---

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

                     A S I A   P A C I F I C

          Thursday, October 8, 2020, Vol. 23, No. 202

                           Headlines



A U S T R A L I A

ADANI ABBOT: Fitch Corrects Press Release dated September 22, 2020
ALLWELD ENGINEERING: First Creditors' Meeting Set for Oct. 16
BLACKWOOD BISTRO: First Creditors' Meeting Set for Oct. 15
ELITE BALUSTRADES: First Creditors' Meeting Set for Oct. 15
LA TROBE 2020-S1: S&P Assigns B (sf) Rating to Class F Notes

ORDER OF AHEPA: Second Creditors' Meeting Set for Oct. 14
QANTAS AIRWAYS: Egan-Jones Lowers Sr. Unsecured Ratings to BB
ROWIE'S BRAND: Second Creditors' Meeting Set for Oct. 15
THINK TANK 2020-1: S&P Assigns Prelim B(sf) Rating on Cl. F Notes
WHITE MCKINNON: Second Creditors' Meeting Set for Oct. 14



C H I N A

CHINA EVERGRANDE: Hedge Funds Get Burned a day Before Stocks Soared


H O N G   K O N G

GOLDIN FINANCIAL: Can't Sell Kowloon Headquarters, Creditors Say


I N D I A

AGARWAL AUTOMOBILES: CRISIL Lowers Rating on INR13cr Loans to B
AIRCEL LTD: Lenders Face 30% Hit Due to Regulatory Delays
ANANTHA LAKSHMI: CRISIL Lowers Rating on INR50cr Loans to B
ARDRA ASSOCIATES: CRISIL Lowers Rating on INR10cr Loans to B
ASIATIC ELECTRICAL: Ind-Ra Cuts Long Term Issuer Rating to 'BB'

BHAVANI CASTINGS: CRISIL Moves B Debt Rating to Not Cooperating
CHITIZ DAIRY: CRISIL Moves B Debt Ratings from Not Cooperating
CORE JEWELLERY: Ind-Ra Hikes Issuer Rating to B, Outlook Stable
DREAM GATEWAY: Ind-Ra Cuts LT Issuer Rating to BB+, Outlook Stable
EXOTICA BAR: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating

GANESH EDUCATION: CRISIL Moves D Debt Rating to Not Cooperating
GURU RAMALINGESWARA: CRISIL Moves B Ratings to Not Cooperating
JASMER FOODS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
K. V. EDUCATION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KATIYAR COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating

KDM CLOTHING: Ind-Ra Cuts LT Issuer Rating to B+, Outlook Stable
KUMAR PRINTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LALA MADHORAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LAXMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
MADHOPUR CEMENT: CRISIL Migrates B Debt Ratings to Not Cooperating

MARUTII QUALITY: CRISIL Keeps B Debt Ratings in Not Cooperating
NIRVANA FASHION: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
ORISSA MINERALS: Insolvency Resolution Process Case Summary
PARANJAPE SCHEMES: CRISIL Keeps B Debt Ratings in Not Cooperating
PULIANI AND PULIANI: CRISIL Moves B- Ratings to Not Cooperating

RAJHANS FERROUS: CRISIL Moves B+ Debt Ratings to Not Cooperating
SAKURA SIGNS: Insolvency Resolution Process Case Summary
SEAWOOD MULTIPLE: CRISIL Moves B- Debt Ratings to Not Cooperating
SHUKLA AGRITECH: CRISIL Moves B Debt Ratings to Not Cooperating
SHWETA INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SHYAM SEL: Insolvency Resolution Process Case Summary
SKS BLUE: CRISIL Moves B Debt Ratings to Not Cooperating Category
SMLASH ISPAT: CRISIL Moves B- Debt Rating to Not Cooperating
SOCIAL CHANGE: CRISIL Keeps D Debt Ratings in Not Cooperating
STATCON ELECTRONICS: Ind-Ra Lowers LT Issuer Rating to 'BB'

SWARAJ INDIA: Ind-Ra Corrects July 21, 2020 Rating Release
TRANS FOAM: CRISIL Moves B+ Debt Ratings to Not Cooperating
UNIK BAZAR: CRISIL Lowers Rating on INR16.8cr Cash Loan to B
VORA PACKAGING: CRISIL Moves B- Debt Ratings to Not Cooperating


I N D O N E S I A

INDIKA ENERGY: Fitch Affirms LT IDR at BB-, Outlook Negative
WASKITA BETON: Fitch Cuts National Long-Term Rating to 'CC(idn)'
WASKITA KARYA: Fitch Cuts National Long-Term Rating to 'CCC+(idn)'


M A L A Y S I A

AIRASIA GROUP: Stops Funding Indian Unit, Future Depends on Tata
AIRASIA X: Seeks to Stave Off Liquidation with Restructuring


N E W   Z E A L A N D

STA TRAVEL: Liquidators May Require Funding to Untangle Claims


P H I L I P P I N E S

PHILIPPINE AIRLINES: To Cut Up to 2,700 Jobs Due to Pandemic
PHILIPPINES: To Help Troubled Airlines but Won't Want to Own Them


S R I   L A N K A

AMANA BANK: Fitch Affirms National LT Rating at 'BB+(lka)'
HOUSING DEVELOPMENT: Fitch Affirms Nat'l. LT Rating at 'BB+(lka)'
SANASA DEVELOPMENT: Fitch Affirms National LT Rating at 'BB+(lka)'

                           - - - - -


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

ADANI ABBOT: Fitch Corrects Press Release dated September 22, 2020
------------------------------------------------------------------
Fitch Ratings replaced a ratings release published on September 22
to correct the name of the obligor for the bonds.

Fitch Ratings has affirmed the 'BB+' ratings on Australia-based
Adani Abbot Point Terminal Pty Ltd's (AAPT) senior secured debt.
The ratings have been removed from Rating Watch Negative and the
Outlook is Stable. This reflects the resolution of the refinancing
requirements in 2020 and Fitch's assessment that the company is
managing the September 2021 debt maturity.

AAPT refinanced the May 2020 maturity by way of subordinated
shareholder loans from its shareholder, and has secured similar
funding to repay the debt maturing in November 2020. The financing
options are limited by lenders' increasing concerns relating to ESG
considerations over coal assets, compounding the structural
refinancing risk of AAPT's bullet debt maturities. As a result,
Fitch has revised AAPT's ESG Relevance Score for Governance:
Management Strategy from a '4' to a '5', as detailed in the Key
Rating Drivers section.

The coronavirus pandemic and government containment measures
worldwide have created an uncertain global environment for the
seaport sector. AAPT's most recently available issuer data may not
have indicated an impairment in performance, but material changes
in revenue and cost profile are occurring across the sector and
will continue to evolve as economic activity and government
restrictions respond to the ongoing situation. Fitch's ratings are
forward-looking in nature, and Fitch will monitor developments in
the sector as a result of the pandemic's severity and duration, and
incorporate revised base- and rating-case qualitative and
quantitative inputs based on its expectations for future
performance and assessment of key risks.

RATING RATIONALE

The ratings consider the stable cash flow from the medium- to
long-term take-or-pay contracts with port users. AAPT is
well-located to serve coal mines in Queensland's northern and
central Bowen Basin as well as the large mines under development in
central Queensland's Galilee Basin. The user contracts allow full
pass-through of the terminal's fixed and variable operating
expenses. The terminal is unregulated and resets tariffs every five
years. Users can seek arbitration at the time of reset if they
disagree with AAPT's determination of the terminal infrastructure
charge (TIC).

There was a recent court judgement relating to the litigation
between AAPT and four users concerning handling charges that
awarded an aggregate AUD106.8 million (plus interest and costs) in
damages to the users. Fitch understands that AAPT made an initial
aggregate payment of A$39.0 million to the four users on September
18, 2020. The balance to be paid will be funded by drawdown under a
new subordinated shareholder loan provided by AAPT's shareholder.
Fitch also understands that AAPT has a right to appeal the
judgement in the Court of Appeal of the Supreme Court of
Queensland, and a decision on whether to file an appeal will be
taken by AAPT shortly.

The port's reliance on coal limits the rating even though most of
the coal that passes through the port is metallurgical, which Fitch
regards as having less risky long-term demand than thermal coal.
Australian exporters are vulnerable to long-term changes in global
coal-market dynamics, but Fitch's analysis demonstrates AAPT's
strong resilience to low coal prices.

AAPT's high leverage constrains the ratings. Net debt/EBITDA is
likely to peak at 7.9x in the financial year ending March 2021
(FY21) in Fitch's rating case, but should drop to 6.8x in FY24 once
a contract with Adani Mining starts.

KEY RATING DRIVERS

Mainly Low-Cost Users: Volume Risk - Midrange

Fitch regards AAPT a secondary port as it solely handles coal. The
port's users provide some diversity of product and sources but AAPT
is highly concentrated, with approximately 60% in metallurgical and
40% in thermal coal. The production cash costs of the metallurgical
mines are mainly in the lower half of the curve and are well below
Fitch's long-term price forecast of USD140/tonne. The thermal coal
mines are grouped at the high end of the cost curve, but they also
benefit from producing profitable metallurgical coal. Contracted
capacity is less than the nominal capacity of 50 million tonnes per
annum (mtpa). Adani Mining has signed a contract for 9.3 mtpa
beginning July 1, 2022 to service its Carmichael Mine that is under
development in the Galilee Basin, with a short-term capacity
contract for 4.5 mtpa starting August 2021 (of which 2.5 mtpa is on
take-or-pay basis).

AAPT has strong rail transportation links with its customers,
particularly those in the northern Bowen Basin that are relatively
close to the port; these represent 26 mtpa of contracts. For the
mines further south, AAPT faces greater exposure to competition
from the lower-cost Dalrymple Bay Coal Terminal (DBCT) about 200 km
to the southeast. DBCT is fully contracted, limiting the
competitive impact in the near term. Mines under development in the
Galilee Basin in central Queensland are planning rail lines to link
to Abbot Point. Fitch expects any new port facilities to be
substantially more expensive than AAPT because of higher
construction costs.

Medium-Term Ship-or-Pay Contracts: Price Risk - Midrange

AAPT benefits from a weighted-average contract life of more than
six years of ship-or-pay contracts, which total 39.8 mtpa of
capacity. AAPT is not regulated, although users pay a TIC that
allows AAPT to earn a market return on its depreciated asset value.
Fixed and variable operations and maintenance costs are passed
through to the users. Payment is on a ship-or-pay basis, and no
force majeure waiver exists.

AAPT resets the TIC every five years based on an updated return
calculation and forecast of capex to be incurred during the next
five years. The users can refer the calculation to arbitration to
contest the price. If any user does not renew or defaults, the TIC
for the remaining users is increased at the next price reset to
maintain AAPT's return. Fitch believes that in practice, the TIC is
a negotiated outcome between AAPT and its users, as occurred in
2012, resulting in the charge generally rising with inflation.
Following the 2017 price reset four of the users requested
arbitration to set the fees, which have now been finalised.

Well-Funded Maintenance: Infrastructure Development and Renewal -
Midrange

The port's capacity expansion to 50 mtpa was completed in 2012 and
it is fully operational. AAPT incurred around AUD130 million of
capex over the past six years, including the upgrade and
replacement of a ship loader and a stacker-reclaimer, which were
added to the depreciated asset value used in the TIC calculation,
in accordance with the technical advisor's recommendations in 2012.
Fitch forecsts annual maintenance capex at around AUD10 million
under the rating case, covered by cash flow from operations.

Debt Structure - Midrange

The bullet debt structure creates refinancing risk, which is
compounded by the exposure to the coal market and lenders'
increasing environmental concerns about such assets.

Creditors benefit from a good security package, including step-in
rights under a tripartite agreement with the government lessor, as
well as a six-month debt-service reserve account and interest and
currency hedging requirements. The cash flow coverage ratio
covenants include distribution lock-up at 1.40x and default at
1.10x, which are weaker because no principal is currently being
amortised. A volume-weighted average mine life of AAPT's users
below 16 years triggers a 75% cash sweep to a senior debt
redemption account and a debt amortisation programme would be
incorporated in the next refinance structure. The cash sweep
increases up to 100% if AAPT deems it necessary.

Financial Profile

The Fitch rating case results in a 25-year project life cover ratio
(PLCR) of 1.7x, indicating a good ability to amortise debt over
that period, if required. The minimum interest coverage ratio is
1.7x in FY29, above the lock-up covenant of 1.4x. The maximum
debt/EBITDA of 7.9x in 2021 is quite high, but decreases to 6.8x in
2024, when the contract with Adani Mining starts and for which it
has provided an AUD138 million security deposit to AAPT. Fitch's
breakeven analysis demonstrates that AAPT can sustain a contracted
level as low as 23.0 mtpa, or 46% of capacity, while still covering
its interest costs.

ESG - Governance

AAPT has an ESG Relevance Score of '5' for Management Strategy. The
elevated score reflects the company's bullet-amortisation debt
structure which creates refinancing risk and is compounded by the
exposure to coal markets and lenders' increasing environmental
concerns about such assets. Management strategy is a key rating
driver that has a significant impact on the rating on an individual
basis.

PEER GROUP

AAPT's closest peer is Queensland-based DBCT Finance Pty Limited
(BBB-/Stable), the financing vehicle for the operator of DBCT,
which like AAPT, is a single-purpose coal export terminal but with
a higher capacity of 85 mtpa. DBCT users also have ship-or-pay
contracts but with a weighted-average term of 8.6 years, compared
with more than six years at AAPT. Both terminals have a similar mix
of users without parent company guarantees, with some user
concentration. Both issuers have high leverage, with AAPT's net
debt/EBITDA reaching a maximum of 7.9x in FY21 in Fitch's rating
case, with a five-year average of 7.2x, while DBCT's average net
debt/regulatory asset base is 80% over the next five years.

Newcastle Coal Infrastructure Group Pty Ltd (NCIG, BBB-/Stable), a
New South Wales-based coal export terminal, is also a close peer.
NCIG has a stronger contractual structure with rolling 10-year
terms, although both terminals have ship-or-pay contracts, and
termination by an NCIG user essentially requires a payout of the
user's pro rata share of the capital cost of the terminal. Both
issuers use bullet-maturity debt instruments, but NCIG incorporates
partial amortisation and plans to fully repay its senior debt by
2038. AAPT's throughput consists mainly of metallurgical coal,
which Fitch sees as less risky in terms of long-term demand than
thermal coal, which makes up the majority of NCIG's throughput.

Port of Melbourne (issuing entity Lonsdale Finance Pty Ltd,
BBB/Stable), the primary port of call serving the Victorian and
broader south-east Australian market, has stronger key rating
driver assessments, including volume, price and infrastructure
development and renewal. The port has much more diverse throughput
with minimal commodity exposure, unlike AAPT, which is exposed to
more volatile commodities as it is used solely for coal exports.
Port of Melbourne has higher leverage than AAPT with net
debt/EBITDA at 9.3x in FY20, and a five-year average of 8.3x. AAPT
lenders benefit from a stronger covenant package, including a
debt-service reserve account.

RATING SENSITIVITIES

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

  - An upgrade in the near term is unlikely due to the risk
associated with refinancing upcoming debt maturities in 2021 and
2022

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

- Failure to complete debt refinancing well in advance of
scheduled maturities

  - A decline in AAPT's contracted capacity due to customer default
or non-renewal of contract

  - A projected five-year average net debt/EBITDA above 10.0x in
Fitch's rating case

TRANSACTION SUMMARY

AAPT owns and operates a 50 mtpa coal export terminal under a
long-term lease from the Queensland state government that extends
to 2110. The terminal is located 25km north of Bowen in northern
Queensland, Australia.

CREDIT UPDATE

Actual coal throughput at AAPT was 32.0 million tonnes in FY20, up
from 28.8 million tonnes in the prior year. Revenue of AUD265
million was slightly below AUD268 million in FY19, although the
port continued to record additional revenue from short-term
contracts. EBITDA in FY20 was broadly in line with the previous
year at around AUD180 million.

In June 2020, one of the existing users added additional tonnage
under their user agreement, with the addition being 1.0 million
tonnes for 2020-2021 and 1.5 mtpa from 2021-2022 until the end of
the user agreement term.

AAPT's next maturity is the AUD170 million bank facility due in
November, which has been pre-funded via drawdown under the
subordinated shareholder loan. Fitch understands that similar
shareholder support would be available to address the US private
placement maturity in 2021, if necessary.

FINANCIAL ANALYSIS

Fitch Cases

Fitch's base case assumes average contracted capacity of 43.7 mtpa
in FY21-FY25, increasing in the later years as the Adani Mining
contract begins. Fitch assumes the refinancing margin increases
gradually to 300bp beyond FY20. The base case results in a maximum
debt/EBITDA of 7.2x in FY21 and minimum interest coverage ratio of
2.0x in FY29. The project life coverage ratio calculated over 25
years is 1.9x.

The Fitch rating case assumes average contracted capacity of 38.3
mtpa over the first five years, which is supported by commencement
of the Adani Mining contract. The post-2020 refinancing margin is
assumed to rise gradually to 400bp. The case also assumes that the
base borrowing rate rises gradually to 5%, from 2%. The rating case
results in a maximum debt/EBITDA of 7.9x in FY21 and a minimum
interest coverage ratio of 1.7x in FY29. The 25-year project life
coverage ratio is 1.7x.

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

APPT has an ESG Relevance Score of 5 for Management Strategy due to
the bullet-amortisation debt structure and its exposure to coal
markets. This has a negative impact on the credit profile and is
highly relevant to the rating, resulting in the ratings on APPT's
bonds being downgraded and placed on Rating Watch Negative in March
2020.

Except for the matters discussed above, 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 the way in which
they are being managed by the entity(ies).


ALLWELD ENGINEERING: First Creditors' Meeting Set for Oct. 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Allweld
Engineering Pty Ltd will be held on Oct. 16, 2020, at 11:00 a.m. at
the offices of Level 8/68 St Georges Terrace, in Perth, WA.

Malcolm Field of SV Partners was appointed as administrator of
Allweld Engineering on Oct. 6, 2020.

BLACKWOOD BISTRO: First Creditors' Meeting Set for Oct. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Blackwood
Bistro Pty Ltd, trading as Bistro Blackwood, and The Living Room
Bar Pty Ltd, trading as Restaurant Orana, will be held on Oct. 15,
2020, at 11:00 a.m. at the offices of Level 7, 151 Pirie Street, in
Adelaide, SA.

David William Kidman and Martin David Lewis of KPMG were appointed
as administrators of Blackwood Bistro on Oct. 5, 2020.


ELITE BALUSTRADES: First Creditors' Meeting Set for Oct. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Elite
Balustrades Pty Limited will be held on Oct. 15, 2020, at 11:30
a.m. at the offices of Jirsch Sutherland, Level 27/259 George
Street, in Sydney, NSW.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Elite Balustrades on Oct. 6,
2020.


LA TROBE 2020-S1: S&P Assigns B (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the 10 classes
of residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial
Capital Markets Trust 2020-S1. La Trobe Financial Capital Markets
Trust 2020-S1 is a securitization of nonconforming residential
mortgages originated by La Trobe Financial Services Pty Ltd. (La
Trobe Financial).

The ratings reflect:

-- That the credit risk of the underlying collateral portfolio and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread. The assessment of credit risk
takes into account La Trobe Financial's underwriting standards and
approval process, and La Trobe Financial's servicing quality.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
note balance, the principal draw function, the yield reserve, the
retention amount built from excess spread before the call date, the
amortization amount built from excess spread after the call date or
upon a servicer default, and the provision of an extraordinary
expense reserve. All rating stresses are made on the basis that the
trust does not call the notes at or beyond the call date, and that
all rated notes must be fully redeemed via the principal waterfall
mechanism under the transaction documents.

-- That an excess spread reserve and an excess spread turbo
mechanism are available, which allows trapping of excess spread if
certain triggers are met. The excess spread trapped from the turbo
mechanism can then be used to repay the Equity 1 notes, which would
create overcollateralization in the transaction. However, due to
the reserve and turbo mechanism's subordinate ranking in the income
waterfall, no credit has been given to these features as part of
S&P's cash flow analysis.

-- That S&P also has factored into our ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets our criteria for insolvency remoteness.

-- The counterparty support provided by National Australia Bank
Ltd. as liquidity facility provider and Commonwealth Bank of
Australia as bank account provider. The transaction documents for
the liquidity facility and bank accounts include downgrade language
consistent with S&P's "Counterparty Risk Framework: Methodology And
Assumptions" criteria, published on March 8, 2019, that requires
the replacement of the counterparty or other remedy, should its
rating fall below the applicable rating.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P has recently updated its outlook assumptions for
Australian RMBS in response to changing macroeconomic conditions as
a result of the COVID-19 outbreak. S&P has also applied a range of
additional stresses in our analysis to assess the rated notes'
sensitivity to liquidity stress and the possibility of higher
arrears. As of Aug. 31, 2020, borrowers with COVID-19-related
hardship arrangements make up 5.0% of the pool balance and loans in
arrears greater than 30 days comprise 2.5% of the pool.

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

  RATINGS ASSIGNED

  La Trobe Financial Capital Markets Trust 2020-S1

  Class       Rating         Amount (mil. A$)
  A1S         AAA (sf)        90.00
  A1L         AAA (sf)       260.00
  A2          AAA (sf)        77.00
  B           AA (sf)         20.50
  C           A (sf)          19.00
  D           BBB (sf)        13.50
  E           BB (sf)          7.50
  F           B (sf)           7.00
  Equity 1    NR               3.00
  Equity 2    NR               2.50

  NR--Not rated.


ORDER OF AHEPA: Second Creditors' Meeting Set for Oct. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Order of AHEPA
NSW Inc has been set for Oct. 14, 2020, at 11:00 a.m. at the
offices of Cor Cordis, One Wharf Lane, Level 20, 171 Sussex Street,
in Sydney, NSW.

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 4:00 p.m.

Michael Hird and Alan Walker of Cor Cordis were appointed as
administrators of Order of AHEPA on Sept. 8, 2020.

QANTAS AIRWAYS: Egan-Jones Lowers Sr. Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Qantas Airways Limited to BB from BBB-.

Headquartered in Mascot, Australia, Qantas Airways Limited provides
transportation of passengers through two airlines including Qantas
(full-service carrier) and Jetstar (low-cost carrier), operating
international, domestic and regional services.



ROWIE'S BRAND: Second Creditors' Meeting Set for Oct. 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Rowie's Brand
Pty Ltd has been set for Oct. 15, 2020, at 9:00 a.m. via Zoom
electronic means.

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. 14, 2020, at 5:00 p.m.

Cameron Gray and Ronald Dean-Willcocks of DW Advisory were
appointed as administrators of Rowie's Brand on Sept. 9, 2020.

THINK TANK 2020-1: S&P Assigns Prelim B(sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
nine classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by BNY Trust Co. of Australia
Ltd. as trustee of Think Tank Series 2020-1 Trust.

Think Tank Series 2020-1 Trust is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by Think
Tank Group Pty Ltd. (Think Tank).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 3.0% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$250,000, funded from day
one by Think Tank, available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "In our credit analysis, we have assessed those
loans in the portfolio where the borrower has applied for a
COVID-19 hardship payment arrangement. We have increased the
minimum credit support levels to reflect the likelihood that
arrears increase following the end of the hardship arrangement
period. In our cash-flow analysis, we have assumed a portion of
principal and interest collections are delayed to stress test the
liquidity provided to the transaction. As of Sept. 18, 2020,
borrowers with COVID-19-related hardship arrangements make up 11.6%
of the pool balance."

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

  PRELIMINARY RATINGS ASSIGNED

  Think Tank Series 2020-1 Trust

  Class        Rating         Amount (mil. A$)
  A1           AAA (sf)       360.00
  A2           AAA (sf)       110.40
  B            AA (sf)        36.00
  C            A (sf)         32.40
  D            BBB (sf)       28.20
  E            BB (sf)        13.20
  F            B (sf)         9.60
  G            NR             4.20
  H            NR             6.00

  N.R.--Not rated.


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  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.




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

CHINA EVERGRANDE: Hedge Funds Get Burned a day Before Stocks Soared
-------------------------------------------------------------------
Bloomberg News reports that hedge funds betting against the
fortunes of China Evergrande Group got a reminder of why the
indebted developer was once Hong Kong's most painful short.

After steadily reducing wagers against Evergrande sharesporkin
recent months, hedge funds and other short sellers rushed back into
the trade last week -- just in time to get burned. They nearly
doubled short interest in Evergrande's stock on Sept. 29, a day
before the developer rallied 19% on abating concerns over a cash
crunch, data compiled by IHS Markit Ltd. showed, Bloomberg
relates.

It's not the first time Evergrande has battled speculators and won
-- in 2017, the company spent billions in a buyback spree that
squeezed short sellers who had publicly targeted the stock,
according to Bloomberg. The shares ended that year with a 458%
gain, making it the top performer on the 485-member Hang Seng
Composite Index.

"It's not an easy stock to short," Bloomberg quotes Castor Pang,
head of research at Core Pacific-Yamaichi International HK, as
saying. "But it's too early to say short sellers will lose this
battle -- liquidity remains a big problem for Evergrande. It still
hasn't been able to fix the debt issue after so many years."

After a turbulent end to September that had banks, creditors and
senior government officials alarmed about the company's balance
sheet, an agreement reached with key stakeholders has helped
Evergrande shares stabilize this month, Bloomberg says. Trading in
its onshore bonds, which last priced Sept. 30, will resume on Oct.
9 after a holiday in China.

Short interest was about 18.5% of free float as of Oct. 5, the
highest since April 2019, IHS Markit data showed. It reached 27% in
mid 2018. Billionaire founder Hui Ka Yan owns more than 70% of
Evergrande's outstanding stock, according to exchange data compiled
by Bloomberg.

There are so few Evergrande shares readily available that traders
would need about 12 days to cover their bearish bets -- or buy back
borrowed stock to close out an open short position, Bloomberg says.
That increases the risk of a short squeeze, when hedge funds are
forced to liquidate their positions at increasingly higher prices.

                       About China Evergrande

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

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

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

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

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



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

GOLDIN FINANCIAL: Can't Sell Kowloon Headquarters, Creditors Say
----------------------------------------------------------------
Pearl Liu at South China Morning Post reports that the creditors of
cash-strapped property developer Goldin Financial Holdings said it
has no right to sell its Kowloon Bay headquarters, escalating a
dispute over the 28-storey building's ownership.

Cosimo Borrelli and Ma Siu Ming of specialist restructuring,
insolvency and forensic accounting firm Borrelli Walsh, have been
appointed receivers and managers of Goldin Financial Global Centre,
the building in question, by Goldin's creditors, SCMP discloses.
They said in a statement on Oct. 5 that Goldin did not, in fact,
have the ownership of the property on Kai Cheung Road, and that any
sale proposed by the developer would not be valid.

"None of Goldin Financial, [subsidiaries] Cheng Mei or Goal Eagle
control [subsidiary] Smart Edge or the property . . . have any
power or authority to sell Smart Edge or the property . .  . the
receivers are the only authorised representatives able to deal with
the affairs of Smart Edge, including the property," they said.
Smart Edge directly owns Goldin Financial Global Centre and the
land it is built upon, the report notes.

Goldin, which is chaired by billionaire Pan Sutong, and its
creditors are both currently claiming ownership of the property,
SCMP says. The developer said in annual result announcement on
September 30 that it had entered into a provisional
sale-and-purchase agreement for the building with an independent
third party for HK$14.3 billion (US$1.8 billion) the previous day.

A day before, on September 28, the receivers and managers engaged
Knight Frank as the sole agent to find buyers for the tower for no
less than HK$12 billion, SCMP discloses citing a statement issued
by the property consultancy.

Goldin's liabilities amounted to HK$18 billion in total as of June
30, according to its annual accounts, which were published last
week, SCMP discloses. It's cash reserve, however, stood at HK$23
million, having dropped sharply from HK$2.4 billion as of December
31 last year. Trade in its shares was halted the same day and
closed at HK$1.01. The stock has lost more than two-thirds its
value from a year ago.

SCMP says the developer has aggressively acquired assets in Hong
Kong in recent years and has been struggling with piling debt, as a
result. It had used Goldin Financial Global Centre, a grade A
tower, as collateral for loans.

It said in a filing to the Hong Kong exchange on July 16 that it
had been informed by its creditors on July 13 that it must
immediately repay about HK$3.5 billion in loans raised last year
against the building, according to SCMP.

It did not disclose any agreed payment schedule for the loans, but
said the creditors had stepped up their pursuit and were seeking
court approval to gain access to some of its accounts and premises,
as well as Goldin Financial Global Centre, SCMP relays.

SCMP adds that Goldin has moved the High Court to stop this, and
said it held the office property for "investment and rental
purposes".

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




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

AGARWAL AUTOMOBILES: CRISIL Lowers Rating on INR13cr Loans to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Agarwal
Automobiles - Varanasi (AAT) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Electronic Dealer     10         CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Revised from
   (e-DFS)                          'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

AAT, based in Varanasi and set up in 1977, distributes tractors of
Escorts in Varanasi. It is promoted by Mr. Vinamra Agarwal, Ms Asha
Agarwal, Ms Tanushree Agarwal, Mr. Bimal Kumar Agarwal.

AIRCEL LTD: Lenders Face 30% Hit Due to Regulatory Delays
---------------------------------------------------------
The Economic Times reports that Aircel's lenders are likely to take
a further hit of about 30% on their expected recovery of INR6,630
crore with regulatory delays further eroding the value of fibre and
spectrum, people familiar with the matter, said. A devaluation of
about 10% due to regulatory delays is estimated also for the assets
of Reliance Communications (RCom), the second telco to be in the
midst of bankruptcy proceedings.

"Increased delays mean corporate insolvency resolution process
(CIRP) costs will shoot up. Fibre, spectrum or towers have barely
been maintained," ET quotes a person aware of the development as
saying. "The recovery amount for Aircel will go down by 20-30% at
least, and all this is because of the regulatory delays."

At the time of receiving approval from the dedicated bankruptcy
court, the CIRP cost was INR298.48 crore, which need to be paid
first, even before lenders are paid, ET says.

According to ET, Aircel's resolution plan is now stuck with the
Reserve Bank of India (RBI) with the delay a further blow to
Aircel's lenders, who had already agreed to take an 89% haircut on
their exposures. Lenders to Aircel and its units Dishnet Wireless
and Aircel Cellular, including State Bank of India, Bank of Baroda,
Punjab National Bank, China Development Bank Corp. and Canara Bank,
were to get INR6,630 crore from asset reconstruction firm UVARCL
under a resolution plan that received the nod from National Company
Law Tribunal (NCLT) in June.

ET notes that despite the NCLT nod, the banking regulator rejected
UVARCL's bid on the grounds that ARCs cannot infuse equity in an
insolvent company at the resolution stage, under the Securitisation
and Reconstruction of Financial Assets and Enforcement of
Securities Interest Act, 2002, or Sarfaesi Act. This is in conflict
with the Insolvency and Bankruptcy Code (IBC) which specifically
permits ARCs registered with RBI to act as resolution applicants
and submit resolution plans.

ET says the delay in clearance is also hitting RCom that is likely
to have already lost 10% in the expected recovery amount of
INR12,000 crore-INR13,000 crore from spectrum and fibre alone.
RCom's spectrum and fibre assets are also being picked up by
UVARCL, as per the panel of creditors' decision. The entire
proceeds of the resolution plan of RCom is about INR23,000 crore,
which also includes telecom towers valued at about INR8000-11,000
crore housed and cleared by the lenders' panel to be up by Reliance
Jio.

The once Anil Ambani-led RCom and its units are awaiting nod from
NCLT, the report states.

Besides the RBI, the two telcos also face another legal battle in
appellate court over the right to transfer spectrum without paying
statutory dues, ET notes. DoT has been opposing the transfer of the
right to use airwaves, unless statutory dues are paid.

Both these telcos had Deloitte as their resolution professional.
Deloitte and UVARCL did not respond to ET's queries.

Aircel went down under a debt of INR26,000 crore in 2018, while
RCom went bankrupt under a debt of INR46,000 crore.

                       About Aircel Limited

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, is a telecom service provider with a
pan India presence. Aircel offers GSM-based 2G services in all the
22 telecom circles and has also introduced 3G services in select
geographies.

Aircel Ltd filed for bankruptcy on Feb. 28, 2018, pressured by a
high debt pile and mounting losses following a price war triggered
by a telecom upstart, according to Reuters. Talks between Aircel,
74% owned by Malaysia's Maxis Communications Bhd, and Reliance
Communications Ltd (RCom) to combine their wireless business was
called off in late 2017 due to regulatory and legal uncertainties
and interventions by various parties.

Aircel, whose debt amounts to INR155 billion (US$2.38 billion),
then tried unsuccessfully to restructure its debt, Reuters related.

ANANTHA LAKSHMI: CRISIL Lowers Rating on INR50cr Loans to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sri Anantha
Lakshmi Spinning Mills Private Limited (SALSM) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             20         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB/Stable ISSUER
                                      NOT COOPERATING')

   Long Term Loan           7         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB/Stable ISSUER
                                      NOT COOPERATING')

   Pledge Loan             10         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB/Stable ISSUER
                                      NOT COOPERATING')

   Proposed Long Term      13         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB/Stable ISSUER
                                      NOT COOPERATING')

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

SALSM, incorporated in 2004, manufactures cotton yarn at its
facilities at Boyapalem in Guntur, Andhra Pradesh. The company is
promoted by Mr. S Koteswara Rao and his family members.

ARDRA ASSOCIATES: CRISIL Lowers Rating on INR10cr Loans to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ardra
Associates (AA) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Term Loan     3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan              7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

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

Ardra Associates (AA) also known as Capital Group was established
in 1999. Ardra Associates is a partnership firm promoted by Er. V.
Parameswaran along with Sri. K. Yethindran and Sri. T.B.
Dileepkumar. AA is engaged in the field of construction of
residential apartments and commercial complexes.

ASIATIC ELECTRICAL: Ind-Ra Cuts Long Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Asiatic
Electrical & Switchgear Pvt. Ltd.'s (Asiatic) Long-Term Issuer
Rating to 'IND BB' from 'IND BB+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limit Long-term rating downgraded;
     Short-term rating affirmed with IND BB/Negative/IND A4+
     rating;

-- INR 85.01 mil. (reduced from INR110.29 mil.) Term loan due on
     January 2023 (extended from August 2022) downgraded with IND
     BB/Negative rating; and

-- INR150 mil. Non-fund-based limit affirmed with IND A4+ rating.

Analytical Approach: Ind-Ra continues to factor in the availability
of significant support to Asiatic from its parent, LTL Holdings
(Private) Limited (LTL; holds 99.07% stake), in view of the
strategic linkages between the entities. Furthermore, Asiatic's
debt is secured by an irrevocable corporate guarantee of USD8
million from LTL.

The downgrade reflects a further deterioration in the company's
financial performance in FY20, mainly because of a low order
conversion, an increase in the cost of goods sold, a steep decline
in margins with a higher domestic market concentration, an
elongation of the working capital cycle and a high leverage. The
Negative Outlook reflects Ind-Ra's expectation of the company's
performance to remain subdued in FY21. FY20 financials are
provisional.

KEY RATING DRIVERS

Deterioration in Operating Performance: Asiatic's revenue declined
marginally 0.58% yoy to INR614.15 million in FY20, despite a
healthy order book. The company's scale of operations is medium.
Asiatic's absolute EBITDA plunged to INR12.14 million in FY20
(FY19: INR52.67 million) and consequently the operating margin to
1.98% (8.53%), primarily due to low-margin domestic sales and an
increase in the cost of goods sold as a percentage of revenue to
68.61% (61.84%). The EBITDA margins are modest with a return on
capital employed of 0.01% in FY20 (FY19:11%).

The interest coverage (operating EBITDAR/net interest expense +
rents) deteriorated to 0.98x in FY20 (FY19: 2.41x) and net leverage
(total adjusted net debt/operating EBITDAR) to 20.27x (3.63x), due
to the decline in the EBITDA and a significant rise in the
short-term debt to INR166.27 million (INR68.75 million) to fund its
working capital requirement. The company's credit metrics are
modest.

As of July 2020, Asiatic's has a healthy order book, of which
67.35% are export orders. Thus, the company expects the margins to
recover slightly in the long term. During 4MFY20, Asiatic's
recorded revenue of INR132.14 million with an operating margin of
0.11%, due to the economic disruptions caused by the COVID-19
pandemic and selective lockdowns, which are likely to have also
impacted the credit metrics.

Support from Parent: Asiatic has been receiving continued support
from its Sri Lanka-based parent, LTL. LTL's parent is Ceylon
Electricity Board (Fitch Ratings Ltd: AA+(lka)'/Negative) holds 63%
stake in LTL while 27% stake is held by Peradev Limited (formerly
LTL ESOT Ltd).

Asiatic is strategically important to LTL's plans for expanding its
market in India and the Middle East. Furthermore, two of LTL's
directors are on the board of Asiatic; thus, the parent entity is
actively involved in strategic decision making for Asiatic. During
FY20, LTL reduced the dividend rate for the compulsorily
convertible preference shares held in Asiatic to 1% from 10.5%,
thus reducing the dividend pay-out and cash outflow from the
company. LTL has assured that it shall continue to monitor
Asiatic's cash flow from operations and will identify any existing
or potential cash flow mismatches, and extend cash flow support to
ensure timely debt servicing.

Downgrade of Sri Lanka's Sovereign Rating: LTL's credit profile is
supported by its sovereign ownership, which has resulted in
stringent parliamentary oversight. LTL has been contributing
significantly in the development of the rural power infrastructure
and the renewable energy sector in Sri Lanka. However, in April
2020, Fitch Ratings downgraded Sri Lanka's Long-Term Foreign and
Local Currency Issuer Default Rating to 'B-'/Negative from
'B'/Negative.

Liquidity Indicator - Stretched: Asiatic's average utilization of
the working capital limits was 72% for September 2020. In FY20, the
working capital cycle elongated to 140 days (FY19: 88 days), due to
an increase in debtor collection period to 124 days (51 days) and
inventory holding period to 114 days (51 days), partially offset by
an in increase in creditor period to 98 days (49 days). Asiatic
availed the Reserve Bank of India-prescribed moratorium under the
COVID-19 relief package for interest payment on short-term
borrowings and principal payment on term loan from April to August
2020. Thus, the maturity of the term loan has been extended to
January 2023 from August 2022.

Tender-Based Nature of Business: Asiatic has been catering to
various foreign and domestic power utilities by participating in
competitive tenders from time to time. To benefit from the
increased government capital outlay towards meeting rural
electrification needs, Asiatic has started bidding for tenders by
various power utilities. Given the transition towards catering to
domestic power sector players, Asiatic's operating performance
shall be susceptible to its ability to secure contracts at
competitive rates. As contracts for the procurement of products
such as feeder pillars, switch gears and control panels are
typically short-term in nature, the company shall be required to
participate in frequent tenders while maintaining an optimum
conversion rate.

RATING SENSITIVITIES

Positive: An improvement in the profitability, leading to an
improvement in the liquidity position and the gross interest
coverage increasing above 1.75x, all on a sustained basis, would be
positive for the ratings.

Negative: Any further deterioration in the liquidity position or
lack of parent support or the gross interest coverage remaining
below 1.0x on a sustained basis, will be negative for the ratings.

COMPANY PROFILE

Asiatic designs, manufactures and sells a wide range of switchgear
products, including feeder pillars, distribution boards,
low-voltage cut-outs, fuse switches, fuse cut-outs, surge
arrestors, fuse boards and composite insulators.


BHAVANI CASTINGS: CRISIL Moves B Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Bhavani
Castings Limited (SBCL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            13.42       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SBCL 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 SBCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SBCL 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 SBCL to
'CRISIL B/Stable Issuer not cooperating'.

SBCL, incorporated in 1983. SBCL is engaged in manufacture of cast
iron components catering to the automobile replacement market. SBCL
has its manufacturing facilities in the Kakinada, Andhra Pradesh
with an installed capacity of 4500MT per annum. SBCL is currently
managed by Mr. Sri Karipineni Venkateswara Vara Prasada Rao is the
Managing Director of the Company.

CHITIZ DAIRY: CRISIL Moves B Debt Ratings from Not Cooperating
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Chitiz Dairy and Agro Foods
Private Limited (CDAFPL) to 'CRISIL B/Stable Issuer Not
Cooperating'. However, the company's management has started sharing
the information necessary for a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating to 'CRISIL B/Stable'
from 'CRISIL B/Stable; Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.3        CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan            6.7        CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating continues to reflect the company's exposure to risks
related to timely stabilisation and commensurate ramp-up in sales
during the initial phase of operations. The rating also factors in
the company's average financial risk profile due to high gearing,
tight liquidity and low capacity utilisation. These weaknesses are
mitigated by the promoters' extensive entrepreneurial experience
and their funding support, and the consistently improving revenue
with healthy operating margin.

CRISIL has considered the impact of Covid-19 and the measures taken
by CDAFPL to mitigate it. The company saw good sales volume and
revenue till August 2020. Being in the dairy industry, CDAFPL is
not likely to face any demand shock due to the pandemic and has
improved its operating performance each month. The company did
avail of the moratorium on its long-term loan between April and
August 2020 under the Reserve Bank of India's Covid-19 Regulatory
Package.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: The financial risk profile
remains constrained by long-term debt for capital expenditure
(capex). Gearing was around 1.60 times as on March 31, 2020. Debt
protections metrics were modest with interest coverage around 1.95
times and net cash accrual to total debt ratio at 0.20 time in
fiscal 2020. However, the debt protection metrics are expected to
improve over the medium term due to ramp-up in sales and repayment
of debt. Nonetheless, the financial risk profile will likely remain
average over the medium term due to high gearing and stretched
liquidity profile.
  
* Low capacity utilisation: The company is operating at a meagre
15% of capacity, mainly because of the shortage in supply of
unadulterated milk.

Strength:

* Promoters' extensive entrepreneurial experience and funding
support: The promoters have experience of over two decades in
trading including in products such as minerals and coal. The
experience of the promoters will help in establishing a strong
network of farmers and distributors thereby minimising any supply
chain or logistics issue. Furthermore, the promoters have already
brought in the margin money and have flexibility to extend
need-based financial support to the company. The promoters infused
INR62.30 lakh in fiscal 2020 and are likely to bring in more funds
if required.

Liquidity Stretched

Bank limit utilisation was high at 90.51% on average over the nine
months through August 2020. Cash accrual of INR93 lakh in fiscal
2020 was sufficient to meet term debt obligation of INR70 lakh in
the fiscal. Debt service coverage ratio was weak at 0.79 time for
fiscal 2020 but is likely to improve over the medium term. Current
ratio was moderate at 1.11 times on March 31, 2020, and is expected
to improve slightly over the medium term.

Outlook: Stable

CRISIL believes CDAFPL will continue to benefit from the extensive
entrepreneurial experience of its promoters.

Rating Sensitivity factors

Upward factors
* Steady increase in revenue to around 4 times of the current
levels and stable operating margin, leading to higher cash accrual
* Better working capital management improving liquidity

Downward factors
* Decline in profitability leading to cash accruals below INR120
lakh, or stretch in the working capital cycle
* Large, debt-funded capex, weakening the financial risk profile

Incorporated in 2015 and promoted by Mr. Nirad Baran Mondal and Mr.
Birendra Krishna Bajaj, CDAFPL produces milk and allied products at
its facility in Bankura, West Bengal. The company has capacity to
process 1,00,000 litre of milk per day.

CORE JEWELLERY: Ind-Ra Hikes Issuer Rating to B, Outlook Stable
---------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Core Jewellery
Private Limited's (CJPL) Long-Term Issuer Rating to 'IND B' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR550 mil. (increased from INR503 mil.) Fund-based working
     capital limit upgraded with IND B/Stable/IND A4 rating; and

-- INR50.0 mil. (reduced from INR57 mil.) Term loan limit due on
     December 2022 upgraded with IND B/Stable rating.

KEY RATING DRIVERS

The upgrade reflects the timely repayment of the term debt by the
company for the three months ended August 2020

Liquidity Indicator - Poor: The company utilized 96% of its
fund-based facilities during the 12 months ended in August 2020.
Its cash flow from operations turned negative to INR91.0 million in
FY20 from INR38.0 million in FY19 due to its stretched working
capital cycle of 298 days (256 days). The cycle lengthened due to a
rise in the inventory holding days to 123 in FY20 (FY19: 109) and
in receivable days to 254 (221). The company has a repayment
obligation of INR32.0 million during FY21. The company availed the
Reserve Bank of India-prescribed moratorium for its term loan
facilities over June-August 2020. FY20 numbers are provisional in
nature.

The company's EBITDA margins remained modest despite improving to
8% in FY20 from 6.2% in FY19 due to a reduction in the raw material
prices owing to lower demand in the jewellery industry. In 1HFY21,
the company recorded margins of 7%. The return on capital employed
was modest at 9% in FY20 (FY19: 7%). The modest margins are a
result of the company's exposure to intense competition in the
highly fragmented gems and jewellery industry, which limits its
pricing flexibility.

The rating reflects CJPL's medium scale of operation with revenue
of INR1,200 million in FY20 (FY19: INR1,169 million). The revenue
rose in FY20 due to in the higher number of orders received. The
company recorded revenue of INR345 million in 1HFY21. The ratings
remain constrained by the susceptibility of the company's revenues
and profitability to adverse movements in the prices of polished
diamonds, coupled with their vulnerability to movements in the
foreign exchange rates. However, these risks are partly offsets by
CJPL hedging through forward contracts.

The ratings also factor in the company's moderate credit metrics
with interest coverage (operating EBITDA/gross interest expense) of
2.2x in FY20 (FY19: 1.7x) and leverage (adjusted net debt/operating
EBITDAR) of 6.8x (7.5x). The credit metrics improved in FY20 mainly
due to improved EBITDA (FY20: INR95.9 million: FY19: INR72.3
million).

The ratings continue to be supported by CJPL's promoters having an
extensive experience of over 30 years in the gems and jewellery
industry, which has facilitated the company to establish strong
relationships with customers as well as suppliers.

RATING SENSITIVITIES

Positive:  An improvement in the liquidity and revenue while
maintaining the EBITDA margin leading to an improvement in the
credit metrics will be positive for the ratings.

Negative: Any further stretch in the liquidity position, along with
a decline in the revenue or EBITDA margin, resulting in sustained
deterioration in the credit metrics, could lead to negative rating
action.

COMPANY PROFILE

Incorporated in 1999, Mumbai-based CJPL manufactures and exports
diamond-studded gold jewellery.


DREAM GATEWAY: Ind-Ra Cuts LT Issuer Rating to BB+, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dream Gateway
Hotels Limited's (DGHPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR700 mil. Term loan due on September 2025 downgraded with
     IND BB+/Stable rating; and

-- INR50 mil. Fund-based limit downgraded with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The downgrade reflects Ind-Ra's expectation of a stress in DGHPL's
cash flows due to lower occupancy rate and a decline in average
room rate (ARR) of its hotel, along with a significant scheduled
debt repayment in the real estate segment which is dependent upon
timely receipt of receivables and cash receipt from the new sales.
The hotel operated at an average of 45.30% occupancy in 5MFY21
(FY20: 74.75%) with an ARR of INR3,252 (INR4,835). The company's
cash flow was severely impacted by the COVID-19-led lockdown during
April 2020 to August 2020. The management expects an improvement in
the hotel occupancy rate and ARR from September 2020. However,
Ind-Ra expects the occupancy rate to decline to 60%-65% and ARR to
INR3,700-3,800 in FY21, despite an improvement in the upcoming
months, considering the weak 5MFY21 performance. FY20 financials
are provisional in nature.

The ratings are also constrained by the geographical concentration
risk as all of the company's three ongoing residential projects are
located in the outskirts of Kolkata. Any severe impact on the
Kolkata real estate market will have implications of DHGPL's
overall financial performance. As per the management, all the
projects are incompliance with Real Estate Regulatory Authority's
regulations. The ongoing projects consist of 860 units with a
saleable area of 490,101sf. As of 30 June 2020, 50.8% of the
projects were booked/sold (34.2%) for INR1,017.50 million
(INR682.20 million) with pending receivables of INR402 million
(INR526.80 million). The remaining cost of the projects to be
incurred was INR231.70 million in FY20 (FY19: INR504.70 million).

Liquidity Indicator - Poor: On a consolidated basis, DGHPL's debt
service coverage ratio (DSCR) deteriorated to 1.19x in FY20 (FY19:
2.57x). For the real estate segment, the debt component was only
16.71% of the total project cost, resulting in a comfortable DSCR
of 2.0x in FY20. However, Ind-Ra expects the DSCR to deteriorate in
the near term, due to pressure on cash flows from the hotel
segment, resulting from the modest occupancy and ARR in 5MFY21.
Ind-Ra expects the shortfall in cash flow to be higher than the
debt service reserve account of INR40 million maintained by the
company for the hotel. The company had INR4.47 million of cash and
cash equivalents as on March 31, 2020, against debt of INR979.06
million. DGHPL has scheduled principal repayments of INR205.2
million in FY21, excluding the estimated interest cost of INR64.80
million. Ind-Ra foresees pressure on the cash flows for debt
repayment as the company is dependent on the sale of new units and
timely receipt of receivables. As informed by the management to
Ind-Ra, the promoters will infuse capital to repay the debt in case
of any shortfall in the cash flows from the hotel.

DGHPL's cash flow from operations turned positive to INR19.32
million in FY20 (FY19: negative INR49.46 million), owing to an
improvement in its fund flow from operations to INR129.48 million
(INR96.59 million). Consequently, free cash flow turned positive to
INR20.16 million in FY20 (FY19: negative INR59.66 million). Ind-Ra
expects the company's cash flow from operations and free cash flow
to decline significantly in the near term, due to the modest
performance of the hotel segment.

However, the ratings are supported by DGHPL being a part of the
renowned Jain Group and the promoters' more than 10 years of
experience in the real estate sector. As of August 31, 2020, the
group completed 11 residential projects. The group has also
partnered with Thailand-based Dusit International, one of Asia's
fastest-growing hospitality chains, to set up a new 126-room
property in Kolkata.

RATING SENSITIVITIES

Positive: DSCR for the hotel business above 1.2x along with
positive cash flows from the real estate projects, both on a
sustained basis, will lead to a positive rating action.

Negative: DSCR for the hotel business reducing below 1.05x or
negative cash flows from the real estate projects, both on a
sustained basis, will lead to a negative rating action.

COMPANY PROFILE

DGHPL is a part of the well-established real estate group, Jain
Group, in West Bengal. The company was incorporated in 2009 for
setting up a five-star hotel in Kolkata under the brand name of
Holiday Inn. It is also involved in the construction of residential
projects in Kolkata.


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

The instrument-wise rating actions are:

-- INR5 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR44.13 mil. Term loan due on October 2025 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 14, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in December 2016, Exotica Bar and Restaurant runs a
bar-cum-restaurant in Ranchi. The designated partners of the entity
are Sanket Sarawagi, Smarth Agarwal, and Abhijit Goenka. It opened
three restaurants in December 2017 - Hoppipola, Sigree and Machan.


GANESH EDUCATION: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Ganesh
Education and Welfare Society (SGEW) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Long Term Loan     9.47      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SGEW 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 SGEW, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SGEW 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 SGEW to
'CRISIL D Issuer not cooperating'.

Set up in 2011 at Saharanpur (Uttar Pradesh), SGEW provides
educational services through its Dev Rishi Institute and Dev Rishi
International College. Mr. Dinesh Kumar (president), Ms Soniya
(secretary), are Mr. Om Singh (treasurer) are the promoters.

GURU RAMALINGESWARA: CRISIL Moves B Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sree Guru
Ramalingeswara Agro Industries (SGRAI) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.0       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              3.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SGRAI for obtaining
information through letters and emails dated August 29, 2020,
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 SGRAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SGRAI 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 SGRAI to
'CRISIL B/Stable Issuer not cooperating'.

SGRAI was established in 2019, it is located in Ballari
(Karnataka). SGRAI is owned and managed by Mr. M. Raghava Reddy,
Mr. M. Sateesh Reddy, Mr. Mommidi Harish Reddy, Mr. Y. Honna Reddy,
Mr. Lingadevarapalli Raghava Reddy, and Mr. R. P. Guttargimutt.
SGRAI is engaged in manufacturing and processing of no basmati
polished rice. The firm began operations in April 2019.

JASMER FOODS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jasmer Foods
Private Limited (JSPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based limit assigned with IND BB-/Stable
     rating; and

-- INR40 mil. Term loan due on March 2021 assigned with IND BB-
     /Stable rating.

KEY RATING DRIVERS

The rating reflects JFPL's small scale of operations despite an
increase in its revenue to INR437.44 million in FY20 (FY19:
INR319.07 million) due to a rise in the volume of sales to 7,303MT
(5,880MT). According to the interim numbers for 1HFY21, the company
already booked INR250 million of revenue. Ind-Ra expects the
revenue to increase further in FY21 on account of an expansion of
the export customer base.

JFPL's credit metrics are moderate with gross interest coverage
(operating EBITDA/gross interest expenses) of 2.75x in FY20 (FY19:
3.26x) and net financial leverage (adjusted net debt/operating
EBITDA) of 5.34x (4.17x). The deterioration in the credit metrics
in FY20 was account of an increase in the net debt levels and the
consequent increase in the interest expenses. Ind Ra expects the
credit metrics to remain range-bound in the near term. FY20 numbers
are provisional in nature.

The ratings are constrained by the fragmented nature of industry
where many organized and unorganized players operate. This weakens
JFPL's bargaining power leading to modest EBITDA margin of 13.63%
in FY20 (FY19: 15.45%). The EBITDA margin deteriorated in FY20
owing to high direct expenses. The return on capital employed was
11.8% in FY20 (FY19: 9.9%). Ind-Ra expects the EBITDA margin to
decline further in FY21 on account of an increase in the direct
expenses without a commensurate rise in the sale price

Liquidity Indicator - Stretched: JFPL's average maximum utilization
of fund-based limits was 85% for the 12 months ended August 2020.
The company had cash and cash equivalents of INR3.74 million at
FYE20 (FYE19: INR36.55 million) against the total debt of INR322.27
million (INR242.35 million). The company's cash flow from
operations turned negative to INR75.05 million in FY20 (FY19:
INR64.83 million) due to unfavorable changes in the working
capital. Moreover, the net cash cycle elongated to 282 days in FY20
(FY19: 261 days) on account of delays in debtor realizations.
However, the company does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. JFPL availed the Reserve Bank of India-prescribed
moratorium over March-August 2020.

However, the rating is supported by the promoter's decade-long
experience in the rice processing and milling industry.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations,
leading to an improvement in the credit metrics with the net
leverage ratio improving below 3.5x could lead to a positive rating
action.

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or further deterioration in
the liquidity could lead to a negative rating action.

COMPANY PROFILE

JFPL, incorporated in June 2011 and located in Kurukshetra is
managed by three directors namely Jatinder Singh, Harminder Singh
and Ravinder Singh. It is engaged in the milling, processing and
manufacturing of basmati rice in a fully integrated setup with
capacity of around 200 metric ton per day.  


K. V. EDUCATION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of K. V. Education Trust
(KVET) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          1.45       CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING)
   facility              
                                   
   Proposed Long Term    4.00       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             1.55       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

KV Education Trust (KVET), a public trust registered under the
Trust Act of India 1882, was established in the year 1998. The
trust operates one college Sarada Krishna Homeopathic Medical
College situated at Kulasekharam in Kanyakumari District of Tamil
Nadu. The college offers both graduate as well as post graduate
courses in Homeopathy.

KATIYAR COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Katiyar Cold Storage
Private Limited (KCL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.6        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        2.2        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working
   Capital Facility      3.2        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

KCL, incorporated in 1998, provides cold storage and warehouse
services to farmers for potatoes near Kanpur mandi. Mr. Shambu
Singh Katiyar, Mr. Harshit Singh Katiyar, and Mr. Garvit Katiyar
manage operations.

KDM CLOTHING: Ind-Ra Cuts LT Issuer Rating to B+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded KDM Clothing
Co.'s (KCC) Long-Term Issuer Rating to 'IND B+' from 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:  

-- INR35 mil. Fund-based working capital limits downgraded with
     IND B+/Stable/IND A4 rating; and

-- INR3.45 mil. (reduced from INR4.08 mil.) Term loan due on May
     2021 downgraded with IND B+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects a decline in KCC's revenue, leading to
deterioration in its credit metrics in FY20. The revenue declined
to INR178.84 million in FY20 (FY19: INR181.77 million), due to
cancellation of orders on account of the COVID-19 led lockdown.
Ind-Ra expects the revenue to decline further significantly due to
reduced demand of hosiery and garments by end users. The management
expects the company to achieve revenue of around INR90 million in
FY21. KCC's scale of operations remains medium.

The company's interest coverage (operating EBITDAR/gross interest
expense + rents) deteriorated to 1.85x in FY20 (FY19: 1.94x) and
net leverage (adjusted net debt/operating EBITDAR) to 1.40x
(1.21x), due to an increase in unsecured loans to INR17 million
(INR16.30 million) to fund its working capital requirement. The
agency expects the credit metrics to deteriorate further in FY21,
due to the likely decline in the revenue. The company's credit
metrics are modest.

Liquidity Indicator - Stretched- KCC's average peak utilization of
the fund-based limits for the 12 months ended August 2020 was 19%.
Ind-Ra expects the liquidity position to deteriorate marginally in
FY21 on account of the likely decline in the revenue along with the
increased utilization of the fund-based limits. The company's cash
flow from operations turned positive to INR2.54 million in FY20
(FY19: negative INR4.3 million) due to favorable changes in working
capital. However, its working capital cycle elongated to 38 days in
FY20 (FY19: 33 days) due to an increase in the inventory holding
period to 32 days (11 days). At FYE20, PPL had cash and cash
equivalents of INR3.90 million (FYE19: INR7.69 million). KCC did
not avail the Reserve Bank of India-prescribed moratorium for debt
repayments.

The ratings also remain constrained by the partnership nature of
KCC's business.

The ratings, however, continue to be supported by the company's
healthy EBITDA margins with a return on capital employed of 16.5%
in FY20 (FY19: 15.5%). Despite the revenue decline, the EBITDA
margins slightly improved to 6.37% in FY20 (FY19: 6.01%) due to a
decrease in raw material costs and in house commencement of
embroidery work, which was earlier outsourced on a job work basis.
Ind-Ra expects the margins to improve marginally in FY21.

The ratings also remain supported by KCC's promoters' over two
decades of experience in the textile industry.

RATING SENSITIVITIES

Negative: A significant decline in the revenue and/or operating
profit, leading to the interest coverage reducing below 1.2x or a
further deterioration in the liquidity position, all on a sustained
basis, could lead to a negative rating action.

Positive: An increase in the scale of operations and the liquidity,
along with an improvement in the credit metrics, all on a sustained
basis, could lead to a positive rating action.

COMPANY PROFILE

Established in 2007, KCC manufactures hosiery goods and sweaters,
and sells them both in India and overseas markets.


KUMAR PRINTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kumar Printers
Private Limited (KPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     10.66     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               2.34     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 1976 by Mr. M K Bhargava, KPPL began operations as a
printing house and later diversified into a packaging segment. The
company manufactures and prints packages, such as cartons and
blister cards, at its facility in Gurgaon, Haryana. Its major
clients include Sun Pharmaceutical Industries Ltd, Beam Global
Spirits & Wine (I) P. Ltd, Gillette India Ltd and Danblock Brakes
India Pvt Ltd.

LALA MADHORAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lala Madhoram Bhagwan
Dass Charitable Society (LMBDCS) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Proposed Long Term
   Bank Loan Facility    19         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan       13         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

LMBDCS, established in 1982 under the Rajasthan Society
Registration Act, 1958, runs a school in Faridabad. The school is
affiliated to the Central Board of Secondary Education and offers
education from pre-nursery to higher secondary levels. LMBDCS
belongs to the Manav Rachna group of institutes founded by Dr O P
Bhalla. The group runs five other educational societies and a
deemed university in Faridabad and Gurgaon.

LAXMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Laxmi
Constructions - Hyderabad (SLC) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Overdraft              4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    10         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Established in 2009-10 as a partnership firm, Sri Laxmi
Construction (SLC) is engaged in civil construction activities
primarily in & over-bridges segment. Based in Hyderabad
(Telangana), the firm is promoted and managed by Mr.C Vijay Reddy.

MADHOPUR CEMENT: CRISIL Migrates B Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri Madhopur
Cement Private Limited (SMCPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.45      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit-Stock     3.00      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.55      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMCPL 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 SMCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMCPL 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 SMCPL to
'CRISIL B/Stable Issuer not cooperating'.

SMCPL, established in 1990 by Mr. Ashok Choudhary, was into
business of cement manufacturing. The cement manufacturing
operations were halted in 1995. In fiscal 2019, SMCPL was revived
by the promoters with intention of leveraging experience in agro
commodity trading. SMCPL is currently trading products like Barley,
millets, turmeric etc. in Rajasthan.

MARUTII QUALITY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Marutii Quality
Products Private Limited (MQPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

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

   Term Loan              6.97      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

MQPPL was established by Mr. Deepak Agarwal and his father Mr.
Shyam Sunder Agarwal in 2009. The company manufactures noodles and
wheat flour in Guwahati. It also has capacity to manufacture
ready-to-eat food and polyvinyl chloride (PVC) pipes.

NIRVANA FASHION: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nirvana Fashion
Clothing's (Nirvana) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable rating; and

-- INR30 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Nirvana's continued small scale of
operations, as indicated by revenue of INR661.7 million in FY20
(FY19: INR539.3 million). The revenue grew due to an increase in
the number of orders received by the company. The figures for FY20
are provisional in nature. As of September 2020, the company had
orders worth INR375.6 million, which are being processed and will
be executed by November 2020. The company expects to receive
additional orders post November 2020, which would be executed
during the fourth quarter of FY21. However, Ind-Ra expects the
revenue to decline by 24.4% yoy to INR500 million in FY21 due to
delays in the execution of orders owing to the COVID-19-led
lockdown and a likely decline in apparel demand by 40%-45% yoy
during the year, in the context of a slowing economy pressuring
household income, and the prevalence of social-distancing norms.

Liquidity Indicator – Stretched: Nirvana's average utilization of
the working capital limits was 40.9% over the 12 months ended
August 2020. Its net working capital cycle improved to 39 days in
FY20 (FY19: 113 days) due to a substantial decline in the
collection period to 54 days (109 days). The cash flow from
operations remained positive and increased to INR123.19 million in
FY20 (FY19: INR5.62 million) due to lower utilization of the
fund-based limits. The company had availed the Reserve Bank of
India-prescribed moratorium for March-August 2020.

The ratings factor in Nirvana's comfortable credit metrics due to
the healthy EBITDA margins. The metrics improved in FY20 owing to
an increase in the EBITDA to INR48.39 million in FY20 (FY19:
INR37.83 million) and decline in the interest expenses to INR8.2
million (INR14.15 million) due to lower utilization of working
capital limits. In addition, the company had availed a COVID-19
loan, by way of fund-based limits, of INR16.1 million and an
emergency credit line.  The interest coverage (operating
EBITDA/gross interest expense) was 5.9x in FY20 (FY19: 2.7x) and
the net leverage (total adjusted net debt/operating EBITDA) was
1.6x (4.6x). Ind-Ra expects the metrics to remain comfortable but
deteriorate in FY21 because of an increase in the working capital
requirements, and the subsequent rise in interest expenses, during
the latter half of the year, resulting from the execution of orders
that are likely to be received post November 2020.

The ratings are supported by Nirvana's healthy EBITDA margins due
to the nature of the business. The margin rose slightly to 7.31% in
FY20 (FY19: 7.02%) because of the cost-cutting measures adopted by
the company during the year. The return on capital employed was 30%
in FY20 (FY19: 19%). The margins are likely to remain at similar
levels in FY21, supported by the cost-reduction initiatives.

The ratings continue to be benefit from the founders' experience of
around five decades in the garment manufacturing industry.

RATING SENSITIVITIES

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics, with the interest coverage
declining below 2x, on a sustained basis, or deterioration in the
liquidity position, will be negative for the ratings.

Positive: A substantial growth in the scale of operations while
maintaining the credit metrics along with an improvement in the
liquidity position will be positive for the ratings.

COMPANY PROFILE

Nirvana was established as a partnership firm by the Biyani family
in 1996. The firm manufactures readymade garments on contract basis
and supplies them to reputed retail chains such as Future Group
etc. It also sells menswear under its own brand Going 3. The
founder and key partner of the firm is Bajrang Biyani. The firm's
office is located in Mumbai.


ORISSA MINERALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: The Orissa Minerals Development Company Limited

        Registered office:
        "Sourav Abasan", 2nd Floor
        AG-104, Sector-II
        Salt Lake, Kolkata 700091
        West Bengal

        Head office:
        271, Ground Floor
        Bidyut Marg
        Shastri Nagar, Unit-IV
        Bhubaneswar 751001
        Orissa

Insolvency Commencement Date: September 30, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 28, 2021
                               (180 days from commencement)

Insolvency professional: Santosh Choraria

Interim Resolution
Professional:            Santosh Choraria
                         P-41, Princep Street
                         Room No. 222
                         Kolkata 700072
                         E-mail: ca.schoraria@gmail.com
                                 cirp.omdcl@gmail.com

Last date for
submission of claims:    October 14, 2020


PARANJAPE SCHEMES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Paranjape Schemes
(Construction) Limited (PSCL) continue to be 'CRISIL B/FB/Stable
Issuer Not Cooperative'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     7         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             30         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PSCL for obtaining
information through letters and emails dated October 15, 2019,
April 3, 2020, and April 7, 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 PSCL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PSCL is consistent
with 'Assessing Information Adequacy Risk'.

As per the terms of the debentures and the subsequent extension
approved by the debenture trustee, the interest from 1st January,
2017 till 30th September, 2017 and 1st October 2017 till 31st March
2018 had to be paid by PSCL on or before 24th September, 2020.
However company had made request to investor for extension of the
said interest which was approved by investors before the due date
and now due date for payment of interest is 08th October, 2020.
Further the debenture trustee vide letter dated 24th September
2020; also gave consent for same.

Based on the last available information, the ratings on bank
facilities of PSCL continues to be 'CRISIL B/FB/Stable Issuer Not
Cooperative'.

PSCL was incorporated in 1987 by brothers Mr. Shashank Paranjape
and Mr. Shrikant Paranjape as a private limited company, and was
reconstituted as a public limited company in 2005.

PULIANI AND PULIANI: CRISIL Moves B- Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Puliani and
Puliani (P & P) to 'CRISIL B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    5.5        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with P & P 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 P & P, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on P & P 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 P & P to
'CRISIL B-/Stable Issuer not cooperating'.

Pulani & Pulani constituted in 1979 is a partnership concern
engaged in tading of books coupled with publishing the same under
its own brand name pulani & pullani. The day to day operations are
looked after by Mr. Satpal Pullani ,Mr Yashpal Pullani, Mr.
Vedyaprakash Pullani and Mr. Vinayak Pullani.

RAJHANS FERROUS: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rajhans
Ferrous Scrap Trade Private Limited (RFSTPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Proposed Working       5         CRISIL B+/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RFSTPL for obtaining
information through letters and emails dated June 30, 2020,
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 RFSTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RFSTPL 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 RFSTPL to
'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2015, RFSTPL, promoted by Mr. Laxmikant Rameshwar
Saki, trades metal scrap and other allied products.

SAKURA SIGNS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sakura Signs Private Limited
        Plot No. 82, Sector 83
        CIDCO Service Industrial Estate
        Turbhe New Mumbai
        Maharashtra

Insolvency Commencement Date: September 29, 2020

Court: National Company Law Tribunal, Dombivli Bench

Estimated date of closure of
insolvency resolution process: March 28, 2021

Insolvency professional: Ajay Marathe

Interim Resolution
Professional:            Ajay Marathe
                         205 Sudama Yash Apartment
                         Off Kelkar Road
                         Dombivli (E) 421201
                         E-mail: ajaym7@rediffmail.com

                            - and -

                         201 Aadhar Height
                         Opposite Bhagshala Maidan
                         Dombivli West 4210202

Last date for
submission of claims:    October 18, 2020


SEAWOOD MULTIPLE: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Seawood
Multiple Services LLP (SMS) to 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan      2        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              15        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMS 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 SMS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMS 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 SMS to 'CRISIL
B-/Stable Issuer not cooperating'.

SMS was incorporated in July, 2017. It is setting up a restaurant
and a microbrewery at Seawoods Grand Central Mall, Navi Mumbai. The
firm is promoted by Mr. Naresh Patel and Mr. Sunil Baviskar. It is
expected to commence operations from June 2019.

SHUKLA AGRITECH: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shukla
Agritech Flour Industries Private Limited (SAFIPL) to 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             5.55       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAFIPL 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 SAFIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SAFIPL 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 SAFIPL to
'CRISIL B/Stable Issuer not cooperating'.

SAFIPL, incorporated in 2016, is setting up a unit for
manufacturing atta and maida in Rewa, Madhya Pradesh. The company
is promoted by Mr. Mahendra Prasad Shukla, Mrs. Shushila Shukla and
Mr. Shivam Shukla. The company is expected to commence operations
in April 2016.


SHWETA INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shweta Infrastructure
and Housing India Private Limited (SIHPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Loan Against         65.62       CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING)

   Long Term Loan       54.12       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   10.26       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

SIHPL, based in Nashik and established in 2005, develops
residential and commercial real estate. The company is promoted by
Mr. Sujoy Gupta and his wife Ms Shweta Gupta, who have developed
more than 30 projects in Nashik through group entities. Currently
SIHPL has 8 ongoing real estate projects; it is also setting up a
luxury business hotel in Nashik which is expected to start
operations in Fiscal 2018.

SHYAM SEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Shyam Sel and Power Ltd.
        5, C.R. Avenue
        Princep Street
        Kolkata
        WB 700072
        India

Insolvency Commencement Date: September 30, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 28, 2021

Insolvency professional: Mr. Seikh Abdul Salam

Interim Resolution
Professional:            Mr. Seikh Abdul Salam
                         64J, Linton Street
                         Kolkata 700014
                         E-mail: salam10695@gmail.com

Last date for
submission of claims:    October 13, 2020


SKS BLUE: CRISIL Moves B Debt Ratings to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SKS Blue Metal
(SKS) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     2        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKS for obtaining
information through letters and emails dated June 30, 2020,
September 14, 2020 and September 18, 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 SKS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SKS 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 SKS to 'CRISIL
B/Stable Issuer not cooperating'.

Set up in December, 2017 as a proprietorship firm, SKS Blue Metals
(SKS) is involved in manufacturing of M-Sand and Blue metal. The
firm is based out of Namakkal, Tamil Nadu and is promoted by Mr. K
Sekar and Mr. I Selvakumar.

SMLASH ISPAT: CRISIL Moves B- Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Smlash Ispat
Private Limited (SMLASH) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMLASH 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 SMLASH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMLASH 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 SMLASH to
'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in September 2012 and based out of Thrissur, Kerala,
'Smlash Ispat Private Limited' (Smlash) is engaged in production of
Galvanised (GP) coil. The company is promoted by Mr. A. I.
Shalimar, Mr. P. A. Mohammed Hazeem, Mr. A. P. Asad, Mr. E. S
Mohammed Ali and Mr. P. K Abdul Rahman.

SOCIAL CHANGE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Social Change and
Development Trust (SCAD) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          33.5       CRISIL D (ISSUER NOT
   Overdraft facility               COOPERATING)

   Long Term Loan        14.8       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.52      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

SCAD was set up in 1994 in Tirunelveli (Tamil Nadu) by Dr Cletus
Babu. It operates various institutes offering graduate and
postgraduate courses.

STATCON ELECTRONICS: Ind-Ra Lowers LT Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Statcon
Electronics India Limited's Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limits downgraded with IND BB (ISSUER
     NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;  
     and

-- INR120.2 mil. Non-fund-based limits downgraded with IND BB
     (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING on the basis of best-available
information

KEY RATING DRIVERS

The downgrade is pursuant to SEBI circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer having investment-grade rating remaining
non-cooperative with rating agency for more than six months should
be downgraded to sub investment grade rating. Please refer to the
agency's website www.indiaratings.co.in for more.

The current outstanding rating 'IND BB (ISSUER NOT COOPERATING)'
may not reflect Statcon Electronics India's credit strength as the
issuer has been non-cooperative with agency since March 26, 2020.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings.

COMPANY PROFILE

Statcon Electronics India provides power supply solutions, with a
focus on manufacturing integrated power supply for railway
signals.


SWARAJ INDIA: Ind-Ra Corrects July 21, 2020 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified a ratings release on
Swaraj India Agro published on July 21, 2020, to correctly state
the size of issue of the fund-based facilities and term loans.

The amended version is:

India Ratings and Research (Ind-Ra) has upgraded Swaraj India Agro
Limited's (SIAL) Long-Term Issuer Rating to 'IND BB+' from 'IND D'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR650.0 mil. (increased from INR230.0 mil.) Fund-based
     facilities upgraded with IND BB+/Stable/IND A4+ rating; and

-- INR1,484.3 bil. (reduced from INR1,904.3 bil.) Term loans due
     on October 2025 upgraded with IND BB+/Stable rating.

RATING SENSITIVITIES

Positive: A significant improvement in the crushing capacity in
SS20/21, leading to the leverage reducing below 4x, along with an
improvement in the liquidity position would be positive for the
ratings.

Negative: Further deterioration in the operating performance or
liquidity position, or an elongation of the working capital cycle
would be negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, SIAL manufactures sugar at its fully
integrated facility located in Phaltan taluka of Satara district of
Maharashtra. It has a sugarcane crushing unit with a daily capacity
of 5,000 tons, a 19.50MW cogeneration unit and a 60,000 liters per
day distillery unit.


TRANS FOAM: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Trans Foam
Industries Private Limited (TFIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash          3         CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

   Proposed Term Loan     4.12      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              2.88      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital        2         CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TFIPL 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 TFIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TFIPL 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 TFIPL to
'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2018, TFIPL manufactures expanded polyethylene
(EPE) foam and other related products, such as EPE foam rolls, EPE
foam sheets, EPE foam articles, and EPE foam rods. The
manufacturing facility is in Sonipat, Haryana. Mr. Kartik Gupta and
their family members are the promoters.

UNIK BAZAR: CRISIL Lowers Rating on INR16.8cr Cash Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Unik Bazar
Limited (UBL) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           16.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Long Term     8.6       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER
                                    NOT COOPERATING')

   Term Loan              4.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER
                                    NOT COOPERATING')

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

Incorporated in 2011 and promoted by Mr. Ankit Gupta, Ms Alka
Goyal, and Mr. Dinesh Harbhajanka, UBL is in the retail chain
business. Under its Unik Bazar brand, the company operates 17
retail stores in tier-2 and tier-3 locations in Uttar Pradesh. It
also manufactures shirts at its unit in Rithala, Delhi, and sells
under the John Bull brand through Unik Bazar.


VORA PACKAGING: CRISIL Moves B- Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vora Packaging
Private Limited (VPPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

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

   Proposed Cash          4.41      CRISIL B-/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

   Term Loan              5.59      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VPPL 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 VPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VPPL 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 VPPL to
'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in 1999, VPPL manufactures expanded polyethylene cap
seals and aluminium foil induction heat seal liners. Manufacturing
unit is in MIDC Tarapur. Day-to-day operations are managed by Mr.
Pankaj Vora.



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

INDIKA ENERGY: Fitch Affirms LT IDR at BB-, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed PT Indika Energy Tbk's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BB-'.
The Outlook remains Negative. Fitch has also affirmed the
Indonesia-based mining company's outstanding senior unsecured notes
at 'BB-.

The Negative Outlook continues to reflect Indika's low rating
headroom, as Fitch expects its FFO net leverage to increase to 6.0x
in 2020 and remain between 2.7x and 3.2x from 2021 to 2024,
relative to its negative sensitivity of 3.0x. Fitch expects
Indika's EBITDA to decline by about 30% to USD280 million in 2020
from USD405 million in 2019, mainly due to weaker coal prices,
lower coal sales volume and a temporary production stoppage at a
client of its contract-mining division. Fitch forecasts Indika's
EBITDA will recover to around USD450 million per annum from 2021,
factoring in its assumptions on improving coal prices, lower mining
costs and higher contract mining volume.

The affirmation of Indika's ratings considers its ability to
meaningfully curtail operating costs amid weaker coal prices, the
improving credit profile at its contract-mining operations, its
capex flexibility, and the potentially lower sensitivity of the
group to weaker coal prices as a result.

KEY RATING DRIVERS

Lower Mining Costs Support Earnings: Indika has been able to
meaningfully curtail the operating costs at its 91%-owned key
mining subsidiary, PT Kideco Jaya Agung, by around USD4/tonne to
USD27.2/tonne in 1H20 from USD31.2/tonne in 2019. The drop was due
to a reduction in Kideco's strip ratio to 5.6x in 1H20 from 6.3x in
2019, lower contract mining rates to third-party contractors and
declining fuel costs. Fitch expects Kideco's strip ratios to stay
at around 5.4x-5.6x over the next seven years, considering Indika's
revised mining plans after its exploration activity over the past
24 months.

Fitch expects Kideco's lower mining costs to mitigate the impact of
weaker selling prices and volume in 2020. Lower costs will also
more than compensate for its weaker price and volume assumptions
from 2021. Fitch expects Kideco's EBITDA to decline to USD140
million in 2020 from USD230 million in 2019, but recover to around
USD220 million-250 million from 2021 despite the recent revision in
its coal price assumptions.

Petrosea's Stronger Customer Mix: Fitch believes the increasing
exposure of Indika's 70%-owned contract-mining subsidiary, PT
Petrosea Tbk, to Kideco will benefit Indika's credit profile.
Petrosea has streamlined its client mix to only Kideco and PT Bayan
Resources Tbk (BB-/Stable), two of Indonesia's strongest coal
miners. Fitch thinks this will result in a significant improvement
in the stability of Petrosea's long-term earnings profile, with
considerably lower risks of a rate reduction during renegotiations
in a downturn.

Petrosea's contract-mining EBITDA, however, fell by 22% in 1H20 on
an annualised basis due to the production stoppage at Bayan for
around two months until May 2020 due to caution over the
coronavirus at the mine site. Nevertheless, Petrosea was able to
curtail its operating costs by more than Fitch expected, resulting
in a lower impact on its EBITDA. Petrosea will account for only
about 40% of Kideco's volume, leaving potential for further
integration although the group has no immediate plans. Fitch would
consider any significant increase in integration between Kideco and
Petrosea as credit positive.

Capex Flexibility: Indika has been able to curtail capex during
coal-price downcycles as most of its capex was for the expansion of
Petrosea's contract-mining capacity. Indika cut back capex to USD23
million in the previous coal downturn in 2016. Fitch, however, does
not forecast any significant cuts to its long-term capex as Fitch
expects a coal-price recovery from 2021.

Evolving Investment Strategy: Indika plans to increase its earnings
from more non-coal-related operations. Fitch thinks Indika's recent
investments in fuel-storage facilities are less risky as the
earnings of these projects with oil majors are under take-or-pay
contracts. Indika also recently invested in a greenfield gold
project, although its investment is small. Fitch expects the
company to continue to evaluate non-coal investments. Fitch
considers these latest investments as credit neutral but will
regard any major investments as event risks.

License Renewals: Fitch expects the mining license of Kideco to be
extended upon its expiry in 2023 without any major impact on its
credit profile, and will consider any significant negative
development in concession renewals, including non-renewal, as an
event risk. Indonesia in June clarified some license aspects,
including the continuation of acreage and the extension of licenses
over two 10-year periods, but have not yet clarified revised tax
and royalty structures. Fitch expects some clarity over the next
few months considering the License expiry of PT Arutmin Indonesia,
another coal miner, in November 2020.

DERIVATION SUMMARY

Indika's ratings are driven by Kideco's moderate-cost position,
production flexibility, reasonable reserves, and large capacity,
which require little capex. The similar ratings of Bayan reflect
its lower-cost position, larger reserves, and a healthier financial
profile with considerably lower sensitivity to price and volume
assumptions than Indika. Bayan has faced operational disruptions
due to bottlenecks in its transport infrastructure, which constrain
its ratings. Indika's operations are more integrated and have a
stronger record of uninterrupted production.

The energy-adjusted cost position of Indika's mining operations is
stronger than that of Golden Energy and Resources Limited (GEAR,
B+/Stable). Indika's operations are also more integrated than that
of GEAR. Indika's higher ratings reflect its large scale of
earnings, robust operational record, and more integrated
operations. GEAR's ratings are constrained until it can sustainably
improve the scale of operations for the group.

KEY ASSUMPTIONS

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

  - Kideco's average coal selling price to decline to USD38/tonne
in 2020 from USD45/tonne in 2019. Prices to recover to
USD41-42/tonne from 2021

  - Kideco's coal mining volume to decline to 32 million tonnes in
2020 from 35 million tonnes in 2019. Volume to recover to 33-34
million tonnes from 2021

  - Kideco's cash production costs to drop to between USD32/tonne
and USD33/tonne starting 2020 from USD37/tonne in 2019

  - EBITDA at Petrosea to decline to USD110 million in 2020 from
USD127 million in 2019. Petrosea EBITDA forecast to increase to
over USD140 million from 2021.

  - Consolidated investment and capex of USD100 million in 2020 and
USD110 million-180 million per annum from 2021 to 2024. Majority of
capex from 2020 to be incurred for equipment purchases at Petrosea
and the completion of its fuel-storage project

RATING SENSITIVITIES

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

  - Fitch does not expect an upgrade as the company's Outlook is
Negative. The Outlook will be revised to Stable if Indika is able
to sustain credit metrics at levels stronger than its negative
sensitivities from 2021, which would be driven by a recovery of
coal prices and volume.

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

  - Indika's FFO net leverage is sustained above 3.0x and/or its
FFO fixed-charge coverage falls below 3.5x in 2021 and beyond

  - Any weakness or challenges in successfully addressing lumpy
debt maturities

LIQUIDITY AND DEBT STRUCTURE

Refinancing Required in Medium Term: Indika does not have any major
debt maturities until 2022. Its senior unsecured notes of USD265
million, USD285 million and USD575 million are due April 2022,
January 2023, and November 2024, respectively. Indika has debt
maturities of less than USD100 million per annum in 2020 and 2021.
Indika's consolidated cash balance is healthy, at USD488 million as
of June 2020, although a large part of this is held under its
operating subsidiaries.

Fitch expects Indika to pay USD210 million in 2022 to the previous
shareholders of Kideco upon the extension of its mining license.
The company is considering plans to refinance its US dollar bonds
due 2022 and 2023. Fitch thinks Indika's refinancing risk is low
due to its proactive liquidity and liability management, and a
record of raising funds.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

WASKITA BETON: Fitch Cuts National Long-Term Rating to 'CC(idn)'
----------------------------------------------------------------
Fitch Ratings Indonesia has downgraded Indonesian precast concrete
manufacturer PT Waskita Beton Precast Tbk's (WSBP) National
Long-Term Rating to 'CC(idn)' from 'CCC-(idn)' and removed the
rating from Rating Watch Negative (RWN). At the same time, Fitch
has downgraded WSBP's IDR2 trillion unsecured bond programme and
the bonds issued under the programme to 'CC(idn)' from
'CCC-(idn)'.

The downgrade and removal of WSBP's rating from RWN are driven by
similar rating action on its parent, PT Waskita Karya (Persero) Tbk
(WSKT, CCC+(idn)). Fitch lowered the parent's Standalone Credit
Profile (SCP) to 'cc(idn)' from 'ccc-(idn)' on October 6, 2020 on
liquidity concerns. Fitch rates WSBP - which Fitch believes has a
stronger credit profile than the parent as reflected by WSBP's SCP
of 'b-(idn)' - based on WSKT's SCP due to moderate overall linkages
between the two entities.

'CC' National Ratings denote the level of default risk is among the
highest relative to other issuers or obligations in the same
country or monetary union.

KEY RATING DRIVERS

Downgrade on Parent's Weakening SCP: WSBP's rating is constrained
by parent WSKT's SCP due to moderate overall linkages between them.
Fitch assesses the two have strong operational ties because of
management overlap and WSKT's control over WSBP's key decisions.
Fitch sees WSBP as having a stronger creditworthiness relative to
WSKT and follows the 'Stronger Subsidiary' path under its Parent
and Subsidiary Linkage Rating Criteria.

Weak Cash Flow Generation: WSBP experiences a drag on liquidity due
to slower project completion and delivery, and prolonged customer
cash collection related to the coronavirus pandemic. Movement
restrictions reimposed in Jakarta risk further delaying the
administrative process on some project verifications and receivable
collections. The company's cash flow from operations (CFO) was
negative in 1H20, after adjusting for a one-off tax restitution
receipt of IDR416 billion, as its cash receipts from customers
dropped by nearly 60% to IDR1.6 trillion (1H19: IDR3.8 trillion).

WSBP's liquidity will depend on the continued availability of
external funding due to cash flow pressure. This will be subject to
banks' renewing its existing working capital facilities, which may
become increasingly challenging as lenders impose more stringent
standards amid the pandemic. Fitch forecsts that WSBP will reduce
capex to below IDR200 billion in 2020 (2019: IDR926 billion) to
ease cash outflows.

Heightened Counterparty Risk: WSBP's reduced cash flow generation
is exacerbated by the weakening credit profile of WSKT. WSBP's new
contracts and cash flow generation are reliant on the WSKT group,
as the latter contributed to more than 40% of the former's revenue
and outstanding project billings at end-June 2020. WSKT's liquidity
is weakening due to slower construction progress and delivery,
longer collection including turnkey payments and significant debt
maturities in October-December 2020. This poses risks to the
timeliness and continuity of WSKT's payments to WSBP.

Lower Profitability, Rising Leverage: Slower project completion and
lagged cash collection will undermine WSBP's overall financial
profile in 2020. Fitch forecsts its 2020 EBITDA to decline by more
than 60% due to lower revenue, with EBITDA margin squeezed to
around 15%-17% (2019: 21%). Significantly lower EBITDA and higher
reliance on debt to cover the cash flow gap will drive up WSBP's
leverage - measured as net debt/EBITDA - to above 10.0x by end-2020
(2019: 3.6x). At the same time, Fitch expects to see its
EBITDA/interest coverage fall to below 1.5x in 2020 (2019: 3.3x).

Weaker Operating Metrics: WSBP's order book will remain under
pressure until end-2021, as new contracts will not recover
substantially in 2020 and 2021. Fitch estimates new contract wins
to remain under IDR3 trillion-4 trillion in 2020, from IDR7
trillion in 2019. Project tenders have been slowing down on social
distancing measures and Fitch expects them to resume on gradually
from 2H20. WSBP's order book was significantly lower at IDR5.71
trillion as of July 21, 2020 (1H19: IDR12.6 trillion) - with new
contract of IDR1.07 trillion (1H19: IDR3.3 trillion), far from the
company's target of IDR5 trillion for 2020. The thin order book may
restrict WSBP's revenue growth in the medium term.

DERIVATION SUMMARY

WSBP's SCP of 'b-(idn)' is lower than the National Rating of
Indonesian palm-oil company PT Sawit Sumbermas Sarana Tbk (SSMS,
CCC+/BB-(idn)/Stable), which is based on the consolidated credit
profile of parent PT Citra Borneo Indah (CBI). Both WSBP and CBI
have high leverage, but Fitch expects the former's net debt/EBITDA
to rise to above 10.0x by end-2020 on decreasing EBITDA. In
contrast, Fitch expects SSMS's leverage to moderate to below 10.0x
from 2020 (2019: 14.5x) due to better yields and outputs.

Both WSBP and CBI also have lumpy maturities as they have a large
chunk of debt coming from bonds that mature within a particular
year. The former has better access to funding, although it is now
subject to higher uncertainty due to stricter lending policies by
banks. Both will also be challenged by interest coverage of below
1.5x by end-2020. SSMS's improving industry dynamics through higher
crude palm-oil prices places it in a better position against WSBP,
which faces slower collection and the weaker creditworthiness of
its key counterparty, WSKT.

WSBP's SCP is higher than the rating of Indonesian telco player PT
Smartfren Telecom Tbk (CCC+(idn)), as the former has better funding
access and capex flexibility. Both companies' liquidity positions
are reliant on the continuity of external financing. WSBP faces
stricter credit standards from lenders, but existing lending
relationships with more than 10 domestic banks allows it to have
more funding diversity than Smartfren, which is dependent on
off-shore bank loans and equity-like instruments. WSBP also has
flexibility in terms of capex compared with Smartfren, which must
invest significantly to maintain its competitiveness.

KEY ASSUMPTIONS

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

  - New contracts of around IDR2.5 trillion-4.5 trillion in 2020
and 2021

  - Lower average burn rate in 2020 and 2021 as project completions
are delayed in 2020, and recovery will happen gradually from 4Q20
onwards

  - Longer working capital cycle in 2020 and 2021 due to longer
payment from project owners as project completion and delivery are
delayed

  - IDR150 billion-175 billion of capex in 2020 and 2021

  - Dividend payment of IDR202 billion in 2020

RATING SENSITIVITIES

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

  - An upward revision of WSKT's SCP.

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

  - Weakening liquidity position;

  - A downward revision of WSKT's SCP.

LIQUIDITY AND DEBT STRUCTURE

Reliant on Bank Refinancing: Fitch continues to see WSBP's
liquidity as being dependent on its banks' willingness to extend
the availability of their facilities. Fitch believes that this will
be increasingly challenging given WSBP's weakening credit metrics.
WSBP had IDR145 billion of readily available cash at end-June 2020,
against IDR3.8 trillion of short-term working-capital loans
outstanding. The remainder of the debt structure comprises IDR2
trillion of bonds that will mature in 2022.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of WSBP is driven by the rating of its parent, WSKT, in
accordance with its Parent and Subsidiary Linkage Rating Criteria
under the path of stronger subsidiary and weaker parent.

WASKITA KARYA: Fitch Cuts National Long-Term Rating to 'CCC+(idn)'
------------------------------------------------------------------
Fitch Ratings Indonesia has downgrade Indonesia-based contractor PT
Waskita Karya (Persero) Tbk's (WSKT) National Long-Term Rating to
'CCC+(idn)' from 'B(idn)'. At the same time, the agency has
downgraded WSKT's senior unsecured note programme and the notes
issued under the programme to 'CCC(idn)' from 'B-(idn)'. All
ratings were removed from Rating Watch Negative (RWN), on which
they were placed on August 19, 2020.

The downgrade follows Fitch's revision of WSKT's Standalone Credit
Profile (SCP) to 'cc(idn)' from 'ccc-(idn)'. Fitch believes that
the IDR2.5 trillion in short-term bridging loans that WSKT secured
will support the company's repayment of IDR2.5 trillion of bonds
due in October 2020 - IDR1,369 billion on October 6 and IDR1,150
billion on October 16. However, liquidity pressure and refinancing
risk remain high due to the company's weakened cash position and
upcoming debt maturities, which include supply chain financing of
IDR5 trillion in 4Q20 and bonds of IDR1.2 trillion in February
2021.

WSKT's National Long-Term Rating benefits from a three-notch uplift
from its SCP for government support, driven by WSKT's support score
under its Government-Related Entities Rating Criteria of 15. Fitch
views that there is 'Strong' control by the government and
'Moderate' socio-political and financial implications in the event
of a default. Fitch also assesses support expectations as 'Weak' as
liquidity will remain under pressure following a delay in
government support for the company. At the same time, the company's
cash flow generation has deteriorated during the coronavirus
pandemic. However, the rating uplift still reflects Fitch's
expectation that the government will continue to monitor WSKT's
on-going liquidity position and provide meaningful support when
needed.

The bond programme and the bonds issued under the programme
continue to be rated one notch below the National Long-Term Rating
considering significant prior-ranking debt. Fitch expects WSKT's
prior-ranking debt/EBITDA to be considerably above 2.5x, the
threshold at which Fitch believes the interests of senior unsecured
creditors are significantly subordinated to the interests of
secured or prior-ranking creditors.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

'CCC' National Ratings denote a very high level of default risk
relative to other issuers or obligations in the same country or
monetary union.

KEY RATING DRIVERS

Short-Term Liquidity Still Under Pressure: The downgrade reflects
WSKT's weak liquidity and high refinancing risk. Fitch revised
WSKT's Standalone Credit Profile to 'cc(idn)' as Fitch thinks the
company's financial profile will continue to be under pressure over
the next three to six months. While it secured funding for the
October bonds, Fitch believes that WSKT will find it challenging to
continue funding its operations and investments, and to refinance
debt in the short term. The economic shock from the pandemic caused
its cash position fall to IDR1.4 trillion by end-June 2020 from
IDR9.3 trillion at end-2019.

The pandemic has affected operations considerably, with a prolonged
working capital cycle and slower cash receipts from construction
projects. Aside from the October 2020 bonds, WSKT also has supply
chain financing (SCF) of IDR5 trillion maturing in 4Q20 and bonds
of IDR1.2 trillion due in 1Q20. Fitch believes WSKT will be
dependent on actions, such as major cash collection from projects,
realisation of its toll-road divestments, and relaxation of its SCF
payments, which it is now negotiating with banks on, to boost
short-term liquidity. However, the company faces a tight timeframe
to execute its strategies and Fitch will only take them into
account after they materialise.

Negative FCF; High Leverage: Fitch believes the challenges in
collecting payments due to slower project completions, including
turnkey contracts, will result in negative cash flow from
operations. The company received turnkey payments of IDR7.1
trillion in the year to June 2020, which it will use mainly to
reduce debt although this will be temporary. Fitch projects free
cash flow (FCF) will continue to be negative while leverage (net
debt/EBITDA) will remain high, above 15x, and coverage
(EBITDA/interest paid) will be below 1.0x in the medium term due to
high investments to complete toll-road projects.

Weakening New Contracts Amid Pandemic: Fitch expects slower order
book growth, as tenders from government and private parties will be
limited during the pandemic. Fitch estimates new contract wins will
drop by 35% to IDR17 trillion (1H20: IDR8.1 trillion) in 2020
because the lockdown will affect both domestic and offshore
projects. Fitch does not expect social distancing measures to be
loosened in the near term due to rising infections, which might hit
construction progress and timeliness of its project payments. A
prolonged pandemic may prompt the government to re-allocate
resources away from infrastructure projects to combat COVID-19,
which would reduce the number of tendered contracts.

'Strong' Ownership and Control: Fitch assesses WSKT's status,
ownership, and control as 'Strong'. The Indonesian government owns
66% of WSKT, mainly via the Ministry of State-Owned Enterprises,
and has strong influence over the company's investment decisions,
strategy, and operations. The government also holds a golden share
that gives it veto power over the appointment and dismissal of
board members, distribution of profit and M&A.

'Weak' Support Expectations: Fitch assesses the support record and
expectations factor as 'Weak' to reflect its view that the delay in
provision of extraordinary government support has resulted in
WSKT's materially weakened financial profile. WSKT's liquidity will
continue to deteriorate and refinancing risk remain high unless if
the government provides further timely and material support. Fitch
will reassess the rating factor if there is stronger evidence of
government support to address WSKT's near-term liquidity
pressures.

The government has been providing support to WSKT to bolster its
liquidity, such as using its strong relationships with state-owned
banks and helping in the company's toll road divestments. WSKT has
been receiving equity injections, including IDR3.5 trillion of
equity in 2015, and support for WSKT's subsidiary, PT Waskita Toll
Road, through strategic partnerships via government-affiliated
institutions. Total government support came to IDR3.5 trillion in
2017.

'Moderate' Socio-Political Implications of Default: Fitch assesses
the socio-political impact of a WSKT default as 'Moderate', as
infrastructure development is at the top of the government's
economic agenda. Infrastructure development is not essential, like
food or utilities, but Fitch does not think the implications are
'Weak' because WSKT lends its balance sheet to government-related
contracts - particularly turnkey projects - so that key projects
can be completed promptly, making WSKT vital for Indonesia's
infrastructure. Furthermore, WSKT has the second-largest order book
among state-owned contractors, of which 70% are national strategic
projects.

'Moderate' Financial Implications of Default: Fitch believes a WSKT
default would have a 'Moderate' financial impact on the
availability and cost of finance by other government-related
entities. This is driven by WSKT's significant debt position (1H20:
IDR74 trillion including SCF) and more active bond issuance
compared with peers.

DERIVATION SUMMARY

WSKT's SCP reflects the company's weaker cash flow generation,
which may result in challenges to fund its investments and repay
its near-term maturities. Fitch believes the execution risk of the
company's strategies to boost its liquidity in a timely manner
during the pandemic, such as obtaining further external debt
facilities and collecting major cash inflows from its projects,
heightens its refinancing risk.

KEY ASSUMPTIONS

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

  - New contract wins of IDR17 trillion in 2020 and IDR23 trillion
in 2021 (2019: IDR26 trillion)

  - No significant cash inflows from turnkey projects and asset
divestments in 2H20

  - EBITDA margin of 9% in 2020 and recovering to between 14%-16%
in 2021-2023

  - Capex of IDR8 trillion-10 trillion in 2020-2023

  - Dividend payout ratio of 20% in 2021-2022

RATING SENSITIVITIES

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

  - Ability to improve its liquidity such that it can address its
near-term debt maturities;

  - Stronger likelihood of support from the Indonesian government
to WSKT.

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

  - Inability to service its near-term debt maturities;

  - Weakening likelihood of support from the Indonesian government
to WSKT

LIQUIDITY AND DEBT STRUCTURE

Weak Cash Flows: Fitch thinks WSKT's liquidity, reflected by its
cash position of IDR1.4 trillion at end-June 2020, is weak because
cash collection deteriorated during the pandemic as construction
progress slowed. The additional short-term bridging loans will be
sufficient to repay bonds maturing in October 2020, but Fitch
expects WSKT to require further significant and timely external
funding to support its operations and debt service obligation over
the next three to six months.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch treats WSKT's supply-chain financing (1H20: IDR7.7 trillion)
as debt, as it extends the trade payable cycle significantly to
around 180 days, compared with the standard 90 days.

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.



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

AIRASIA GROUP: Stops Funding Indian Unit, Future Depends on Tata
----------------------------------------------------------------
Anurag Kotoky and Siddharth Philip at The Economic Times report
that AirAsia Group Bhd. has stopped funding its Indian affiliate as
the global travel slump leaves the Malaysian group struggling to
support a sprawling empire of no-frills airlines, people familiar
with the matter said.

AirAsia India Ltd.'s future may now depend on Indian conglomerate
Tata Group, its majority shareholder, which has provided emergency
funding but has yet to commit to a full rescue, according to the
people, who asked not to be named discussing a confidential matter,
ET relays.

The airline isn't at any immediate risk of folding, the people, as
cited by ET, said. India's aviation minister said over the weekend
that AirAsia was shutting up shop in the South Asian nation, though
his office later suggested the comment was taken out of context.

AirAsia India has survived on INR300 crore in funding from Tata,
which owns a 51% stake, with another round of financing expected
soon, one of the people said, ET relates.

Tata is weighing its options and how much it would cost to buy out
AirAsia and save the carrier, another person said. The industrial
group also has a 51% holding in the Vistara full-service airline
venture with Singapore Airlines Ltd.

AirAsia India predicted it would break even in four months when it
began flying in 2014.  In reality, it has yet to make money in a
market where high fuel taxes and cut-throat fares can make even
dominant players unprofitable, the report says. The carrier has a
market share of 6.8% and employs more than 3,000 people.

                           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.

AIRASIA X: Seeks to Stave Off Liquidation with Restructuring
------------------------------------------------------------
Reuters reports that AirAsia X Bhd, the long-haul arm of AirAsia
Group Bhd, said it wants to restructure $15.3 billion of debt and
slash its share capital by 90% to continue as a going concern.

Reuters relates that hard hit by the COVID-19 pandemic as closed
borders have left most of its planes grounded, the budget airline
said it has severe liquidity constraints and, with no return to
normalcy in sight, "imminent default of contractual commitments
will precipitate a potential liquidation."

Its statement on Oct. 6 came just days after Malaysia Airlines, the
country's other major carrier, said it was very low on cash and had
reached out to lessors, creditors and suppliers for urgent
restructuring, Reuters says.

According to Reuters, AirAsia X is seeking to reconstitute MYR63.5
billion of debt into a principal amount of MYR200 million and for
the balance to be waived.

That debt restructuring as well as a revamp of its business model
would be needed to raise fresh equity and debt, which in turn would
be required to restart the airline, it said, Reuters relays.

The statement did not break down the liabilities or name the
airline's creditors, the report notes.

The hefty debt figure could include aircraft orders, potentially
spelling cancellations, said an aviation analyst who declined to be
identified as he no longer covers the company, Reuters relays.

"A lot of that may be aircraft orders. The real haircut may not be
that huge if it's purely on actual debt and lease commitments," he
said.

AirAsia X last year finalised orders with Airbus SE for 78 A330neo
and 30 A321XLR planes but said in February this year it would defer
delivery of the A330neo planes and consider other changes to reduce
its fleet. The airline is Airbus' biggest customer for the
A330neo.

It also proposed reducing its issued share capital by 90% and
consolidating every 10 existing ordinary shares into one share,
Reuters states.

The airline, which reported a record net loss of MYR650.3 million
in the 2019 financial year, said unaudited records as of June 30
showed it had a shareholder equity deficit of MYR960 million,
Reuters discloses.

Liabilities of MYR3.38 billion exceeded assets of MYR1.39 billion,
the report adds.

It has appointed board member Lim Kian Onn, a chartered accountant
and former banker, as deputy chairman to lead the restructuring
which will involve overhauling its route network, fleet size, cost
base and workforce, Reuters notes.

                           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
=====================

STA TRAVEL: Liquidators May Require Funding to Untangle Claims
--------------------------------------------------------------
NZ Herald reports that additional funding may be required to try
and recover creditor claims in the liquidation of budget travel
agent STA Travel, which shut down owing more than NZD11 million.

According to the Herald, liquidators from Deloitte, David Webb and
Colin Owens, said investigations were required to establish the
standing of customer refunds with airlines and third-party
suppliers and identify any assets that could be realised for the
benefit of creditors.

"Some of these ongoing investigations and actions may require
liquidation funding due to the lack of funds held by, or due to,
the company," they said in their first report, the Herald relays.

The Herald says a statement of company affairs revealed the
business had assets of NZD34,000, the bulk of which was bank
funding. Unsecured creditors are owed NZD11.14 million, while
preferential creditors are owed NZD439,000.

STA operated from a number of sites in New Zealand but its stores
were closed on August 20 following the collapse of its overseas
parent company due to the impacts of Covid-19, the Herald notes.

According to the Herald, creditors voted on September 28 to place
the company into liquidation after voluntary administrators were
appointed on August 25.

"Because the international STA group has run a global treasury and
finance function, this has meant that a lot of the necessary data
and information have been difficult to secure," the administrators,
also from Deloitte, said last month, the Herald recalls.

Deloitte continues to explore options under Government schemes to
see what further support might be made available "to affected
parties".

Last month the Herald reported how travel agents getting Government
support could help New Zealanders caught up in the collapse of STA
Travel, but they said it would be complex chasing up funds for
clients of another business.

Hundreds of New Zealanders who booked through STA are out of pocket
by tens of thousands of dollars, the Herald notes.

Under an incentive scheme announced in September, agents will be
paid up to NZD47.6 million to chase up an estimated NZD690 million
held by suppliers overseas.

The Herald adds that Flight Centre NZ managing director David
Coombes was part of an industry group that negotiated with the
Government and said customers of STA, now in administration, could
benefit from wider sector expertise.

"My view is right now that this is firmly in the hands of creditors
— nobody would be able to step in without the data and there are
privacy issues, but there would be a willingness in the industry to
talk to creditors and see if there is a way we could get through
this," he told the Herald.

"If they think there is a pathway to utilise who is viable in the
agency sector to reach out [but] it's a complicated issue."

                           About STA Travel

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

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

On Aug. 24, 2020, David Webb and Colin Owens of Deloitte were
appointed as administrators of STA Travel (NZ) Limited, IEP New
Zealand Limited, and NNS New Zealand Limited.

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

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



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

PHILIPPINE AIRLINES: To Cut Up to 2,700 Jobs Due to Pandemic
------------------------------------------------------------
BusinessWorld Online reports that Philippine Airlines Inc. (PAL)
said on Oct. 5 it is cutting up to a third of its workforce, or
around 2,700 jobs, as the aviation sector continues to suffer from
pandemic-driven travel curbs.

BusinessWorld relates that the flag carrier, which halted
operations in mid-March as President Rodrigo R. Duterte imposed one
of the world's strictest and longest coronavirus lockdowns, are
slowly ramping up operations.

"The collapse in travel demand and persistent travel restrictions
on most global and domestic routes have made retrenchment
inevitable," PAL said in a statement.

The retrenchment program this quarter could cover up to 35% of its
roughly 7,800 personnel, it added, BusinessWorld relays.

BusinessWorld says PAL is running less than 15% of its normal
number of daily flights eight months after the Philippine
government imposed travel curbs.

The loss-making carrier, partly owned by Japan's ANA Holdings Inc,
lost roughly $1 billion in revenues in March to May when the
company suspended its operations because of a travel ban,
BusinessWorld says.

Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia
and the oldest of those currently in operation.  With its corporate
headquarters in Makati City, Philippine Airlines flies both
domestic and international flights.  First taking off in 1941, the
carrier has grown into a fleet of about 40 aircraft (including five
Boeing 747-400s) flying to more than 20 domestic points and about
30 foreign destinations.

PHILIPPINES: To Help Troubled Airlines but Won't Want to Own Them
-----------------------------------------------------------------
BusinessWorld Online reports that the Philippine government is
ready to assist the airline sector as long as it won't end up
owning troubled carriers, said Finance Secretary Carlos G.
Dominguez III.

"We are prepared to participate in assistance to the airline
industry," the report quotes Mr. Dominguez as saying in remarks
before members of the Philippine Chamber of Commerce and Industry.
"But let me point out that whatever assistance we have or we are
going to provide will be part only of the entire process. The
private sector banks have to cough up the majority of the
assistance."

BusinessWorld relates that the government is also reviewing its
mining assets, Mr. Dominguez said, as he pushes for the sale of
some government-owned mines to help revive the sector. The finance
department is also studying how to tax the digital economy better,
with the main tax agency expediting the implementation of
e-invoicing system to boost collections, he said.



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

AMANA BANK: Fitch Affirms National LT Rating at 'BB+(lka)'
----------------------------------------------------------
Fitch Ratings has affirmed Amana Bank PLC's National Long-Term
Rating at 'BB+(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

Amana's National Long-Term Rating, which is driven by its intrinsic
financial strength, reflects its small and developing franchise,
and its high-risk appetite stemming from its predominant exposure
to retail and SME customers, which are more susceptible to
deteriorating economic conditions.

The operating environment in Sri Lanka remains challenging and has
a high influence on the bank's rating as well as its key credit
profiles. Fitch expects GDP to contract by 3.7% in 2020 due to the
impact of the coronavirus pandemic before recovering to grow at
4.7% in 2021, although growth prospects will depend in part on how
the pandemic develops in Sri Lanka and globally.

Fitch expects asset-quality deterioration to become even more
apparent once the relief measures in the form of moratoriums on
loan repayments come to an end in September 2020. Amana's stage 3
loan (impaired loan)/gross loan ratio increased to 5.6% by end-1H20
from 3.8% at end-2019, driven mostly by defaults in the retail and
SME segments (70% of gross loans at end-2019). Loans under
moratorium accounted for LKR28 billion, which made up 47% of
Amana's loan book.

Amana's profitability, measured by operating profit/risk-weighted
assets, has been sliding since 2018 (1H20: 1.1%, 2019: 2.0%)
primarily due to slower loan growth (1H20: 1.8%, 2019: 9.5%). Fitch
expects Amana's profitability to deteriorate further in 2020 as
loan growth is likely to remain muted and credit costs may rise.
Fitch thinks this will outweigh the benefits of a reduction in
income taxes and the removal of the debt repayment levy. Fitch
expects net interest margins to narrow in 2020 as lending remains
muted while its excess liquidity position could also be a drag on
profitability considering thinner spreads.

Amana's common equity Tier 1 ratio has been declining (1H20: 14.6%,
2019: 15.4%) as its slower pace of earnings retention outweighed
balance sheet growth and high dividend payouts in 2018 and 2019.
Pressure on the bank's capital buffers is moderate relative to that
on peers with an unprovisioned share of stage 3 loans (impaired
loans)/equity of 16% at end-1H20, although Fitch expects
capital-impairment risks to increase in the near-to-medium term as
asset-quality metrics deteriorate. Fitch estimates the bank will
require another equity infusion of around LKR9 billion based on its
current capital position as earnings retention alone is unlikely to
be sufficient to meet the minimum regulatory capital requirement of
LKR20 billion by end-2022.

A sharp slowdown in loan growth alongside healthy deposit growth
resulted in Amana's loan-to-deposit ratio declining to 76% by
end-1H20, the lowest among Fitch-rated Sri Lankan banks. Fitch
expects subdued loan growth to prevent a material increase in the
loan-to-deposit ratio in the near-to-medium term, at least until
the new capital is brought in. Amana sustained many current and
savings accounts (around 42% of its deposit base) relative to
larger peers in the industry, which is partly attributable to the
bank's business model that provides fully non-interest financing.

RATING SENSITIVITIES

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

An upgrade to Amana's National Long-Term Rating is limited in the
near term due to the negative outlook on the sovereign rating and
the operating environment. In the medium term, an upgrade is
contingent upon the bank's credit profile improving relative to the
rated universe of Sri Lankan entities. This could result from the
bank sustaining an improvement in its financial profile in addition
to enhancing its franchise.

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

Increased risk appetite, such as through excessive loan growth
expansion that leads to a deterioration in capital buffers, could
put downward pressure on the rating.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

HOUSING DEVELOPMENT: Fitch Affirms Nat'l. LT Rating at 'BB+(lka)'
-----------------------------------------------------------------
Fitch Ratings (Lanka) Limited has affirmed the National Long-Term
Rating of Housing Development Finance Corporation Bank of Sri
Lanka's (HDFC) at 'BB+(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

HDFC's rating is highly influenced by the assessment of the
operating environment and reflects the bank's high-risk appetite.
Its weaker-than-average asset quality stems from its large exposure
to low- and middle-income customers, who are susceptible to
economic and interest-rate cycles. The rating also captures HDFC's
limited access to capital markets and small franchise in the
domestic banking sector.

An increasingly challenging operating environment is likely to
affect the performance of Sri Lankan banks, including HDFC. Fitch
forecsts Sri Lanka's GDP to contract by 3.7% in 2020 and the bank's
key credit metrics are likely to continue weakening, consistent
with its previous expectation, despite regulatory relief.

Fitch expects HDFC's asset quality to deteriorate, like its view on
the sector, as the economic downturn arising from coronavirus
pandemic hinders borrowers' ability to service their loans. HDFC's
impaired loan ratio - based on stage III loans, which include loans
backed by the Employee Provident Fund (EPF) that are in arrears -
stood at 25% at end-2019 (end-2018: 24%), higher than the peer
average of 12%.

The Central Bank of Sri Lanka reimburses HDFC Bank annually for
EPF-backed loans in arrears for more than three months. Its
regulatory non-performing loans (excluding EPF loans in arrears)
spiked to 19.6% by end-1H20 from 13.7% at end-2019, which is
substantially higher than the sector's 5.3%, and reflects the
concentration of its credit risk in the low- and middle-income
housing-finance market.

Fitch believes that the current asset-quality deterioration, while
significant, has not fully captured the impact of the economic
disruption, as regulatory relief in the form of loan-repayment
moratoriums and loan restructuring has temporarily halted the
recognition of credit impairments. Loan loss coverage was low and
only adequate to cover around 10% of impaired loans in 2018-1H20,
reflecting HDFC's high share of EPF and residential housing-backed
lending (60% of total loans at end-1H20).

Fitch expects HDFC's provisions against coronavirus-related credit
losses to increase in the coming quarters, which, combined with
weaker business volumes, is likely to intensify pressure on
profitability. However, HDFC's profitability is higher than that of
peers, with operating profit/risk-weighted assets averaging 4.0%
between 2016 and 1H20 (peer average: 2.2%), benefiting from zero
risk weights from EPF-backed loans. HDFC's average return on assets
of 1.0% in 2016-1H20 is better than the peer average of 0.6%.

HDFC's relatively small capital base and its limited access to
capital compared with higher-rated large commercial bank peers
exposes the bank's capitalisation to profitability and asset
quality shocks. This is despite HDFC's above-peer regulatory
capital ratios, which benefit from low risk density underpinned by
EPF-backed loans and mortgage-backed housing loans, which are risk
weighted at 0% and 50%, respectively. HDFC's reported common equity
Tier 1 ratio of 17.1% at end-1H20 is higher than the peer average
of 14.6% and the sector's 11.9%. Fitch estimates that HDFC would
require additional capital of around LKR2.4 billion to meet the
enhanced regulatory capital threshold of LKR7.5 billion by the
extended deadline of end-2022, which Fitch believes the bank can
meet through internal capital generation.

Fitch does not expect pressure on HDFC's rupee liquidity in the
near term as liquidity has been made available by the reduction in
the statutory reserve ratio and the Central Bank of Sri Lanka's
other accommodative monetary policies. Its loans to deposits ratio
was 93.9% at end-1H20, which is better than the peer median of
95.7%. Nonetheless, Fitch expects HDFC's asset and liability
mismatches to persist due to its longer-tenor loan book,
short-tenor deposit base and high deposit concentration among large
deposit holders, which will exert pressure on liquidity in the
medium term.

HDFC is a small state-owned Licensed Specialised Bank that mainly
engages in housing financing as part of its quasi-development role
to supports the state's National Housing Policy. The bank accounted
for 0.4% of sector assets at end-June 2020 and operates with 39
branches.

RATING SENSITIVITIES

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

Positive rating action is unlikely in the near term due to the
challenging operating environment. In the longer term, an upgrade
is contingent on a sustained improvement in HDFC's credit profile
relative to the universe of Sri Lankan rated entities. Improved
asset quality and market share, while maintaining adequate capital
buffers commensurate with a high-risk appetite, would be consistent
with positive rating action.

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

HDFC's rating could be downgraded if capital buffers were to be
substantially eroded due to weakening asset quality, higher
unprovisioned impaired loans or prolonged rapid growth in the more
vulnerable customer segments.

The ratings of the senior unsecured debentures will move in tandem
with HDFC Bank's National Long-Term Ratings.

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.

SANASA DEVELOPMENT: Fitch Affirms National LT Rating at 'BB+(lka)'
------------------------------------------------------------------
Fitch Ratings (Lanka) Limited has affirmed the National Long-Term
Rating of SANASA Development Bank PLC (SDB) at 'BB+(lka)'. The
Outlook is Stable.

KEY RATING DRIVERS

SDB's rating is highly influenced by the assessment of the
operating environment, and reflects its weak capital buffers and
high-risk appetite. The latter is evident in its aggressive growth
in lending to low- and middle-income customers, who are susceptible
to economic and interest-rate cycles. The increasingly challenging
operating environment will likely pressure the performance of SDB,
which has a small franchise. Fitch forecsts Sri Lanka's GDP to
contract by 3.7% in 2020 and the bank's key credit metrics are
likely to continue weakening, consistent with its previous
expectation, despite regulatory relief.

SDB's capitalisation is likely to come under pressure in the medium
term due to weak internal capital generation and a high share of
unprovided impaired loans. SDB's common equity Tier 1 ratio of 8.3%
at end-1H20 is the lowest among Fitch-rated Sri Lankan banks,
although it is above the regulatory minimum of 7%.

Its assessment of SDB's Tier 1 capital ratio of 8.6% (including
profits for the period) at end-1H20 is marginally above the
regulatory minimum of 8.5%, and as such Fitch expects SDB to draw
down 50bp of its capital conservation buffers as permitted by
Central Bank of Sri Lanka as a relief measure to support the
banking system amid the pandemic. SDB's plan for a rights issue to
raise LKR1.5 billion in November 2020, which is equivalent to 180
bp of risk-weighted-assets at end-June 2020, should help to reduce
short-term pressure on the bank's capital ratios.

Fitch expects SDB's asset quality to weaken further in the near
term, like its expectation for Sri Lanka's banking sector, due to
the coronavirus pandemic-related economic fallout. SDB's impaired
loan ratio - based on stage III loans - jumped to 7.0% by end-2019,
from 5.2% at 2018. Similarly, the bank's reported regulatory
non-performing loan (NPL) ratio spiked to 4.7% by end-1H20, from
4.4% at end-2019, though it remained lower than the sector's 5.2%.
SDB's NPL ratio was weighed down by its above-sector loan growth.
Loan loss coverage was only adequate to cover around 47% of
impaired loans in 2018-1H20, exposing SDB's capital to
under-provisioned NPL risk.

Fitch believes that asset quality does not yet fully reflect the
impact of the economic disruption, as regulatory relief in the form
of loan-repayment moratoriums and loan restructuring have
temporarily halted the recognition of credit impairments.

SDB's earnings and profitability are likely to deteriorate due to
weaker income generation and higher credit costs in the near term.
While SDB's cost rationalisation efforts have led to moderate
improvement in its operating profit/risk-weighted asset ratio to
2.0% by end-1H20, from its lower-than-peer average of 1.8% from
2016-2019 (peer average 2.2%), the bank's ability to sustain
improved profitability is contingent upon asset quality and credit
costs. Loan-impairment charges absorbed 36.5% of the bank's
pre-impairment profit in 1H20, higher than its average of 27% in
2016-2019.

Fitch does not expect pressure on SDB's rupee liquidity in the near
term as liquidity has been made available by the reduction in the
statutory reserve ratio and the Central Bank of Sri Lanka's other
accommodative monetary policies. Its loans to deposits ratio stood
at 118.3% at end-1H20, which is in line with the average of 118.5%
from 2016 to 2019, but higher than the peer median of 95.7%,
reflecting SDB's lower-than-peers deposit share in the funding mix
(1H20: SDB 78% versus peers 85%). Nonetheless, the share of
deposits from Sanasa societies and co-operatives of around 31% was
significant as of end-2019, and these deposits are likely to remain
a stable source of funding for SDB.

SDB, established in 1997, is a small Licensed Specialised Bank
accounting for 0.9% of banking sector assets at end-1H20. The bank
mainly caters to the retail, SME and cooperative segments in Sri
Lanka and operates with 94 branches at end-2019.

RATING SENSITIVITIES

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

Positive rating action appears unlikely in the near term due to the
challenging operating environment. In the longer term, an upgrade
is contingent on a sustained improvement in SDB's credit profile
relative to the universe of Sri Lankan rated entities. Sustained
improvement in SDB's capital buffers commensurate with its
high-risk appetite alongside enhanced market share while
maintaining its profitability improvements, would be consistent
with positive rating action.

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

SDB's rating could be downgraded if capital buffers were to be
substantially eroded due to weakening asset quality, higher
under-provisioned impaired loans, or prolonged rapid growth in the
more vulnerable customer segments, which indicates a significantly
higher risk appetite for the current rating level.

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.


                           *********


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

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

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

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

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



                *** End of Transmission ***