/raid1/www/Hosts/bankrupt/TCRAP_Public/201002.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, October 2, 2020, Vol. 23, No. 198

                           Headlines



A U S T R A L I A

ARROW ACCESS: First Creditors' Meeting Set for Oct. 14
BRILLIANT LIFTS: Second Creditors' Meeting Set for Oct. 8
CRK HOLDINGS: Second Creditors' Meeting Set for Oct. 13
PROGRESS 2020-1: S&P Assigns BB (sf) Rating to Class E Notes
SAMSON OIL: Second Creditors' Meeting Set for Oct. 7

SCARCHI & BOSTON: Second Creditors' Meeting Set for Oct. 9
SPITFIRE CORPORATION: Second Creditors' Meeting Set for Oct. 9


C H I N A

361 DEGREES: Fitch Cuts LT IDR to 'B', Outlook Negative
HENAN ZHONGYUAN: Fitch Affirms 'BB+' LT IDR , Outlook Stable
KUNMING MUNICIPAL: Fitch Affirms LT IDRs at BB+, Outlook Pos.
MIANYANG INVESTMENT: Fitch Affirms 'BB' LT IDRs, Outlook Stable
XINYUAN REAL: Fitch Affirms LT IDR at 'B-', Outlook Stable

YANLORD LAND: S&P Alters Outlook to Negative, Affirms 'BB-' LT ICR


I N D I A

2GETHERMENTS INFRA: CRISIL Keeps B Rating in Not Cooperating
ABV GOVINDU: CRISIL Keeps B+ Ratings in Not Cooperating Category
B. S. INNOVATIONS: CRISIL Keeps D Ratings in Not Cooperating
BEST TANNING: CRISIL Keeps D Ratings in Not Cooperating Category
BHUMI MULTI: CRISIL Keeps B Rating in Not Cooperating Category

BIMLA MARU: CRISIL Keeps D Ratings in Not Cooperating Category
CALIBER MERCANTILE: CRISIL Keeps B+ Rating in Not Cooperating
FAROUK SODAGAR: CRISIL Lowers Rating on INR85cr Term Loan to D
GANGADASS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
IL&FS GROUP: Uday Kotak Gets 1 Year Extension as Chairman

K. K. TEX: CRISIL Keeps B Ratings in Not Cooperating Category
KTKP SARABARAHKARI: CRISIL Keeps D Ratings in Not Cooperating
MAHIMA MILK: CRISIL Keeps B Ratings in Not Cooperating Category
ORIENT CRAFT: Ind-Ra Cuts LT Issuer Rating to BB-/Non-Cooperating
PAWAN CASTINGS: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating

PLASMAGEN BIOSCIENCES: Ind-Ra Gives BB+ LT Rating, Outlook Stable
S. M. BUILDCON: CRISIL Keeps B+ Rating in Not Cooperating
SCHOOLNET INDIA: Ind-Ra Affirms & Reassigns D Rating on NCDs
SHARAVANA TRADERS: CRISIL Keeps D Ratings in Not Cooperating
SHYAM INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating

SIM AGRO: CRISIL Keeps B Ratings in Not Cooperating Category
SITA REFINERS: CRISIL Lowers Rating on INR15cr Cash Loan to B
SOLAN SPINNING: CRISIL Keeps B Ratings in Not Cooperating Category
STEEL PROVIDERS: CRISIL Lowers Rating on INR5cr Cash Loan to D
T4 TAPES: CRISIL Keeps B+ Ratings in Not Cooperating

TEKNOVATION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
TRIDENT AUTO: Ind-Ra Seeks Info to Update BB+ Rating/Stable Outlook
TRIPURARI AGRO: CRISIL Keeps D Ratings in Not Cooperating
UNICCA EMPORIS: CRISIL Keeps B+ Rating in Not Cooperating
V. T. ADASKAR: CRISIL Keeps D Rating in Not Cooperating Category

VANSH EDUCATION: CRISIL Keeps B+ Rating in Not Cooperating
VE JAY: CRISIL Keeps D Rating in Not Cooperating Category
VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
VFIVE HOMES: CRISIL Keeps D Ratings in Not Cooperating Category
VIRINCHI LIMITED: Ind-Ra Keeps BB- Issuer Rating in NonCooperating

VMN BUILDCON: CRISIL Keeps B+ Ratings in Not Cooperating Category
WITTUR ELEVATOR: CRISIL Lowers Rating on INR8.5cr Cash Loan to B


I N D O N E S I A

ALAM SUTERA: Fitch Cuts IDR to 'C' on Announced Exchange Offer


M A L A Y S I A

AIRASIA GROUP: To Shut Down Operations in Japan


N E W   Z E A L A N D

AIR NEW ZEALAND: Draws Down From Government Loan
TANGO FINANCE: Burger King Owner Hopes to Wipe NZD133MM in Debt


S I N G A P O R E

WIRECARD AG: MAS Directs Wirecard to Cease Services in Singapore

                           - - - - -


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

ARROW ACCESS: First Creditors' Meeting Set for Oct. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Arrow Access
(QLD) Pty Ltd will be held on Oct. 14, 2020, at 10:00 a.m. at the
offices of SV Partners, Level 3, 12 Short Street, in Southport,
Queensland.

Matthew John Bookless and Terry van der Velde of SV Partners were
appointed as administrators of Arrow Access on Oct. 1, 2020.

BRILLIANT LIFTS: Second Creditors' Meeting Set for Oct. 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Brilliant Lifts
Australia Pty Ltd has been set for Oct. 8, 2020, at 3:00 p.m. via
webinar.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 7, 2020, at 4:00 p.m.

Geoffrey Peter Granger and Brian Raymond Silvia of BRI Ferrier
(NSW) Pty Ltd were appointed as administrators of Brilliant Lifts
on Sept. 4, 2020.


CRK HOLDINGS: Second Creditors' Meeting Set for Oct. 13
-------------------------------------------------------
A second meeting of creditors in the proceedings of CRK Holdings
Pty Ltd has been set for Oct. 13, 2020, at 11:00 a.m. via Virtual
Zoom Meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 12, 2020, at 12:00 p.m.

Chris Chamberlain of Chamberlain's SBR was appointed as
administrator of CRK Holdings on Aug. 6, 2020.

PROGRESS 2020-1: S&P Assigns BB (sf) Rating to Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress 2020-1 Trust. Progress
2020-1 Trust is a securitization of prime residential mortgages
originated by AMP Bank Ltd.

The ratings assigned to the prime floating-rate residential
mortgage-backed securities (RMBS) issued by Perpetual Trustee Co.
Ltd. as trustee for Progress 2020-1 Trust reflect the following
factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread, if any. S&P's assessment of credit risk takes into account
AMP Bank Ltd. (AMP Bank)'s underwriting standards and approval
process, which are consistent with industrywide practices, the
servicing quality of AMP Bank, and the support provided by the LMI
policies on 50.82% of the portfolio.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
interest-rate swap, the mechanism for trapping excess spread into
an excess reserve, the provision of a liquidity reserve, and the
provision of an income reserve--funded by AMP Bank at closing to
cover extraordinary expenses--sized at a level consistent with the
ratings. All rating stresses are made on the basis that the trust
does not call the notes at or beyond the first call-option date,
and that all rated notes must be fully redeemed via the principal
waterfall mechanism under the transaction documents.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and to
National Australia Bank Ltd. as standby interest-rate swap
provider. The interest rate swap is provided to hedge the
fixed-rate mortgage loans and the floating-rate obligations on the
notes. The transaction documents for the swap include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

Loss of income for borrowers in the coming months due to the
effects of COVID-19 might put upward pressure on mortgage loan
arrears. In this pool, there are not currently any borrowers which
have applied for a COVID-19 hardship payment arrangement. S&P said,
"Therefore, we have not made any adjustment to our minimum credit
support levels. In our cash-flow analysis, we have assumed a
portion of principal and interest collections are delayed to stress
test the liquidity provided to the transaction, should borrowers
enter into hardship arrangements following the closing date."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P said, "We are using this assumption
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, we will update our
assumptions and estimates accordingly."

  RATINGS ASSIGNED

  Progress 2020-1 Trust

  Class      Rating        Amount (mil. A$)
  A          AAA (sf)      920.000
  AB         AAA (sf)       41.100
  B          AA (sf)        15.400
  C          A (sf)         11.600
  D          BBB (sf)        5.700
  E          BB (sf)         2.900
  F          NR              3.300

  NR--Not rated.


SAMSON OIL: Second Creditors' Meeting Set for Oct. 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Samson Oil &
Gas Limited has been set for Oct. 7, 2020, at 12:00 p.m. via
teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 6, 2020, at 12:00 p.m.

Adam Nikitins and Samuel Freeman of Ernst & Young were appointed as
administrators of Samson Oil on Sept. 2, 2020.

SCARCHI & BOSTON: Second Creditors' Meeting Set for Oct. 9
----------------------------------------------------------
A second meeting of creditors in the proceedings of Scarchi &
Boston Pty Ltd, trading as Vapor Bros, has been set for Oct. 9,
2020, at 11:00 a.m. via teleconference facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2020, at 5:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Scarchi & Boston on Sept. 3, 2020.

SPITFIRE CORPORATION: Second Creditors' Meeting Set for Oct. 9
--------------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Spitfire Corporation Ltd;
     - Spitfire Asset Management Pty Ltd;
     - Spitfire Machines Pty Ltd;
     - Spitfire Operations Pty Ltd; and

has been set for Oct. 9, 2020, at 11:00 a.m. via Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 7, 2020, at 4:00 p.m.

Damien Hodgkinson -- damien.hodgkinson@olveraadvisors.com -- &
Katherine Elizabeth Barnet -- kate.barnet@olveraadvisors.com -- of
Olvera Advisors were appointed as administrators of Spitfire
Corporation et al. on Aug. 7, 2020.



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

361 DEGREES: Fitch Cuts LT IDR to 'B', Outlook Negative
-------------------------------------------------------
Fitch Ratings has downgraded China-based sportswear producer 361
Degrees International Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'B' from 'B+'. The Outlook on the IDR is
Negative. Fitch has also downgraded the company's senior unsecured
rating and the rating on its US dollar bond to 'B' from 'B+' with a
Recovery Rating of 'RR4'.

The downgrade reflects lack of progress in transferring cash from
onshore to offshore ahead of the maturity of its US dollar bond in
June 2021. The Negative Outlook reflects uncertainty over the
company's ability to repay its outstanding US dollar bonds due to
restrictions on fund remittance from onshore to offshore and
limited alternative funding channels.

KEY RATING DRIVERS

Cash Remains Onshore: 361 Degrees had readily available cash of
CNY6.2 billion at end-June 2020, which exceeded the outstanding US
dollar bonds of USD294 million (equivalent to about CNY2 billion),
based on the company's announcement on August 28. However, almost
all the cash is onshore. 361 Degrees requires approval from the
State Administration of Foreign Exchange (SAFE) to repatriate
onshore cash to repay offshore debt, but it is likely to face
challenges as the issuance of the US dollar bond was not registered
with SAFE and the proceeds remained offshore.

Lack of Progress in Remittance: The company transferred funds from
onshore to offshore in small batches through dividend payments from
onshore subsidiaries to the offshore holding company to buy back
its outstanding US dollar bond since 2019, and has repurchased an
aggregate principal amount of USD106 million so far, according to
public announcements.

Management indicates that the company plans to remit funds offshore
for bond repayment, but the remittance is subject to significant
execution risks as it depends on SAFE approval and the progress has
been slow. The retained earnings of 361 Degrees' onshore
subsidiaries exceed the outstanding US dollar bond principal, and
in the best-case scenario, the company will be able to transfer
funds offshore through dividend payments up to the amount of the
retained earnings.

Limited Alternative Funding Channels: Fitch expects the company to
explore other funding options if there is no material progress in
remittance of funds offshore by early next year. However, Fitch
sees difficulties in securing offshore funding due to deterioration
in its operating performance and lack of overseas assets and
operations or bank facilities.

Weaker Market Position: Fitch thinks 361 Degrees' revenue growth
and brand recognition lags that of the overall industry and it will
continue to lose market share in the medium term. The company
accounted for 3.1% of China's sportswear market share in 2019, down
from 5.1% in 2015, according to market researcher, Euromonitor
International. The company launched a brand rebuilding programme in
2019, but progress has been slower than expected due to weak
consumer sentiment amid the coronavirus pandemic.

361 was hit hard by the pandemic with 1H20 reported revenue down
17% yoy, compared to a 1% decrease for listed domestic peers Anta
and Li Ning, and a 10% increase for Xtep. Although some of the
variation in revenue growth was attributable to business model and
revenue reporting differences, 361 Degrees' business profile will
depend on evidence of renewed retail sales growth and brand
relevance.

Stabilising Operating Performance: Fitch expects the company to
report negative free cash flow (FCF) in 2020, but the outflow
should be limited relative to the net cash balance of over CNY4
billion at end-June 2020. Fitch's assumption is that there will be
a mild recovery in revenue growth in 2H20 following the drop in
1H20, and cost control measures should keep EBITDA margin
relatively stable. Working capital outflow, particularly related to
account receivable days, should also normalise as revenue
recovers.

DERIVATION SUMMARY

361 Degrees has a smaller scale of operation and is less
diversified in terms of geography and products than global consumer
peers. The company is also experiencing declining market share
against domestic sportswear peers. 361 Degrees has a smaller scale
than branded apparel company, Levi Strauss & Co. (BB/Negative),
with EBITDA about 13% of that of the US company. 361 Degrees'
ratings incorporate uncertainties over its ability to repay its
outstanding US dollar bonds due to restrictions on the transfer of
funds from onshore to offshore.

KEY ASSUMPTIONS

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

  - Revenue to moderately decline in 2020 due to a fall in volume
and to increase by a single-digit rate from 2021.

  - Operating EBITDA margin to decline below 11% in 2020 due to
lower gross margin and some fixed operating costs, and to recover
to pre-pandemic levels from 2021.

  - Higher working capital outflow in 2020 due to longer receivable
days offered to downstream distributors and prolonged inventory
days. Destocking to commence in 2021.

  - Capex of CNY50 million in 2020 and CNY100 million from 2021.

  - Dividend pay-out rate maintained at 40%.

RATING SENSITIVITIES

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

  - The Outlook could be revised to Stable if there is greater
clarity on the company's plans to repay the outstanding US dollar
bonds due in June 2021

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

  - No significant progress by end-December 2020 in repaying or
refinancing the outstanding US dollar bonds due in June 2021

LIQUIDITY AND DEBT STRUCTURE

Cash Remains Onshore: 361 Degrees held total cash and equivalents
of CNY6.2 billion at end-June 2020, which was sufficient to repay
its short-term debt of CNY2.3 billion. However, most of the cash is
onshore, and the ability to remit funds offshore to redeem the
outstanding US dollar bond is in doubt.

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

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

HENAN ZHONGYUAN: Fitch Affirms 'BB+' LT IDR , Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Henan Zhongyuan Financial Holding Co.,
Ltd.'s (HZFH) Long-Term Foreign- and Local-Currency Issuer Default
Ratings of 'BB+'. The Outlook is Stable. At the same time, Fitch is
withdrawing the 'BB+(EXP)' expected rating on HZFH's proposed
US-dollar senior unsecured notes.

Fitch rates HZFH under its Public Sector, Revenue-Supported
Entities Rating Criteria and takes into account the company's
revenue defensibility, operating risk and financial profile. Fitch
applies a three-notch uplift to HZFH's Standalone Credit Profile
(SCP) to reflect the application of the Government-Related Entities
(GRE) Rating Criteria and its assessment of the strength of state
linkages and the state's incentive to provide support.

The ratings were withdrawn with the following reason Forthcoming
Debt Issue/Transaction Carrying An Expected Rating Is No Longer
Expected to Proceed As Previously Envisaged

KEY RATING DRIVERS

'Midrange' Revenue Defensibility: Around 40% HZFH's outstanding
projects by asset value are government-led or policy driven. Fitch
considers the financial strength of project counterparties to be
'Midrange' and expect demand for HZFH's projects to fluctuate in
line with the economic development of Henan province, given the
company's mass-market exposure in key business segments. The source
of cash flow for some projects, such as shanty-town redevelopments,
is from the government's fiscal budget.

'Midrange' Operating Risk: Finance costs comprise the largest
component of HZFH's operating costs. The company's major funding
channels are bank loans and bonds. Funding costs have been stable
in the previous few years.

'b+' SCP: Fitch assesses HZFH's SCP at 'b+', based on its
'Midrange' revenue defensibility, 'Midrange' operational risk and
'Weaker' financial profile, with a net debt/EBITDA ratio of 9.8x at
end-2019.

'Moderate' Status, Ownership and Control: The finance bureau of
Zhengzhou municipality indirectly holds 40% of HZFH via its fully
owned subsidiary, Zhengzhou Development and Investment Group Co.
Ltd., and an agency under the Zhengdong New District government in
Zhengzhou. The company's board of directors is composed of five
members, two are appointed by the Zhengzhou Development and
Investment Group and Zhengzhou New District government. Zhengzhou
municipal government also appoints two of the three members of the
board of supervision.

'Moderate' Support Record: HZFH does not receive frequent
government subsidies. Its two main shareholders, which are
controlled by Zhengzhou municipality, contributed initial capital
of CNY0.9 billion in 2016. HZFH plans to increase paid in capital
from CNY2.3 billion, to CNY5.0 billion, by 2022. Nevertheless, the
diversified shareholding structure could slow any fund raising.

'Moderate' Socio-Political Implications of Default: HZFH is
Zhengzhou municipality's first GRE engaged in financial investment.
It resolves financial risk, promotes industrial development,
provides restructuring services to rural credit cooperatives and
secures funding for shanty-town redevelopment. Nevertheless, some
asset-management companies at the provincial level and China's
big-four state-owned asset-management companies could take over
some of HZFH's functions if needed, leading to 'Moderate'
socio-political implications should HZFH default.

'Moderate' Financial Implications of Default: HZFH's funding is
provided to finance its policy role. Fitch believes a failure by
the government to provide timely support, if needed, could damage
the reputation of Zhengzhou and, to some extent, financing
availability for some government-led projects. Nevertheless, the
company's small operation in term of asset size and short history
in financial investment could limit the impact.

RATING SENSITIVITIES

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

A sustainable improvement in the net debt/EBITDA ratio along with
an better liquidity and debt structure or stronger revenue
defensibility.

Increased government incentive to provide support or government
ownership, as well as stronger socio-political and financial
implications of default, may also trigger positive rating action.

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

Weakening revenue defensibility or operating risk as well as a
deterioration of HZFH's SCP, including, but not limited to,
measures on liquidity, operating revenue generation ability,
leverage, debt structure and repayments.

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

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

KUNMING MUNICIPAL: Fitch Affirms LT IDRs at BB+, Outlook Pos.
-------------------------------------------------------------
Fitch Ratings has affirmed China-based Kunming Municipal Urban
Construction Investment & Development Co., Ltd.'s (KUCI) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'.
The Outlook is Positive. Fitch has also affirmed KUCI's senior
unsecured notes due 2022 at 'BB+'.

KUCI is a core government-related entity (GRE) in Kunming, the
provincial capital of Yunnan province in China. The company is
engaged mainly in key infrastructure construction, primary land
development, property development, and underground utility tunnel
investment and operation.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: KUCI is a limited
liability company that is 84.42% owned by the Kunming State-owned
Assets Supervision and Administration Commission (SASAC), a
sub-department of the city government. The remaining 15.58% is
owned by Kunming Development Investment Group Co., Ltd, which is
fully owned by the Kunming SASAC. Kunming SASAC has direct control
and oversight of the company's board and monitors its strategic
planning and finances. All major corporate events require
government approval.

'Strong' Support Record and Expectation: Kunming municipality
provides support such as capital injections, assets injections,
subsidies, land cost return and debt support, to help KUCI in key
infrastructure construction and primary land development. The
Kunming government swapped CNY12.9 billion of KUCI's high-cost debt
during 2015-2018 for low-cost government bonds, with the amount
booked as capital reserves. Moreover, the municipality loaned KUCI
CNY700 million in 2018 and CNY400 million in 2019 from the proceeds
of a government bond issue, to fund investment in primary land
development. The government returned the cost of the primary land
development to KUCI, contributing most of KUCI's revenue and cash
flow during past three years. The government also provided CNY31.7
million in capital and asset injections in 2019 booked under
capital reserves.

'Moderate' Socio-Political Impact of Default: KUCI is one of the
Kunming government's major urban developers in projects such as key
municipal roads, public parks, underground utility tunnels and the
Wujiaba New Area Development Project. A default by KUCI is likely
to have a political impact on the government, requiring the
mobilisation of resources to ensure continued provision of key
public services by administrative orders or emergency liquidity
support. The government may also have to appoint other urban
developers and operators in the city to assume part of KUCI's
duties, if necessary. Therefore, any disruption is likely to be
temporary and moderate.

'Strong' Default Financial Implications: The majority of the debt
raised by KUCI is used to finance capital-intensive public-sector
investments with long tenor. Revenue from the urban development
projects is on a cost-plus basis with a very low margin. The
municipality relies on KUCI to carry out policy-driven initiatives.
KUCI also provides external guarantees to other GREs within
Kunming, under the direction of Kunming government. A failure by
the government to provide timely support, leading to a default by
KUCI, would have significant implications on the financing ability
of the government and other GREs.

The Positive Outlook on KUCI's IDRs reflects the increase in the
company's strategic importance to the city if reforms of the GREs
in the city are completed. KUCI is designed to be the flagship GRE
for urban construction under the restructuring plan, which will
increase the company's assets and debt. KUCI plans to diversify its
financing channels by issuing bonds and extending banking
relationships. The government's incentive to provide support to
KUCI and the assessment of financial implications of a default will
increase as a result.

Standalone Credit Profile of 'b-': Fitch assesses KUCI's revenue
defensibility as 'Weaker', under its Public-Sector, Revenue-Support
Entities Rating Criteria, due to the reliance on the city's urban
development plan and overall low bargaining power on price. Fitch
assesses KUCI's operating risk as 'Midrange', based on the
predictable cost structure, and its financial profile as 'Weaker'
due to the high leverage. Capital-intensive public-work investments
pushed up its leverage, leading to high net debt/ Fitch-calculated
EBITDA. Fitch expects increasing EBITDA to lower leverage to around
68x by 2024.

DERIVATION SUMMARY

Fitch assesses KUCI under its Government-Related Entities Rating
Criteria, reflecting Kunming municipality's ownership and oversight
over KUCI, the government's record of financial support and the
company's functional role in Kunming's development, a key strategic
initiative of the government. These factors indicate a strong
incentive by the sponsor to provide extraordinary support to KUCI,
if needed.

KUCI's IDRs are derived from the four factors under Fitch's
Government-Related Entities Rating Criteria and a Standalone Credit
Profile of 'b-' under its Public Sector, Revenue-Supported Entities
Rating Criteria.

RATING SENSITIVITIES

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

An upgrade of Fitch's credit view on Kunming municipality's ability
to provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations would lead to a change in
KUCI's ratings;

An increased incentive for Kunming municipality to provide support
to KUCI, including stronger socio-political or financial
implications of default, or a stronger support record and Fitch
support expectation, may trigger positive rating action;

An upgrade of the company's IDRs will result in a similar action on
the senior unsecured rating.

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

A downgrade of Fitch's credit view on Kunming municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would lead to a
change in KUCI's ratings;

Weaker assessment in the socio-political or financial implications
of default, a weaker support record and Fitch support expectation
or a dilution in the government's shareholding may trigger negative
rating action;

A downgrade of the company's IDRs will result in a similar action
on the senior unsecured rating.

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

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

MIANYANG INVESTMENT: Fitch Affirms 'BB' LT IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed China-based Mianyang Investment Holding
(Group) Co., Ltd.'s (MIHC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) of 'BB'. The Outlook is Stable. Fitch
has also affirmed MIHC's US dollar senior unsecured bonds at 'BB'.
The bonds are directly issued by MIHC.

MIHC is the major urban developer for infrastructure construction
and primary-land development in Mianyang municipality of Sichuan
province.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: MIHC is directly and
wholly owned by the Mianyang government, which maintains strong
control over the company by appointing senior management, approving
annual budgets and investment plans, and performing annual
assessments. Fitch assess this factor as 'Very Strong' based on the
local government's high level of control and full ownership,
despite MIHC's legal status as a limited liability company under
Chinese commercial law.

'Strong' Support Record, Expectations: Fitch expects continued
government support for MIHC considering the company's important
functional role in urban development. The local government has
provided regular operating subsidies, debt swaps and share
injections to MIHC, which is important for the company to breakeven
and strengthens its capital structure.

'Moderate' Socio-Political Implications of Default: MIHC is the key
platform for urban infrastructure and primary-land development in
the city downtown area. Fitch assesses the socio-political
implications of a default as 'Moderate' because there are other
government-related entities (GREs) in the region that can partially
undertake MIHC's functions without severe service disruptions.

'Moderate' Financial Implications of Default: MIHC was one of the
city's largest GREs by total assets at end-2019, and Fitch would
expect a default to hurt the local government's reputation and
constrain other GREs' financing capability. However, the existence
of other local GREs with a similar scale constrains the attribute
at 'Moderate'.

Standalone Credit Profile of 'b': Fitch assesses the company's
revenue defensibility as 'Midrange' because it has the leading
market share in local urban infrastructure projects. However, the
operating risk is 'Weaker' considering a substantial near-term
investment. Its financial profile is also assessed as 'Weaker'. The
net adjusted debt/EBITDA ratio remained high at around 26x at
end-2019, but the long-term orientation of its debt maturity and
continual government support could mitigate refinancing risk.

DERIVATION SUMMARY

MIHC ratings are assessed under Fitch's Government-Related Entities
Rating Criteria, reflecting Mianyang city's strong control and
historical support of the company. Fitch has also factored in the
importance of MIHC to the city as a major urban developer. MIHC's
Standalone Credit Profile is 'b' under its Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

An upward revision in Fitch's credit view of the Mianyang
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and regulations
would lead to positive rating action;

A stronger assessment of the socio-political or financial
implications of a default, enhancing the government's incentive to
provide legitimate support.

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

A lowering of Fitch's credit view of the Mianyang municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would pressure the
ratings;

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

Rating action on MIHC would lead to similar action on its US dollar
notes.

SUMMARY OF FINANCIAL ADJUSTMENTS

MIHC's CNY994 million perpetual bond at end-2019 has been adjusted
to debt from equity.

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

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

XINYUAN REAL: Fitch Affirms LT IDR at 'B-', Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Chinese homebuilder Xinyuan Real Estate
Co., Ltd.'s (Xinyuan) Long-Term Issuer Default Rating (IDR) at
'B-'. Fitch has also affirmed Xinyuan's senior unsecured rating and
all its outstanding bonds at 'B-' with a Recovery Rating of 'RR4'.
The Outlook on Xinyuan's Long-Term IDR is Stable.

Xinyuan's ratings are constrained by its high leverage, measured by
net debt/adjusted inventory. Fitch expects leverage to remain above
50% in the next few years despite deleveraging efforts.

KEY RATING DRIVERS

Leverage Remains High: Xinyuan has slowed its land acquisitions to
deleverage. Leverage was 60% at end-1H20 and 54% at end-2019,
against 62% at end-2018. The company had a saleable land bank of
4.3 million sq m in China as of end-1H20, with estimated saleable
resources of around CNY60 billion-70 billion. This is equivalent to
around three years of land bank life, based on the 2020 sales
target of CNY20 billion-22 billion. Fitch believes there is limited
room for further deleveraging, and Fitch expects leverage to remain
at 55%-59% over the next few years.

Contracted Sales Growth Picks Up: The company's total contracted
sales rose 20% yoy to CNY8.3 billion in 1H20, about 40% of the
full-year target of CNY20 billion-22 billion. Xinyuan's total
contracted sales fell by 3% to CNY14.6 billion in 2019, due to the
delay of some project launches. These project launches were pushed
back to 2020, supporting management's higher sales target of CNY20
billion this year, which implies over 30% yoy growth. Fitch
estimates the company's attributable interest in contracted sales
remained above 90%, which is higher than that of most peers.

Lower Cash Collection Rate: The cash collection rate was lower than
usual in 1H20 because of tightened mortgage approval and slower
loan disbursements in certain cities, as well as instalment options
offered in some cities to boost sales during the coronavirus
pandemic. Fitch expects the cash collection rate to return to
around 80% for the full year.

Stable Underlying Margin: Xinyuan's gross profit margin in 1H20 was
affected by one-off adjustments and came in at 12% (2019: 23%).
Gross profit is dependent on assumptions on average selling prices
(ASPs) and costs of the projects because of the
percentage-of-completion revenue recognition method. According to
the company, normalised gross profit margin was stable at 23% in
1H20 and should remain in the 20%-25% range in the next few years.

Quality Land Bank: More than 90% of Xinyuan's land bank is located
in Tier 2 cities in central China, western China, and the Yangtze
River Delta; with half of these land plots in Zhengzhou, the
capital of Henan province. Fitch expects the company's ASP to
remain stable at around CNY13,000/sq m.

Upcoming Capital Market Maturities: Xinyuan issued two Chinese yuan
offshore bonds, totalling CNY515 million (USD75 million), at 12% in
July 2020 and a USD300 million bond at 14.5% this month to
refinance upcoming maturities of USD278 million in November 2020
and USD224 million in February 2021. The company plans to refinance
the balance with a new US dollar bond issuance, for which quota has
been obtained. It is also prepared to repay the balance with
internal resources if the bond issuance does not materialise.

DERIVATION SUMMARY

Xinyuan's ratings are constrained mainly by its high leverage,
which is significantly higher than that of 'B' rated peers, such as
Modern Land (China) Co., Limited (B/Stable) and Redco Properties
Group Ltd (B/Positive). Beijing Hongkun Weiye Real Estate
Development Co., Ltd.'s (B/Stable) leverage is also high at above
50%, but its EBITDA margin is much wider than that of Xinyuan.

Xinyuan's contracted sales scale and leverage are similar to that
of Guorui Properties Limited (B-/Negative), but Guorui's liquidity
position is significantly weaker.

Xinyuan's business profile is comparable with that of 'B' rated
peers. Its attributable contracted sales of CNY15 billion were in
line with those of Beijing Hongkun Weiye and Redco. The quality of
Xinyuan's land bank is satisfactory, with an ASP of around
CNY13,000/sq m and more than 90% of its land bank is in Tier 2
cities.

KEY ASSUMPTIONS

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

  - 14% growth in attributable contracted sales (12% growth in
gross floor area (GFA) sold and 2% ASP growth) in 2020; 7% CAGR in
contracted sales (5% CAGR in GFA sold and 2% CAGR in ASP)
thereafter

  - Cash collection rate of 80% in 2020 and 85% in 2021-2023 (2019:
89%, 2018: 87%)

  - land acquisition cost at 20% of sales proceeds in 2020 and 38%
thereafter

  - construction cost at 32%-34% of sales proceeds in 2020-2023

  - adjusted EBITDA margin (excluding capitalised interest and
assumption changes) of 19%-20% in 2020-2023 (2019: 21%)

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes that Xinyuan would be liquidated
in bankruptcy.

  - Fitch has assumed a 10% administrative claim.

Liquidation Approach

  - The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

  - 100% advance rate applied to available cash, with trade
payables added to the repayment waterfall since available cash is
less than trade payables

  - 100% advance rate applied to restricted cash

  - 65% advance rate applied to net inventory and joint ventures
given underlying EBITDA margin of 19%-20%

  - 70% advance rate applied to trade receivables

  - 60% advance rate applied to property, plant and equipment

  - 50% advance rate applied to investment properties

  - These assumptions result in a recovery rate for the offshore
senior unsecured debt within the 'RR4' range.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%

  - EBITDA margin sustained above 15%

  - Contracted sales sustained above CNY15 billion

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

  - Net debt/adjusted inventory sustained above 65%

  - Deterioration in liquidity position

  - Inability to refinance short-term debt

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: Xinyuan's liquidity position is tight but
manageable. Xinyuan's total cash to short-term debt ratio remained
stable at 0.7x at end-1H20 (end-2019: 0.7x), with USD0.8 billion of
total cash and USD1.2 billion of short-term debt. Its available
cash to short-term capital-market debt ratio was 1.1x at end-1H20,
with USD0.7 billion of available cash to cover USD0.6 billion of
capital market maturities in the following 12 months.

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

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

YANLORD LAND: S&P Alters Outlook to Negative, Affirms 'BB-' LT ICR
------------------------------------------------------------------
On Sept. 30, 2020, S&P Global Ratings revised its outlook on
Yanlord Land Group Ltd. to negative from stable. At the same time,
we affirmed our 'BB-'long-term issuer credit rating on Yanlord and
its 'B+' long-term issue rating on the company's guaranteed
outstanding senior unsecured notes.

S&P said, "We revised the outlook to negative to reflect our view
that Yanlord's weakening profitability and aspirations to further
expand its scale may not allow it to substantially deleverage in
the next 12 months. The company's strong sales execution will
temper this risk.

"In our view, Yanlord will achieve strong contracted sales growth
of more than 20% per year during 2020-2021. Executing on this
strategy requires the company to increase investments and operating
cash outflow, which could dent the company's aggressive debt
reduction plan. Since 2019, Yanlord has shifted its business
strategy from prioritizing margins over scale to balancing
profitability with scale growth. This transition is partly due to
caps on property prices imposed by local governments, limiting the
company's ability to charge premium prices in the high-end market
it has been focusing on.

"We expect Yanlord to reduce its debt by Chinese renminbi (RMB) 3.6
billion by repaying some maturities in the second half of 2020 and
paying off some construction loans early. We believe the company
will reduce an external guarantee of RMB8.5 billion in the fourth
quarter after pledging the land certificate for one of its Shanghai
joint venture (JV) projects for construction loans. Hence, we
expect Yanlord to reduce its total adjusted debt to RMB46.4 billion
by the year-end, despite a moderate 1.7% increase as of end-June
2020 from end-2019 levels."

Yanlord's profitability will likely be under pressure in 2020-2021.
This expectation mainly reflects the company's control over selling
prices and swelling land costs, especially in higher-tier cities.
Some of Yanlord's projects in Suzhou and Shenzhen, for example,
sold at much lower prices than the company expected because of
government-imposed price caps. Moreover, Yanlord has shifted its
strategy from focusing merely on high-end upgraders to more
mass-market properties that typically have lower profit margins. As
a result, we expect the company's gross profit margin to dip to
30%-35% in 2020-2021 from 41% in 2019.

S&P said, "Yanlord will improve its leverage, in our view, but
slower than we originally expected. We expected consolidated
leverage, as measured by the ratio of debt to EBITDA, to decline to
5.5x-6.0x in 2020, and to 4.5x-5.0x in 2021, from 7.5x in 2019."
This is on the basis of an estimated revenue growth of 35%-40% in
2020, mainly supported by a robust 116% growth in contracted sales
in 2019.

In S&P's base case, Yanlord's sufficient and high-quality land bank
will support its deleveraging and growth. As of June 30, 2020, the
company had 9.9 million square meters of land in China (about 70%
in Yangtze River Delta Area and Greater Bay Area, and 90% in
tier-one and tier-two cities). This should be enough for three to
four years of sales and development.

Yanlord has demonstrated strong execution capabilities amid the
pandemic, in our opinion. In the first eight months of 2020, its
contracted sales grew 74% year-on-year, with a cash collection
ratio of over 90%, due to solid demand in higher-tier cities.

S&P said, "We anticipate contracted sales from joint controlled
entities will account for 60%-65% of Yanlord's contracted sales in
2020-2021, down from 67% in 2019. This is because we expect the
company to continue acquiring land through tenders (by partnering
with local governments) or public auctions (by collaborating with
other property developers). However, some of Yanlord's partners
could exit from partnership agreements and allow Yanlord to
consolidate some of its off-balance sheet projects.

"We forecast Yanlord's debt-to-EBITDA ratio on a see-through basis
will improve to 6.5x-7.0x in 2020, and further to 4.3x-4.8x in
2021, from 8.0x in 2019, due to concentrated project delivery from
JV projects in which the company has invested since 2018.

"We expect Yanlord to gradually diversify its geographic coverage,
with more exposure to lower-tier cities. In the first half of 2020,
about 53% of the new land acquired by gross floor area was in
lower-tier cities. These cities are exposed to less restrictive
housing policies. However, such projects may involve greater
execution uncertainties and could undermine Yanlord's
profitability, in our view.

"The negative outlook reflects our expectation that Yanlord's debt
will stay elevated to support its operations and expansion needs.
The outlook also reflects our view that the company's profitability
will weaken on the back of a change in its business strategy to
cope with restrictive pricing policies. As such, Yanlord's leverage
may not improve substantially over the next six months."

S&P could downgrade Yanlord if:

-- The company's debt-funded acquisitions are more aggressive or
its profitability deteriorates more than we expect, such that its
consolidated debt-to-EBITDA ratio does not improve to about 5.5x or
see-through debt-to-EBITDA ratio does not improve to about 6x in
2020.

-- Over a longer horizon, the company's leverage improvement is
below our expectation due to more aggressive debt-funded growth,
such that its consolidated debt-to-EBITDA ratio or see-through
debt-to-EBITDA ratio is above 5.0x in 2021 and beyond.

-- S&P may revise the outlook to stable if Yanlord controls its
debt while achieving solid revenue growth and stable margin. An
upside trigger could be the company's consolidated debt-to-EBITDA
ratio and its see-through debt-to-EBITDA ratio improving to below
5.0x on a sustained basis.



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

2GETHERMENTS INFRA: CRISIL Keeps B Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of 2Getherments Infra
Private Limited (TIPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       25        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

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

Detailed Rationale

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

Established in May, 2015, TIPL, is engaged in residential real
estate construction business in Hyderabad, Telangana. The company
has one on-going projects under the name '2Getherments'. The
company is promoted and managed by Mr. Harinath Rao.

ABV GOVINDU: CRISIL Keeps B+ Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of A. B. V. Govindu
(ABVG) continue to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     4.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

ABVG, headquartered in Palghar (Maharashtra), is a sole
proprietorship firm, set up in 1983 by Mr. Govindu. The firm is a
'Class 1-B' civil contractor and executes contracts for various
departments of the government of Maharashtra; these contracts
include construction of dams and reservoirs, canals, and other
projects related to irrigation. However, revenue is derived only
from operations within Maharashtra.

B. S. INNOVATIONS: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of B. S. Innovations
(BSI) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Export Packing         3         CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Proposed Working       0.5       CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING)

   Standby Line           1         CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

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

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

Detailed Rationale

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

BSI, incorporated in 2008 and based in Tirupur, Tamil Nadu,
manufactures and exports ready-made garments. The operations are
managed by the partners, Ms S Kalpana, Ms. B Anuradha, and their
families.

BEST TANNING: CRISIL Keeps D Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Best Tanning
Industries Private Limited (BTIPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

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

   Letter of Credit       1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit         3.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

BTIPL was incorporated in 1993, promoted by Mr. Mohsin Sharif and
his family. The capacity at its manufacturing facility in Kanpur,
Uttar Pradesh, is utilised at around 80%. It manufactures chrome
and vegetable-tanned leather, and uppers, among other types of
leather.

BHUMI MULTI: CRISIL Keeps B Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Bhumi Multi Agro Food
Industries Private Limited (BMAFIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       13        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

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

Detailed Rationale

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

BMAFIPL, incorporated in October 2015, is setting up a flour mill
with capacity of 130 tonne per day at Kopargaon in Maharashtra. The
company is promoted by the Kapse and Jape families of Kopargaon.

BIMLA MARU: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bimla Maru Fashions
Private Limited (BMFPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            25        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       14        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      1.25     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

BMFPL, incorporated in 1999, trades in garments and upholstery
fabric; it imports fabric, primarily from China, and markets the
garments in India. The company also manufactures trousers, and has
an in-house design team, which provides specifications to weavers.
The manufacturing facility is located at Noida. The company has set
up an office in Bangladesh to coordinate imports of fabric from
China, for re-export (in the form of garments) to India.

CALIBER MERCANTILE: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Caliber Mercantile
Private Limited (CMPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in July 2014, CMPL trades in coal. The company is
promoted by Mr. Mohit Chadda and family and is based in Chandrapur
(Maharashtra).

FAROUK SODAGAR: CRISIL Lowers Rating on INR85cr Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Farouk
Sodagar Darvesh and Co. Private Limited (Darvesh) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'. The downgrade reflects delays by Darvesh in
servicing of debt obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Funded Interest       17         CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

   Letter of Credit      15         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Working Capital       85         CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

CRISIL has downgraded its ratings on the bank facilities of Darvesh
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL C/CRISIL
A4 Issuer Not Cooperating'. The downgrade reflects delays by
Darvesh in servicing of debt obligations.

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).

GANGADASS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Gangadass
Enterprises Private Limited (SGEPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan         1.94     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan              2.50     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

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

Detailed Rationale

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

SGEPL, incorporated on April 2016 by Ms Neelam Sharma, Mr. Saurabh
Sharma, and Mr. Ajay Kumar Sharma, has a cold store at Aligarh,
with chamber capacity of 2 lakh bags. It is used for preservation
of potatoes and other perishable goods.

IL&FS GROUP: Uday Kotak Gets 1 Year Extension as Chairman
---------------------------------------------------------
Livemint.com reports that the government on Sept. 23 allowed Kotak
Mahindra bank Managing Director Uday Kotak to continue as the head
of Infrastructure Leasing and Financial Services (IL&FS) for one
more year. This is the second time that Kotak has been given an
extension.

According to the report, Kotak was appointed by the government as
the head of the lender's board in 2018 to complete the resolution
of the troubled company and its group companies, which have a debt
of over INR90,000 crore.

Nearly two years after taking control of IL&FS, the Uday Kotak-led
board of directors has been able to resolve only 18% of the
company's outstanding debt of over INR1 lakh crore, Livemint.com
notes.

While the bulk of the resolution was expected to be completed by
March, the process had faced legal and regulatory delays with the
covid-19 pandemic further slowing down the resolution of the
bankrupt shadow banker and construction firm, Livemint.com says.

In July, the board said it will be able to resolve INR50,590 crore
debt by March 2021, and another INR6,650 crore in FY22.

Livemint.com notes that the group is in advanced stages of
concluding the sale process of 15 entities with resolution of
nearly INR8,500 crore and plans restructuring of additional debt of
INR4,900 crore.

The number of subsidiaries of the group has reduced to 276 from 347
earlier. It expects it to further come down to around 60 by March
2021, Livemint.com discloses.

Livemint.com says the group's board has developed a group
resolution framework that received National Company Law Appellate
Tribunal's (NCLAT) approval on March 12, 2020.

Earlier this month, the IL&FS Group completed sale of its 73.69 per
cent stake in the education business, held under Schoolnet India
Limited (SIL), to Falafal Technologies Private Limited, adds
Livemint.com.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.

K. K. TEX: CRISIL Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of K. K. Tex Enterprises
(KKTE) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.57      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              0.43      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

KKTE, established in 2003 by the Mumbai-based Gada family, is
engaged in the manufacturing of various types of grey fabrics. KKTE
mainly manufacturers grey fabric for suiting and shirting. The
firm's business operations are managed by Mr. Kalpesh Gada. The
promoters of KKTE have gained experience in the textile business
over the past 20 years by virtue of their association with other
entities operating in a similar line of business.

KTKP SARABARAHKARI: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of K T K P Sarabarahkari
and Babasayi Samitee Himghar Limited (KTKP) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .18        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          4.38        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   4.80        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital      0.65        CRISIL D (ISSUER NOT
   Loan                             COOPERATING)

   Working Capital      0.39        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

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

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

Detailed Rationale

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

KTKP was incorporated in 1997 to provide cold storage facility to
potato farmers and traders. The company is promoted by Mr. Krishna
Gopal Jena and has a facility in Hooghly, West Bengal.

MAHIMA MILK: CRISIL Keeps B Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiv Mahima Milk
Products Private Limited (SMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         6.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

SMPL was incorporated in 2013 in Jaipur, promoted by the Mittal
family. The company set-up a wheat-processing unit with a grinding
capacity of 63,000 tpa at Shahapur to manufacture maida, wheat, and
bran. The key promoter, Mr. Bharat Mittal manages operations along
with his wife, Ms Mukta Mittal.

ORIENT CRAFT: Ind-Ra Cuts LT Issuer Rating to BB-/Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Orient Craft
Limited's (OCL) Long-Term Issuer Rating to 'IND BB-' from 'IND
BBB-' while maintaining it on Rating Watch Negative and has
simultaneously migrated it to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating actions are:

-- INR2.80 bil. Term loans due on December 2025 downgraded;
     maintained on RWN and migrated to non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING)/RWN rating;

-- INR300 mil. Fund-based limits downgraded; maintained on RWN
     and migrated to non-cooperating category with IND BB- (ISSUER

     NOT COOPERATING) /RWN/IND A4+ (ISSUER NOT COOPERATING)/RWN

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by OCL and overdues
in its working capital limits for less than 30 days in September
2020. The company has failed to make timely interest payments on
one of its term loans, which was due on 1 September 2020.
Furthermore, as confirmed by the lenders, OCL has applied for
restructuring under the Reserve Bank of India's Restructuring
Framework dated 6 August 2020 for Covid-19 related stress in its
operations. The same is being considered by the lenders and is in
the process of credit assessment. The company also availed the
Reserve Bank of India-prescribed moratorium under the COVID-19
relief package scheme during March to August 2020.

The ratings also reflect Ind-Ra's outlook revision on the textile
and apparel sector to negative from stable for FY21 as highlighted
in its Mid-year Textile Outlook report, on account of a weak
domestic demand growth and the COVID-19 pandemic. The readymade
garments exporters in India have been severely impacted by the
COVID-19 led lockdowns, which resulted in retail closures, demand
sluggishness and operational disruptions. The agency expects the
demand recovery for readymade garments to pan out over 2HFY21 and
normalcy to return not before FY22.

Ind-Ra has maintained the ratings on RWN considering the
uncertainty on invocation and implementation of the debt
restructuring for OCL and the ongoing irregularities in OCL's
accounts. The agency will continue to make efforts to monitor the
bank loan restructuring process using the feedback from the lenders
and information requests to the issuer.

The ratings have been migrated to the non-cooperating category as
the company has not provided Ind-Ra with the monthly no-default
certificates since March 2020, FY20 provisional/audited financials,
FY21 interim operational and financial performance, details on
order book position, plant utilization levels and working capital
limit utilization levels.

RATING SENSITIVITIES

The RWN reflects that the ratings may be either downgraded or
affirmed. Ind-Ra will resolve the RWN based upon the clarity on the
implementation of the COVID-19 restructuring scheme. Inability in
availing the restructuring scheme would be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1978, OCL manufactures and exports woven and
knitted readymade garments, primarily for women and children. It
has 26 facilities across Delhi National Capital Region, Rajasthan
and Jharkhand.


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR6.942 mil. Long-term loans due on December 2023 migrated to

     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING:
  The ratings were last reviewed on September 6, 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate
information to review the ratings.

While the company's financials were available to Ind-Ra, it does
not have information regarding the current financial year and the
projections for the next five years. Hence, the agency has not
taken a rating action.

COMPANY PROFILE

Incorporated in 2001, Pawan Casting Meghalaya manufactures
thermo-mechanically treated bars. The company's plant is located at
Burnihat, Meghalaya and has an annual installed capacity of 54,000
metric tons. The plant is operating at 57% capacity.





PLASMAGEN BIOSCIENCES: Ind-Ra Gives BB+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Plasmagen
Biosciences Private Limited's (PBPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150.00 mil. Fund based limits assigned with IND BB+/Stable/

     IND A4+ rating;

-- INR150.00 mil. Proposed fund-based limits * assigned with
     IND BB+/Stable/ IND A4+ rating; and

-- INR900.00 mil. Proposed term loan * assigned with IND BB+/
     Stable rating.

*unallocated

KEY RATING DRIVERS

The ratings reflect PBPL's modest profitability due to the trading
nature of its business. In FY20, the company reported EBITDA
margins of 3.70% (FY19: loss) with a return on capital employed of
4% (negative). The agency believes the profitability will remain
modest over the medium term. However, with the commencement of its
manufacturing activity, the agency expects the margin to improve
significantly from FY23, the year of commercial production. PBPL's
ratings are constrained by the project risk associated with setting
up a plasma fractionation center which is categorized into a niche
segment. Moreover, of the total cost of INR2,153.60 million, only
around IN350.00 million of CAPEX was completed at end-August 2020,
leaving the major portion to be completed in FY21 and FY22, wherein
the flow of funding, as well as execution, is to be monitored.

Liquidity Indicator - Stretched: During FY20, PBPL's cash flow from
operations remained negative but improved to INR141.17 million
(FY19: negative INR317.72 million) due to favorable changes in
working capital as well as positive EBITDA. The working capital
cycle improved but remained stretched at 153 days (FY19: 177 days)
owing to fewer inventory days and receivable days at 97 (107) and
105 (137), respectively. However, with improvement in the
profitability, the agency believes the cash flow from operations to
improve in FY21 as against FY20. For the total CAPEX of INR2,153.60
million, PBPL has received in-principle approval for a term loan of
INR900.00 and INR300.00 million, wherein the repayment is likely to
start from FY23. Hence, the company has no major debt obligation in
FY21 and FY22. In addition to this, the CAPEX was scheduled to be
funded by share capital of INR1,253.60 million, of which
INR1,000.00 million was infused in FY18 and FY19. However, only a
minuscule portion was used in CAPEX. Ind-Ra believes the private
equity investor Fidelity group as well as PBPL's management are
likely to bridge the funding gap and will remedy the former
situation. The timely flow of funding is also a key determinant in
completing the CAPEX as well as supporting the liquidity. The cash
and cash equivalents were high at INR255.99 million in FY20 (FY19:
INR266.94 million) and the unutilized fund-based limit stood at
INR100.00 million, of the total sanctioned limit of INR150.00
million.

The scale of operations is medium with revenue of INR1,111.99
million in FY20 (FY19: INR708.68 million). Despite facing logistic
issues during the COVID-19-led lockdown, the company was able to
achieve revenue of INR177.53 million in 1QFY21. With the normalcy
returning in the market and the increasing demand for
immunoglobulin and intravenous immunoglobulin, the agency expects
the company to continue its positive growth momentum as the company
trades and contract manufactures such products. Also, the COVID-19
outbreak has created an awareness and recognition for plasma which
is likely to benefit the company further. As of March 2020, the
contract manufacturing segment constituted only 16.84% of PBPL's
top line. Furthermore, due to the limited capacity of contract
manufacturers, PBPL has been unable to process the increasing
demand for the product. The company's ongoing expansion plans of
venturing into the manufacturing of plasma-derived products is
likely to meet the order requirement as well as have control over
its quality and cost.

The ratings benefit from PBPL's strong credit metrics with no debt
on its books over FY19-FY20. In FY20, the interest coverage
(operating EBITDA/gross interest expense) improved to 31.91x (FY19:
negative 14.83x) and the net leverage (adjusted net debt/operating
EBITDAR) to negative 6.22x (7.11x) due to positive EBITDA along
with high cash and cash equivalents. Despite availing bank
borrowings in FY21, PBPL's interest coverage is likely to remain
strong due to the capitalization of interest till FY22. However,
the net leverage is likely to deteriorate in FY21 and FY22.

The ratings factor in the role of Fidelity group that owns 40.86%
shareholding in the company. This aids PBPL in constructing
strategies in terms of operations as well as business expansion as
the private equity investor brings rich experience with its
diversified portfolio of investment across domestic and global
market. The experience of the company's management ranges from a
decade to more than two decades. One of the management personnel
has an experience of setting up a plasma fractionation centre and
has contributed in constructing regulatory pathway for the plasma
fractionation market in India, thus benefiting the company.

RATING SENSITIVITIES

Positive: The completion of the large capex within the expected
time and cost along with an improvement in the liquidity profile
could be positive for the ratings.

Negative: Any decline in the revenue and profitability leading to
the interest coverage falling below 2.0x along with further
deterioration in the liquidity and any delays in the scheduled
capex plan & equity infusion/funding will lead to negative rating
action.

COMPANY PROFILE

Founded in 2010 by Vinod Nahar and Bhawarlal Jain, PBPL operates in
plasma protein therapy space. The company majorly trades these
products and is also involved in the contract manufacturing of the
plasma-derived products. It has seven plasma products in its
portfolio and is into the capex stage for manufacturing plasma
fractionation centre wherein the total capacity will be 192,000
liters per annum and will be commercial from FY23.  


S. M. BUILDCON: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of S. M. Buildcon (SMB)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              18        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Established in September 2015, S. M. Buildcon is a partnership firm
of Mr. Hardik Patel, Mr. Anil Solanki, Mr. Mahesh Patel, Mr. Amit
Patel, Mr. Hasmukh Patel, Mr. Vijay Patel, Mr. Kanti Patel, Mr.
Anupam Patel, Mr. Vinod Patel, Mr. Dinesh Patel and Mahadev
Construction Pvt Ltd. The firm develops residential and commercial
real estate in and around Ahmedabad, and is currently implementing
Shashwat Mahadev III with a total of 366 saleable units of which
construction commenced from March 2017.

SCHOOLNET INDIA: Ind-Ra Affirms & Reassigns D Rating on NCDs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and reassigned
Schoolnet India Limited's (SIL; formerly known as IL&FS Education &
Technology Services Limited (IETSL)) non-convertible debentures
(NCDs) 'IND D'.

The detailed rating action is:

-- INR1.03 bil. Series C NCDs ISIN INE896F07068 issued on
     November 12, 2014 11% coupon rate due on April 10, 2020  
     affirmed and reassigned with IND D rating.

KEY RATING DRIVERS

The affirmation reflects the non-payment of INR1,030 million due to
SIL's NCD holders since 10 July 2019. Ind-Ra has reassigned a
rating of 'IND D' (earlier 'IND D (CE)') because the credit
enhancement provided does not enhance the rating of the instrument
from that of the issuer.

SIL's NCDs have seasoned information communication technology
contracts of six states with staggered payment mechanism. The NCDs
are also supported by debt service reserve account (DSRA)
equivalent to INR360 million; the cash and bank balance was
INR950.77 million as of June 30, 2020.

Even after the availability of cash and bank balance and DSRA
backup, SIL has not repaid its NCD holders. This was mainly driven
by the blanket moratorium on repayments granted to Infrastructure
Leasing and Financial Services (IL&FS) and its subsidiaries and the
subsequent classification of the subsidiaries into three categories
– green, amber, and red – basis their repayment capabilities.
SIL was classified as amber, signifying that it is not able to meet
all its obligations (financial and operational) but can meet only
operational payment obligations and payment obligations to senior
secured financial creditors.

On August 31, 2020, the National Company Law Tribunal approved the
sale of IL&FS's stake in SIL to Falafal Technology Private Limited
(FTPL). FTPL is a subsidiary of Lexington Equity Holdings Limited,
which already owns 26.1% in SIL.    

COMPANY PROFILE

Started in 1997, SIL has a diversified business model and provides
solutions in education and training to schools, colleges,
vocational training institutes, state governments and corporates.
Lexington Equity Holdings owns 26.13% in SIL, whereas Falafal
Technology Private Limited, a subsidiary of Lexington, owns 73.69%.



SHARAVANA TRADERS: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Sharavana
Traders (SST) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer's Credit         15        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            35        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

SST, set up in 1980 as a partnership firm, mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm also
processes and trades in imported pulses. The operations are managed
by Mr. R Singaravel and Mr. S Surulivel.

SHYAM INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Shyam
Industries - Barabanki (SSIB) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

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

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

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

Detailed Rationale

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

Set up in 1990 as a partnership concern by Mr. Vijay Agarwal, Mr.
Anil Agarwal, Mr. Sunil Agarwal, and Mr. Chetan Agarwal, SSIB mills
paddy into processed rice. It also trades in rice, maize, wheat,
and yellow and black mustard. Unit in Barabanki, Uttar Pradesh, has
installed paddy milling and sorting capacity of 4 tonne per hour.

SIM AGRO: CRISIL Keeps B Ratings in Not Cooperating Category
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sim Agro Chain (SAC)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             12.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Set up in 2015, SAC is promoted by the Parsana family of Rajkot
(Gujarat). The firm started its operations in March 2016. Its
business activity comprises controlled environment and cold storage
and rental of the same and further sale of agricultural products
like fruits and vegetables.

SITA REFINERS: CRISIL Lowers Rating on INR15cr Cash Loan to B
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Sita Refiners
Private Limited (SRFPL) Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan               2.31    CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shree Sita Udyog (SSU), SAF, Shri Sita
Rice Mill (SSRM), Sita Agro Tech Pvt Ltd (SAT), Shree Sita Agro
Foods Private Limited (SSAFPL), Shree Sita Edibles Pvt Ltd (SSEPL),
Shree Sita Pulses Pvt Ltd (SSPPL). All the entities, collectively
referred to as the Sita group, are in the same business, have
operational linkages and a common management team.

The Sita group, based in Durg, Chhattisgarh, was established by the
Agrawal family members in 1965. SSU, SAT, SAF and SSRM, mills and
processes paddy into rice; SRFPL and SSEPL, extracts and refines
rice bran and soyabean oil; while SSPPL processes dal. The group
markets its products under the 'Sita' brand.

SOLAN SPINNING: CRISIL Keeps B Ratings in Not Cooperating Category
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Solan Spinning Mills
Private Limited (SSMPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.6       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term
   Bank Loan Facility    1.9       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan             7.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

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

Detailed Rationale

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

SSMPL, established in 2003, manufactures cotton yarn of counts 20s
to 30s. The company has been promoted by Mr. Arvind Kumar Arora,
Mr. Sansar Singh Sirohi, Mr. Shitanshu Sirohi, and Mr. Aseem Gupta,
who manage the daily operations. The manufacturing unit is at Baddi
in Solan (Himachal Pradesh).


STEEL PROVIDERS: CRISIL Lowers Rating on INR5cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Steel
Providers (SP) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash         3.5        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SP for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL has downgraded its
ratings on the bank facilities of SP to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects delays by SP in servicing of
debt obligations.

Set up in 2014 as a partnership firm by Mr. Harsh Kumar and Mr.
Rakesh Negi, SP trades in steel products including hot rolled and
cold rolled steel coils and plates, and thermo-mechanically treated
(TMT) bars. The firm is based in Loha Mandi, Ghaziabad, Uttar
Pradesh.

T4 TAPES: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------
CRISIL said the ratings on bank facilities of T4 Tapes Private
Limited (TTPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

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

Detailed Rationale

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

Incorporated in 2007 and managed by Mr. Sandip Shah and his family,
TTPL manufactures adhesive tape rolls and electrical tape rolls
used for packaging. It commenced manufacturing operations in 2014
and has the tape manufacturing unit in Surendranagar, Gujarat.

TEKNOVATION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Teknovation Engineers
Private Limited (TEPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.05       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           2.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             3.8        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in January 1988, TEPL is engaged in manufacturing of
machineries for paper industry as per specification of customers.
TEPL also in engaged in corrosion management for hydel power and
thermal power projects, however majority of the revenue is derived
from sale of machineries to paper industry.

TRIDENT AUTO: Ind-Ra Seeks Info to Update BB+ Rating/Stable Outlook
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Trident Auto Components
Private Limited at 'IND BB+' with a Stable Outlook. As part of the
ongoing rating review exercise and in line with the regulatory
requirement, Ind-Ra had requested the issuer on June 16, 2020, July
7, 2020, and July 16, 2020, for updated information on the
company's performance. In view of the COVID-19 led lockdown, the
issuer has informed the agency that it needs more time to provide
the required data. The company has not opted for the debt
moratorium allowed by the Reserve Bank of India.

Ind-Ra is working with Trident Auto Components Private Limited to
see if any information can be readily provided so that the agency
can update its credit view as per the regulatory requirement.
Ind-Ra will try to complete the process by 20 October 2020 using
the best-available information. If Ind-Ra is unable to do so due to
the lack of adequate data, then the rating may have to be migrated
into the issuer non-cooperating category, so that banks are aware
that the agency is unable to update its credit view.


TRIPURARI AGRO: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Tripurari Agro
Private Limited (TAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Term Loan               3.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Warehouse Financing     3.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

TAPL was established in June 2013 by Mr. S.P. Sharma and his
family. The company is engaged in processing and selling of basmati
rice. TAPL has its plant at Ludhiana, Punjab.

UNICCA EMPORIS: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Unicca Emporis Private
Limited (UEPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      40       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

UEPL is presently developing a project 'Unicca Emporis '?. The
project comprise of 214 luxury apartments along with club & other
facilities and a commercial tower over 3.6 acres of land area at
Varthur Hobli in Bangalore (Karnataka).

V. T. ADASKAR: CRISIL Keeps D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of V. T. Adaskar and
Company (VTAC) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              8         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Set up by Mr. Vinod Adaskar, VTAC is proprietorship firm engaged in
civil construction for real estate players. The promoters have also
ventured into real estate development. VTAC is currently,
undertaking a residential project, Shantai Greens, in Ravel (Pune).

VANSH EDUCATION: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Vansh Education
Charitable Trust (VECT) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             15.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

VECT was set up in 2007 by Mr. Surendra Kumar Tyagi. It runs
various educational institutions in Agra, Uttar Pradesh.

VE JAY: CRISIL Keeps D Rating in Not Cooperating Category
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Ve Jay Textile Mills
(VTM) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.25       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        3.85       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.90       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

VTM was established in 2005 as a proprietorship firm by Mr. G
Devaraj. The firm, based in Coimbatore, Tamil Nadu, manufactures
cotton yarn.

VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Venkatadri Spinning
Mills Private Limited (VSMPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .18        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft            4.00        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            8.82        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

VSMPL was set up in 2009, as a private limited company, by Mr.
Srimannarayana and Mr. Hanumantha Rao. The company manufactures
cotton yarn; its spinning mill is in Rajahmundry (Andhra Pradesh).

VFIVE HOMES: CRISIL Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of VFive Homes Private
Limited (VFIVE) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan          6        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

VFive was originally established as a partnership firm, VFive
Builders and Developers, on July 16, 2014; the firm was
reconstituted as a private limited company with the current name on
April 1, 2016. VFive, located in Trivandrum, undertakes residential
real estate projects.

VIRINCHI LIMITED: Ind-Ra Keeps BB- Issuer Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Virinchi
Limited's (VL) Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR130 mil. Fund-based working capital limit (Long-term/Short-
     term)* maintained in non-cooperating category and withdrawn.

* Maintained at 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)'

Analytical approach: Ind-Ra continues to take a consolidated view
of VL and its subsidiaries, including Virinchi Healthcare Private
Limited (VHPL).

KEY RATING DRIVERS

Ind-Ra has not been made available information regarding the
current financial year and the projections for the next five years,
along with the operational data of the company, working capital
utilization, current debt exposure, and repayment schedule and
management certificate. Hence, the agency has not taken a rating
action.

According to the consolidated financials for FY20 as available in
the public domain, VL's revenue fell 5.7% yoy to INR3,814.62
million due to the COVID-19-led lockdown imposed the various states
in the US which impacted the company's on-site IT product
implementation income. In India, lockdowns imposed towards the last
week of March 2020 impacted the patient footfalls affecting the
income from out-patient activities and elective procedures.

The consolidated operating profitability remained stable at 29.3%
in FY20 (FY19: 29.8%). The overall credit metrics remained
comfortable with interest coverage of 5.0x in FY20 (FY19: 5.4x) and
the leverage of 1.4x (1.3x). The marginal deterioration was
primarily on account of a reduction in the operating EBITDA to
INR1,105.9 million (FY19: INR1,214 million).

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

COMPANY PROFILE

Founded in 1991, Hyderabad-based VL, a part of Virinchi Group, has
a capability maturity model integration certification. It provides
information and communications technology products and services.


VMN BUILDCON: CRISIL Keeps B+ Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of VMN Buildcon Private
Limited (VMN) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.6        CRISIL B+/Stable (ISSUER NOT   

                                    COOPERATING)

   Proposed Long Term    5.4        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

VMN was set up in April 2017 as a private limited company by Mr.
Vijay Kumar and Mr. Narayan Swami in Bengaluru, Karnataka. It
undertakes subcontracts for civil construction projects of AIPL,
Gujarat, involving laying of gas pipes and allied civil works. The
company also intends to bid for direct projects in the near future.

WITTUR ELEVATOR: CRISIL Lowers Rating on INR8.5cr Cash Loan to B
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Wittur
Elevator Components India Private Limited (Wittur) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Working      1.5        CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

Wittur is based out of Chennai and is engaged in manufacturing of
various elevator components like elevator cabins, doors, slings,
governor tension frame, safety components and gearless drives etc.
The company is a wholly owned subsidiary of Wittur Deutschland
Holding GMBH, Germany.



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

ALAM SUTERA: Fitch Cuts IDR to 'C' on Announced Exchange Offer
--------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based homebuilder PT Alam
Sutera Realty Tbk's (ASRI) Issuer Default Rating (IDR) to 'C', from
'CCC-', following the company's announced offer to exchange its
senior unsecured notes due April 2021 and April 2022 for new senior
secured notes due March 2024 and September 2025. At the same time,
Fitch has downgraded the company's senior unsecured USD115 million
notes due April 2021 and USD370 million notes due April 2022 to 'C'
from 'CCC-', with a Recovery Rating of 'RR4'. The bonds were issued
by wholly owned subsidiary, Alam Synergy Pte Ltd, and are
guaranteed by ASRI.

The downgrade reflects Fitch's view that the proposed exchange
constitutes a distressed debt exchange (DDE), because it results in
a material reduction in terms to investors and Fitch believes it is
conducted to avoid a default on the April 2021 notes. Fitch thinks
that short of completing the exchange offer, ASRI would be left
with extremely limited options to repay the April 2021 notes given
the weak capital and credit market sentiment.

If the DDE is completed, Fitch will downgrade ASRI's IDR to
'Restricted Default' (RD), and re-assess the company's ratings in
line with its post-exchange capital structure. If the exchange is
unsuccessful, ASRI's ratings will be reassessed to reflect the
heightened near-term liquidity risks.

KEY RATING DRIVERS

Exchange Offer Constitutes a DDE: The transaction contemplates
exchanging at least 85% of ASRI's outstanding bonds due 2021 and
2022 into longer-dated secured notes maturing in 2024 and 2025,
with a step-up coupon mechanism ranging from 6%-12% annually,
compared with a fixed coupon for the current notes. The new notes
would also allow ASRI to pay interest in-kind in the first six
months post-issuance. Fitch believes these amendments, combined
with the consent solicitation to remove restrictive covenants on
the outstanding notes, constitute a material reduction in terms.

Restructuring to Avoid Default: Fitch believes ASRI's ability to
raise new financing has weakened significantly since the onset of
the coronavirus pandemic-led economic downturn. The company's
refinancing plans previously included raising funds from domestic
banks to repay the April 2021 notes, which it completed in part in
1Q20, repaying USD60 million. However, ASRI has not been able to
raise the balance USD115 million through domestic banks, as credit
markets have become more selective following the escalation of the
pandemic.

Furthermore, ASRI had around IDR900 billion (around USD60 million)
of cash on hand at end-June 2020, which, together with its
expectation that the company will generate neutral free cash flow
in the next few quarters, means its internally generated funds will
be insufficient to meet the April 2021 repayment. Fitch has not
factored in any proceeds from the company's planned asset sales -
mainly its office building in Jakarta; The Tower - because the
project has not shown any meaningful sales over the last few years
amid a glut in office space, and carries high execution risks in
its view.

ESG - Governance: ASRI has an ESG Relevance Score of 4 for
Management Strategy due to its weak operational execution, which
has led to delays in conducting significant asset sales, such as
its office building in Jakarta's central business district. The
score has a negative effect on the credit profile and is relevant
to the ratings in conjunction with other factors.

DERIVATION SUMMARY

ASRI's Long-Term IDR of 'C' and the 'C' rating on its unsecured
notes reflect the company's announced exchange offer on its
outstanding unsecured notes, which Fitch believes constitutes a
DDE.

KEY ASSUMPTIONS

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

  - Attributable property pre-sales of IDR2.0 trillion in 2020 and
IDR2.3 trillion in 2021 (2019: IDR2.1 trillion)

  - EBITDA margin of around 35%-40% in 2020-2021 (2019: 52%)

  - ASRI to spend around IDR200 billion on discretionary land
banking annually in 2020-2021 (2019: IDR423 billion)

  - Cash flow from operations marginally negative-to-neutral in
2020-2021 (2019: IDR583 billion)

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes ASRI will be liquidated in a
bankruptcy rather than continue as a going concern because it is an
asset-trading company

  - To estimate liquidation value, Fitch assumes a 75% advance rate
against the value of accounts receivable and a 50% advance rate
against inventory, investment properties and fixed assets. Fitch
believes the company's reported land bank value, which is based on
historical land cost, is at a significant discount to current
market value and, thus, is already conservative. Based on 2Q20
financials, the average book value of the land was around
IDR560,000/square metre (sqm), significantly lower than the
residential land lot price at Serpong of around IDR11 million/sqm
and IDR4.4 million/sqm at Pasar Kemis in 1H20.

  - Fitch assumes that ASRI's approximately IDR1 trillion of
secured bank loans outstanding as of June 2020 will rank prior to
its USD485 million senior unsecured notes in a liquidation

  - Fitch deducts 10% of the resulting liquidation value for
administrative claims

  - The estimates result in a recovery rate corresponding to an
'RR1' Recovery Rating for ASRI's senior unsecured notes.
Nevertheless, Fitch rates the senior notes at 'C' with a Recovery
Rating of 'RR4' because under its Country-Specific Treatment of
Recovery Ratings criteria, Indonesia falls into 'Group D' of
creditor friendliness. Instrument ratings of issuers with assets in
this group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade: - There are no upgrade sensitivities at this
time; Fitch will reassess ASRI's capital structure and cash flow
after the completion of the exchange offer to determine its
Long-Term IDR. Factors that could, individually or collectively,
lead to negative rating action/downgrade: - Fitch will downgrade
ASRI's Long-Term IDR to 'RD' (Restricted Default) if the exchange
offer is completed, and thereafter re-assess the company's IDR
based on its post-exchange capital structure.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: ASRI had around IDR900 billion of cash as of
end-June 2020, compared with around IDR1.8 trillion of debt
maturing in the next 12 months, including the USD115 million
(IDR1.6 trillion) notes maturing in April 2021. Fitch does not
expect ASRI to be able to generate sufficient operating cash flow
to repay the 2021 notes. The company's access to capital and credit
markets has weakened significantly in the current environment, such
that the proposed exchange offer is key to repaying its USD115
million notes due April 2021 and USD370 million notes due April
2022, in its view.

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

ASRI has an ESG Relevance Score of '4' for Management Strategy.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. ESG issues are credit neutral
or have only a minimal credit impact on the entity, either due to
their nature or the way in which they are being managed by the
entity.



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

AIRASIA GROUP: To Shut Down Operations in Japan
-----------------------------------------------
Nikkei Asian Review reports that Malaysia-based AirAsia Group,
owned by aviation tycoon Tony Fernandes, is shutting down its Japan
operations with an announcement slated for early next week, as the
region's largest no-frills carrier struggles with grounded aircraft
while most international borders remain closed as a result of the
coronavirus pandemic.

A source close to the company told Nikkei that AirAsia's directors,
who met on Sept. 28 at the airline's headquarters near Kuala Lumpur
International Airport, have decided to wind up the operations of
AirAsia Japan -- a joint venture between AirAsia and Japanese
partners.

AirAsia Japan has informed the Aichi local government of its
intention to give up the business, Kyodo reported on Sept. 30
citing an unnamed official, Nikkei relays. The company has two
aircraft based at Nagoya Chubu Centrair International Airport in
Aichi.

According to the airline's stock exchange filing last month,
AirAsia has an equity interest of 66.91% in AirAsia Japan with
voting rights of 33%. The Japanese partners in the company include
the country's leading e-commerce player Rakuten, Octave Japan
Infrastructure Fund, cosmetics maker Noevir Holdings and sports
equipment manufacturer Alpen.

"An announcement is expected next Monday" and the Japanese
operation "will be closed down," said the source, who cannot be
named as the information is private, Nikkei relays.

Nikkei relates that the person said factors contributing to the
decision include that AirAsia Japan stopped selling tickets earlier
this month, lack of demand and gloomy prospects for travel in
Japan.

AirAsia had previously failed in its maiden attempt to establish a
low-cost carrier in Japan, Nikkei notes. Its joint-venture with ANA
Holdings' All Nippon Airways fell through just over a year after
the original AirAsia Japan was launched in August 2012. ANA
purchased AirAsia's stake in the carrier to operate as wholly-owned
budget carrier Vanilla Air. The current incarnation of AirAsia
Japan was launched in 2017.

In an interview with Nikkei in July, Mr. Fernandes revealed that
AirAsia needs to raise MYR2 billion ($480 million) in the next six
months to be in a "very comfortable" position, and was already on
the way to securing MYR1 billion at that time.

"At MYR1 billion, we are comfortable," Nikkei quotes Mr. Fernandes
as saying in his Kuala Lumpur office. "But if we can raise 2
billion ringgit, we would be in a very comfortable position," he
added. The airline is aiming for a portion of the funding to come
from a rights issuance expected to be completed within four months
from now. According to Mr. Fernandes, the new shares would be
subscribed to by a third-party investor.

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.



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

AIR NEW ZEALAND: Draws Down From Government Loan
------------------------------------------------
Radio New Zealand reports that Air New Zealand has drawn about
NZD110 million from the government's standby loan aimed at helping
the carrier through the pandemic.

The government gave the airline a NZD900 million standby loan in
March when Covid-19 hit, closing borders and ending virtually all
international air travel, RNZ says.

According to RNZ, the airline's chair Dame Therese Walsh said at
its annual meeting it has about NZD1 billion in reserves, including
the government loan, which it has started to tap into.

"We have recently drawn down on a portion of the loan and will
continue to draw incremental amounts on an as needed basis to
ensure we are not paying more interest than necessary."

The two-year loan has interest rates of up to 9 percent, and in
certain circumstances gives the government the right to increase
its current 52 percent shareholding, RNZ says.

"The facility was always intended to provide the necessary time for
the airline to reposition its operations and facilitate the
implementation of a long-term capital structure," the report quotes
Ms. Walsh as saying.

According to RNZ, a review of the carrier's financial structure
should be done by early next year and barring any material
deterioration in outlook the airline would look to raise extra
capital by the middle of next year.

The airline made a record annual loss of NZD454 million largely
because of asset writedowns and restructuring costs, as it made
close to a third of its staff redundant, cut costs, and grounded a
major part of its long haul international fleet, RNZ discloses.

RNZ relates that Ms. Walsh said the airline was burning cash at a
rate between NZD65-85 million a month, driven in the past two
months by further redundancy costs, refunds, and fuel hedges, and a
further loss this year was on the cards.

According to RNZ, Chief executive Greg Foran said the airline would
remain under pressure for some time but in the near term it would
be a smaller, domestic focused airline.

He said the strong demand for tickets when restrictions were lifted
recently was gratifying, the report relays.

Based in Auckland, Air New Zealand Limited operates scheduled
passenger flights to 20 domestic and 32 international destinations
in 20 countries, primarily around and within the Pacific Rim.

TANGO FINANCE: Burger King Owner Hopes to Wipe NZD133MM in Debt
---------------------------------------------------------------
Melanie Carroll at Stuff.co.nz reports that the owner of the Burger
King brand in New Zealand is proposing to wipe about NZD133 million
in debt it owes its creditors, to make it more attractive for
sale.

The restaurant chain is being sold as a going concern after
companies associated with the franchise operators were put into
receivership on April 14, Stuff says.

According to Stuff, the first receivers report into the business
failure said Burger King's owners faced financial pressures due to
its high secured debt, combined with the impact of the Covid-19
pandemic.

Burger King's parent shareholding companies Tango Finance, Tango
New Zealand Limited and Antares New Zealand Holdings Limited were
placed in receivership while Burger King's operator, Antares
Restaurant Group, was not.

The only realisable assets of the company were shares in Antares
Restaurant Group, owned by Antares New Zealand Holdings.

Stuff relates that one of the receivers, Brendon Gibson of
KordaMentha, said he expected the sale to be finalised to a local
buyer in a couple of weeks, with settlement in October or
November.

It was too early to reveal a price "as we finalise the sale, but
the banks will be facing a substantial shortfall".

He would not give any more details, Stuff notes.

"We've been running a sales process for a while now, run through
challenging times, but we're getting there," Stuff quotes Mr.
Gibson as saying.  "We're now in the process of trying to finalise
arrangements and we'll be making an announcement when we hopefully
sign a sale and purchase agreement."

Stuff says the buyer would take the Burger King network as it is.

The sale was of the shares in Antares Restaurant Group, which
operated the restaurants, employed the staff, held all the leases,
and dealt with suppliers and customers, the report notes.

A compromise deal to get the company's balance sheet sorted for
sale has been proposed for creditors by Antares Restaurant Group
chair Michelle Alexander and chief financial officer Steve
Browning, according to Stuff.

Under the deal, the three creditors would agree by October 7 to
accepting 1 cent in the dollar of the debt owed by Antares
Restaurant Group – NZD2.8 million to Tango Holdings (not in
receivership), NZD96.3 million to Tango NZ Ltd, and NZD33.7 million
to Antares NZ Holdings.

The three would also agree to forgive intercompany debt, Stuff
states.

In 2011, Antares was purchased by United States private equity firm
Blackstone Group, which manages over US$500 billion worth of
assets.

After financial pressures mounted earlier this year, Blackstone was
unwilling to provide additional funding and, as a result, the
secured debt holder called in receivers in April. The lenders, a
consortium of ANZ, ASB and Rabobank, were owed about $50 million,
Stuff discloses.

Stuff relates that a compromise agreed in May between Antares
Restaurant Group and its suppliers and landlords, along with
concessions made by the banks, allowed all but five of the Burger
King outlets to resume trading after the coronavirus level 4
lockdown ended.

"Put simply, without the support of the banks, the franchisor, the
suppliers and the landlords, the company would not have been able
to continue trading," Ms. Alexander said in the September 29
compromise document.

Under the May compromise, banks would turn over 50 per cent of
proceeds above $30 million if a sale managed to achieve that
amount, Stuff discloses.

"The receivers are running a process to sell the shares in the
company. Based on indicative bids received, the company has been
advised that there is no prospect that the banks will be repaid
their secured debt in full.

"When weighing up all factors, including the current balance sheet
insolvency of the company created by the guarantee in favour of the
banks, the company considers that it is in the best interests of
the company and its creditors to propose this compromise."

Antares Restaurant Group received NZD11.5 million of wage support
for 1918 workers, according to the Ministry of Social Development's
wage subsidy database, Stuff discloses.

Burger King opened in New Zealand in 1993, and had 83 restaurants
employing more than 2,600 staff.



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

WIRECARD AG: MAS Directs Wirecard to Cease Services in Singapore
----------------------------------------------------------------
The Monetary Authority of Singapore (MAS) announced on Sept. 30
that it has directed Wirecard entities in Singapore (Wirecard SG)
to cease their payment services in Singapore and to return all
customers' funds by Oct. 14, 2020.

"MAS has been monitoring the impact of Wirecard AG's insolvency on
the ability of Wirecard SG to continue providing payment services
in Singapore. MAS has closely engaged Wirecard SG in recent months
to safeguard the interest of Wirecard SG's customers. This includes
requiring Wirecard SG to keep customers' funds in banks in
Singapore and to assist customers to switch to alternative service
providers," the regulator said.

Wirecard SG has informed MAS that it is unable to continue
providing payment processing services to a significant number of
merchants. MAS has assessed that it is in the interest of the
public for Wirecard SG to cease its payments services and promptly
return all customers' funds. This provides the greatest certainty
to customers on their appropriate course of action, including
seeking alternative service providers.

With the cessation of Wirecard SG's payments services in Singapore,
credit card payments at merchants using Wirecard SG's services, as
well as usage of pre-paid cards issued by Wirecard SG, will be
affected. Other forms of e-payments such as NETS, PayNow and SGQR
continue to be available. Customers who have not yet made
alternative arrangements are encouraged to do so promptly, MAS
added.

Wirecard collapsed into insolvency in June after admitting that
about EUR1.9 billion in cash was missing from its accounts. The
Financial Times last year reported allegations of fraud at
Wirecard's Asia headquarters in Singapore, prompting a police raid
at the company's offices and the launch of a criminal
investigation.

In July, Singapore expanded its probe by launching a criminal
investigation into two companies with ties to the German fintech,
the FT recalls. It also charged a Singaporean businessman involved
in one of these companies with falsification of accounts. He is
accused of playing the role of trustee for fake bank accounts,
which Wirecard told auditors were filled with cash, according to
the FT.

After Wirecard's collapse in June, the MAS required it keep
customer funds derived from activities on the island in segregated
accounts with Singapore's banks.

Wirecard was not regulated by the MAS and required no licence to
operate in the jurisdiction when the FT first reported fraud
allegations at the group's Singapore offices. A new payment
services act with an expanded breadth of coverage came into force
in January. Wirecard has since been operating under a grace period
for companies involved in activities now subject to regulation in
order for them to apply for an MAS licence, the FT states.

Wirecard AG offered Internet payment and processing services. The
Company provided software and systems for online payment,
electronic funds transfer, fraud protection and enterprise
solutions. Wirecard also offered call center services.


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

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

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

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