
would still have outstanding payment of US$17.25 million in 2021
and US$55.5 million in 2022. S&P expects Alam Sutera to repay the
former using internal cash before the 2021 notes mature, and leave
the latter to be refinanced or redeemed.

The negative outlook reflects S&P's expectation that it will lower
the ratings on Alam Sutera and its senior unsecured notes to 'D'
when the debt exchange is formalized.

Alam Sutera is an Indonesian-based property developer established
in 1993. It focuses primarily on integrated township developments
in western Jakarta with two key projects, the mature Alam Sutera
Township in Serpong and the newer Suverna Sutera Township in Pasar
Kemis.




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

CAVALIER CORP: Post NZD21.5MM Net loss for Year Ended June 30
-------------------------------------------------------------
Otago Daily Times reports that Cavalier Corp has reported a
statutory net loss after tax of NZD21.5 million for the year to
June 30, 2020.

In its announcement to the market, the company said its results
reflected the "resetting" of the company as it began a new
strategy, as well as softening trading conditions in the first half
of the year, which were further worsened by Covid-19 in the second
half, ODT relays.

In July, the company announced it was ditching synthetics in favour
of wool and other natural fibres, citing "negative impacts on
people's health and the planet".

It unveiled a new transformational strategy, saying it would
transition away from the manufacture and supply of synthetic fibre
carpets over the next 12 months and existing synthetic stocks would
be sold down, the report says.

Revenue for the year was NZD118 million, down 13% on the previous
year, sales falling significantly in April-May, compared with the
same period last year, due to the Covid-19 shutdown, ODT
discloses.

Since emerging from the lockdown, sales volumes had been stronger
than initially expected. That had partly been led by pent-up demand
and consumers spending money on their homes rather than on other
discretionary items, as well as sales of synthetic carpets as
retailers stocked up ahead of Cavalier's transition away from those
fibres, ODT notes.

According to ODT, normalised earnings before interest, tax,
depreciation and amortisation (ebitda) came to NZD2.3 million,
excluding non-trading adjustments of NZD11.2 million pre-tax, which
were primarily related to Cavalier's strategic transformation and
company reset.

Net debt fell to NZD14.5 million as at the end of June and had
further reduced since year-end to NZD7.2 million as at the end of
August, ODT discloses.

The business was able to continue paying all salaried and waged
staff throughout the shutdown period, supported by the Government's
wage subsidy, of which 46% of the NZD2.8 million claimed was
recognised in the full-year results. The remaining NZD1.5 million
would be recognised in the current financial year.

According to ODT, Cavalier said it had a comprehensive plan to
increase value for shareholders through developing the wool
flooring market, building demand for Cavalier's woollen carpets and
rugs, strengthening its presence in retail channels through
expanded distribution and seeking other opportunities in the
interior solutions sector.

Since year-end shareholders had approved the sale and leaseback of
Cavalier's Auckland property, which would put the company into a
debt-free position and provide it with the financial strength to
execute its transformational plans at pace, ODT relates.

Recent increases in woollen carpet sales had been encouraging,
particularly in Australia.

Total sales revenue for the 2021 financial year was expected to
fall as Cavalier exited its synthetic carpet business as well as
due to Covid-19, ODT says.

ODT adds that investment costs would be incurred as its
manufacturing and sales base was reset to reflect the new sales
focus, and marketing spend and people costs would increase
significantly to support the new strategic direction and enhance
its market presence.

Cavalier Corp reported a net loss of NZD16.92 million for the year
ended June 30, 2019.

                        About Cavalier Corp

Cavalier Corporation Limited (NZE:CAV) --
https://www.cavcorp.co.nz/ -- manufactures carpets and carpet
accessories. The Company offers woolen, yarn and broadloom carpet.
Cavalier serves customers in New Zealand.



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

[*] Aid to Households and SMEs Key to Mitigating Pandemic's Impact
------------------------------------------------------------------
Social assistance to poor and vulnerable families as well as micro
and small enterprises will help cushion the impact of COVID-19 and
hasten recovery in the Philippines, according to From Containment
to Recovery, the World Bank's October 2020 Economic Update for East
Asia and the Pacific, released on Sept. 29.

The report forecasts the Philippine economy to contract by 6.9
percent in 2020 before rebounding to 5.3 percent in 2021 and 5.6
percent in 2022--a drawn out process that could slow down the
country's rapid progress in poverty reduction in recent years.

Economic growth averaged 6.6 percent from 2015 to2019, resulting
from prudent macro-fiscal management, significant investments in
infrastructure and human capital, and favorable external
conditions. Consequently, robust growth in household incomes
reduced the national poverty rate from 23.5 percent in 2015 to 16.7
percent in 2018.

The COVID-19 shock is now abruptly pushing the economy into
recession and threatening these economic and social gains. The
pandemic has triggered declines in remittances sent by Filipino
overseas workers and job losses caused by strict containment
measures.

Recovering from the pandemic requires effective public health
management and social protection measures in the immediate and
resuming the government's strong emphasis on human capital
investments and infrastructure that characterized the Philippines'
successful growth story pre-COVID.  

"In the short-term, every peso put directly in the hands of poor
and vulnerable families through social assistance translates into
demand for basic goods and services in local communities, which in
turn supports micro and small enterprises and the government's
recovery efforts" said Ndiame Diop, World Bank Country Director for
Brunei, Malaysia, Philippines and Thailand. "At the same time, one
cannot overemphasize the importance of improvements in public
health management including testing, tracing, isolating, and
treatment to effectively control the spread of COVID-19 and secure
a definitive recovery."

Diop added that investing in the infrastructure of social services
and assistance delivery--such as the foundational identification
system, digital mobile access, and transaction accounts--would help
ensure that social protection measures directly reach poor and
vulnerable families when they need it.

In the first half of 2020, the Philippine economy shrank by 9.0
percent, as compared to 5.6 percent growth in the same period last
year. The contraction, the largest since 1985, was driven by the
implementation of strict quarantine measures including restrictions
on mobility, work-from-home arrangements, and closures of
workplaces that choked economic activities. Philippine exports and
imports also weakened as international trade slumped, upended by
massive disruptions in global value chains.

World Bank Senior Economist Rong Qian said that the economy is
expected to rebound to 5.3 percent and 5.6 percent growth in 2021
and 2022, respectively. This projection assumes that the country
successfully manages COVID-19 transmission--or that no major spikes
in cases lead to further lockdowns--by early 2021.

In this scenario, businesses and households regain confidence, and
the government continues the roll out its infrastructure program,
she said. Base effects, or the numbers tending to be high because
it is coming from a negative base, will prop up growth in 2021
while the scheduled national elections in May 2022 will boost
activities in the latter half of 2021 through 2022.

"In the medium term, sustaining the public infrastructure spending
agenda will support economic recovery while addressing
long-standing infrastructure gaps in the country," said Qian.
"Accelerating structural reforms to improve the business
environment, foster competition, and boost productivity growth can
enhance inclusive growth. For instance, reforms in still-protected
sectors like finance, transport, communications will equip people,
government, and the private sector to take advantage of emerging
digital opportunities."



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

HIN LEONG: UniCredit Sues Firm, Glencore Over 'Sham' Oil Deal
-------------------------------------------------------------
Reuters reports that Italy's UniCredit SpA has sued Hin Leong
Trading Pte Ltd over a letter of credit, court documents show, one
of several the Singapore oil trader sought from lenders for oil
purchases but used to pay debt instead.

The Singapore High Court documents seen by Reuters show the Italian
bank has also sued commodity trading giant Glencore over the
matter. A source familiar with the case confirmed the lawsuits had
been filed.

UniCredit and its lawyers Dentons Rodyk & Davidson LLP declined to
comment. Glencore also declined to comment, Reuters notes.

Last November, Hin Leong, one of Asia's largest oil traders,
requested UniCredit finance a December delivery of about 150,000
tonnes of high-sulphur fuel oil from Glencore for $37.2 million,
the documents show, Reuters relays.

But UniCredit, which had extended the trader an $85 million credit
line that month, said in the court documents it was not aware at
the time that Hin Leong had a separate agreement to sell the cargo
straight back to Glencore on the same day.

Reuters relates that the bank said it learned of this in June 2020,
via lawyers, from PwC, which was brought in as judicial manager of
Hin Leong after it was unable to repay bank loans of nearly $4
billion.

PwC, which did not respond to a request for comment, said in a
report in June there were deals involving at least 18 letters of
credit worth about $503 million opened by Hin Leong to purchase a
cargo only to sell it, each time, straight back to the seller
simultaneously, according to Reuters.

The letter of credit from UniCredit was one of these, PwC told the
bank via lawyers.

"Under the sale and buy-back transactions, title to the goods would
pass between GSPL (Glencore) and HLT (Hin Leong) at the same time
on 2 December 2019 at 0001 hours," UniCredit said in the court
documents, referring to the deal it financed, Reuters relys.

It said the transactions rendered Hin Leong's purchase "a sham" and
"deprived UCB (UniCredit) of any security over the goods
financed".

Reuters adds that PwC said in reference to the letters of credit
from lenders that these "transactions were not entered into for any
commercial benefit to the Company (Hin Leong) except for the sole
purpose of raising liquidity to pay loans that were or were
becoming due and payable".

                          About Hin Leong

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

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

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

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

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

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

SBI OFFSHORE: Proposes to Liquidate Company to Make Cash Exit Offer
-------------------------------------------------------------------
The Business Times reports that SBI Offshore has proposed to
undertake its cash exit offer by way of liquidating the company,
before delisting from the Singapore Exchange (SGX).

According to the report, the Catalist-listed firm has written to
the bourse operator about its intentions to do so, SBI said in an
exchange filing on Sept. 29, adding that it is in the process of
appointing the liquidators.

Subject to the view of the liquidator, SBI plans to undertake a
two-stage distribution of all its assets to its shareholders, BT
relays. The assets include all monies placed in escrow after
discharging all of the company's liabilities.

BT says SBI Offshore will convene an extraordinary general meeting
(EGM) to seek shareholder approval for these proposals, among other
things.

The EGM may be held around Dec 24, while the date of delisting is
to be determined, according to the company's indicative timeline
provided on Sept. 29, BT relays.

BT notes that the actual liquidation process will likely start in
early January next year, while the first interim distribution to
shareholders is expected to be paid out between end-April 2021 and
mid-May 2021.

The expected final distribution to shareholders, along with the
dissolution of the company, will then take place around mid-August
2021 to late November 2021, based on the indicative timeline, BT
adds.

SGX had sent SBI a notification of delisting last month requiring
the company to make a cash exit offer after SBI failed to complete
the proposed acquisition of the Berlitz group by the deadline,
according to BT.

As at June 30, 2020, the SBI group had net assets of about US$12.3
million, BT discloses citing the company's unaudited financial
statements for the first half of this year.

Its net asset value per share stood at 4.93 US cents on the group
level and 4.91 cents on the company level.

Trading in SBI Offshore shares continued until Sept. 30 at 5:00
p.m., to provide an opportunity for shareholders to exit their
investment should they decide to do so, the company said.

Trading will then be suspended with effect from today, Oct. 1, the
report adds.

                         About SBI Offshore

Based in Singapore, SBI Offshore Limited (SGX:5PL) --
http://sbioffshore.com/-- an investment holding company, markets
and distributes drilling and related equipment in Singapore, the
People's Republic of China, and the United States. The company also
provides integrated engineering and equipment solutions; and
manufactures offshore rig equipment. In addition, it designs,
engineers, develops, constructs, owns, operates, maintains, and
stores solar photovoltaic energy systems and plants.

SBI Offshore posted three consecutive net losses of SGD4.53
million, SGD4.67 million and SGD1.39 million for the years ended
Dec. 31, 2016, 2017, and 2018, respectively.



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

[*] Moody's Cuts Deposit Ratings on 3 Sri Lankan Banks to Caa1
--------------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign currency
deposit ratings of Bank of Ceylon (BOC), Hatton National Bank PLC
(HNB) and Sampath Bank PLC (Sampath) to Caa1 from B3, and the
banks' long-term local currency deposit ratings to Caa1 from B2.

At the same time, Moody's has downgraded the Baseline Credit
Assessment (BCA) of BOC to caa1 from b3, and those of HNB and
Sampath to caa1 from b2.

The rating outlooks, where applicable, are stable.

The rating actions conclude the review for downgrade that was
initiated on April 20, 2020, and follow Moody's downgrade on
September 28, 2020 of Sri Lanka's sovereign rating to Caa1 from B2,
with a stable outlook.

RATINGS RATIONALE

The downgrade of the BCAs of BOC, HNB and Sampath is driven by the
downgrade of Sri Lanka's sovereign rating. The three banks have
significant credit exposure to the sovereign through their holdings
of government securities and lending to the domestic economy, which
is itself correlated to sovereign creditworthiness.

Moody's has also lowered Sri Lanka's Macro Profile -- a key input
to the banks' BCAs -- to Weak- from Weak, to reflect the
deterioration in the operating environment. In particular, the
coronavirus outbreak has weighed on Sri Lanka's already weak
economy and has weakened the government's fiscal position.

Moody's expects the banks' asset quality to worsen significantly as
a result of coronavirus disruptions, although the increase in
problem loans will not be evident until 2021 because of regulatory
forbearance measures, including a moratorium on loan repayments.
The banks' profitability will also deteriorate largely because of
higher credit costs and a compression in net interest margins
following successive policy rate cuts by the central bank. The
banks' capital and funding will, however, remain as key strengths.

Moody's incorporates a high or very high level of government
support in the long-term deposit ratings of the three banks.
However, this does not lead to any rating uplift because the banks'
BCAs are already at the same level as the sovereign rating.

Moody's will subsequently withdraw the ratings of BOC.

Moody's has decided to withdraw the ratings of BOC for its own
business reasons.

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

An upgrade of the BCAs and long-term deposit ratings of HNB and
Sampath is unlikely, given that they are already at the same level
as Sri Lanka's sovereign rating and the outlook on the sovereign
rating is stable.

A downgrade of Sri Lanka's sovereign rating could lead to a
downgrade of the BCAs and long-term deposit ratings of HNB and
Sampath. Moody's could also downgrade the banks' BCAs if there is a
material deterioration in asset quality. A significant decline in
capitalization could also pressure the banks' BCAs.

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

Bank of Ceylon, headquartered in Colombo, reported total assets of
LKR2,722 billion at June 30, 2020.

Hatton National Bank PLC, headquartered in Colombo, reported total
assets of LKR1,244 billion at June 30, 2020.

Sampath Bank PLC, headquartered in Colombo, reported total assets
of LKR1,045 billion at June 30, 2020.

LIST OF AFFECTED RATINGS AND ASSESSMENTS:

Downgrades:

Issuer: Bank of Ceylon

Adjusted Baseline Credit Assessment, downgraded to caa1 from b3

Baseline Credit Assessment, downgraded to caa1 from b3

Long-term Counterparty Risk Assessment, downgraded to B3(cr) from
B2(cr)

Long-term Foreign and Local Currency Counterparty Risk Ratings,
downgraded to B3 from B2

Long-term Foreign Currency Issuer Rating, Downgraded to Caa1 from
B2, outlook changed to Stable from Rating Under Review

Long-term Foreign Currency Bank Deposit Rating, Downgraded to Caa1
from B3, outlook changed to Stable from Rating Under Review

Long-term Local Currency Bank Deposit Rating, Downgraded to Caa1
from B2, outlook changed to Stable from Rating Under Review

Issuer: Hatton National Bank PLC

Adjusted Baseline Credit Assessment, downgraded to caa1 from b2

Baseline Credit Assessment, downgraded to caa1 from b2

Long-term Counterparty Risk Assessment, downgraded to B3(cr) from
B1(cr)

Long-term Foreign and Local Currency Counterparty Risk Ratings,
downgraded to B3 from B1

Long-term Foreign Currency Issuer Rating, downgraded to Caa1 from
B2, outlook changed to Stable from Rating Under Review

Long-term Foreign Currency Bank Deposit Rating, downgraded to Caa1
from B3, outlook changed to Stable from Rating Under Review

Long-term Local Currency Bank Deposit Rating, downgraded to Caa1
from B2, outlook changed to Stable from Rating Under Review

Issuer: Sampath Bank PLC

Adjusted Baseline Credit Assessment, downgraded to caa1 from b2

Baseline Credit Assessment, downgraded to caa1 from b2

Long-term Counterparty Risk Assessment, downgraded to B3(cr) from
B1(cr)

Long-term Foreign and Local Currency Counterparty Risk Ratings,
downgraded to B3 from B1

Long-term Foreign Currency Issuer Rating, downgraded to Caa1 from
B2, outlook changed to Stable from Rating Under Review

Long-term Foreign Currency Bank Deposit Rating, downgraded to Caa1
from B3, outlook changed to Stable from Rating Under Review

Long-term Local Currency Bank Deposit Rating, downgraded to Caa1
from B2, outlook changed to Stable from Rating Under Review

Affirmations:

Issuer: Bank of Ceylon

Short-term Counterparty Risk Assessment, Affirmed at NP(cr)

Short-term Foreign and Local Currency Counterparty Risk Ratings,
Affirmed at NP

Short-term Foreign and Local Currency Bank Deposit Ratings,
Affirmed at NP

Issuer: Hatton National Bank PLC

Short-term Counterparty Risk Assessment, Affirmed at NP(cr)

Short-term Foreign and Local Currency Counterparty Risk Ratings,
Affirmed at NP

Short-term Foreign and Local Currency Bank Deposit Ratings,
Affirmed at NP

Issuer: Sampath Bank PLC

Short-term Counterparty Risk Assessment, Affirmed at NP(cr)

Short-term Foreign and Local Currency Counterparty Risk Ratings,
Affirmed at NP

Short-term Foreign and Local Currency Bank Deposit Ratings,
Affirmed at NP

Outlook Actions:

Issuer: Bank of Ceylon

Outlook, changed to Stable from Rating Under Review

Issuer: Hatton National Bank PLC

Outlook, changed to Stable from Rating Under Review

Issuer: Sampath Bank PLC

Outlook, changed to Stable from Rating Under Review


                           *********


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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