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

                     A S I A   P A C I F I C

          Wednesday, October 7, 2020, Vol. 23, No. 201

                           Headlines



A U S T R A L I A

BLOODY MARY: DuncanPowell Appointed as Liquidator
CREW ON DECK: Jirsch Sutherland Appointed as Administrators
WHITE MCKINNON: Second Creditors' Meeting Set for Oct. 14


C H I N A

SHIMAO GROUP: Moody's Affirms Ba1 CFR, Alters Outlook to Positive


I N D I A

ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating
AMG ROTANA: CRISIL Migrates Rating on INR6cr Cash Loan to B/Stable
BRIGHT SHAFT: CARE Lowers Rating on INR3.75cr Loan to C
CAPTAB BIOTECH: CARE Keeps D Debt Rating in Not Cooperating
DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating

HOTEL HANS: CRISIL Cuts Rating on INR60cr Term Loan to B+/Negativ
INDIA SPORTS: Insolvency Resolution Process Case Summary
INVENTION INDIA: CRISIL Withdraws D Rating on INR6cr Loan
JAGANNATH TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating
JSW STEEL: Fitch Rates USD Senior Unsecured Notes BB-

JSW STEEL: Moody's Rates Proposed Sr. Unsec. Notes Ba2, Outlook Neg
LANDSCAPE REALITY: CRISIL Lowers Rating on INR67cr Loan to D
MOZARO TILES: CRISIL Migrates B+ Debt Ratings to Not Cooperating
NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
P. RAJAGOPAL: CRISIL Migrates D Debt Rating to Not Cooperating

PROAGRI SEEDS: CARE Lowers Rating on INR8.5cr Loans to C
R.G.R. EDUCATIONAL: CARE Cuts Rating on INR10cr LT Loan to D
RAJENDRA RICE: CARE Lowers Rating on INR6.0cr LT Loan to C
RAM SOLVEX: CARE Lowers Rating on INR18.75cr LT Loan to B-
RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category

RICHU MAL: CARE Lowers Rating on INR5.0cr LT Loan to C
S TEN LIGHTING: CRISIL Migrates D Debt Ratings to Not Cooperating
S.R. CASHEWS: CRISIL Migrates D Debt Rating to Not Cooperating
SAI INTERNATIONAL: CRISIL Cuts Rating on INR18cr Loans to B
SINGLACHERRA TEA: CARE Lowers Rating on INR11.56cr Loan to C

SPICY HUB: CRISIL Keeps B+ Debt Ratings in Not Cooperating
STERLING HABITATS: CRISIL Reaffirms D Rating on INR50cr NCDs
SUKHMANI HOLIDAYS-INN: CARE Keeps D Rating in Not Cooperating
SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
VAG BUILDTECH: CRISIL Moves D Debt Ratings to Not Cooperating

VIJIT INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
WOMEN'S NEXT: CARE Keeps D Debt Rating in Not Cooperating
WOODVILLE PALACE: CARE Lowers Rating on INR17.18cr Loan to C


I N D O N E S I A

ASURANSI JIWASRAYA: Indonesia Injects US$1.5BB to Save Insurer


M A L A Y S I A

AIRASIA GROUP: Ceases Operations in Japan


N E W   Z E A L A N D

AVANTI RMBS 2020-1: Fitch Gives 'B(EXP)sf' Rating to Class F Notes
DEBUT HOMES: Director Breached Duties, Supreme Court Rules


P H I L I P P I N E S

[*] Harnessing Digital Tech Can Help Overcome Impact of Pandemic


S I N G A P O R E

SEN YUE: Unit Receives Another Letter of Demand from SP Group
SINGAPORE: Proposes Programme to Simplify SME Debt Restructuring


S O U T H   K O R E A

DOOSAN GROUP: Chairman Sells Stake in Fuel Cell Unit

                           - - - - -


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

BLOODY MARY: DuncanPowell Appointed as Liquidator
-------------------------------------------------
Bension Siebert at ABC News reports that a prominent Adelaide
hotels syndicate that did secret deals with major breweries over
access to an Adelaide pub's beer taps has fallen into liquidation.

In May, the Supreme Court ordered Bloody Mary Group directors Brett
Viney and Matthew Mitchell to pay AUD383,000 to their former
Windmill Hotel business partners, Michael and Nicholas Crouch, ABC
recalls.

According to ABC, Justice Sam Doyle ruled that Mr. Viney and Mr.
Mitchell had conveyed false representations by concealing lucrative
deals -- for access to the hotel's beer taps -- from the Crouches.

The hotel, which was later sold, had been making significant losses
while rebates for the pub's beer taps flowed to the Bloody Mary
Group, according to the court judgment.

Now, the Bloody Mary Group has fallen into liquidation, according
to a notice published on corporate regulator ASIC's website, ABC
relates.

Forensic services firm DuncanPowell has been appointed to wind up
the company, ABC discloses.

According to ABC, partner Chris Powell said the AUD383,000 in
damages had yet to be paid to the former business partners.

ABC relates that Mr. Powell said neither the Bloody Mary Group nor
its directors had enough assets to pay such a sum.

"We don't believe they have assets to pay any substantial
liability."

He added that an appeal had been lodged against the judgement, but
that it would not go ahead until such time as the appellants can
pay a security deposit, ABC relays.

According to ABC, the Bloody Mary Group had been a significant
player in the South Australian hotels industry, managing staff and
negotiating pricing with liquor suppliers for a series of hotels.
But several of those businesses collapsed while under the Bloody
Mary Group's management.

They include the historic Archer Hotel in North Adelaide and the
Kincraig in Naracoorte - both of which have since reopened under
new management.

"Bloody Mary Group . . . enabled better deals in terms of
purchasing liquor [and] managing staff when it was operating at its
full capacity," ABC quotes Mr. Powell as saying.

On Oct. 2, Mr. Viney and Mr. Mitchell's Norwood restaurant and bar
business, Stone's Throw, also collapsed, ABC discloses.

The liquidation of that business is also being managed by
DuncanPowell, the report notes.

The report relates that Mr. Powell said Stone's Throw owes about
AUD500,000 to the Australian Tax Office and approximately
AUD500,000 to other creditors.

He said there was now a "substantial shortfall", meaning not enough
assets left to pay the debts.

An auction of plant and equipment from Stone's Throw is expected
within a fortnight, adds ABC.

CREW ON DECK: Jirsch Sutherland Appointed as Administrators
-----------------------------------------------------------
Trent Andrew Devine and Peter John Moore of Jirsch Sutherland were
appointed as administrators of Crew on Deck Pty Ltd on Oct. 6,
2020.

WHITE MCKINNON: Second Creditors' Meeting Set for Oct. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of White McKinnon
Pty Ltd has been set for Oct. 14, 2020, at 10:30 a.m. via zoom
video conferencing.

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. 13, 2020, at 5:00 p.m.

Sule Arnautovic and Bradd William Morelli of Jirsch Sutherland were
appointed as administrators of White McKinnon on Sept. 11, 2020.




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

SHIMAO GROUP: Moody's Affirms Ba1 CFR, Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has revised the outlook on Shimao Group
Holdings Limited to positive from stable.

At the same time, Moody's has affirmed the Ba1 corporate family
rating (CFR) of Shimao.

"The change in outlook to positive from stable reflects our
expectation that Shimao's credit metrics will improve over the next
12-18 months, supported by its strong sales in the past 1-2 years
and its controlled debt growth," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

"In addition, the positive outlook reflects our expectation that it
will exercise prudent financial discipline while pursuing a
balanced growth in property development and non-property
development businesses," adds Yang, who is also Moody's Lead
Analyst for Shimao.

RATINGS RATIONALE

Shimao's Ba1 CFR reflects its (1) strong sales execution through
the property cycles, (2) good geographic coverage and product mix
with diversified land reserves, (3) large operating scale and
status as one of the top developers in China in terms of contracted
sales. The CFR also reflects Shimao's growing income from its
portfolio of quality investment properties and hotels, as well as
its track record of strong access to domestic and offshore
funding.

On the other hand, the rating is constrained by the company's
execution risk in its fast expansion in non-property development
business and ongoing funding needs associated with its business
growth, as well as its moderate credit metrics, although these
metrics are likely to improve gradually over the next 12-18
months.

Moody's expects Shimao will grow its contracted sales by around
10%-15% over the next 12-18 months, backed by its sufficient
salable resources for H2 2020 and 2021 and proven execution
capability. Its strong market position and access to funding also
position it well to benefit from the ongoing industry consolidation
amid tight credit conditions.

Shimao's contracted sales grew by 19% to RMB169 billion in the
first eight months of 2020 from the same period a year ago, despite
the impact from the coronavirus outbreak. The growth notably
outperformed the national sales growth of 4% during the same
period.

Moody's expects Shimao's leverage, as measured by revenue/adjusted
debt, will rise toward 90%-100% over the next 12-18 months from 75%
for the 12 months ended June 2020, supported by healthy revenue
growth following strong contracted sales in the past 1-2 years.

At the same time, its interest coverage, as measured by
EBIT/interest, will likely improve toward 4.5x-5.0x over the next
12-18 months from 4.1x for the 12 months ended June 2020, driven by
its revenue growth and stable profit margin.

In addition, Shimao's growing income from non-property development
businesses, including rental income from commercial buildings, and
profit from its property management business will enhance the
stability of its interest coverage. Moody's expects Shimao's
non-property development business will generate an income of around
RMB9.5 billion by 2021 from RMB6.2 billion in 2019, driven by the
scheduled completion of commercial properties such as retail malls
and fast-growing property management business.

Shimao's liquidity is good. Moody's expects the company's cash
holding, together with its cash flow from operating activities,
will be sufficient to cover its maturing debt and committed land
payment over the next 12 months. As of June 30, 2020, the company's
cash holdings of RMB69.9 billion could cover around 176% of its
maturing debt of RMB39.7 billion. Moreover, its strong access to
funding, including bank lending as well as onshore and offshore
capital markets, cushions it against any adverse market
conditions.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Shimao's prudent approach to financial
management, which has resulted in its stable financial profile.
Moody's has also considered the concentrated ownership of the
company by its key shareholder, Mr. Hui Wing Mau, who held a total
65% stake in the company as of June 30, 2020.

However, the company's established internal governance structures
and standards, as required under the Corporate Governance Code for
companies listed on the Hong Kong Stock Exchange, partly mitigates
the risk of such ownership concentration. It has three independent
non-executive directors (INEDs) out of a total seven board of
directors, and its board has established three committees with
specific written terms of reference to oversee aspects of the
company's affairs. All three committees are composed of INEDs
only.

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

Moody's could upgrade Shimao' ratings if it (1) sustains its sales
growth and profit margins while demonstrating strong financial
discipline; (2) maintains a strong liquidity profile, such that its
cash/short-term debt exceeds 150%; and (3) improves its credit
metrics, such that its adjusted EBIT/interest coverage rises above
4.5x-5.0x and revenue/adjusted debt exceeds 90%-95% on a sustained
basis.

Given the positive outlook, a downgrade of Shimao's rating is
unlikely. However, Moody's could change the outlook on the ratings
to stable if the company's (1) contracted sales growth is below
expectations, (2) liquidity position weakens, (3) aggressive land
acquisitions are funded using debt; or (4) credit metrics do not
trend towards or exceed the upgrade triggers over the next 12
months.

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

Shimao Group Holdings Limited is a Chinese property developer that
was listed on the Hong Kong Stock Exchange in July 2006. It
develops residential properties and owns a portfolio of investment
properties, including hotels. As of the end of June 2020, the
company, together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co., Ltd., held an attributable land
bank of 51.9 million square meters (sqm) in 135 cities in China.
Shanghai Shimao mainly develops commercial properties.



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

ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aditya
Auto Engineering private limited (AAE) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.75      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank       3.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 15, 2019, placed the
rating(s) of AAE under the 'issuer not cooperating' category as AAE
had failed to provide information for monitoring of the rating. AAE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 16, 2020 to
July 3, 2020, and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of
Aditya Auto Engineering Private Limited (AAE) takes into account
declining PBILDT margin and thin PAT margin during FY19 (refer to
the period from April 1 to March 31). However the rating continues
to be tempered by ongoing delays in debt servicing, modest scale of
operations, leverage capital structure and weak debt coverage
indicators and working capital intensive nature of operations. The
rating also continues to draw its strength from experienced
promoters.

Detailed description of the key rating drivers

Updated from the information available from Registrar of Company
Affairs (ROC)

Key Rating Weaknesses

* Ongoing delay in debt servicing: AAE has been facing liquidity
issues since November, 2018 and the account has been restructured
in March, 2019. There are on-going delays in servicing of interest
and devolvement of Letter of Credit for over few months till July,
2019.

* Working capital intensive nature of operations: The operating
cycle of the company stood elongated at 117 days in FY19 as against
111 days in FY18. The average inventory period stood at 184 days in
FY19 as against 180 days in FY18. Further, the average collection
period deteriorated and stood at 38 days in FY19 as compared to 32
days in FY18. Furthermore, the average creditor days stood at 105
days in FY19 Leveraged capital structure and weak debt coverage
indicators.  The capital structure of the company deteriorated and
stood leveraged with overall gearing ratio at 6.45x as on March 31,
2019 as against 5.59x as on
March 31, 2018. The debt equity ratio of the company also
deteriorated and stood at 2.50x as on March 31, 2019 as against
1.35x as on March 31, 2018. The debt coverage indicators stood weak
during the review period. The TD/GCA remained weak at 29.35x in
FY19 as compared to 16.18x in FY18 due to significant decline in
GCA during FY19. The Interest coverage ratio deteriorated and stood
at 1.38x in FY19 compared to 1.52x in FY18 due to decline in the
PBILDT.

* Modest scale of operations with declining PBILDT and thin PAT
margins: The TOI has improved from INR68.82 crore in FY18 to
INR69.22 crore in FY19. The PBILDT margin of the company declined
from 6.80% in FY18 to 5.23% in FY19 on back of increase in employee
costs and other expenses during FY19. Further, the PAT margin stood
thin declining from 0.50% in FY18 to 0.01% in FY19 on the back of
decrease in PBILDT albeit decline in interest costs.

Key Rating Strengths

* Experienced promoters: AAE, incorporated in the year 2009,
benefits from its promoters' extensive experience in the
engineering industry. Mr. Gopala Reddy, MD has around20 years of
experience in the industry and has previously worked with Hyva
India and Kailash Auto Pvt. Ltd. He is ably supported by Mr. S P
Velmurugan who has more than 15 years of experience in the
industry.

Aditya Auto Engineering Pvt Ltd. (AAE) was incorporated as a
private limited company in the year 2009 by Mr. Gopala Reddy B. The
company is engaged in the business of manufacturing of Auto
Mechanical Support Systems like bodies of Tippers, Trailers,
Lorries, Cement Carriers, Granite Carriers, Oil Tankers and Water
Tankers etc. The company is also undertaking job works of body
building works on behalf of M/s Hyva India Pvt. Ltd., M/s Scania
Commercial Vehicles India Pvt Ltd. etc. who are engaged in similar
activities.

AMG ROTANA: CRISIL Migrates Rating on INR6cr Cash Loan to B/Stable
------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of AMG Rotana Motor LLP (AMG)
to 'CRISIL D Issuer Not Cooperating'. However, the management has
subsequently started sharing requisite information, necessary for
carrying out comprehensive review of the rating.  Consequently,
CRISIL is migrating the rating on bank facilities of AMG from
'CRISIL D Issuer Not Cooperating' to 'CRISIL B/Stable'.

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

The upgrade reflects track record of timely servicing of debt
obligation since December 2019.

The rating continues reflects below-average financial risk profile
and exposure to geographic concentration. These weaknesses are
partially offset by the extensive experience of partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Total outside liabilities
to tangible networth was at 3.36 times as on March 31, 2020.

* Exposure to geographic concentration: The firm's operations are
concentrated in Vadakara and is exposed to geographic
concentration.

Strength

* Extensive experience of partners: The partners have more than a
decade experience in dealership business.

Liquidity Stretched

Bank limit utilisation is high at around 95 percent for the past 12
months ended August 2020. Cash accrual are expected to be over
INR0.2 crores which are sufficient against term debt obligation of
INR0.05-0.1 crores over the medium term.

Outlook: Stable

CRISIL believes that AMG will benefit from the established market
position, over the medium term

Rating Sensitivity Factor

Upward factor

* Improvement in revenue and sustenance of operating margin
* Improvement in liquidity profile with higher cushion in bank
limits and net cash accruals of more than 0.3 crores

Downward factors

* Decline in scale of operations and operating margin
* Capital withdrawal.

AMG was founded in December 2016, by Mr. abdul with other 3
director Mr. Abdul, Mr Abdul Rehman, Mr Aagishad. The company is an
authorised dealer of HYUNDAI passenger cars in Kutiadu, Vadakara.

BRIGHT SHAFT: CARE Lowers Rating on INR3.75cr Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bright Shaft Industries (BSI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        3.75      CARE C; Stable; Issuer Not
   Facilities                      Cooperating Revised from
                                   CARE B+; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

   Short term Bank       3.25      CARE A4; Issuer Not Cooperating
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2019 placed the
rating of BSI under the 'issuer non-cooperating' category as BSI
had failed to provide information for monitoring of the rating. BSI
continues to be noncooperative despite repeated requests for
submission of information through e-mails dated September 3, 2020,
September 2, 2020 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

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

The ratings has been revised by taking into account
non-availability of requisite information and no due-diligence
conducted due to non-cooperation by Bright Shaft Industries with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, the ratings continue to remain
constrained by Small scale of operations with low proprietor's
capital base, Leveraged capital structure, Susceptibility of
margins to fluctuation in steel prices and Presence in a highly
competitive industry. The ratings, however, continue to take
comfort from experienced proprietor, Moderate profitability margins
and moderate operating cycle.

Detailed description of the key rating drivers

At the time of last rating on June 25, 2019 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

* Small scale of operations with low proprietor's capital base: The
scale of operations of the firm stood small as marked by total
operating income and gross cash accrual of INR30.64 crore and
INR0.67 crore for FY17 (FY refers to the period April 1 to March
31). Further, the proprietor's capital base stood small at INR2.07
crore as on March 31, 2017. The small scale limits the firm's
financial flexibility in times of stress and deprives it from scale
benefits. Further, the firm has achieved a total operating income
of ~Rs.44 crore for FY18 (based on provisional results).

* Leveraged capital structure: The capital structure of the firm as
marked by overall gearing ratio stood leveraged as on past three
balance sheet dates ending March 31, ' 15-' 17 owing to low
proprietors' capital base coupled with high reliance on external
borrowings to meet working capital requirements. Overall gearing
ratio stood at 3.53x as on March 31, 2017 as against 2.01x as on
March 31, 2016 mainly on account of higher utilization of working
capital limits as on balance sheet date. The average utilization of
working capital limits remained almost full for the period of 12
months ending June, 2018.

* Susceptibility of margins to fluctuation in steel prices: The
prices of raw materials are volatile in nature. With absence of any
long term supply contract; an upward movement in the raw material
prices may adversely affect the profitability of the company.

* Presence in a highly competitive industry: The spectrum of the
steel industry in which the company operates is highly competitive
marked by the presence of numerous players in India. Hence, the
players in the industry do not have any pricing power and are
exposed to competition on induced pressures on profitability. This
apart, its product being intermediary steel products is subjected
to the risks associated with the industry like cyclicality and
price volatility.

Key rating strengths

* Experienced proprietor: The overall operations of the firm are
being managed by Mrs. Raj Mehta. She has more than three decades of
experience in iron and steel industry through her association with
BSI.

* Moderate profitability margins: The profitability margins of the
company stood moderate for the past three financial years
i.e.FY15-FY17. PBILDT margin stood at 3.98% in FY17 as against
4.37% in FY16 mainly on account of high raw material cost. Further,
the PAT margin stood at around 1.40% for the past two financial
years i.e. FY16-FY17.

* Moderate operating cycle: The operating cycle of the firm stood
moderate at 44 days for FY17. The firm maintains inventory around
15-20 days in form of raw material inventory of in the form of raw
material for uninterrupted manufacturing process. Also, the firm
maintains minimum inventory in form of finished goods to meet
immediate demand of its customers. Entailing the same, resulted
into average inventory period of 25 days for FY17. The firm extends
a credit period of up to three months owing to competitive nature
of industry and receives a similar credit period from its
suppliers.

Faridabad, Haryana based Bright Shaft Industries (BSI) is a
proprietorship firm established in year 1986. The firm is managed
by Mrs. Raj Mehta. The firm is engaged in manufacturing of iron and
steel bright bars. The firm has manufacturing unit with the
installed capacity of 16000 tonnes per month as on July 30, 2018.
It procures its raw material iron and steel rounds from Rashtriya
Ispat Nigam Limited, Kuber Concast, and Khama Industrial
Corporation. The firm sells the products to auto component
manufacturing companies like PR Components Private Limited, Vishal
Engineers and Karan Engineering Works.

CAPTAB BIOTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Captab
Biotech Unit – II (CPB) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

   Long Term Bank       0.64       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank      3.50       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CPB to monitor the rating
vide letter dated September 10, 2020 and e mail communications
dated September 3, 2020, August 14, 2020 and numerous phone calls.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Captab Biotech Unit II bank facilities will
now be denoted as CARE C; Stable; ISSUER NOT COOPERATING/CARE D;
ISSUER NOT COOPERATING/ CARE A4;ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in August 1, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* On-going delays in servicing of the term debt obligation
There are ongoing delays in the servicing of the term debt
obligation. The delays are on account of weak liquidity position as
the firm is unable to generate sufficient funds in a timely manner
leading to cash flow mismatches.

* Exposure to regulatory risk and raw material price volatility:
Pharmaceutical industry is a closely monitored and regulated
industry and as such there are inherent risks and liabilities
associated with the products and their manufacturing. Regular
compliance with product and manufacturing quality standards of
regulatory authorities is critical for selling products across
various geographies. Furthermore, issues like price control of
essential medicines by the Government of India through the Drug
(Prices Control) Order, 2013, pose regulatory risk for the
Pharmaceutical industry. Furthermore, the key raw material required
for the manufacturing primarily includes API (Active
Pharmaceuticals Ingredients) that constitutes major portion of cost
of sales, hence the company remains susceptible to commodity price
variation risks.

* Partnership nature of constitution: CPB's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

* Presence in competitive and low value acute therapeutics which
limits the growth: The competitive pressure in the domestic
formulation market has been rising steadily. While on one hand,
this has been prompted by significant increase in investments by
domestic players in marketing efforts through expansion in field
force on the other hand, Multi-National Companies have also renewed
their focus on India. Hence, increasing competition and government
price control is expected to restrict margins. Furthermore, the
firm is present in low value therapeutics segment which restricts
the profitability. The firm has availed the moratorium offered by
RBI in light of Covid-19 for its interest payment obligations.

Key Rating Strengths

* Experienced promoters: The firm commenced operations in 2014 and
is currently being managed by Mr. Shubham Goel and Mr. Kapish Goel
as partners. The partners have a total work experience of four
years and five years respectively which they have gained through
their association with CPB only. Additionally, the partners are
supported by a team of experienced and qualified professionals
having varied experience in the technical, finance and marketing
fields.

Captab Biotech Unit - II (CPB) was established in 2014 as a
partnership firm. It is currently being managed by Mr. Kapish Goel
and Mr. Shubham Goel as partners. The firm is engaged in the
manufacturing of pharmaceutical formulations which are available in
the form of tablets, capsules, Eye Drops, Eye Ointments, Infusions
and Dry Syrups with a total installed capacity of manufacturing 15
crore tablets, 12 crore dry powder injections, 12 crore liquid
injections, 10.80 crore eye drops, 1.80 crore eye ointments, and
1.80 crore 100ml infusions per annum as on June 30, 2019.

DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DKM
Agencies Private Limited (DKM) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.30      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank       0.20      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 18, 2019, placed the
rating of DKM under the 'issuer non-cooperating' category as DKM
Agencies Private Limited had failed to provide information for
monitoring of the rating. DKM continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated September 8, 2020,
September 7, 2020, September 4, 2020 and September 3, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 18, 2019 the following were the
rating weaknesses:

* Ongoing delays in the servicing of debt obligation: There were
instances of delays in debt servicing on account of weak liquidity
position as the company is unable to generate sufficient funds in a
time manner.

DKM Agencies Private Limited (DKM) was incorporated in March 1999
and is currently being managed by Mr Sachin Malik and Ms Nainy
Malik. DKM is engaged in trading of food products such as food
chemicals, juices, dairy products, bakery products, frozen food,
etc, at its outlet located in Ludhiana, Punjab. DKM supply products
to various distributors spread all across India and also to
institutional customers. The company also has a group concern,
namely, DKM Enterprises which is a proprietorship firm established
in 2002 and is engaged in same business as DKM.

HOTEL HANS: CRISIL Cuts Rating on INR60cr Term Loan to B+/Negativ
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Hotel Hans Private Limited (HHPL) to 'CRISIL B+/Negative' from
'CRISIL BB/Negative'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Term Loan            60      CRISIL B+/Negative (Downgraded
                                from 'CRISIL BB/Negative')

The downgrade follows substantial pressure on liquidity. The
company has term debt obligation that will be due on September 25,
2020, and timely repayment of this remains highly critical;
especially in the absence of any funding support from the promoter
in form of unsecured loans or equity. However, rental income from
commercial properties is regular and will help partially meet the
debt obligation. Thus, debt repayment remains a key monitorable
over the medium term and CRISIL will continue to monitor this
event. Business recovery will take time due to travel restrictions
imposed following Covid-19, and fear of increase in infections.

Impacted by the Covid-19 pandemic, the hotels remains non
operations till August 2020 and now with opening of hotels going
forward improvement in business risk profile will be a key
monitorable.

The rating reflects HHPL's exposure to cyclicality and intense
competition in the hospitality sector, and average scale of
operations. These weaknesses are partially offset by the company's
established position and above-average financial risk profile.

Analytical Approach
Unsecured loans INR12.85 crore as on March 31, 2020) extended by
the promoter have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to cyclicality and intense competition: The hotel
industry is vulnerable to changes in the domestic and international
economies. As the cost of operating premium properties remains high
even during downtrends, cash flow from these are more susceptible
to economic downturns (in comparison to mid-scale or economy
hotels). Furthermore, intense competition may continue to constrain
scalability, pricing power and profitability. Prolonged low
occupancy will weaken the company's credit risk profile;
alternatively, faster reversal to normalcy may contain the extent
of deterioration. That said, ability to resume operational
stability and relief measures offered by the government will be key
monitorable.

* Average scale of operations: Revenue dropped to INR38.26 crore in
fiscal 2020 from INR41.91 crore in fiscal 2019 and is likely to
remain constrained over the medium term. The pandemic-led economic
slowdown led to occupancy levels dropping to its lowest during the
first four months of fiscal 2021 and the company's hotels have
remained non-operational since then; occupancy at all the three
hotels will be closely monitored.

Strengths
* Established position in the hospitality sector: The promoter's
experience of over four decades, strong understanding of local
market dynamics, and healthy relationships with suppliers and
customers should continue to support the business. The company's
hotels (Hotel Hans, Hotel Anya and Hotel Hans Coco Palms) are in
prime locations, which enable them to serve as both business and
holiday destinations. Thus, the combined average occupancy for all
three hotels was 70% during the seven months through March 2020.

* Above-average financial risk profile: Networth was estimated to
be large at INR61.8 crore as on March 31, 2020, while gearing
improved to 1.09 times from 1.15 times in the previous fiscal.
Gearing is expected to improve further because of debt repayment
and absence of any debt-funded capital expenditure. Debt protection
metrics were moderate, driven by declining interest obligation:
interest coverage and net cash accrual to total debt ratios stood
at 2.23 times and 0.10 time, respectively, in fiscal 2020 (2.83
times and 0.15 time, respectively, in fiscal 2019).

Liquidity Stretched
Liquidity is likely to remain weak over the medium term. Cash
accrual is expected to fall significantly amid the pandemic; it is
projected at INR2.2-2.4 crore in fiscal 2021, barely sufficient to
meet the yearly debt obligation of INR2.5 crore. The company
depends on rental income to service its debt repayment.
Furthermore, there is no working capital facility to aid liquidity.
Current ratio was 1.20 times as on March 31, 2020.

Outlook: Negative

HHPL's revenue, profitability and cash accrual are likely to remain
constrained by modest occupancy levels, leading to a stretched
liquidity over the medium term.

Rating sensitivity factors

Upward factors

* Occupancy levels increasing to more than 50%, leading to
substantial rise in revenue and generation of profit after tax, and
cash accrual of over INR4 crore
* Infusion of equity or unsecured loans to aid liquidity
* Significant improvement in financial risk profile, particularly
capital structure

Downward factors

* Delays in receipt of financial support from the promoter or in
executing the deleveraging plan, thereby weakening financial risk
profile, especially liquidity
* Prolonged weak demand resulting in operating losses

HHPL, incorporated in 1973 by Mr D R Vadera, owns and operates
4-star hotels in Delhi and Puri each, and a 5-star hotel in
Gurugram. It also owns 50% stake in Hansalaya Properties, a firm
that earns rental income from its properties in Delhi.

INDIA SPORTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: India Sports Flashes Private Limited

        Registered office:
        70-A/23, Third floor
        Rama Road, Industrial Area
        Najafgarh Road
        New Delhi 110015

Insolvency Commencement Date: September 28, 2020

Court: National Company Law Tribunal, Delhi, Court IV Bench

Estimated date of closure of
insolvency resolution process: March 27, 2021
                               (180 days from commencement)

Insolvency professional: Khem Chand Gupta

Interim Resolution
Professional:            Khem Chand Gupta
                         302, Padma Palace
                         86, Nehru Place
                         New Delhi 110019
                         E-mail: kcgupta.ip@gmail.com
                                 cirp.isfpl@gmail.com

Last date for
submission of claims:    October 17, 2020


INVENTION INDIA: CRISIL Withdraws D Rating on INR6cr Loan
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Invention
India (Exports) Private Limited (IIL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Foreign Bill         6       CRISIL D (ISSUER NOT COOPERATING;
   Discounting                  Rating Withdrawn)

   Letter of Credit     1       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Packing Credit       2.5     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Proposed Long        1.35    CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Rating Withdrawn)
   Loan Facility        
                                
CRISIL has been consistently following up with IIL 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 IIL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on IIL is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has Continue the
ratings on the bank facilities of IIL to 'CRISIL D/CRISIL D Issuer
not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of IIL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

IIL was incorporated in 1978 by Mr. Harbhajan Singh and Mr. Kulbir
Singh. Its plant in Sonipat (Haryana) has manufacturing capacity of
1.8 million readymade garments per annum. The company derives most
of its revenue from exports to Europe.

JAGANNATH TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Jagannath Traders -
Delhi (JT) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL has been consistently following up with JT 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 JT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JT is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JT
continues to be 'CRISIL D Issuer Not Cooperating'.

JT, based in Delhi, was established as a partnership firm between
Mr. Pawan Sharma and Mr. Jatin Sharma in 2014. It trades in dry
fruits, such as almonds, and herbs and spices, including cloves and
poppy seeds.

JSW STEEL: Fitch Rates USD Senior Unsecured Notes BB-
-----------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the proposed US dollar
senior unsecured notes to be issued by Indian steelmaker JSW Steel
Limited's (JSWS, BB-/Negative) US-based subsidiary Periama
Holdings, LLC (Periama).

The proposed notes are guaranteed by JSWS and are rated at the same
level as JSWS's Long Term Issuer Default Rating (IDR). The
guaranteed notes will rank pari passu with JSWS's senior unsecured
obligations. Although the notes are guaranteed to the extent of
125% of outstanding principal, Fitch considers it full and worthy
as it should cover 100% of principal payments plus all interest
accrued up to the point at which all principal is paid, as per
Fitch's criteria. Periama is wholly owned by JSWS, including an
indirect stake. The proceeds of the proposed notes will be used for
repayment of loans to JSWS, including interest, and for general
corporate purposes.

JSWS's gross debt/EBITDA leverage for the financial year ending
March 2020 (FY20) stood at 6.7x, higher than its negative rating
action threshold of 4.5x. Fitch estimates JSWS's gross leverage to
increase to 7.0x and free cash flow (FCF) to remain negative in
FY21, due to weak EBITDA as a result of the impact of the
coronavirus pandemic on domestic demand. Fitch also includes
potential outflows for the acquisition of assets in India under
insolvency proceedings.

Fitch expects leverage to improve to around 4.5x in FY22 and
decline further thereafter, due to higher EBITDA, controlled capex
and improved FCF. JSWS's deleveraging and improvement in its FCF
profile may take longer if industry conditions remain weak, capex
is higher than Fitch expects or an improvement in the performance
of acquired assets is delayed. This could indicate a weaker
financial profile and the risk is reflected in the Negative
Outlook.

KEY RATING DRIVERS

Periama Holds Some US Assets: Periama acts as a holding company for
JSWS's plate and pipe operations based in Baytown and coking coal
operations in West Virginia. The plate and pipe segment reported an
EBITDA loss of USD32 million in FY20 driven by inventory losses and
weak utilisation rates, overshadowing USD4 million of EBITDA from
the coking coal operations. Periama had borrowings of around USD960
million at end-June 2020, of which over USD800 million were loans
from JSWS. The repayment of intercompany loans from proceeds of the
proposed bond should boost liquidity at JSWS.

Weak 1QFY21; Gradual Improvement Seen: JSWS's reported consolidated
EBITDA declined by 64% yoy in 1QFY21, hit by a 25% fall in
standalone sales volumes, a 50% drop-in standalone unit EBITDA
margin, and losses overseas. However, the company's share of export
volumes rose to 57%, from 15%-25% normally. As a result, JSWS's
volumes fell much less than the 55% yoy drop in India's finished
steel consumption. Cost-efficient companies such as JSWS were able
to take advantage of the strong demand recovery in China to boost
exports to the country and elsewhere in the region.

Fitch expects Indian steel demand to contract in FY21. However,
volumes should continue to improve over the next few quarters, led
by rural consumption, and lead to better margins due to operating
leverage. Higher prices supported by the price rebound in China
should also drive margins in 2QFY21 and beyond. Hot-rolled steel
sheet prices in China have improved by around USD100/metric tonne
(mt) since April 2020, and Indian prices have started to tick up
since late-July, with a lag.

EBITDA Losses at Overseas Assets: JSWS's overseas operations, which
mainly comprise the plate and pipe mill in Baytown and a flat
steelmaking facility in Mingo Junction (Acero Junction), both in
the US, and the Aferpi rolling mill for long products in Italy,
were unprofitable in FY20 and continued to incur EBITDA losses in
1QFY21. The company has cut capex and is looking to reduce costs by
curtailing operations at Acero Junction until the electric arc
furnace is upgraded in 4QFY21. In Italy, the company is focusing on
certain profitable products, such as rails and grinding balls, to
improve profitability. Based on its efforts, JSWS expects positive
EBITDA from these assets by 2HFY21.

Bhushan Power Acquisition: JSWS received regulatory clearance to
acquire Bhushan Power and Steel Ltd (BPSL) on February 17, 2020.
However, the deal has been challenged in the Indian Supreme Court.
News reports indicate an enterprise value of around INR195 billion.
Fitch has assumed around INR45 billion of outflow from JSWS for the
purchase of a 49% stake in FY21. In addition, Fitch is likely to
consolidate, fully or proportionally, BPSL's debt and EBITDA for
calculating JSWS's leverage metrics, even in the absence of any
corporate guarantee from JSWS, due to BPSL's high strategic
importance for JSWS and joint-management control. Fitch intends to
fully consolidate BPSL's financials if JSWS is unable to find a
third-party partner.

Lower Capex Likely: JSWS has cut its consolidated capex to around
INR90 billion in FY21 and is focusing on certain projects that can
generate healthy earnings within a year or two to keep leverage in
check. These projects include completion of the expansion of its
crude steel capacity at its Dolvi plant by 5 million tonnes per
annum (mtpa) to 10mtpa, its pellet plant and cold-rolling capacity
expansion at Vijayanagar, some downstream product lines that should
improve the share of value-added products in overall sales, and
operation of seven newly acquired captive iron ore mines. Fitch has
assumed a limited capex increase in FY22 and FY23 based on its
expectation that JSWS will prioritise deleveraging over capacity
enhancement. However, the company scaled up its spending plans
significantly in 2018, and higher-than-expected capex remains a
significant risk to JSWS's credit profile.

Cost-Efficient Operations: JSWS has a strong market share in
southern and western India, where its plants are located, supported
by a gradually improving share of value-added products. JSWS's main
plant at Vijayanagar (12mtpa) was placed in the first quartile of
research group CRU's hot-rolled coil cost curve for 2019. This
lifted the weighted-average cost position of its steelmaking
operations, including plants at Dolvi and Mingo Junction, to a
level comparable with that of peers in the second quartile of the
cost curve. JSWS also ranks among the top-10 steel producers
globally, according to World Steel Dynamics, benefitting from
factors such as high yields and low labour costs.

Senior Unsecured Rating Unaffected: JSWS's secured debt/EBITDA, on
a consolidated basis, stood at around 3x in FY20. Fitch regards a
threshold of 2.0x-2.5x as the level at which unsecured creditors'
interests are materially subordinated to the interests of secured
or prior-ranking creditors. However, further bespoke recovery
analysis suggests average recovery prospects for senior unsecured
creditors. Therefore, Fitch rates the senior unsecured debt and
notes at the same level as the IDR.

DERIVATION SUMMARY

JSWS is rated higher than the 'b+' Standalone Credit Profile (SCP)
of Indian peer, Tata Steel Limited (TSL, BB-/Negative). TSL's SCP
factors in robust operations in India, but is dragged down by a
much weaker operating profile in Europe. TSL's Indian operation has
better vertical integration and a higher EBITDA margin than that of
JSWS. However, this is partly counterbalanced by JSWS's
cost-efficient operations. Fitch also estimates JSWS's total
debt/EBITDA leverage, after including acceptances and long-term
customer advances, will be lower than that of TSL for the next two
years.

JSWS is rated lower than ArcelorMittal S.A. (AM, BB+/Negative) and
EVRAZ plc (BB+/Stable). AM's business profile is stronger, as it is
the world's most diversified steel producer by product type and
geography and the world's largest steel company based on capacity.
AM also benefits from a solid level of vertical integration into
iron ore and a strong product mix, with more than half being high
value-added products. AM's leverage and coverage metrics are also
stronger. The higher rating of EVRAZ, a major Russian integrated
long-steel producer, reflects the integrated nature of its
operations, high self-sufficiency in raw materials and a
competitive cost profile; these underpin its higher EBITDA. EVRAZ
also benefits from lower leverage and higher coverage ratios. The
company's rating incorporates the higher-than-average systemic
risks associated with the Russian business and jurisdictional
environment.

JSWS is rated higher than United States Steel Corporation (US
Steel, B-/Negative), whose rating reflects Fitch's expectation that
its key steel end-markets, particularly automotive and energy, will
deteriorate in 2020. As a result, Fitch estimates much weaker total
debt/EBITDA leverage than the 7.4x in 2019. US Steel's scale in
terms of EBITDA and margin is also significantly lower than that of
JSWS.

KEY ASSUMPTIONS

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

  - Standalone sales volume to rise by a CAGR of 6% over FY21-FY23

  - Annual standalone EBITDA per tonne of around INR7,300 in FY21,
INR9,100 in FY22 and INR9,600 in FY23

  - EBITDA contribution from subsidiaries of INR5 billion in FY21
and around INR20 billion annually thereafter

  - Average annual consolidated capex of around INR95 billion over
FY21-FY23

  - Spending on acquisitions of INR60 billion in FY21.

RATING SENSITIVITIES

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

  - Lack of clear deleveraging path towards 4.5x total debt/EBITDA
leverage by FY22

  - Expectations of sustained negative FCF

  - EBITDA/ (interest paid) below 3.0x on a sustained basis

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

  - Fitch may revise the Outlook to Stable if performance is better
than the sensitivities for negative rating action.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: JSWS had cash and cash equivalents of INR119
billion at FYE20, and long-term debt maturities (including
long-term customer advances) of around INR75 billion. Fitch expects
JSWS to roll over its short-term acceptances and debt of INR210
billion, given its robust operating profile. Negative FCF in FY21
could pressure liquidity, but the company should be able to meet
its long-term debt repayment obligations by using cash freed from
draw down of available capex and working-capital facilities as well
as cutting of discretionary capex, should market conditions block
refinancing efforts. JSWS had an undrawn capex facility of INR57
billion and fund- and non-fund-based working facilities of INR105
billion as of FYE20.

JSWS is likely to rely on refinancing for its long-term debt
maturities in FY22 and FY23, which total over INR200 billion. Fitch
thinks a large drop in leverage and negative FCF should support the
company's refinancing efforts, but risks could rise if its
financial profile does not improve.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material Non-Standard Financial Adjustments:

1) Payment (FY20: INR40.5 billion) by Duferco S.A. under a
five-year advance payment and supply agreement for supply of steel
products has been treated as debt. The advance is interest-bearing
and the repayable amount will be adjusted by export of steel to
Duferco.

2) Acceptances, related to trade payables and payables for capital
projects, have been treated as debt (FY20: INR125.1 billion)

3) Unamortised upfront fees on borrowing (FY20: INR3.6 billion)
have been added back to debt.

4) Government tax incentive relating to earlier years (FY20:
INR4.7 billion) and one-off income from fees for assignment of
procurement contract (FY20: INR2.5 billion) have been excluded from
revenue.

5) Forex losses (FY20: INR8.3 billion) have been excluded from
operating costs. Interest on lease liabilities (FY20: INR2.5
billion) and depreciation of right of use assets (FY20: INR2.6
billion) have been treated as lease expenses and deducted from
EBITDA.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

JSW STEEL: Moody's Rates Proposed Sr. Unsec. Notes Ba2, Outlook Neg
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
senior unsecured notes to be issued by Periama Holdings LLC, a
wholly owned indirect subsidiary of JSW Steel Limited (JSW, Ba2
negative).

The outlook on the rating is negative.

"The proposed notes are backed by an unconditional, irrevocable
corporate guarantee from JSW up to 125% of the notes' face value,
and rank pari passu with the company's existing senior unsecured
debt. As a result, they are also rated at the same level as JSW's
Ba2 corporate family rating," says Kaustubh Chaubal, a Moody's Vice
President and Senior Credit Officer.

Proceeds from the issuance will be routed to JSW through the
repayment of an intercompany loan and are expected to be used to
repay existing indebtedness at JSW and for general corporate
purpose.

Proforma the proposed bond, JSW's leverage, as measured by
debt/EBITDA, will increase to 6.9x as of June 2020 from 6.5x
without the bond, although the increase in leverage maybe lower to
the extent the company applies the bond proceeds towards debt
reduction. Looking ahead, improving economic conditions in India
will drive a reduction in the company's leverage to 6.4x by March
2021, the metric will remain in breach of its 4.5x downgrade
trigger for its Ba2 CFR, supporting the negative outlook on the
rating.

RATINGS RATIONALE

The Ba2 CFR reflects JSW's large scale and strong position in its
key markets, competitive conversion costs -- resulting from its
efficient operations and use of the latest furnace technology -- as
well as good product and end-market diversification, given its
increasing focus on value-added products and retail sales.

Moody's expects steel consumption in India (Baa3 negative), JSW's
key operating market, to contract by at least 15% in the fiscal
year ending March 2021 (fiscal 2021) because of weak automotive and
manufacturing demand amid the pandemic, even as economic activity
slowly resumes in Q3 fiscal 2021 and infrastructure investments
rise.

"However, the impact on JSW will be modest due to its strong market
position and competitive cost structure," adds Chaubal, who is also
Moody's Lead Analyst for JSW.

JSW should be able to restore its metrics to appropriate levels by
fiscal 2023, considering its relatively strong business profile,
brand strength and technological capabilities, which will help it
sustain above-average profitability. However, the possibility of
second or third waves of virus infections or deeper economic costs
than expected pose downside risks to this recovery forecast.

The ratings also consider JSW's exposure to the inherently cyclical
steel industry, its limited -- although improving -- raw material
integration, its large capital expenditure needs in India, and its
loss-making international operations, which will limit free cash
flow generation over the next two years.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that tough economic
conditions in JSW's key markets will likely stay for an extended
period and that significant downside risks from the pandemic could
delay the company's recovery. The outlook also incorporates Moody's
expectation that JSW's credit profile will remain weak for a
prolonged period, with no meaningful recovery anticipated at least
over the next 18-24 months.

Liquidity

JSW's liquidity is weak. Moody's estimates that its cash
equivalents of USD1.2 billion as of June 2020, its cash from
operations of USD1.6 billion, the proceeds from the proposed USD
bond and its USD400 million-equivalent INR bond issuance will be
insufficient to meet its USD5.5 billion cash needs, which include
capital expenditure and debt (including short-term debt) maturities
over the period from July 2020 to December 2021.

Still, JSW will continue relying on short-term credit facilities
from Indian and multinational relationship banks to fund any
shortfall. The company also retains strong access to domestic and
international capital markets.

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

An upgrade of the ratings is unlikely over the near term, given the
company's stretched credit metrics. However, Moody's could change
the outlook to stable if JSW's leverage declines to 4.5x and
EBIT/interest coverage rises to 2.0x as market conditions improve.

Moody's could downgrade JSW's CFR if (1) the company's leverage
remains above 4.5x, EBIT/interest coverage stays below 2.0x or EBIT
margin falls below 12%, all on a sustained basis; or (2) its credit
metrics fail to improve in fiscal 2022. Specifically, downward
pressure could arise if JSW's leverage remains elevated because of
a large debt-financed acquisition that is not earnings accretive
and presents execution risks related to its timely and seamless
integration.

Any departure from Moody's expectation that JSW will restore its
financial profile and strengthen its liquidity will also pressure
the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Steel Industry
published in September 2017.

JSW Steel Limited is one of India's largest steel producers with an
installed steelmaking capacity of 18 million tons per annum (mtpa).
Its international operations comprise (1) 1.2 mtpa plates and 0.5
mtpa pipes mills in Texas; (2) a 3.0 mtpa hot rolling mill and a
1.5 mtpa electric arc furnace in Ohio; and (3) a 1.3 mtpa long
steel rolling facility in Piombino, Italy.

LANDSCAPE REALITY: CRISIL Lowers Rating on INR67cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Landscape Reality (LR) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan       67      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with LR for obtaining
information through letters and emails dated June 28, 2019, July 8,
2019 and July 12, 2019 and March 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 LR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LR is consistent
with 'Assessing Information Adequacy Risk'.

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

Set up in 2010 in Pune as a limited liability partnership firm, LR
is currently executing a residential project in Pune. The firm is
promoted by Dajikaka Gadgil Developers Pvt Ltd, which in turn
belongs to Gadgil family of Pune (promoters of PN Gadgil Jewellers
Pvt Ltd).

MOZARO TILES: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mozaro Tiles
LLP (MTL) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan       7       CRISIL B+/Stable (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Proposed Cash        4       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                 COOPERATING; Rating Migrated)

   Proposed Working     4       CRISIL B+/Stable (ISSUER NOT
   Capital Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MTL for obtaining
information through letters and emails dated September 14, 2020 and
September 19, 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 MTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MTL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MTL to 'CRISIL
B+/Stable Issuer not cooperating'.

MTL was set up in November 2017 and commenced operations in
February 2019. The partners are Mr Mukesh Kasundhra, Mr Divesh
Patel, Mr Pravin Kasundhra, and Mr Mahesh Thakar. The Morbi-based
firm manufactures wall tiles.

NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Navbharat Insulation
and Engg. Co. (NIEC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       2       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit          1.95    CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit      .90    CRISIL D (ISSUER NOT COOPERATING)
   Working Capital
   Term Loan            2.00    CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with NIEC 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 NIEC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NIEC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NIEC
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

NIEC, set up by Mr. R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.

P. RAJAGOPAL: CRISIL Migrates D Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of P. Rajagopal
and R. Saravanan (PRRS) to 'CRISIL D Issuer not cooperating'.

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

CRISIL has been consistently following up with PRRS for obtaining
information through letters and emails dated June 30, 2020 and July
28, 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 PRRS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PRRS is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of PRRS to
'CRISIL D Issuer not cooperating'.

PRRS is a proprietorship firm set up by Mr. P Rajagopal in December
2016. The project, Hotel Chendur Murugan, based in Tiruchendur,
began operations in.June 2019.

PROAGRI SEEDS: CARE Lowers Rating on INR8.5cr Loans to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Proagri Seeds (PAS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank facilities-      6.50      CARE C; Stable; ISSUER NOT
   Fund-Based-LT                   COOPERATING; Revised from
   Cash Credit                     CARE B; Stable; Issuer Not
                                   Cooperating; on the basis
                                   of best available information

   Bank facilities-      2.00      CARE C; Stable; ISSUER NOT
   Fund Based-                     COOPERATING; Revised from
   LT Proposed                     CARE B; Stable; Issuer Not
                                   Cooperating; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2019, has placed
the rating(s) of PAS under the 'issuer noncooperating' category as
Proagri Seeds had failed to provide information for monitoring of
the rating. CARE has been seeking information from the firm to
monitor the rating(s) vide e-mail communications/ letters dated
July 31, 2020, August 3, 2020, August 5, 2020 and August 7, 2020,
August 17, 2020, August 28, 2020, September 11, 2020, September 14,
2020 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.

The rating on the firm's bank facilities will now be denoted as
CARE C; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Proagri Seeds with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further the rating continues to remain constrained on
account of its small scale of operations with low net worth base,
weak financial risk profile, working capital intensive nature of
business, susceptibility to vagaries of nature and fragmented and
competitive nature of industry. The ratings, however, continue to
take comfort from the experience of partners and presence in the
agro cluster at Uttarakhand.

Detailed description of the key rating drivers

At the time of last rating on July 22, 2019, following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with low net worth base: The scale of
operations has remained small marked by total operating income and
gross cash accruals of INR11.31 crore and INR0.10 crore,
respectively, during FY16. Furthermore, the firm's capital base was
relatively small at INR3.08 crore as on March 31, 2016. The small
scale limits the company's financial flexibility in times of stress
and deprives it of scale benefits.

* Weak financial risk profile: The firm's profitability margins
have been historically on the lower side as marked by PBILDT and
PAT margins of 6.28% and 0.82% respectively for FY16 owing to the
limited value addition and intense market competition given the
highly fragmented nature of the industry. This apart, interest
burden on working capital borrowing also restricts the net
profitability of the company. The firm has low partners' capital
base against high depended on external debt to meet the working
capital requirement. Furthermore, the firm's debt coverage
indicators as marked by interest coverage and total debt to GCA
stood weak on account of low profitability as against debt levels.

* Working capital intensive nature of business: The business model
of PAS entails involvement of high working capital requirement. The
firm has high reliance on external borrowing to meet the working
capital requirements which resulted in almost full utilization of
its working capital limits for the past 12-month period.

* Susceptibility to vagaries of nature: PAS is engaged in the
business of agro products. As agro products are highly dependent on
the climatic conditions, thus the performance of PAS may get
adversely affected due to adverse weather conditions resulting into
lower availability of required commodities and volatility in price
movement.

* Fragmented and competitive nature of industry: The firm operates
in an industry characterized by high competition with presence of
few established players and a large number of unorganized players
in view of low investment and technological requirements. Intense
competition has a negative impact on margins of the seed processors
like NASP.

Key Rating Strengths

* Experienced partner: Incorporated in 2005, PAS has a track of
more than a decade of track record of operation and as on March 31,
2016. The firm is managed by Mr Baldev Raj Bhusri, Partner, who is
engaged in the field of processing of seeds has an experience of
around one and a half decade with his association with PAS and Om
Seeds private Limited(est. in 1999).

* Presence in the agro cluster at Uttarakhand: PAS is favourably
located in the vicinity of the major wheat & paddy-growing areas of
the country. Here, the firm has easy access to raw material and
also to farmers who germinate seeds for PAS. Its presence in the
region gives an additional advantage over the competitors in terms
of easy availability of the raw material as well as favourable
pricing terms. Owing to its location, it is in a position to save
on the freight component of incoming of raw material and outgoing
finished goods.

Uttarakhand-based Proagri Seeds (PAS), partnership firm, was
incorporated in 2005 by Mr Baldev Raj Bhusri and Mrs Sonia. The
entity is engaged in the processing of certified wheat and paddy
seeds in the domestic market. The seed processing unit of the firm
is located at U.S. Nagar, Uttarakhand, having a processing and
grading capacity of 8 Tonne Per Hour (TPH). After the procurement
of germinated foundation seeds from the farmers as its raw
material, the firm gets them certified from a seed certifying
agency. These certified seeds are graded and then sold majorly to
the wholesalers and distributors in Uttar Pradesh and Bihar,
Punjab, Haryana and West Bengal. PAS sells the certified seeds
under the brand name of 'Proagri Seeds'.

R.G.R. EDUCATIONAL: CARE Cuts Rating on INR10cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
R.G.R. Educational Trust (RGR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RGR to monitor the rating
vide e-mail communications dated May 2020 to September 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the trust has not provided the requisite information for
monitoring. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at
fair rating. The rating on R.G.R Educational Trust's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of
R.G.R Educational Trust takes into account of on-going delays in
the servicing of debt obligations.

Key Rating Weakness

* On-going delays: The trust is unable to generate sufficient cash
flows leading to strained liquidity position resulting in on-going
delays in meeting its debt obligations.

R.G.R Educational Trust (RGR) was established as a non-profit
making organization in the year 2010 (started its operation in
2011) by three trustees namely Mr. P. Rajamanickam, Mrs. R.
Gunavathi, and Mrs. R. Revathi. The trust runs two schools in the
name of RGR Matriculation Higher Secondary School and RGR
International School.

RAJENDRA RICE: CARE Lowers Rating on INR6.0cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajendra Rice and General Mills (RRGM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank facilities-      6.00      CARE C; ISSUER NOT COOPERATING;
   Fund-Based-LT                   Revised from CARE B; Stable;
   Cash Credit                     Issuer Not Cooperating; on the
                                   basis of best available
                                   information

   Bank facilities-      0.50      CARE C; ISSUER NOT COOPERATING;
   Fund Based-LT-                  Revised from CARE B; Stable;
   Term Loan                       Issuer Not Cooperating; on the
                                   basis of best available
                                   information

   Bank facilities-      0.50      CARE C/CARE A4; ISSUER NOT
   Fund Based-LT/                  COOPERATING; Revised from
   ST Proposed                     CARE B/CARE A4; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2019, has placed
the rating(s) of RRGM under the 'issuer non-cooperating' category
as Rajendra Rice and General Mills had failed to provide
information for monitoring of the rating. CARE has been seeking
information from the firm to monitor the rating(s) vide e-mail
communications/letters dated July 31, 2020, August 3, 2020, August
5, 2020 and August 7, 2020, August 17, 2020, August 28, 2020,
September 11, 2020, September 14, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, banker could not be contacted. The rating on the firm's
bank facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING/ CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Rajendra Rice and General Mills with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further the rating continues to remain constrained on
account of its small scale of operations, weak financial risk
profile, working capital intensive nature of operations, fragmented
and competitive nature of industry and regulatory policy risk. The
ratings, however, continue to take comfort from the experience of
partners and favourable manufacturing location.

Detailed description of the key rating drivers

At the time of last rating on July 22, 2019, following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations: Despite being operational for the past
three decades, the scale of operations remained small as marked by
a total operating income and gross cash accruals of INR25.42 crore
and INR0.18 crore respectively during FY15. Furthermore, the firm's
capital base was relatively small at INR1.90 crore as on March 31,
2015. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits.

* Weak financial risk profile: The financial risk profile of the
firm was weak characterized by growing scale of operations, low
profitability margins, leveraged capital structure and weak
coverage indicators. For the period FY13-FY15, the firm's total
operating income grew from INR13.91 crore to INR25.42 crore.
Furthermore, the PBILDT margin declined during the same period from
4.25% in FY14 to 3.50% in FY15 on account of low value addition and
highly fragmented and competitive nature of industry. However, high
financial charges and depreciation restricted the net profitability
of the firm below unity at 0.31% in FY15. The capital structure of
the firm deteriorated and continue to remained leveraged marked by
overall gearing ratio of 4.28x as on March 31, 2015 as against
3.24x as on March 31, 2014. The deterioration was mainly on account
of additional term loan taken for plant & machinery and high
dependence on external working capital borrowings for managing
working capital requirements
of the business. The debt service coverage indicators of the firm
remained weak in FY15 on account of high reliance on external
borrowings coupled with low profitability. The interest coverage
and total debt to GCA of the firm stood weak at 1.24x and 8.07x
respectively for FY15.

* Working capital intensive nature of operations: Operations of the
firm are working capital intensive in nature though the operating
cycle of company remained stood moderate at 87 days for FY15. The
firm procures paddy in the peak season during November to January
from agents and maintains inventory of raw material of around three
months for smooth running of its production processes and finished
goods to meet the immediate demand of its customers. The firm gives
credit up to one month to its customers. While it
procures the raw material mainly on cash basis and from some of its
suppliers it gets credit up to 30 days. On the balance sheet date
of FY15, the Inventory holding and payable period is high due to
the high procurement was done in the last quarter in FY15. The
working capital limits of the firm remain fully utilized during the
past 12 months ended June 30, 2016.

* Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very less
product differentiation. There are several small scale operators
which are not into end toend processing of rice from paddy, instead
they merely complete a small fraction of processing and dispose-off
semiprocessed rice to other big rice millers for further
processing. Furthermore, the concentration of rice millers around
the paddy growing regions makes the business intensely
competitive.

* Regulatory policy risk: The Government of India (GoI), every year
decides a minimum support price (MSP) of paddy which limits the
bargaining power of the rice millers over the farmers. Sale of rice
in the open market is also regulated by the government through the
levy system under which the rice millers have to first supply to
the government through Food Corporation of India (FCI) at the
predetermined prices. The millers can sell rice at the market rates
in the open market only after they fulfill the levy quota. Frequent
changes in the government policies regarding imposition of ban on
export and minimum export price are an inherent risk for all the
non-basmati rice processors.

Key Rating Strengths

* Experienced partners in processing of rice: The operations of
RRGM are currently being managed by three partners namely Mr Avtar
Singh his son Mr Tarsem Singh and Ms Surinder Kaur. Mr Avtar Singh
and Ms Surinder Kaur has three decades of experience in the rice
processing industry through association with RRGM. Mr Tarsem Singh,
has one and half decade of experience in rice business through
association with RRGM.

* Favorable manufacturing location: RRGM is mainly engaged in
milling and processing of rice. The main raw material (Paddy) is
procured from grain markets, located in Haryana, Delhi, U.P and
Bihar. The firm's processing facility is situated in Haryana which
is one of the highest producers of paddy in India. Its presence in
the region gives additional advantage over the competitors in terms
of easy availability of the raw material as well as favourable
pricing terms. RRGM owing to its location is in a position to cut
on the freight component of incoming raw materials.

Tohana-based, (Haryana) Rajendra Rice & General Mills (RRGM) was
established in 1986 as partnership firm by Mr Avtar Singh and his
sons, Mr Tarsem Singh and Ms Surinder Kaur sharing profit and
losses equally. RRGM is engaged in milling and processing of
basmati and Non-Basmati rice. The firm is also engaged in trading
of basmati rice. The firm procures the raw material (unprocessed
rice/de-husked paddy) mainly from grain markets in Haryana, Punjab
through commission agents and sells its product to export houses
located in Punjab, Haryana, Delhi and Mumbai.

RAM SOLVEX: CARE Lowers Rating on INR18.75cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shri
Ram Solvex (SRS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.75      CARE B-; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; Issuer not
                                   Cooperating; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 18, 2019, placed the
rating of SRS under the 'issuer non-cooperating' category as Shri
Ram Solvex had failed to provide information for monitoring of the
rating. SRS continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated September 14, 2020, September 11, 2020,
September 10, 2020 and September 9, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of highly fragmented agro
commodity industry characterized by intense competition and
constitution of the entity being a partnership firm.

Key Rating Weaknesses

* Highly fragmented agro commodity industry characterized by
intense competition: The commodity nature of the product coupled
with low barriers to entry makes the industry highly fragmented,
with numerous players operating in the unorganized sector with very
less product differentiation.

* Constitution of the entity being a partnership firm: SRS's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and the firm being dissolved upon the
death/retirement/insolvency of partners.

Punjab-based, Shri Ram Solvex (SRS) is a partnership firm which was
established in August 2005 and commenced its operations in December
2005. SRS is engaged in the extraction of rice bran oil and
processing of de-oiled cakes. The firm has two manufacturing
plants, out of which one is owned and the other is on lease basis.
The leased plant is taken from Sukhbir Agro Energy Ltd (SAEL) for a
period of five years (starting from November 2015) on lease.

RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of RG Royal Hotel &
Convention (RGHC) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL has been consistently following up with RGHC 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 RGHC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RGHC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RGHC
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2013 in Bengaluru as a proprietorship firm by Mr. Ravish
Gowda, RGHC operates a hotel with 65 rooms, 3 banquet halls, and 3
restaurants-cum-bar. The hotel, which became operational from April
2016, operates under the RG Royal brand.

RICHU MAL: CARE Lowers Rating on INR5.0cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Richu Mal Bishan Sarup (RMBS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank facilities-      2.50      CARE C; ISSUER NOT COOPERATING;
   Fund-Based-                     Revised from CARE B; Issuer Not
   LT Overdraft                    Cooperating; on the basis of
                                   best available information

   Bank facilities-      2.50      CARE C; ISSUER NOT COOPERATING;
   Fund-Based- LT                  Revised from CARE B; Issuer Not
   Overdraft                       Cooperating; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2019, has placed
the rating(s) of RMBS under the 'issuer non-cooperating' category
as Richu Mal Bishan Sarup had failed to provide information for
monitoring of the rating. CARE has been seeking information from
the firm to monitor the rating(s) vide e-mail
communications/letters dated July 31, 2020, August 3, 2020, August
5, 2020 and August 7, 2020, August 17, 2020, August 28, 2020,
September 11, 2020, September 14, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, banker could not be contacted.  The rating on the firm's
bank facilities will now be denoted as CARE C; ISSUER NOT
COOPERATING.

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

The ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Richu Mal Bishan Sarup with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further the rating continues to remain constrained on
account of its fluctuating and small scale of operations with low
net worth base, weak financial risk profile, working capital
intensive nature of business, highly competitive nature of industry
and low entry barriers. The ratings, however, continue to take
comfort from the experience of partners and long track record of
operations.

Detailed description of the key rating drivers

At the time of last rating on July 17, 2019, following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Fluctuating and small scale of operations coupled with low net
worth base: The scale of operations of the firm has remained small
and fluctuating. The total operating income has increased in FY13,
however, it declined in FY14 (refers to the period April 1 to March
31), mainly on account of lower quantity sold to local wholesalers.
The small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits.

* Weak financial risk profile: The overall financial risk profile
of the firm was weak marked by thin profitability margins,
leveraged overall gearing and weak debt coverage indicators. The
profitability margins remained thin for past three financial years
i.e. FY12- FY14 marked by PBILDT margin and PAT margin. The capital
structure of the firm stood leveraged during past three financial
years i.e. FY12-FY14 as marked by overall gearing.

* Working capital-intensive nature of operations: Operations of the
firm are highly working capital intensive marked by high average
operating cycle. Being present in a highly competitive business and
having low bargaining power with its customers the average credit
period allowed by the firm is around 2-3 months.

* Highly competitive industry & low entry barriers: The trading of
food and food product industry is highly fragmented with more than
two-third of the total number of players being unorganized. Due to
low entry barriers in the industry and low value added nature of
products, high competition is the inherent risk associated with the
industry.

Key Rating Strengths

* Experienced management & long track record of operations: The
firm is managed by Mr. Arun Gupta, Mr. Anurag Gupta and Mr. Ashish
Gupta who have work experience of around two decades with the
firm.

Uttarakhand-based Proagri Seeds (PAS), partnership firm, was
incorporated in 2005 by Mr Baldev Raj Bhusri and Mrs Sonia. The
entity is engaged in the processing of certified wheat and paddy
seeds in the domestic market. The seed processing unit of the firm
is located at U.S. Nagar, Uttarakhand, having a processing and
grading capacity of 8 Tonne Per Hour (TPH). After the procurement
of germinated foundation seeds from the farmers as its raw
material, the firm gets them certified from a seed certifying
agency. These certified seeds are graded and then sold majorly to
the wholesalers and distributors in Uttar Pradesh and Bihar,
Punjab, Haryana and West Bengal. PAS sells the certified seeds
under the brand name of 'Proagri Seeds'.

S TEN LIGHTING: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S Ten Lighting
(STL) to 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         3        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Long Term Loan      5.4      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with STL for obtaining
information through letters and emails dated June 30, 2020 and July
28, 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 STL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on STL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of STL to 'CRISIL
D Issuer not cooperating'.

Established in 2017, STL is promoted by Mr. Biren Shah and Mr.
Sujit Kapse. The firm is engaged in assembling of of
electrical/lighting products & components, LED Products.


S.R. CASHEWS: CRISIL Migrates D Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S.R. Cashews
(SRC) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          7.5     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SRC for obtaining
information through letters and emails dated June 30, 2020 and July
28, 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 SRC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SRC is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SRC to 'CRISIL
D Issuer not cooperating'.

Set up in 2006 as a partnership firm, SRC processes raw cashew nuts
and sells cashew kernels. The firm is based in Kollam, Kerala and
is promoted by Mr. SR Sreekrishnan and his brother Mr. SR
Sreemurugan.

SAI INTERNATIONAL: CRISIL Cuts Rating on INR18cr Loans to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sai
International - Bahadurgarh (SI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         4.75     CRISIL B/Stable (ISSUER NOT
                                COOPERATING; Revised from
                                'CRISIL BB-/Stable ISSUER NOT
                                COOPERATING')

   Term Loan          13.25     CRISIL B/Stable (ISSUER NOT
                                COOPERATING; Revised from
                                'CRISIL BB-/Stable ISSUER NOT
                                COOPERATING')

CRISIL has been consistently following up with SI 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 SI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SI Revised
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

SI, established in 2005, is a Bahadurgarh, Haryana-based
manufacturer and exporter of polyurethane footwear. It is a
partnership firm of Mr. Nishant Jagga and Mr. Vishal Jagga.

SINGLACHERRA TEA: CARE Lowers Rating on INR11.56cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Singlacherra Tea Company Private Limited (STCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       11.56      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B-; ISSUER
                                   NOT COOPERATING on the basis of

                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from STCPL to monitor the rating
vide email communications/letters dated September 3, 2020,
September 7, 2020 and September 10, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, Singlacherra Tea Company Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on STCPL's bank facilities will now be
denoted as CARE C; ISSUER NOT COOPERATING.

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

The rating has been revised on account of year on year loss
incurred by the company during last three years (i.e. FY17-FY19).
Further, due diligence could not be conducted.

Detailed description of the key rating drivers

At the time of last rating in July 1, 2019 the following were the
rating strengths and weaknesses: (Updated the information available
from Ministry of Corporate Affairs).

Key Rating Weaknesses

* Relatively small sized tea garden–lacking economies of scale:
The scale of operations remained small marked by total operating
income of INR0.77 crore with a net loss of INR0.23 crore in FY19.

* Pre and post implementation risk associated with large brownfield
project: STCPL has been developing the available aggregate area for
cultivation at aggregate project cost of INR 1839 lakh, being
financed at a debt equity ratio of 1.69:1. The present area under
cultivation is only 336.70 hectares and the company is developing
the balance 463.3 hectares of unutilised land at its garden.

* Susceptibility to vagaries of nature and Labour intensive nature
of business: Tea cultivation, besides being cyclical, is
susceptible to vagaries of nature. STCPL has its sole garden in
Assam, the largest tea producing state in India. However, the
region sometimes witnesses erratic weather conditions including
frequent floods in the past. Though demand for tea is expected to
have a strong growth rate, supply can vary depending on climatic
conditions in the major tea growing countries. Unlike other
commodities, tea price cycles have no linkage with the general
economic cycles, but with agroclimatic conditions. Therefore
adverse natural events have negative bearing on the productivity of
tea gardens in the region and accordingly STCPL is exposed to the
vagaries of nature.

Key Rating Strengths:

* Experienced promoters with strong management team: Mr Prahlad Rai
Chamaria, Mr Bijay Kumar Garodia and Mr Santosh Kumar Bajaj,
promoters of STCPL, are highly experienced in cement and power
industry, through the Barak group which has been in operations for
more than a decade. Mr Sushil Kumar Kothari (Director) having rich
experience of about three decades in diversified industries, looks
after the day to day affairs of the company, with adequate support
from a team of experienced professionals.

* Stable outlook of the tea industry: The demand for tea in India
(world's second biggest producer) has remained consistent as tea is
being consumed in over 90% of the households. The contribution of
small tea manufacturers are expected to increase in the coming
years and are projected to constitute around 50% of the country's
total tea production.

STCPL was incorporated in April 1962 for cultivation of tea at its
tea garden at Karimganj (Assam). The aggregate area available for
cultivation is 800 hectares. STCPL has been developing the
available aggregate area for cultivation at aggregate project cost
of INR1839 lakh, being financed at a debt equity ratio of 1.69:1.
The present area under cultivation is only 336.70 hectares and the
company is developing the balance 463.3 hectares of unutilised land
at its garden. Along with tea plantation, the company also proposes
to grow rubber and bamboo plants (to derive the benefits of
rubber-tea intercropping) in the proposed cultivable land within
the tea estate.

SPICY HUB: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Spicy Hub (SH)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          .18     CRISIL B+/Stable (ISSUER NOT
                                COOPERATING)

   Proposed Long        .07     CRISIL B+/Stable (ISSUER NOT
   Term Bank                    COOPERATING)
   Loan Facility        
                                
   Term Loan           5.75     CRISIL B+/Stable (ISSUER NOT
                                COOPERATING)

CRISIL has been consistently following up with SH for obtaining
information through letters and emails dated September 14, 2020 and
September 19, 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 SH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SH is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SH
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SH was set up in 2002 as an ethnic garden-cum-multi cuisine
restaurant in Dilsukhnagar (Hyderabad) by the proprietor, Mr Vijay
Kumar. The firm now has a restaurant, a food court, an ice cream
parlour, a sweet shop, a three-star hotel and banquet halls in its
property.

STERLING HABITATS: CRISIL Reaffirms D Rating on INR50cr NCDs
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the non-convertible
debentures (NCDs) of Sterling Habitats Private Limited (Sterling
Habitats).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Non Convertible       25.00      CRISIL D (Reaffirmed)
   Debentures-
   Series I LT          

   Non Convertible       25.00      CRISIL D (Reaffirmed)
   Debentures-
   Series II LT          

The rating continues to reflect the company's delays in debt
servicing and deteriorating debt protection metrics. Moreover, the
company has seen weak sales and is susceptible to the inherent
cyclicality in the real estate sector. However, it benefits from
the advanced stage of implementation of the Villa Grande project
and the strong track record of the parent, Sterling Developers Pvt
Ltd (Sterling Developers), in real estate development.


Analytical Approach
CRISIL has evaluated the Villa Grande project by factoring in the
project risk. The financial risk is evaluated separately based on
the NCD structure (the apartment funding structure) and its cash
flow.

Key Rating Drivers & Detailed Description

Weakness:
* Deterioration in debt protection metrics: Debt protection metrics
have weakened drastically mainly due to weak cash flow and high
internal rate of return (IRR) provision in the NCDs. The NCDs have
a committed IRR of 19% as redemption premium. Due to the extension
of the NCDs, the total redemption value will be more than INR110
crore. The debt is secured against the receivables from the 24
residential units under the company. The total sale value of these
units is much less than the amount required for servicing debt.

* Weak project saleability: Sterling Habitats holds 83,424 square
feet (sq ft) spanning 24 units in the Villa Grande project. Demand
risk is high, given the ultra-luxury nature of the project. Only 7
of the 24 units were sold until August 2020. There has been no
additional sale since then.

As per the terms of the NCDs, there was a lock-in period of one
year (until September 2016), during which no sales were required as
per the terms.

* Susceptibility to cyclicality in the real estate sector
The residential real estate segment remains under pressure. Players
have been facing headwinds for the past few years, primarily due to
weak demand and bearish consumer sentiment. This is reflected in
declining sales velocity and large inventory, pressure on prices in
select cities, and fewer project launches. Consequently, leverage
and refinancing needs have increased for developers and have been
met through expensive funding sources, adversely impacting credit
risk profiles.

Strengths

* Low implementation risk: Around 85% of the project is complete
and all the required approvals are in place. Around 175 units have
been sold. The NCD proceeds were used for project construction.
Given the advanced implementation of the project, the fund
requirement is now modest. Nevertheless, in the absence of funds,
no construction activity was undertaken in the past 12 months.

* Strong track record of the promoter: Sterling Developers has
developed over 22 lakh sq ft so far, and the parent's track record
will support the business risk profile of Sterling Habitats over
the medium term.

Liquidity Poor
There has been no sale since July 2019. Considering the slowdown in
sales and the sizeable unsold inventory, liquidity will remain
under pressure.

Rating Sensitivity Factors

Upward Factors
* Improvement in the financial risk profile by way of promoter
infusion of more than INR40 crore
* Sustainable increase in sales and cash flow.

Sterling Habitats is a special purpose vehicle formed by the
Bengaluru-based Sterling Developers, which holds 99.9% shares of
the company, with the remaining held by Mr Venkat Ramani Sastri and
Mr Gowri Shankar Sastri (nominees of Sterling Developers). Sterling
Habitats holds 83,424 sq ft in Villa Grande, a project of Sterling
Urban Developments Pvt Ltd, a group company of Sterling
Developers.

                             About the NCDs

Sterling Habitats has raised INR50 crore by issuing NCDs (Rs 25
crore each of Series 1 and 2 [Series 1 is senior to Series 2 NCDs;
Series 2 NCDs are listed]) through the apartment funding structure.
Repayment of these NCDs is expected to be funded through proceeds
from the sale of units held by Sterling Habitats in Villa Grande.
   
The terms of Series 1 NCDs have been modified and are the same as
those for Series 2 NCDs now. Series 1 NCDs have been reconstituted
as Series 1B. As per the earlier terms, Series 1 NCDs had defined
coupon and scheduled repayments. Series 2 NCDs had no defined
repayment schedule and were to be redeemed at maturity with an IRR
of 19%. Interest on the Series I NCDs has been serviced as per the
original terms until the time of reconstitution to Series 1B.

Following the revision of the terms, the Series 1, Series 1B and
Series 2 NCDs have the same terms and should be redeemed at
maturity with an IRR of 19%. The debentures also have a corporate
guarantee from Sterling Developers. The company had extended the
maturity date for the NCDs to March 31, 2021.

The sale of the acquired area after the lock-in period must be in
the ratio of 50:50 (investor [acquired area]: developer [balance
area]). At the end of the tenure, the NCDs have a put option at 19%
IRR or developer buyback value. The latter is defined as the value
of the project's unsold units at a price defined as the average of
the last 10 units sold or the last three months' average sale
price, whichever is higher, and the balance receivables from the
sold units, if any, at the end of the tenure.

SUKHMANI HOLIDAYS-INN: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukhmani
Holidays Inn Private Limited Private Limited (SHI) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.31      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2019, placed the
rating of SHI under the 'issuer non-cooperating' category as
Sukhmani Holidays-Inn Private Limited had failed to provide
information for monitoring of the rating. SHIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 8, 2020, September 7, 2020, September 4, 2020 and
September 3, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

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

Instances of delays in the servicing of debt obligation: There have
been instances of delays in the servicing of term debt obligation.

Sukhmani Holidays Inn Private Limited Private Limited (SHI) was
incorporated in June 2014 to acquire a running Chandigarh based,
Hotel Pearl, which was established in 2006 by Mr. Yash Pal Mahajan.
Currently, the hotel is managed by the promoters of SHI which
include Mr. Jagjeet Singh and Mrs. Harbhajan Kaur, as its
directors. SHI is engaged in running the hotel under the name
"Pearl" in Chandigarh having 34 rooms (Studio3, Deluxe- 19 and
Executive-11), 3 banquet halls and restaurant facilities.

SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Super
Infratech Private Limited (SIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.14      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank      10.74      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIPL to monitor the rating
vide e-mail communications/letters dated September 3, 2020,
September 7, 2020 and September 10, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, Super Infratech Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on SIPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in June 4, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* On-going delay in debt servicing: There are on-going delays in
debt servicing of the company.

Super Infratech Private Limited (SIPL) was incorporated in March
2001 by Mr. Sujit Bordoloi and Mrs. Tribeni Bordoloi. Since its
inception, the company has been engaged in civil construction
activities for state and central government in the segment like
construction of buildings, drains and roads. The company is
classified as Class - 1 contractor by Public Works Division, Assam
which indicates that the company can participate for higher value
contracts release by government departments. SIPL participates in
tenders and executes orders for the Public Works Department
(Dibrugarh), Central Public Works Department (Guwahati), etc.


VAG BUILDTECH: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vag Buildtech
Limited (VBL) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      10       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Credit         25       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Long       15       CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Rating Migrated)
   Loan Facility       
                                
CRISIL has been consistently following up with VBL for obtaining
information through letters and emails dated June 30, 2020 and July
28, 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 VBL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VBL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of VBL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

VBL, formerly known as Ecological Road Construction Pvt Ltd, was
incorporated in 2012, with the parent, SHEL holding a 72% stake.
The Mumbai-based company undertakes civil construction projects
related to buildings, roads, waste management, and solar power.

VIJIT INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vijit
International Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VIPL to monitor the rating
vide e-mail communications/letters dated Sept. 3, 2020, Sept. 7,
2020 and Sept. 9, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further,
Vijit International Private Limited has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The rating on VIPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 22, 2019 the following were the
rating strengths and weaknesses (updated the information available
from Ministry of Corporate Affairs).

Key Rating Weaknesses

* On-going delays in debt servicing: There are on-going delays in
the debt servicing of the company.

Vijit International Private Limited (VIPL) was incorporated in
October 2000 and it was taken over by Mrs. Prity Sharma and Mr.
Madhusudan Agarwalla in July 2015. The company is engaged in
trading of iron and steel products like coils, angles, channels,
pipes and TMT bar etc.

WOMEN'S NEXT: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Women's
Next Loungeries Limited (WNLL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 29, 2019, placed the
rating(s) of WNLL under the 'issuer non-cooperating' category as
Women's Next Loungeries Limited had failed to provide information
for monitoring of the rating. Women's Next Loungeries Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated September 11, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 24, 2019, the following were the
rating strengths and weaknesses:

Key rating Weakness

* Delay in servicing of debt obligation: As per banker interaction,
there are overdues in cash credit account and account is classified
as NPA.

Incorporated in December 2010 as Shiv Lingeries Private Limited by
Mr Bhavesh Bhanushali, & Mrs Premila Bhanushali and subsequently
converted to public limited company in 2012 with its name changed
to Women's Next Loungeries Ltd. (WNLL) and listed with Bombay Stock
Exchange in 2014. WNLL is engaged in the business of manufacturing
of lingerie, loungerie, pajamas, t-shirts and night suits and
trading of fabric. The company sells ~70% of products to Ashapura
Intimates Fashion Ltd.(AIFL) under their brand name of 'Valentine'
and rest is sold to its other distributors through organized retail
chains and distributors under the own brand name of 'Women's Next'
. Further company procures 65% of its total raw materials viz. grey
fabric and elastic from Momai Apparels Ltd. (subsidiary of AIFL)
and rest of the raw materials viz. buttons, buckles, hooks, etc.
from domestic suppliers. WNLL has manufacturing unit which is
located at Bhiwandi, Thane.

WOODVILLE PALACE: CARE Lowers Rating on INR17.18cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Woodville Palace Hotel (WPH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.18      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking for No default statements from WPH to monitor
the rating(s) vide email communications dated August 14, 2020,
August 7, 2020, August 5, 2020, August 3, 2020, July 31, 2020, July
16, 2020, July 7, 2020, July 3, 2020, July 1, 2020, June 15, 2020,
June 3, 2020, June 1, 2020, May 29, 2020, May 8, 2020, April 30,
2020 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the No default statement for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Woodville Palace Hotel's
bank facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

The rating has been revised by taking into account non- cooperation
by WPH with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The rating assigned to WPH
continues to remain constrained due to cyclical and seasonal nature
of hospitality industry and highly fragmented and competitive
nature of industry. The ratings, however, derive
strength from experienced proprietor with long track record of
operations.

Key Rating Weaknesses

* Highly fragmented and competitive nature of industry: WPH
operates in a highly competitive and fragmented industry with a
large number of small & mid-sized companies engaged in hospitality
business and operating hotel in Shimla, Himachal Pradesh.
Furthermore, the hotel industry is highly seasonal in nature with
non-festive and non-holiday months face a slack in demand. On
the other hand, the industry is also cyclical in nature wherein the
customers & corporates don' t tend to spend more on hotel stays in
case of economic slowdown. All these factors are evidently
reflected in small size of operations of the company. Furthermore,
large number of players in the hospitality industry exerts pressure
on the profitability margins of the entity.

* Cyclical and seasonal nature of hospitality industry: The hotel
industry is highly seasonal in nature with non-festive and
non-holiday months face a slack in demand. On the other hand, the
industry is also cyclical in nature wherein the customers &
corporates don' t tend to spend more on hotel stays in case of
economic slowdown. Thus, the ability of the company to achieve
the projected occupancy level along with projected ARR amidst
seasonal & cyclical scenario would be critical from the credit
perspective.

Key Rating Strengths

* Experienced proprietor with long track record of operations: WPH
was established in April, 1977 as a proprietorship concern and is
currently being managed by Mr. Kanwar Uday Singh, as its
proprietor. Mr. Kanwar Uday Singh has industry experience of
ranging from around 42 years gained through his association with
WPH only. The proprietor has adequate acumen about various aspects
of business which is likely to benefit WPH in the long run.

Woodville Palace Hotel (WPH) was established in April, 1977 as a
proprietorship concern and is currently being managed by Mr. Kanwar
Uday Singh, as its proprietor. The firm is running a hotel with the
name of "Woodville Palace Hotel" on ~5 acres of land in Shimla,
Himachal Pradesh. The hotel comprises of total 27 rooms, along with
1 banquet hall, 1 bar, 1 restaurant, 1 lounge, 1 dining hall and
parking area for around 30 cars.



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

ASURANSI JIWASRAYA: Indonesia Injects US$1.5BB to Save Insurer
--------------------------------------------------------------
The Jakarta Post reports that the government and the House of
Representatives have agreed to a IDR22 trillion (US$1.49 billion)
state capital injection to rescue ailing state-owned insurance
company PT Asuransi Jiwasraya.

The Jakarta Post relates that state-owned insurance holding company
PT Bahana Pembangunan Usaha Indonesia (BPUI) president director
Robertus Biliteus said on Oct. 4 the funds would be injected into
BPUI in two tranches.

"The government will inject IDR12 trillion in 2021 and the
remaining IDR10 trillion in 2022, with the funds to be used to form
a new state-owned life insurer, namely IFG Life," the report quotes
Mr. Biliteus as saying during a virtual press briefing.

All of Jiwasraya's restructured policies would then be transferred
to and settled and managed by IFG Life. The policies include
Jiwasraya's traditional and JS Saving Plan products, he said, the
report relays.

Jiwasraya is in dire need of a lifeline after audits revealed
violations of investment guidelines, leading to the insurer
reporting a negative equity of IDR27.2 trillion ($2 billion),
according to Bloomberg News. The crisis, stemming from alleged
product mispricing, reckless investment activities, aggressive
window dressing and liquidity pressure has hurt its more than 7
million clients, Bloomberg said.



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

AIRASIA GROUP: Ceases Operations in Japan
-----------------------------------------
Kyunghee Park at Bloomberg News reports that AirAsia Group Bhd.
will cease operations in Japan immediately as it tries to reduce
cash burn amid the coronavirus outbreak that's wiped out travel
demand globally.

Bloomberg relates that AirAsia Japan has stopped operations as of
Oct. 5, Southeast Asia's second-biggest budget carrier said in a
statement. That will help the parent conserve cash. Further steps
on the decision will be made in accordance with applicable laws and
regulations including the Japan Civil Aeronautics Act, it said.

According to Bloomberg, the low-cost airline has been under immense
pressure this year as Covid-19 roils the aviation industry. It
reported its largest loss on record in the second quarter ended
June 30 and Chief Executive Officer Tony Fernandes has been in
talks for joint ventures and collaborations that may result in
additional investment, Bloomberg says.

"We have concluded that it would be an extremely challenging feat
for us to continue operating without any visibility and certainty
of a post-pandemic recovery path," Bloomberg quotes Jun Aida, the
chief operations officer of AirAsia Japan, as saying. "This painful
decision to cease operations was decided neither in haste nor taken
lightly."

Bloomberg relates that Malaysia-based AirAsia said previously it
was evaluating its operations in Japan, while a Reuters report
earlier this year flagged its Indian operations may also be under
review. India's aviation minister said over the weekend that
AirAsia is shutting up shop in the South Asian nation, a comment
his office later suggested was taken out of context.

AirAsia's long-haul arm AirAsia X, meanwhile, has said it needs to
reach agreements with major creditors to restructure outstanding
debt as it faces "severe liquidity constraints" that threaten its
ability to resume flying and continue as a going concern, Bloomberg
relays.

                           About AirAsia

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.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.



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

AVANTI RMBS 2020-1: Fitch Gives 'B(EXP)sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Avanti RMBS 2020-1
Trust's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking New
Zealand residential prime and non-conforming, and full- and
low-documentation mortgage loans originated by Avanti Finance
Limited.

The notes will be issued by The New Zealand Guardian Trust Company
Limited in its capacity as trustee of Avanti RMBS 2020-1 Trust in
respect of the Avanti RMBS 2020-1 Trust, which is a separate and
distinct trust created in accordance with a master trust deed.

At the September 24, 2020 cut-off date, the asset pool totalled
NZD250 million and consisted of 659 obligors with a
weighted-average (WA) unindexed loan/value ratio (LVR) of 65.4%.

RATING ACTIONS

Avanti RMBS 2020-1 Trust

Class A1; LT AAA(EXP)sf Expected Rating; previously  

Class A2; LT AAA(EXP)sf Expected Rating; previously  

Class B; LT AA(EXP)sf Expected Rating; previously  

Class C; LT A+(EXP)sf Expected Rating; previously  

Class D; LT BBB+(EXP)sf Expected Rating; previously  

Class E; LT BB(EXP)sf Expected Rating; previously  

Class F; LT B(EXP)sf Expected Rating; previously  

Class G; LT NR(EXP)sf Expected Rating; previously  

KEY RATING DRIVERS

Pandemic-Related Economic Shock: Fitch has made assumptions about
the spread of the coronavirus and the economic impact of
containment measures. In a base-case (most likely) scenario, Fitch
assumes economic activity will jump in 3Q20, to be followed by a
slower recovery trajectory from 4Q20 amid high unemployment and a
further pullback in private-sector investment.

In a downside (sensitivity) scenario, Fitch assesses a more severe
and prolonged period of stress, with recovery to pre-crisis GDP
levels delayed until around the middle of the decade.

Pandemic-Related Impact: Measures put in place to limit the spread
of the virus are affecting New Zealand's economy, with many
businesses continuing to experience a decline in income. Fitch
expects these measures to affect the performance of mortgages, but
there should be no rating impact on the notes, as the ratings can
absorb Fitch's base-case scenario of the pandemic.

Liquidity Risk from Payment Holidays: The transaction benefits from
a liquidity facility sized at 1.5% of the note balance, which is
sufficient to cover more than six months of required payments based
on the current bank-bill market rate (BKBM), assuming all borrowers
apply for a payment holiday. There currently are no mortgages on
payment holidays in the pool. The transaction can also use any
principal received to pay interest if not all borrowers use a
payment holiday.

Operational Risk: Avanti is a non-bank financial institution with
over 30 years of experience in origination, underwriting,
servicing, and special servicing across various asset classes in
New Zealand. Fitch undertook an operational review and found that
the operations of the originator and servicer were mostly
comparable with market standards and that there were no material
changes that may affect Avanti's ongoing ability to undertake
origination, administration, and collection activities.

Fitch applied a lender adjustment of 1.05x to address specific
aspects that differ from market practices of other prime non-bank
lenders, which Fitch believes may affect the credit risk of the
transaction/assets. This has led to an overall adjustment in the
foreclosure frequency, in line with previous analysis of Avanti
transactions. The collections and servicing activities have not
been disrupted due to the coronavirus outbreak as staff work
remotely and are able to access the disaster recovery site, if
needed.

Asset Analysis: The 'AAAsf' weighted-average foreclosure frequency
(WAFF) of 21.4% is driven by the weighted-average (WA) unindexed
loan/value ratio (LVR) of 65.4%. Under Fitch's methodology
investment loans equated to 23.8% and non-conforming loans 35.9% by
balance and steady-state arrears of 5.5% is applied to the
60-89-day arrears category. The steady-state arrears adjustment
increased the WAFF modelled by 2.7%, and is calculated using the WA
30+ day arrears of Avanti RMBS 2018-1 and 2019-1 Trusts, to July
2020, multiplied by 1.2. The 'AAAsf' WA recovery rate of 51.2% is
driven by the portfolio's WA indexed scheduled LVR of 64.8% and the
portfolio 'AAAsf' WA market value decline of 61.3%.

Liability Analysis: The class A1, A2, B, C, D, E and F notes
benefit from credit enhancement of 30.0%, 13.0%, 10.0%, 7.4%, 5.4%,
3.6% and 2.4%, respectively. Structural features include a
liquidity facility sized at 1.5% of the invested note balance and
subject to a floor of NZD100,000. The Class B to G notes pay
interest based on the notes' stated balance. Fitch's ratings
reflect the timely and ultimate payment of interest and its cash
flow model addresses the risk that interest may be not be recovered
in scenarios where there are charge-offs. This is more conservative
than transaction documentation. All classes of notes can withstand
all relevant Fitch cash flow modelling stresses.

Macroeconomic Factors: Fitch expects mortgage performance in New
Zealand to deteriorate in the near term. Fitch currently forecasts
New Zealand's GDP to shrink by 5.0% in 2020 with unemployment
rising to 7.1%. This is partially offset by a low Official Cash
Rate of 0.25% and the application of both central bank and
government stimulus measures. In the medium term, Fitch expects GDP
growth to bounce back to 3.9% in 2021 and the unemployment rate to
fall to 6.8%.

The Stable Outlook on the notes reflects liquidity support and
ability to withstand the sensitivity to higher defaults stemming
from the pandemic.

Avanti 2020-1 has an ESG Relevance Score of 5 for Exposure to
Social Impacts because analysis considers the limited ability of
the mortgage lender to reprice loans upwards as a result of
borrowers paying above-market rates, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors. This reduces the transaction's benefit from the
threshold rate mechanism for the purposes of the cash flow
analysis, and therefore has limited the rating uplift of the class
B, D, E and F notes.

RATING SENSITIVITIES

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

The class A1 and A2 notes' expected ratings are at 'AAAsf', which
is the highest level on Fitch's scale. The ratings cannot be
upgraded.

Upgrade Sensitivity:

Class B / C / D / E / F

Current Expected Rating: AAsf / A+sf / BBB+sf / BBsf / Bsf

Impact on note ratings of multiple factors:

Decrease defaults by 15%; increase recoveries by 15%: AAAsf / AAsf
/ A+sf / BBB+sf / BBB-sf

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

A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial position in
Australia beyond Fitch's baseline scenario. Available credit
enhancement cannot compensate for higher credit losses and cash
flow stresses, all else being equal. Fitch conducted sensitivity
analysis by increasing gross default levels and decreasing recovery
rates over the life of the transactions.

Downgrade Sensitivity:

Notes class: A1/ A2/ B / C / D / E / F

Current Expected Rating: AAAsf/ AAAsf/ AAsf / A+sf / BBB+sf / BBsf
/ Bsf

Impact on note ratings of increased defaults:

Increase defaults by 15%: AA+sf / AA+sf / AA-sf / A-sf / BBBsf /
BB-sf / Bsf

Increase defaults by 30%: AAsf / AAsf / A+sf / BBB+sf / BBB-sf /
Bsf / below Bsf

Impact on note ratings of decreased recoveries:

Reduce recoveries by 15%: AA+sf / AA+sf / AA-sf / A-sf / BBB-sf /
below Bsf / below Bsf

Reduce recoveries by 30%: AAsf / AAsf / Asf / BBBsf / BB-sf / below
Bsf / below Bsf

Impact on note ratings of multiple factors:

Increase defaults by 15% and reduce recoveries by 15%: AAsf / AAsf
/ Asf / BBB+sf / BBsf / below Bsf / below Bsf

Increase defaults by 30% and reduce recoveries by 30%: Asf / Asf /
BBBsf / BB-sf / below Bsf / below Bsf / below Bsf

Coronavirus Downside Scenario Sensitivity:

Under Fitch's downside scenario, re-emergence of infections in
major economies prolongs the health crisis and confidence shock,
prompts extensions or renewals of lockdown measures, and prevents a
financial-market recovery. Fitch tested this scenario by increasing
defaults by 15% and decreasing recoveries by 15%.

Notes class: A1/ A2/ B / C / D / E / F

Current Expected Rating: AAAsf/ AAAsf/ AAsf / A+sf / BBB+sf / BBsf
/ Bsf

Impact on note ratings of downside scenario: AAsf / AAsf / Asf /
BBB+sf / BBsf / below Bsf / below Bsf

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for this transaction.

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.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties, and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool is available
by clicking the link to the Appendix. The appendix also contains a
comparison of these RW&Es to those Fitch considers typical for the
asset class as detailed in the Special Report titled
'Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions'.

ESG CONSIDERATIONS

Avanti RMBS 2020-1 Trust has an ESG Relevant Score of 5 for
Exposure to Social Impacts. This has a negative impact on the
credit profile (as described in the Key Rating Drivers), and is
relevant to the ratings in conjunction with other factors.

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.

DEBUT HOMES: Director Breached Duties, Supreme Court Rules
----------------------------------------------------------
Stuff.co.nz reports that a Supreme Court ruling has underlined the
need for company directors not to breach their duties towards other
creditors if the company is in or near insolvency.

According to Stuff, the court has upheld a High Court decision
which ruled the director of a property development company, Debut
Homes, breached three of his director's duties and must contribute
towards the company's liquidation.

In 2012, Debut's sole director Leonard Wayne Cooper decided to wind
down the company after finishing its existing developments, Stuff
recalls.

At the time this decision was made, the company was projected to
make a GST deficit of over NZD300,000, but instead of putting the
company into liquidation straight away, he waited until the
properties were sold, Stuff relates.

It was placed into liquidation in March 2014 at the request of
Inland Revenue.

By this time, Debut owed Mr. Cooper and his wife about NZD210,000,
plus over NZD200,000 from a loan from the Cooper's family trust.

Trade creditors were owed at least NZD28,700 and NZD450,099 was
owed in GST, interest and penalties, Stuff discloses.

According to Stuff, the defence argued Cooper had relied on
professional advice, but the High Court ruled Mr. Cooper was in
breach of his director's duties under the Companies Act, and that a
"general security agreement" between the company and Cooper's
family trust should be set partially aside.

Mr. Cooper was ordered to contribute NZD280,000 towards Debut's
assets.

The Court of Appeal disagreed and quashed the High Court's orders.

But in a decision released this week, the Supreme Court has upheld
the High Court's original decision, Stuff relates.

According to Stuff, the court's panel of judges said when a company
became insolvent, there were "statutory priorities for the
distribution of funds to creditors, and mechanisms to ensure these
are not circumvented".

"If a company reaches the point where it is clear that continued
trading will result in a shortfall to creditors and the company is
not salvageable, then continued trading will be in breach of
section 135, unless formal or informal mechanisms in the nature set
out above are used."

Directors also had an obligation under section 136 to not enter
into debts where there were "no reasonable grounds to believe the
company will be able to perform its obligations when they fall
due," Stuff relays.

While a director was not in breach if they honestly believed they
were acting in the best interests of the company, those in an
insolvency or near insolvency situation could also breach section
131 if they failed to consider the interests of all creditors.

"In this case, Debut was clearly insolvent by the beginning of
November 2012 and should have stopped trading at that point unless
a viable formal or informal mechanism for insolvent companies was
used. No such mechanism was used."

Stuff relates that Mr. Cooper had "believed that completing the
properties would provide higher returns to some creditors. He
failed, however, to consider the interests of all creditors in an
insolvency situation".

"He also had Debut incur debts to Inland Revenue and some trade
creditors that he knew would not be paid.

The situation was made worse by his conflict of interest, "having
given personal guarantees of the secured debts owed by Debut".

Stuff says the court agreed with the High Court that it would
frustrate the purpose of liquidators if the Coopers – as trustees
of their family trust – were able to reclaim the benefit of the
judgment through the general security agreement, and indirectly
return any compensation to Cooper.

It confirmed the general security agreement should be set aside and
compensation made, as well as costs of NZD25,000, adds Stuff.



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

[*] Harnessing Digital Tech Can Help Overcome Impact of Pandemic
----------------------------------------------------------------
Rapid adoption of digital technologies can help the Philippines
overcome the impact of the Covid-19 pandemic, recover from the
crisis, and achieve its vision of becoming a middle-class society
free of poverty, according to the report released by the World Bank
and the National Economic and Development Authority (NEDA).

Titled "A Better Normal Under Covid-19: Digitalizing the Philippine
Economy Now," the report says that the use of digital technologies
such as digital payments, e-commerce, telemedicine, and online
education, is rising in the Philippines and has helped individuals,
businesses, and the government cope with social distancing
measures, ensure business continuity, and deliver public services
during the pandemic.

"This pandemic has caused substantial disruptions in the domestic
economy as community restrictions have limited movement of people
and reduced business operations nationwide. As we are now living
with the new normal, the use of digital technology and digital
transformation have become important for Filipinos in coping with
the present crisis, moving towards economic recovery, and getting
us back on track towards our long-term aspirations," NEDA
Undersecretary Rosemarie G. Edillon said.

The use of digital technologies in the Philippines, however, is
still below its potential, with the country's digital adoption
generally trailing behind many regional neighbors. The "digital
divide" between those with and without internet leads to unequal
access to social services and life-changing economic
opportunities.

"Internet connectivity – the foundation of the digital economy
– is limited in rural areas, and where they are available,
services are relatively expensive and of weak quality," said Ndiame
Diop, World Bank Country Director for Brunei, Malaysia, Philippines
and Thailand. "Upgrading digital infrastructure all over the
country will introduce fundamental changes that can improve social
service delivery, enhance resilience against shocks, and create
more economic opportunities for all Filipinos."

Where internet services are available, Filipino consumers
experience slow download speeds. At 16.76 megabytes per second
(Mbps), the Philippines's mobile broadband speed is much lower than
the global average of 32.01 Mbps. In the region, the 3G/4G mobile
average download speed stands at 13.26 Mbps compared to only seven
(7) Mbps in the Philippines.

Efforts to enhance digital infrastructure in the Philippines are
hindered by a lack of competition as well as restrictions on
investment in the telecommunications markets, according to the
report. These restrictions include the public utility designation
of telecommunications, which limits foreign ownership and places a
cap on the rate of return.

The report also identifies the low transaction account ownership,
the lack of a national ID, nascent payment infrastructure, and the
perceived risk of digital transactions as restricting the wider
adoption of digital payments.

Encouraging wider participation on digital payments is best
supported by public agencies going digital themselves.  Two key
entry points identified in the report are expanding the use of
e-signatures among government agencies and mandating the acceptance
of e-invoices and e-receipts in government transactions.     

According to World Bank Economist Kevin Chua, lead author of the
report, increasing digital adoption by the government, businesses,
and citizens is critical, not only to help the Philippines adapt to
the post-COVID-19 world, but also to achieve its vision of becoming
a society free of poverty by 2040.

"In this society-wide digital transformation, the government can
take the lead by speeding up e-governance projects, such as the
foundational identification system and the digitization of its
processes and procedures, which will help promote greater
inclusion, improve efficiency, and enhance security," said Chua.
"Moreover, the government can take an active role in fostering
policies that reduce the digital divide and create a more conducive
business environment for the digital economy to flourish."

Fostering innovation and improving the business environment in the
country will be critical in supporting the digital economy. Recent
government efforts to speed up the rollout of mobile network
infrastructure through a common tower policy are steps towards the
right direction, said the report.



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

SEN YUE: Unit Receives Another Letter of Demand from SP Group
-------------------------------------------------------------
Fiona Lam at The Business Times reports that SP PowerAssets has
sent a second letter of demand to waste management firm Sen Yue
Holdings' wholly-owned subsidiary SMC Industrial (SMCI).

This time, the SP Group subsidiary is seeking the payment of an
aggregate balance outstanding sum of close to SGD7.5 million and
any accrued interest for late payment of this amount, Sen Yue said
in an exchange filing on Oct. 6, BT relates.

The latest letter was dated Oct. 2 and received by SMCI on Oct 5.
SMCI provides industrial waste solutions in Asia, with a niche in
electronic-waste management and recycling solutions.

BT says SP PowerAssets expects SMCI to repay immediately the total
outstanding sum, which includes any accrued interest, or else it
may take necessary steps to recover the amount.

According to BT, Sen Yue on Oct. 6 said it is in talks with the
utility services firm on the repayment proposals for the
outstanding amounts.

The Catalist-listed company added that it will provide further
updates when there are material developments, the report relays.

Last week, SMCI received a letter of demand dated Sept. 29 for
nearly SGD7.9 million it owed to SP PowerAssets when it purchased
scrap cable from the latter, BT says.

In that first letter, SP Group said it expected SMCI to repay the
SGD7.9 million outstanding sum by Oct. 2. Otherwise, SP Group
reserved the right to commence legal proceedings against SMCI to
recover the amount, including legal costs and disbursements
incurred.

Separately, SMCI's principal lenders - DBS and HSBC - have
requested SMCI offset its fixed deposits against outstanding past
due invoice-financing balances, Sen Yue said in its filing on
Oct. 1, BT reports.

As at Aug. 31, SMCI had pledged a SGD7.1 million fixed deposit to
DBS for SGD21.4 million in outstanding invoice-financing loans, and
a SGD3 million deposit to HSBC for SGD7.2 million in such loans, BT
discloses. These loans are secured against multiple assets and/or
guarantees, including the fixed deposits.

Sen Yue in July disclosed that SMCI had breached bank loan
covenants, which prompted DBS to request a review of the
subsidiary's finances and business, recalls BT. RSM Corporate
Advisory was then appointed, at DBS's request, as the special
accountant to carry out the SMCI review.

BT adds that Sen Yue said on Oct. 1 that it was in discussions with
DBS, HSBC and SP PowerAssets on repayment proposals for the
outstanding sums.

Sen Yue called for a trading halt in April, before converting it to
a suspension in May, BT notes. Its shares last traded at 2.2
Singapore cents on April 27.

                           About Sen Yue

Sen Yue Holdings Limited is an investment holding company. The
Company is principally engaged in three business verticals: e-waste
management solutions, commodities trading, and surface coating and
related services. The Company provides holistic e-waste management
solutions to local and overseas customers. It offers e-waste
management solutions in Singapore to recycle lithium-ion batteries.
The Company's commodities trading and processing business
activities is an extension of its e-waste management business by
creating new value in metal scraps. Its surface coating and related
services offer protection from corrosion and extend the service
life of its customers' products and components, while staying
environmentally friendly.

SINGAPORE: Proposes Programme to Simplify SME Debt Restructuring
----------------------------------------------------------------
The Straits Times reports that micro and small companies that
require support to restructure their debts or wind up their
businesses may soon be able to do so in a quicker and lower-cost
manner.

A Simplified Insolvency Programme, which would provide such support
to companies, is part of the Insolvency, Restructuring and
Dissolution (Amendment) Bill that was introduced in Parliament on
Oct. 5, the report says.

The Straits Times relates that Singapore's current insolvency laws
generally provide processes for companies with substantial assets,
which may not be well-suited for distressed smaller companies.

According to the report, the proposed programme will provide more
suitable solutions to such companies, particularly those that have
depleted their resources as a result of the Covid-19 pandemic.

Micro and small businesses have annual revenue of less than SGD1
million and SGD10 million respectively. There were over 251,000 in
2018, of which around 207,000 were micro enterprises, the report
discloses.

Qualifying criteria for the programme include having 30 or fewer
employees, 50 or fewer creditors and liabilities of SGD2 million of
less, among others, said the Ministry of Law (MinLaw) in a
statement on Oct. 5.

Among the streamlined and expedited processes mooted for firms'
debt restructuring is a lower creditor approval threshold than
required in a typical scheme of arrangement, the report notes.

This means that only creditors with debt claims totalling
two-thirds in value agreeing to the scheme are required, as
compared to more than 50 per cent of the number of creditors
holding at least 75 per cent in value of debt claims agreeing to
the scheme.

For businesses which are no longer viable, the simplified
winding-up process includes a reduced scope of the liquidator's
functions. For example, there will be no need to convene creditors'
meetings, and the liquidator may only begin legal proceedings to
preserve the rights of the company, The Straits Times relays.

In addition, if the liquidator views the company's assets to be
insufficient to meet the expenses of winding up and that its
affairs do not need further investigation, the company may be
dissolved without further administrative steps.

The Straits Times says the programme will be available for six
months from the start of the proposed legislation, and may be
extended for a period determined by the minister.

Firms will have to co-pay for the programme, and these fees will be
announced later.

The Simplified Insolvency Programme is part of other support
measures to help businesses that are facing financial challenges,
MinLaw said.

The Straits Times says complementing the programme is a relief
scheme that will help sole proprietors and partnerships restructure
business debts. It will be ready for application by Nov. 2.

The scheme will be administered by Credit Counselling Singapore,
with the support of The Association of Banks in Singapore, the
Monetary Authority of Singapore, Enterprise Singapore (ESG) and
participating financial institutions under ESG loan schemes.

More details will be announced at a later date, the report adds.



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S O U T H   K O R E A
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DOOSAN GROUP: Chairman Sells Stake in Fuel Cell Unit
----------------------------------------------------
Yonhap News Agency reports that nine shareholders of Doosan Fuel
Cell Co., including Park Jeong-won, chairman of cash-strapped
Doosan Group, sold their 10.09 percent stake in the fuel cell maker
via a block deal, Doosan Fuel Cell said Oct. 6.

The stake sold was worth KRW210 billion (US$180.8 million) at the
closing price of KRW43,250 on Oct. 5, Yonhap discloses.

After the sale, the shareholders' combined stake in Doosan Fuel
Cell was lowered to 54.98 percent from 65.08 percent, the company
said in a regulatory filing, the report relays.

Earlier, the shareholders provided their 23 percent stake in Doosan
Fuel Cell for free to Doosan Heavy & Construction Industries Co. to
help it tide over its cash crisis, according to Yonhap.

The proceeds from the stake sale will be used to repay debts
secured on the 23 percent stake, before delivering them to the fuel
cell company, a company official said, adds Yonhap.

Doosan's core businesses are based on ISB (Infrastructure Support
Business). Doosan's Infrastructure Support Businesses are made up
of five subsidiaries: Doosan Corporation, Doosan Heavy Industries &
Construction, Doosan Infracore, Doosan Engineering & Construction
and Doosan Engine. These subsidiaries provide electrical power,
desalinated drinking water, construction equipment, advanced
machinery, defense supplies, houses, highways and bridges, chemical
processing equipment and industrial engines.


                           *********


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

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

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

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