/raid1/www/Hosts/bankrupt/TCRAP_Public/201014.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 14, 2020, Vol. 23, No. 206

                           Headlines



A U S T R A L I A

CUMMINS POOL: Second Creditors' Meeting Set for Oct. 21
CYC TRAVEL: First Creditors' Meeting Set for Oct. 22
LIBERTY SERIES 2017-4: Moody's Upgrades Class F Notes to Ba1(sf)
LJHA (BRI): Second Creditors' Meeting Set for Oct. 21
PENNANT CORP: Second Creditors' Meeting Set for Oct. 20

PEPPER I-PRIME 2018-2: S&P Affirms B (sf) Rating on Class F Notes
STAMFORD HOUSE: Second Creditors' Meeting Set for Oct. 20
VIG HUNTLEY: Site for Greg Norman-designed Golf Course Up for Sale


C H I N A

GUANGDONG HONGKONG: Fitch Affirms LT IDR at B-, Outlook Stable
LOGAN GROUP: Fitch Rates Proposed USD Senior Notes 'BB'
LUCKIN COFFEE: Must Pay CNY2MM Penalty for Violations
PARKSON RETAIL: Auditor Raises Going Concern Doubt
SHANGRAO CITY: Fitch Rates Proposed USD Sr. Unsecured Notes BB+



I N D I A

ACTION FINANCIAL: CRISIL Cuts Rating on INR10cr Loan to D
ARJUN ENTERPRISES: CRISIL Moves B+ Ratings from Not Cooperating
ASHARFI GRAMODYOG: CRISIL Withdraws B+ Rating on INR10cr Loans
GANESH KHAND: CRISIL Assigns B+ Rating to INR31.73cr Cash Loan
GRAMIN VIKAS: CRISIL Assigns B+ Rating to INR1cr Proposed LT Loan

HELPING YOUTH: CRISIL Assigns B+ Rating to INR1cr LT Loan
HIMALAYAN INFRACORP: CRISIL Withdraws B+ Rating on INR8.5cr Loan
INTEGRATED ENTERPRISES: CRISIL Withdraws B Rating on INR45cr Loan
J.B. SYNTEX: CRISIL Withdraws B Rating on INR25.39cr Loan
K P WOVEN: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable

LIOLI CERAMICA: CRISIL Assigns B- Rating to INR58.50cr Loans
LITTLE SCHOLAR: CRISIL Moves B+ Debt Rating from Not Cooperating
MARUTI GRANITES: CRISIL Lowers Rating on INR11cr Loan to D
MATAJI DYEING: Insolvency Resolution Process Case Summary
MUMBAI INTERNATIONAL: CRISIL Cuts Rating on INR2,000cr Loan to B

NAVI MUMBAI: CRISIL Cuts Rating on INR10,300cr Loan to B
RANJIT KUMAR: CRISIL Raises Rating on INR2.25cr Loan to B
SHALAK EATABLE: CRISIL Migrates D Rating from Not Cooperating
SHAPOORJI PALLONJI: To Restructure Debt Under Resolution Framework
SHIKSHA BHARTI: CRISIL Assigns B+ Rating to INR1cr New Loan

SHYAM CHEMICALS: CRISIL Withdraws B+ Rating on INR18.5cr Loan
SHYAM GRAMODYOG: CRISIL Withdraws B+ Rating on INR1cr New Loan
SOCIAL EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR9.18cr Loan
STS UTILITY: CRISIL Lowers Rating on INR6.50cr Cash Loan to B
UJAAS ENERGY: CRISIL Cuts Rating on INR233.88cr Loan to D

VGN HOMES: CRISIL Withdraws B- Rating on INR131.5cr LT Loan
VIBHOR STEEL: CRISIL Withdraws B+ Rating on INR28cr Cash Loan


I N D O N E S I A

INDIKA ENERGY: Moody's Affirms CFR at Ba3, Outlook Negative


M A L A Y S I A

AIRASIA GROUP: Wins Malaysia State Backing for MYR1 Billion


P H I L I P P I N E S

CHINA BANKING: Fitch Affirms LT IDR at BB+, Outlook Negative
PHILIPPINE NATIONAL: Fitch Affirms LT IDR at BB, Outlook Stable


S I N G A P O R E

HYFLUX LTD: Receives Formal Expression of Interest from US Fund
WIRECARD: Former Clients Scramble to Process Payments in Singapore


S O U T H   K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Upgrades ICR to 'B' on Debt Repayment

                           - - - - -


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A U S T R A L I A
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CUMMINS POOL: Second Creditors' Meeting Set for Oct. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of Cummins Pool
and Spa Services Pty Ltd has been set for Oct. 21, 2020, at 11:00
a.m. via 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. 20, 2020, at 4:00 p.m.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of Cummins Pool on Sept. 22, 2020.

CYC TRAVEL: First Creditors' Meeting Set for Oct. 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of CYC Travel
Services Pty. Limited, trading as CYC Services, will be held on
Oct. 22, 2020, at 11:30 a.m. at Suite 5.05, Level 5, 377 Sussex
Street, in Sydney, NSW.

Daniel Obrien of DV Recovery Management was appointed as
administrator of CYC Travel on Oct. 12, 2020.


LIBERTY SERIES 2017-4: Moody's Upgrades Class F Notes to Ba1(sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 20 classes of
notes issued by six Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2016-3 Trust

Class D, Upgraded to Aa3 (sf); previously on Dec 17, 2019 Upgraded
to A1 (sf)

Class E, Upgraded to A3 (sf); previously on Dec 17, 2019 Upgraded
to Baa1 (sf)

Issuer: Liberty Series 2017-1 Trust

Class B, Upgraded to Aaa (sf); previously on Dec 11, 2017 Upgraded
to Aa1 (sf)

Class C, Upgraded to Aa1 (sf); previously on Sep 13, 2018 Upgraded
to Aa3 (sf)

Class D, Upgraded to A2 (sf); previously on Dec 11, 2017 Upgraded
to A3 (sf)

Class E, Upgraded to Baa2 (sf); previously on Sep 13, 2018 Upgraded
to Baa3 (sf)

Issuer: Liberty Series 2017-4 Trust

Class C, Upgraded to Aa1 (sf); previously on Jun 27, 2019 Upgraded
to Aa2 (sf)

Class D, Upgraded to A1 (sf); previously on Jun 27, 2019 Upgraded
to A3 (sf)

Class E, Upgraded to Baa1 (sf); previously on Jun 27, 2019 Upgraded
to Baa2 (sf)

Class F, Upgraded to Ba1 (sf); previously on Jun 27, 2019 Upgraded
to Ba2 (sf)

Issuer: Liberty Series 2018-3

Class B Notes, Upgraded to Aaa (sf); previously on Jul 24, 2019
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jul 24, 2019
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Oct 9, 2018
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jul 24, 2019
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Oct 9, 2018
Definitive Rating Assigned B2 (sf)

Issuer: Liberty Series 2018-4

Class B Notes, Upgraded to Aaa (sf); previously on Jul 24, 2019
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Nov 2, 2018
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Nov 2, 2018
Definitive Rating Assigned Baa2 (sf)

Issuer: Liberty Series 2019-2

Class B Notes, Upgraded to Aaa (sf); previously on May 30, 2019
Definitive Rating Assigned Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on May 30, 2019
Definitive Rating Assigned A1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date, with a moderate level of loans in arrears or under
COVID-19-related hardship payment arrangements.

Liberty Series 2016-3 Trust, Liberty Series 2017-1 Trust and
Liberty Series 2017-4 Trust switched to pro-rata principal
repayments among the rated notes prior to 2020. The three
transactions had repaid principal in sequential order prior to
that.

Liberty Series 2018-3, Liberty Series 2018-4 and Liberty Series
2019-2 continues to pay principal in sequential order from the most
senior tranche since closing.

The unrated Class G Notes for all six series will not be repaid
until all classes of notes senior to them have been fully repaid.
As such, note subordination continues to build up in all
transactions.

Delinquency rates currently reported are understated by loans which
are under COVID-19-related hardship assistance and not reported as
delinquent. Based on the observed delinquencies, losses,
COVID-19-related hardship assistance and considering the ongoing
economic disruptions and expected higher unemployment levels in
2020 and 2021, Moody's has revised upwards its expected loss
assumption for the outstanding pools of all six transactions.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
mortgage loans from the current weak Australian economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Liberty Series 2016-3 Trust

Following the August 2020 payment date, note subordination
available for the Class D and Class E Notes has increased to 9.0%
and 7.0% respectively, from 8.1% and 6.1% at the time of the last
rating action in December 2019.

As of August 2020, 4.5% of the outstanding pool was 30-plus day
delinquent and 2.7% was 90-plus day delinquent. The deal has
incurred losses of AUD303,552 to date, which have been covered by
excess spread.

Moody's has updated its expected loss assumption to 3.0% of the
outstanding pool (equivalent to 1.0% of the original pool balance),
compared to 2.1% of the then outstanding pool from the last rating
action (equivalent to 0.9% of the original pool balance).

Moody's has maintained its MILAN CE assumption at 11.2% from the
last rating action, based on the current portfolio
characteristics.

Liberty Series 2017-1 Trust

Following the August 2020 payment date, note subordination
available for the Class C and Class E Notes has increased to 9.8%
and 5.4% respectively, from 7.4% and 3.6% at the time of the last
rating action in September 2018. Note subordination for the Class B
and Class D Notes has increased to 13.0% and 7.2% respectively,
from 8.3% and 4.2% at the time of the rating action in December
2017.

As of August 2020, 3.6% of the outstanding pool was 30-plus day
delinquent and 1.9% was 90-plus day delinquent. The deal has
incurred losses of AUD336,214 to date, which have been covered by
excess spread.

Moody's has updated its expected loss assumption to 2.6% of the
outstanding pool (equivalent to 1.1% of the original pool balance),
compared to 1.8% of the then outstanding pool from the last rating
action (equivalent to 1.0% of the original pool balance).

Moody's has decreased its MILAN CE assumption to 10.5% from 11.0%
from the last rating action, based on the current portfolio
characteristics.

Liberty Series 2017-4 Trust

Following the August 2020 payment date, note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 9.2%, 6.9%, 5.7% and 4.1% respectively, from 7.1%,
5.1%, 4.0% and 2.6% at the time of the last rating action in June
2019.

As of August 2020, 3.2% of the outstanding pool was 30-plus day
delinquent and 1.8% was 90-plus day delinquent. The deal has
incurred losses of AUD217,217 to date, which have been covered by
excess spread.

Moody's has updated its expected loss assumption to 2.5% of the
outstanding pool (equivalent to 1.0% of the original pool balance),
compared to 1.4% of the then outstanding pool from the last rating
action (equivalent to 0.9% of the original pool balance).

Moody's has maintained its MILAN CE assumption at 10.3% from the
last rating action, based on the current portfolio
characteristics.

Liberty Series 2018-3

Following the August 2020 payment date, note subordination
available for the Class B, Class C and Class E Notes has increased
to 11.3%, 7.9% and 3.8% respectively, from 7.6%, 5.3% and 2.5% at
the time of the last rating action in July 2019. Note subordination
for the Class D and Class F Notes has increased to 5.7% and 3.0%
respectively, from 3.2% and 1.7% at closing.

As of August 2020, 1.7% of the outstanding pool was 30-plus day
delinquent and 0.9% was 90-plus day delinquent. The deal has
incurred losses of AUD16,912 to date, which have been covered by
excess spread.

Moody's has updated its expected loss assumption to 2.5% of the
outstanding pool (equivalent to 1.4% of the original pool balance),
compared to 1.8% of the then outstanding pool from the last rating
action (equivalent to 1.5% of the original pool balance).

Moody's has maintained its MILAN CE assumption at 8.9% from the
last rating action, based on the current portfolio
characteristics.

Liberty Series 2018-4

Following the August 2020 payment date, note subordination for the
Class B Notes has increased to 9.8% from 7.0% at the time of the
last rating action in July 2019. Note subordination available for
the Class C and Class D Notes has increased to 6.8% and 5.0%
respectively, from 4.4% and 3.2% at closing.

As of August 2020, 1.7% of the outstanding pool was 30-plus day
delinquent and 1.3% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Moody's has updated its expected loss assumption to 2.6% of the
outstanding pool (equivalent to 1.7% of the original pool balance),
compared to 1.7% of the then outstanding pool from the last rating
action (equivalent to 1.5% of the original pool balance).

Moody's has decreased its MILAN CE assumption to 9.0% from 9.8%
from the last rating action, based on the current portfolio
characteristics.

Liberty Series 2019-2

Following the August 2020 payment date, note subordination
available for the Class B and Class C Notes has increased to 8.7%
and 6.1% respectively, from 6.3% and 4.4% at closing.

As of August 2020, 1.9% of the outstanding pool was 30-plus day
delinquent and 1.1% was 90-plus day delinquent. The deal has
incurred losses of AUD26,406 to date, which have been covered by
excess spread.

Moody's has updated its expected loss assumption to 2.1% of the
outstanding pool (equivalent to 1.5% of the original pool balance),
compared to 1.4% at closing.

Moody's has decreased its MILAN CE assumption to 7.6% from 8.2% at
closing, based on the current portfolio characteristics.

The transactions are Australian RMBS secured by a portfolio of
residential mortgage loans. Liberty Series 2016-3 Trust's portfolio
had around 11% of loans extended to borrowers with impaired credit
histories, and the remaining five transactions had less than 6%.
The proportion of loans with scheduled loan-to-value ratio above
90% was higher for Liberty Series 2016-3 Trust (around 22%) and
Liberty Series 2017-1 Trust (around 20%), and between 8% and 13%
for the remaining four transactions.

The transactions are supported by a liquidity reserve in the amount
of 2% to 3% of the note balance for all six series.

The principal methodology used in these ratings was Moody's
Approach to Rating RMBS Using the MILAN Framework published in May
2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.

LJHA (BRI): Second Creditors' Meeting Set for Oct. 21
-----------------------------------------------------
A second meeting of creditors in the proceedings of LJHA (BRI) Pty
Ltd and LJHA (UNS) Pty Ltd has been set for Oct. 21, 2020, at 3:30
p.m. and 4:00 p.m. via video conference facilities.

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. 20, 2020, at 4:00 p.m.

Peter Hillig of Smith Hancock was appointed as administrators of  
LJHA (BRI) and LJHA (UNS) on
Oct. 12, 2020.

PENNANT CORP: Second Creditors' Meeting Set for Oct. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Pennant Corp
Pty Limited has been set for Oct. 20, 2020, at 11:00 a.m. at the
offices of HLB Mann Judd NSW, Level 19, 207 Kent 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. 19, 2020, at 5:00 p.m.

Todd Gammel and Barry Taylor of HLB Mann Judd(NSW) were appointed
as administrators of Pennant Corp on July 24, 2020.

PEPPER I-PRIME 2018-2: S&P Affirms B (sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B and class C
notes issued by Permanent Custodians Ltd. as trustee of Pepper
I-Prime 2018-2 Trust. At the same time, we affirmed our ratings on
the class AR-u, class A1-a, class A2, class D, class E, and class F
notes, and withdrew our rating on the class A1-u2 notes.

The rating actions follow the refinancing of the existing class
A1-u2 notes with the issuance of A$165.3 million of class AR-u
notes, as contemplated in the transaction documents. Pepper I-Prime
2018-2 Trust is a securitization of prime residential mortgages
originated by Pepper Homeloans Pty Ltd. (Pepper).

The class AR-u notes proceeds, together with the balance of the
redemption fund, will be applied to redeem the class A1-u2 notes on
their final legal maturity date of Oct. 13, 2020. The class AR-u
notes are floating-rate amortizing notes with the same legal final
maturity of March 13, 2050, as other existing classes of notes
issued by the trust.

The rating actions 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 have been assigned to the trust after
the closing date. As of Sept. 30, 2020, the pool has a current
balance of about A$348.9 million and a pool factor of about 58.15%.
The pool's current weighted-average loan-to-value ratio of the
portfolio is 71.42% and weighted-average seasoning is 28 months.
Loans that are more than 30 days in arrears comprise 0.61% of the
pool.

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises note
subordination for each class of rated note and excess spread to the
extent available.

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which are all funded by
excess spread to cover potential yield shortfalls and loss
reimbursements and to repay principal on the notes at various
stages of the transaction's term.

-- The extraordinary expense reserve of A$250,000, which was
funded by Pepper at closing, is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.2% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P recently updated its outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak.
Borrowers with COVID-19-related hardship arrangements comprise
about 5.95% of the pool. S&P has therefore applied a range of
additional stresses in our analysis to assess the rated notes'
sensitivity to liquidity stress and the possibility of higher
arrears.

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 RAISED

  Pepper I-Prime 2018-2 Trust

  Class     Rating To     Rating From     Amount (mil. A$)
  B         AA+ (sf)      AA (sf)         14,700,000
  C         A+ (sf)       A (sf)          12,500,000

  RATINGS AFFIRMED

  Pepper I-Prime 2018-2 Trust

  Class     Rating        Amount (mil. A$)
  AR-u      AAA (sf)      165,300,000
  A1-a      AAA (sf)       62,684,956
  A2        AAA (sf)       72,000,000
  D         BBB (sf)        8,500,000
  E         BB (sf)         5,400,000
  F         B (sf)          3,600,000

  RATING WITHDRAWN

  Pepper I-Prime 2018-2 Trust

  Class     Rating To     Rating From
  A1-u2     NR            A-1+ (sf)
  NR--Not rated.


STAMFORD HOUSE: Second Creditors' Meeting Set for Oct. 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Stamford House 88 Pty Ltd
     - Golden Carlingford Pty Ltd     
     - Pennant Hills Estates 88 Pty Ltd
     - Rainbowforce Pty Ltd

has been set for Oct. 20, 2020, at 11:00 a.m. at the offices of HLB
Mann Judd NSW, Level 19, 207 Kent 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. 19, 2020, at 5:00 p.m.

Todd Gammel and Barry Taylor of HLB Mann Judd NSW were appointed as
administrators of Stamford House on July 13, 2020.

VIG HUNTLEY: Site for Greg Norman-designed Golf Course Up for Sale
------------------------------------------------------------------
ABC News reports that former mining land set aside for a Greg
Norman-designed boutique golf course near Wollongong is up for sale
after the companies that owned the land were placed into
liquidation.

VIG Huntley Golf Pty Ltd and VIG Huntley Pty Ltd, two subsidiaries
of Visionary Investment Group, went into liquidation with notes
issued on September 11 this year, the ABC says.

It's a change of fortune from three years ago when the world famous
golfer flew in by helicopter to Avondale, just west of Lake
Illawarra, in October 2017.

Together with Michael Guo, Visionary Investment Group's chief
executive, Mr. Norman outlined plans for a golf course complete
with a 120-room hotel, a day spa and generously-sized residential
allotments, according the report.

"From our perspective it's going to be a magnificent golf course,
it's going to be a destination, the one you have to go to," the ABC
quotes Mr. Norman as saying at the time.  "A site like this, to
create a diamond out of a piece of coal it takes a long period of
time, and the diamond is sitting underneath."

The so-called diamond is yet to be realised, along with the golf
course, which was approved by the Wollongong City Council, and 99
residential allotments, that were approved by the Land and
Environment Court after initially being rejected by the council,
the report says.

Applications for a clubhouse, 66 golf lodges and a sports education
centre had yet be approved.

It is believed some preliminary works related to constructing the
golf course have begun, the ABC notes.

According to the ABC, the advertisement for the sale of the land
through MMJ Real Estate Wollongong stated that 495 hectares of the
land "has the potential for over 360 residential allotments subject
to approval", which is significantly more than the 99 lots that
have actually been approved.

The ABC relates that a spokesman for the real estate company said
the larger number of smaller lots would be in keeping with lot
sizes further east of the site, where the West Dapto growth area is
on track to provide 19,000 new homes--equivalent to an entire
town.

The MMJ Real Estate spokesman described initial interest in the
sale as "very strong" but declined to comment on how much the land
was likely to sell for, or indeed what the asking price was, the
report adds.

The ABC understands that Greg Norman did not have an ongoing
financial stake in the project and was not involved in it after his
initial contribution to the design of the golf course.




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GUANGDONG HONGKONG: Fitch Affirms LT IDR at B-, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Guangdong - Hong
Kong Greater Bay Area Holdings Limited's (GHKGB) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B-'. The Outlook
is Stable.

Fitch also affirmed GHKGB's senior unsecured rating and the rating
on its outstanding US dollar senior unsecured notes at 'B-' with a
Recovery Rating of 'RR4'.

The ratings on GHKGB, formerly known as Hydoo International Holding
Limited, are supported by sustained low leverage on controlled
construction and land acquisitions. The ratings are constrained by
its weak business profile due to its small business scale and
sluggish trade-centre demand in Tier 3 and 4 cities. The increasing
proportion of residential property sales and potential business
diversification may mitigate its weak business profile.

KEY RATING DRIVERS

Sales Decline in 1H20: GHKGB's low sales, which focus on
trade-centre development, are a key constraint on its ratings.
GHKGB's contracted sales dropped 52% yoy to CNY703 million in 1H20,
mainly due to the coronavirus pandemic. Fitch estimates full-year
contracted sales to be stable compared to 2019 at about CNY3
billion, as its contracted sales are usually concentrated in the
fourth quarter. Contracted sales in 2020 will mainly come from
Ganzhou, Wuzhou and Yantai.

Low Leverage: GHKGB has maintained leverage, measured by net
debt/adjusted inventory, below 25% since 2015. Fitch expects
leverage to increase moderately in 2021 due to investments in a few
small redevelopment projects, but remain below 40%, the level at
which Fitch would consider negative rating action, assuming
disciplined land acquisition plans. Leverage increased to 22.1% by
end-June 2020 from 12.6% at end-2019, as sales was weak in 1H20,
although the company did not acquire any new sites.

Gross Profit Margins Recover: GHKGB's 1H20 EBITDA margin (after
adding back capitalised interest in cost of goods sold) rebounded
to 24.5% from 9.6% in 2019. Fitch forecasts EBITDA margin for 2020
at 20%-25% as the company expects revenue recognition of about CNY3
billion, around double the level in 2019. Revenue recognition in
2019 was depressed by the delay in completion of certain projects.

New Urban Renewal Projects: In view of continued weak demand for
trade centres in lower-tier cities, GHKGB has been repositioning
its land bank away from trade centres towards integrated projects
with commercial and residential use. The company started work on
two small urban renewal projects in the Greater Bay Area, while
continuing to generate trade-centre and residential sales from its
existing projects under the Hydoo brand. Fitch believes this will
not significantly alter the business and financial profile of the
company, until Fitch sees meaningful expansion of GHKGB's scale and
more geographically diversified operations.

DERIVATION SUMMARY

Fitch has compared GHKGB with China South City Holdings Limited
(CSC; B/Stable), which is also a trade-centre developer. GHKGB has
lower margin and weaker non-development income than CSC, but its
leverage and asset churn are better than CSC's. GHKGB's trade
centres are mainly in third- and fourth-tier cities, which gives
the company a weaker business profile than CSC, which has projects
in Tier 1 and 2 cities. GHKGB also has smaller contracted sales of
around CNY3.0 billion a year, while CSC generated HKD13.5 billion
(CNY12 billion) in contracted sales in the financial year ended
March 2020.

KEY ASSUMPTIONS

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

  - Contracted sales of CNY3 billion-5 billion a year in 2020-2022

  - EBITDA margin of 20%-25% in 2020-2022

  - Land acquisition outflow of CNY0.7 billion-1.5 billion a year
in 2020-2022

Recovery Rating Assumptions:

  - GHKGB would be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

  - As available cash is insufficient to cover trade payables,
Fitch includes trade payables in the debt waterfall and apply a 0%
haircut to cash.

  - Fitch applied a haircut of 30% on its receivables, 40% on net
inventory, and 70% on investment properties.

Based on its calculation of the adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of the
offshore senior unsecured debt to be commensurate with a Recovery
Rating of 'RR1'. However, the Recovery Rating assigned to the
senior unsecured rating is 'RR4' as China falls into Group D of
creditor friendliness. Instrument ratings of issuers with assets in
this group are subject to a soft cap at the level of the issuer's
IDR and a Recovery Rating of 'RR4' under its Country-Specific
Treatment of Recovery Ratings Rating Criteria.

RATING SENSITIVITIES

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

  - Positive rating action will not be considered unless GHKGB can
boost its scale substantially by expanding its geographical
coverage beyond lower-tier cities and sustain sales in subsequent
phases of its existing projects, while at the same time not
compromising its financial metrics.

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

  - Deterioration in refinancing prospects that has significant
adverse impact on its liquidity profile

  - Sustained decline in contracted sales

  - Net debt/adjusted inventory sustained above 40%

  - EBITDA margin sustained below 15% (after adding back
capitalised interest on cost of goods sold)

LIQUIDITY AND DEBT STRUCTURE

Tight but Manageable Liquidity: At end-June 2020, GHKGB had
available cash of CNY568 million (excluding restricted cash of
CNY540 million, which is pledged for certain mortgage facilities
and bills payable) against short-term debt of CNY602 million. Fitch
expects GHKGB to be able to generate sufficient contracted sales
proceeds to repay its short-term debt in 2H20.

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.

LOGAN GROUP: Fitch Rates Proposed USD Senior Notes 'BB'
-------------------------------------------------------
Fitch Ratings has assigned China-based property developer Logan
Group Company Limited's (BB/Stable) proposed US dollar senior notes
a rating of 'BB'. The proposed notes are rated at the same level as
Logan's senior unsecured rating, as they represent its direct,
unconditional, unsecured and unsubordinated obligations.

Fitch expects the company's leverage to be around 35%-40% in the
next 12-18 months, and remain at this lower level because the
company has sufficient land bank to support growth. Logan has shown
financial discipline during its business expansion - evident in the
decline in leverage - and maintained high profitability with the
EBITDA margin at above 30%.

Logan has made some progress in diversification, but the majority
of its land bank and contracted sales remain in the Greater Bay
Area, which constrains its rating. Logan's market position is
strong in the Greater Bay Area and the company is ramping up its
investment properties. Further enhancement in Logan's market
position in its core market, or a material improvement in its
geographical or business diversification, are key considerations
for higher rating levels, in Fitch's view.

KEY RATING DRIVERS

Reduced Leverage: Logan's leverage - measured by net debt/adjusted
inventory that proportionately consolidates joint ventures (JVs)
and associates - fell to 33% by end-1H20, down from 35% at end-2019
(2018: 41%, 2017: 48%). The company spent CNY40.6 billion on
replenishing its land bank in 2019, or a steady pace of 42% of its
contracted sales during the period (2018: 48%).

The company had a total near-term land reserve of 36.7 million
square metres (sq m) at end-2019, which was sufficient for
development in the next five years. Fitch expects the company to
spend 40%-45% of its consolidated contracted sales on land
replenishment in 2020-2021 and to maintain a land bank sufficient
for four to five years of development.

Sustained High Margins: Logan's EBITDA margin, excluding
capitalised interest from cost of sales, stayed high at 32% in 2019
(2018: 32%, 2017: 33%), which contributes to its deleveraging.
Fitch expects the company's EBITDA margin to remain at 30%-32% in
the next one to two years. Logan had unrecognised contracted sales
of CNY85 billion at end-2019, which have gross profit margin of
about 30% and will be recognised as revenue over the next 18-24
months.

High-margin primary land development income will continue to
contribute to total revenue in the next three to five years, which
also supports the EBITDA margin. However, Fitch expects the high
margins of this segment to decrease over time.

Growing Sales Scale: Logan's contracted sales rose by 34% to
CNY96.0 billion in 2019. The contracted floor space sold rose by
57% to 6.9 million sqm, but the contracted average selling price
(ASP) fell to CNY13,876/sqm due to higher sales from the Nanning
region, where prices are lower. The company is on-track to meet its
full-year sales target of CNY110 billion in 2020. It has saleable
resources of CNY180 billion for launch in 2020. Fitch expects
Logan's annual contracted sales to increase to CNY110 billion in
2020 and CNY120 billion in 2021.

Expansion into New Markets: Fitch believes Logan's expansion into
new cities, including the Yangtze River Delta, Guangxi, Hong Kong
and Singapore, in the past 24 months has helped mitigate
concentration risks. Presales for the Yangtze River Delta and
Singapore projects were launched in 2019 and they contributed 3%
and 7%, respectively, to Logan's total contracted sales, versus 0%
and 5%, respectively, in 2018.

Concentration Risks Remain: Fitch expects Logan's sales from the
Greater Bay Area to remain high at 60%-65% in 2020-2021, despite
the expansion into new markets. The Greater Bay Area (including
Shenzhen) accounted for most of Logan's attributable sales and land
bank, at around 56% and 71%, respectively, in 2019 (2018: 60% and
71%). Nevertheless, Logan has a strong market position in the
competitive Greater Bay Area market and Fitch expects it to
solidify its market position in the region.

Investment Properties' Contribution Rising: Logan's investment
properties, which consist mainly of offices and shopping malls, are
increasing their contribution to earnings. There are inherent
execution risks in ramping up these projects, but Fitch believes
Logan will control the pace of investment, which will be covered by
the sale of the residential projects. The investment property
portfolio will offer significant diversification from the
more-risky property development business once these projects are
fully ramped-up and the portfolio achieves meaningful scale.

DERIVATION SUMMARY

Logan's contracted sales are comparable with those of 'BB' rated
Chinese homebuilders, such as CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY100 billion, and are higher than those of 'BB-'
rated peers, which have contracted sales of CNY50 billion-80
billion, including KWG Group Holdings Limited (BB-/Stable), China
Aoyuan Group Limited (BB-/Positive) and Yuzhou Group Holdings
Company Limited (BB-/Stable).

Logan's leverage of 35% at end-2019 is also lower than the 40%-45%
of other 'BB' rated peers, such as CIFI. Similarly, to Logan,
CIFI's non-property development revenue generated EBITDA that
covered interest by less than 0.1x in 2019. Logan continued its
geographical focus on Tier 1 and Tier 2 cities, while CIFI
increased its focus on Tier 2 and 3 cities in 2018-2019.

Logan has similar contracted sales scale compared with 'BB+'
standalone rated Chinese homebuilders, such as China Jinmao
Holdings Group Limited (BBB-/Stable, SCP: bb+) and Sino-Ocean Group
Holding Limited (BBB-/Stable, SCP: bb+). However, Jinmao and
Sino-Ocean have stronger non-development property EBITDA coverage
of around 0.3x-0.4x. Logan has a strong market position in the
Greater Bay Area than these peers, but its geographical
concentration is also higher.

KEY ASSUMPTIONS

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

  - Contracted sales of CNY110 billion in 2020 and CNY120 billion
in 2021 (2019: CNY96 billion)

  - EBITDA margin, with capitalised interest excluded from cost of
sales, of 30%-32% in 2020-2021 (2019: 32%)

  - About 40%-50% of contracted sales proceeds to be spent on land
acquisitions in 2020-2021 to maintain a land bank sufficient for
around five years of development

RATING SENSITIVITIES

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

  - Enhancement of its market position in its core market, or
material improvement in its business or geographical
diversification

  - Leverage, as measured by net debt/adjusted inventory that
proportionately consolidates JVs and associates, sustained below
35%

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

  - Leverage, as measured by net debt/adjusted inventory that
proportionately consolidates JVs and associates, sustained above
45%

  - EBITDA margin, excluding capitalised interests from cost of
goods sold, sustained below 25%

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Logan had total cash on hand of CNY40.7
billion as of end-2019, including CNY5.9 billion of restricted cash
and pledged deposits, sufficient to cover short-term debt of
CNY29.6 billion maturing within one year and liabilities under
cross-border guarantee arrangements of CNY0.9 billion.

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.

LUCKIN COFFEE: Must Pay CNY2MM Penalty for Violations
-----------------------------------------------------
Shen Xinyue and Denise Jia at Caixin Global report that China's
market regulator disclosed details on Oct. 12 of penalties levied
against Luckin Coffee Inc. and related parties for engaging in
unfair competition by fabricating sales.

According to Caixin, the State Administration for Market Regulation
first disclosed total penalties Sept. 22 of CNY61 million against
two domestic operating entities of Luckin and 43 related
third-party companies that helped Luckin with violations, but at
the time the regulator didn't specify the fines for each entity.

Caixin relates that the market regulator said Oct. 12 it imposed
the highest possible penalty of CNY2 million each against Luckin
Coffee (China) Co. Ltd., Luckin Coffee (Beijing) Co. Ltd., Beijing
Chexing Tianxia Consultancy Co. Ltd., UCAR Technology Investment
Inc. and Zhengzhe International Trade (Xiamen) Co.

                        About Luckin Coffee

Based in China, Luckin Coffee Inc., provided non-alcoholic
beverages. The Company offered various types of coffee.  

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2020, South China Morning Post said Luckin Coffee has called in
liquidators to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Post related that the start-up company named Alexander Lawson
of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze of
Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York. The move was in response to a
winding-up petition by an undisclosed creditor, it added.

The appointments will create a stable platform to allow the company
and its advisers to negotiate and restructure its financial
obligations, the Xiamen, Fujian-based coffee chain said in the
filing. It hired Houlihan Lokey as financial advisers to implement
a workout with creditors, the Post disclosed.

PARKSON RETAIL: Auditor Raises Going Concern Doubt
--------------------------------------------------
Tay Peck Gek at The Business Times reports that Parkson Retail
Asia's auditor has flagged the department store operator's ability
to continue as a going concern, given that its total liabilities
exceeded total assets by about SGD66 million.

In its report for the audited financial statements for the year
ended June 30, the auditor Ernst & Young (EY) highlighted as an
emphasis of matter that the group incurred a net loss of about
SGD85 million, current liabilities exceeded its current assets by
SGD117.4 million, and total liabilities exceeded total assets by
SGD66 million as at the financial year-end, BT discloses.

These conditions indicate the existence of a material uncertainty
that may cast significant doubt about the group's ability to
continue as a going concern, Parkson Retail Asia reported in a
regulatory filing on Oct. 12, according to BT.

EY, however, did not qualify its opinion, BT notes.

According to BT, Parkson Retail Asia said its operations were
significantly impacted by movement restrictions and store closure
caused by the pandemic in its key markets.

BT relates that the ability of the group to continue as a going
concern is dependent on it generating sufficient cash flows from
operations to meet working capital needs and continued support from
its suppliers and creditors, Parkson Retail Asia said.

But its board said the auditor's report for the preceding financial
year had also included a similar emphasis of matter.

The counter ended flat at 1.4 Singapore cents on Oct. 12, and it is
still under watch-list by the bourse operator, BT adds.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. Parkson focuses on the middle and upper-middle
ends of the Chinese retail market.

SHANGRAO CITY: Fitch Rates Proposed USD Sr. Unsecured Notes BB+
---------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+' to Shangrao City
Construction Investment Development Group Co., Ltd.'s (BB+/Stable)
proposed US dollar senior unsecured notes.

The company expects to use the proceeds from the offering to repay
existing offshore debt.

KEY RATING DRIVERS

The proposed notes will be direct, unconditional, unsubordinated
and unsecured obligations of the issuer and rank pari passu at all
times with its present and future unsubordinated and unsecured
obligations.

RATING SENSITIVITIES

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

Any positive rating action on Shangrao City Construction's Issuer
Default Rating would result in similar rating action on the
proposed notes.

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

Any negative rating action on Shangrao City Construction's Issuer
Default Rating would result in similar rating action on the
proposed notes.




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

ACTION FINANCIAL: CRISIL Cuts Rating on INR10cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Action
Financial Services India Limited (AFSL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL A4 Issuer Not Cooperating' based on
feedback received from the banker.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      7        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4
                                ISSUER NOT COOPERATING')

   Proposed Bank       3        CRISIL D (ISSUER NOT COOPERATING;
   Guarantee                    Downgraded from 'CRISIL A4
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with AFSL for obtaining
information through letters dated September 11, 2020, and September
16, 2020, among others, apart from telephonic communication and
various emails between September 23, 2020, and September 28, 2020.
The latest email was sent on September 29, 2020. 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 business of AFSL, thus restricting CRISIL's ability
to take a forward-looking view on the entity's credit quality.
CRISIL believes that the rating action on AFSL is consistent with
'Assessing Information Adequacy Risk'.

CRISIL has downgraded its rating on the bank facility of AFSL to
'CRISIL D Issuer Not Cooperating' from 'CRISIL A4 Issuer Not
Cooperating' based on feedback received from the banker. As per the
banker, AFSL's bank guarantee facility was invoked, and part of the
invoked amount has remained unpaid for more than 30 days. CRISIL
understands that this bank guarantee facility was backed by 50%
fixed deposits, and the bank has accounted for recovery to that
extent. However, AFSL has not yet cleared the remaining amount as
on date, as confirmed by the banker. The account has also been
classified under the 'Special Mention Account' category. The
downgrade is in line with CRISIL's approach to recognising
default.

Incorporated in 1992, AFSL is in the retail broking business and
has membership of the National Stock Exchange, Bombay Stock
Exchange and National Securities Depository Ltd. It has a branch in
Mumbai, and it is actively engaged in proprietary trading. Mr.
Milan Parekh and Mr. Bakul Parekh are the promoters of the
company.

AFSL has two subsidiaries, Action Securities Ltd and Action
Commodities Ltd, which are yet to start full-fledged operations.

AFSL has not yet declared its financial results for the year ended
March 31, 2020.

ARJUN ENTERPRISES: CRISIL Moves B+ Ratings from Not Cooperating
---------------------------------------------------------------
CRISIL has migrated its rating on the long-term bank facilities of
Arjun Enterprises Pvt Ltd (AEPL) to 'CRISIL B+/Stable and has also
assigned its 'CRISIL A4' rating on the short-term bank facility.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit        13.75       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Cash Credit &       8.00       CRISIL B+/Stable (Migrated from
   Working Capital                'CRISIL B+/Stable ISSUER NOT
   demand loan                    COOPERATING')

   Proposed Cash       3.75       CRISIL B+/Stable (Migrated from
   Credit Limit                   'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Inland/Import
   Letter of Credit   14.50       CRISIL A4 (Assigned)

Because of 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 Arjun Enterprises Pvt
Ltd (AEPL) to 'CRISIL B+/Stable; issuer not cooperating'. However,
the management has subsequently started sharing the information
required for carrying out a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating to 'CRISIL B+/Stable
and has also assigned its 'CRISIL A4' rating on the short-term bank
facility.

The rating reflects AEPL's large working capital requirement and
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the trading
business.

Analytical Approach
Unsecured loan of INR13.82 crore provided by the promoters as on
March 31, 2020, has been treated as neither debt nor equity, as the
loan is interest-free is expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses
* Large working capital requirement: Gross current assets were
124-237 days over the three fiscals through March 2020 and stood at
237 days as on March 31, 2020, driven by large inventory of 160
days.

* Average financial risk profile: The average financial risk
profile is indicated by gearing of 2.67 times and total outside
liabilities to tangible networth of 2.87 times as on March 31,
2020. Debt protection metrics have been weak in the past because of
high gearing and low cash accrual. Interest coverage ratio stood at
1.23 times in fiscal 2020.

Strength

* Extensive experience of the promoters: The two-decade-long
experience of the promoters, their sound understanding of the
market dynamics and healthy relationships with customers and
suppliers should continue to support the business risk profile.

Liquidity Poor
Bank limit utilisation averaged 97% over the 12 months through
August 2020. Cash accrual is  expected at a modest INR51 lakh per
annum; however, it should sufficiently cover yearly debt obligation
of INR20 lakh over the medium term. Current ratio was moderate at
1.35 times on March 31, 2020.

Outlook: Stable

CRISIL believes AEPL will continue to benefit from its longstanding
relationships with the principals and the experience of the
management in mitigating risks inherent in the trading business.

Rating sensitivity factors

Upward factors
* Sustained revenue growth of 20% and stable profitability leading
to interest coverage of more than 1.50 times
* Efficient working capital management

Downward factors
* Stagnancy in business because of weak demand, stretched
receivables or pile-up of inventory weakening liquidity
* Significant dividend payout resulting in reduced networth; any
major debt-based capital expenditure undertaken

Incorporated in 2008 by Mr. Anil Anand and his family members, AEL
trades in non-ferrous metals, such as copper wire rods, billets,
ingots, copper bus bars and copper scrapes. The company has two
warehouses in Delhi and Mumbai. In 2018, AEL was merged with its
group companies, HK International and HK Industries.

ASHARFI GRAMODYOG: CRISIL Withdraws B+ Rating on INR10cr Loans
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Asharfi
Gramodyog Sansthan (AGS) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           0.4       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Cash         0.6       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with AGS for obtaining
information through letters and emails dated November 30, 2019 and
March 9, 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 AGS. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AGS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of AGS
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

AGS is a not-for-profit society and managed by its president, Mr.
Hari Kishan, and secretary, Mr. Asarfi Lal. The society, based in
Charra, Aligarh district, Uttar Pradesh, provides free meals under
the mid-day meal scheme and other government-mandated schemes.

GANESH KHAND: CRISIL Assigns B+ Rating to INR31.73cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Shree Ganesh Khand Udyog Sahakari Mandli Limited
(SGK).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             26         CRISIL B+/Stable (Assigned)
   Bank Guarantee         5         CRISIL A4 (Assigned)
   Cash Credit           31.73      CRISIL B+/Stable (Assigned)

The ratings reflect SGK's weak financial risk profile, working
capital-intensive operations and exposure to regulatory risk and
market volatility. These weaknesses are partially offset by the
society's established position, and healthy relationships with
member farmers and their assured supply.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to regulatory risk and market volatility: The entire
value chain of the sugar industry, starting from sugarcane
procurement to its pricing, allocation of sugarcane area to
distribution of sugar is controlled by the central/state
government. Further, prices of sugarcane, the key raw material, are
regulated by central government through fair remunerative price
(FRP). Profitability of sugar players remains susceptible to
movement in the FRP and sugar prices.

* Highly working capital-intensive operations: Gross current assets
(GCAs) were high at 292 days as on March 31, 2020, and ranged
between 300 and 450 days over the past three fiscals. The large
working capital requirement arises from inventory levels, wherein
SGK has to procure cane during the 4-6 months of sugarcane
production. The cane also has to be crushed immediately for maximum
recovery of sugar, and the sugar inventory then forms bulk of the
year-end GCAs.

* Weak financial risk profile:  Capital structure is highly
leveraged owing to high reliance on external working capital debt.
Gearing and total outside liabilities to tangible networth ratio
were high at 10.2 times and 15.4 times, respectively, as on March
31, 2020. Interest coverage and net cash accrual to total debt
ratios were also weak, at 1.15 times and 0.01 time, respectively,
for fiscal 2020.

Strengths

* Established position and healthy relationship with member
farmers: The society has been operational since 1988. Integrated
nature of operations, with sugarcane crushing capacity of 4000
tonne per day and a distillery, support turnover and profitability.
SGK has been promoted by the sugarcane farmers of Bharuch district
in Gujarat, and has an operational track record of over three
decades. The board of representatives includes directors elected by
member farmers, and other directors nominated by various regulatory
and industry bodies. The board is supported by a qualified
management team that runs the society professionally.

* Assured availability of key raw material from member farmers:
Procurement of sugarcane from member farmers ensures an
uninterrupted supply of sugarcane to SGK. The society also adds new
members on a regular basis, to strengthen its supply network. It
had around 17,500 members as on September 20, 2020.

Liquidity Stretched

Liquidity remains stretched due to insufficient cash accrual
against maturing debt, though aided by working capital and pledge
loan limits, free cash and bank balances and membership deposits.
Bank limit utilisation averaged 87% over the 12 months ended July
31, 2020. Also, the society has no plans to undertake any major
capital expenditure over the medium term.

Outlook: Stable

CRISIL believe SGK will continue to benefit from established
position and healthy relationship with member farmers.

Rating Sensitivity factors

Upward factors
* Ratio of cash accrual against term debt exceeding 1 time
* Improvement in financial risk profile

Downward factors
* Interest cover below 1 time
* Further stretch in working capital cycle.

SGK was set up as co-operative sugar factory in 1985, registered
under the Co-operative Sugar Society's Act, 1961. It manufactures
sugar and by-products such as molasses, bagasse, alcohol, and
rectified spirit. The manufacturing facility at Bharuch has an
annual capacity of 4000 TCD. Mr. Surjit Mangrola is the chairman of
the society.

GRAMIN VIKAS: CRISIL Assigns B+ Rating to INR1cr Proposed LT Loan
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Gramin Vikas Sewa Sansthan (GVSS) and has assigned
its 'CRISIL B+/Stable' rating to the bank facility. CRISIL had
suspended the rating on March 21, 2016, on account of
non-cooperation by GVSS with CRISIL's efforts to undertake a review
of the rating. The society has now shared the requisite
information, enabling CRISIL to assign its rating.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects the small scale and not-for-profit nature of
GVSS's operations, constrained financial flexibility with a modest
networth, and high dependence on government authorities for
contracts. These weaknesses are partially offset by established
network and track record of successful contract execution in the
past.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: GVSS is a not-for-profit society that
primarily promotes the Mid-day Meal Scheme and provides free
nutritional food to school students and staff, and old age welfare
programme. Owing to the low-value government social projects in a
few Tier-2 and -3 cities, the society's operations have remained
small with an annual turnover of around INR7.84 crore in fiscal
2020. Scale of operations will remain a key rating sensitivity
factor over the medium term.

* Constrained financial flexibility: Networth was small at INR1.02
crore as on March 31, 2020, and constrains financial flexibility to
contract additional debt in case of any exigency.

* High dependence on government authorities for tenders/contracts
awarded: The mid-day meal is a Government of India programme
implemented to provide free nutrition-based lunches to primary
classes (I-IV) and secondary classes (Class VVIII). These are
tender-based contracts awarded by various government authorities.
Also, the societies and NGOs supplying food under the scheme need
to have the required food licence, which has to be renewed
annually. The work order is received from local district authority
and is also renewed every year. Thus, GVSS remains exposed to the
risk of not securing sufficient tenders in a particular year or
delay in getting the licences renewed.

Strengths

* Established network and track record of successful contract
execution in the past: The society has extensive network coverage
in 7 districts of Uttar Pradesh and has been operating for more
than 15 years. It mostly caters to the weaker sections of the rural
and urban areas and also plans to provide more benefits under
various government schemes.

Liquidity Stretched
Cash accrual is expected to be over INR1 lakh in fiscal 2021 and
will be INR11-13 lakh in fiscals 2022 and 2023 against no term debt
obligation. Hence, accrual will act as cushion to liquidity.
Current ratio was 1.16 times as on March 31, 2020.

Outlook: Stable

CRISIL believes GVSS's business risk profile will remain
constrained over the medium term on account of its small scale of
operations.

Rating Sensitivity Factors

Upward factors
* Steady improvement in scale of operations by 50% and sustenance
of operating margin, leading to higher cash accrual
* Better working capital cycle

Downward factors
* Decline in revenue below INR2 crore
* Large, debt-funded capital expenditure weakening capital
structure.

GVSS was registered in 2005 as a not-for-profit society and is
managed by its president, Mr. Vinod Kumar and secretary, Mr. Vinesh
Kumar. The society is located in Aligarh, Uttar Pradesh. The
society provides free meals under the Mid-day Meal Scheme, old age
welfare programme, and various other government mandated schemes.

HELPING YOUTH: CRISIL Assigns B+ Rating to INR1cr LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Helping Youth Foundation (HYF).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B+/Stable (Assigned)

The rating reflects HYF's high dependence on government authorities
for contracts and its modest scale. These weakness are partially
offset by extensive industry experience of the management.

Key Rating Drivers & Detailed Description

Weakness:
* High dependence on government authorities for contracts: The
society's operations are largely based upon the tenders issued by
the government department under various schemes. Hence the scale of
operations are dependant entirely on its ability to win tenders.

* Modest scale of operation: HYF's business profile is constrained
by its moderate scale of operations in the intensely competitive
industry. HYF's moderate scale of operations will continue to limit
its operating flexibility.

Strength:
* Extensive industry experience of the management: The management
have an experience of over 20 years in Social Services. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Poor
There are no debt obligations for the society in the medium term
and the society uses advances from authorities to meet its working
capital requirements.

Outlook: Stable

CRISIL believes SB will continue to benefit over the medium term
from its established position & management's extensive experience
in the sector.  

Rating Sensitivity factors

Upward factors
* Increase in income by 25%
* Decline in dependence on government orders.

Downward factor
* Weakening of the financial risk profile due to withdrawal of
unsecured loans, or any additional borrowed funds
* Significant increase in Gross Current Assets or decline in
income.

Helpage Youth Foundation was set-up in 2005 and later on in fiscal
220, society's name has changed Helping Youth Foundation (HYF). HYF
is organized as a not-for-profit society and is managed by its
Director Mr. Himanshu Porwal, President Mrs. Neelam Gupta and
Treasurer Mr. P. K. Gupta. The society is located in Lucknow, Uttar
Pradesh and engaged in various schemes operated by state and
central Govt. in Lucknow.

HIMALAYAN INFRACORP: CRISIL Withdraws B+ Rating on INR8.5cr Loan
----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Himalayan Infracorp Private Limited (HIPL) on the company's request
and after receiving a no-objection certificate from the bank. The
rating action is in line with CRISIL's policy on withdrawal of its
ratings.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee         5       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Cash Credit            8.5     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Bank         10.0     CRISIL A4 (ISSUER NOT
   Guarantee                      COOPERATING; Rating Withdrawn)

   Proposed Long Term     4.0     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Withdrawn)

CRISIL has been following up with HIPL for obtaining information
through letters and emails between May 30, 2020, and September 10,
2020, apart from various attempts at 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 HIPL, thus restricting CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes that rating action on HIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on the bank facilities of HIPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'

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

Established as a partnership firm in 2004 and reconstituted as a
private limited company in 2012, HIL constructs roads and highways.
About 75% of the projects are executed for Gawar, and the remaining
are for state governments. The company mainly executes projects in
Haryana and Delhi. Mr. Ramesh Kumar Bansal is the promoter of the
company.

INTEGRATED ENTERPRISES: CRISIL Withdraws B Rating on INR45cr Loan
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Integrated Enterprises India
Private Limited (Integrated Enterprises) to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'. CRISIL has withdrawn its ratings on
bank facilities of Integrated Enterprises following a request from
the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL is migrating the ratings on bank
facilities of Integrated Enterprises from 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating' to 'CRISIL B/Stable/CRISIL A4'. The
rating action is in line with CRISIL's policy on withdrawal of bank
loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         40        CRISIL A4 (Migrated from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Overdraft              45        CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

Set up in 1974, Integrated Enterprises is a financial services
provider, present in diversified business segments, such as
depository services and distribution of third-party investment
products-insurance, mutual funds, fixed deposits, and bonds. The
company is also an established registrar and share transfer agent
in India, with around 150 corporate clients. It had entered the
equity broking business through Integrated Securities Ltd, an
erstwhile subsidiary, which was merged with Integrated Enterprises
with effect from April 1, 2010. In January 2012, the company
entered the commodity broking segment through a group company,
Integrated Registry Services Ltd (incorporated in May 2001).

J.B. SYNTEX: CRISIL Withdraws B Rating on INR25.39cr Loan
---------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of J.B. Syntex Private Limited
(JBS) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. CRISIL
has withdrawn its rating on bank facility of JBS following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL is migrating the ratings on
bank facilities of JBS from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' to 'CRISIL B/Stable/CRISIL A4'. The rating action is
in line with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.75       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Cash Credit           5.00       CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

   Letter of Credit      3.00       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Proposed Long Term    1.36       CRISIL B/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

   Rupee Term Loan      25.39       CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JBS and Jay Bharat Dyeing and Printing
Pvt Ltd (JBD). This is because these entities, together referred to
as the Jay Bharat group, have common promoters and management, and
are engaged in a similar line of business.

JBD was set up by members of the Arya and Gupta families in 1986,
and promoters have been engaged in the textile business since the
1970s. JBD undertakes job work in dyeing and printing of grey
polyester fabric at its plant in Surat. JBSPL, which was formed in
2008, commenced commercial production in July 2011; it undertakes
dyeing work for suiting and shirting fabric on job-work basis.

K P WOVEN: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned K P Woven Private
Limited (KPW) a Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR200 mil. Proposed fund-based working capital limit*
     assigned with IND BB/Stable rating; and

-- INR180 mil. Term loan due on March 2027 assigned with IND BB
     /Stable rating.

*Unallocated limits

KEY RATING DRIVERS

The ratings reflect KPW's start-up nature of operations, with FY20
being the first full year of operations for the company. The scale
of operations is small, as indicated by revenue of INR393 million
in FY20. During the five months ended August 2020, the company had
already booked revenue of INR278 million. The financials are
provisional in nature.

The ratings also reflect the company's modest credit metrics in
FY20. The EBITDAR interest coverage (operating EBITDAR / gross
interest expense + rents) was 5.2x in FY20, and the net leverage
(total adjusted net debt / operating EBITDAR) was 7.3x. The metrics
are likely to deteriorate in FY21, as the company was sanctioned a
term loan of INR180 million in April 2020 and expects to receive
the disbursement of working capital limit of INR200 million during
October or November.

The ratings are constrained by KPW's modest EBITDA margins due to
the intense competition in the industry. Furthermore, its future
revenue will be dominated in foreign currency, thereby exposing the
margins to forex risks. The margin stood at 11.3% in FY20. The ROCE
was 4.8% in FY20.  

Liquidity Indicator – Stretched: In FY20, the cash flow from
operations stood at INR61.4 million. The free cash flow was
negative INR0.45 million in FY20, as the company incurred capital
expenditure of INR61.8 million during the year. The cash and cash
equivalents stood at INR6.6 million in FY20. The net cash cycle was
37 days in FY20. In FY21, Ind-Ra expects an elongation of the net
working capital cycle on account of the competitive nature of
business. The quarterly repayment of term loan worth INR1.5 million
will start from 4QFY21. Ind-Ra, however, believes the company has
enough cash to fulfill this payment obligation.

The ratings however are supported by the company's promoters' over
two decades of experience in the packaging business. Also, the
company belongs to the Champalal group which will help them to
build company's position in the market and secure orders. The
Champalal Group is a diversified entity engaged in various
businesses such as the manufacturing of flexible packaging, salt
processing, plastic recycling, logistics and timber trading.

RATING SENSITIVITIES

Positive: Any substantial improvement in the scale of operations,
leading to an improvement in the credit metrics will be positive
for the ratings.

Negative: A stretch in the liquidity position or lower than
expected revenue or EBITDA margin, leading to interest coverage
falling below 2.0x, on a sustained basis, will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2010, KPW commenced commercial operations in April
2019. It has a manufacturing facility of 979 metric tons located in
Sanand, Ahmedabad. It manufactures flexible intermediate bulk
container bags for food and pharma industries. KPW's overall
management is headed by Pritesh Parekh.


LIOLI CERAMICA: CRISIL Assigns B- Rating to INR58.50cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Lioli Ceramica Private Limited (LCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit         18.36        CRISIL B-/Stable (Assigned)
   Term Loan           40.14        CRISIL B-/Stable (Assigned)

The rating reflects LCPL's weak financial profile, working capital
intensive operations and stretched liquidity. These weaknesses are
partially offset by healthy scale up in operations and geographical
diversification in revenues.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial profile: LCPL's capital structure was marked by
high total outside liabilities to tangible networth (TOL/TNW) of
4.91 as on March 31, 2020. This is driven by the large debt funded
capex incurred by company for setting up its manufacturing facility
and high reliance on external funds to meet its working capital
requirements. Debt protection measures were average with interest
coverage and net cash accrual to adjusted debt (NCA/AD) of 2.29
times and 0.15 time, respectively, in fiscal 2020.

* Working capital intensive operations: Its intensive working
capital cycle is reflected in its gross current assets (GCA) of 247
days as on March 31, 2020. Its large working capital requirements
arise from its high debtors and inventory levels of 90 and 183 days
respectively ended March, 2020. The working capital requirements
are partially mitigated by extensive credit from LCPL's suppliers

Strengths:

* Healthy scale up in operations: In the first full year of
operations, FY20, the company clocked a revenue of INR146 cr
demonstrating a sharp scale up in operations. This has been
supported by the healthy demand for its products and extensive
promoter experience of over a decade in industry. LCPL benefits
from the economies of scale (large single location plant) and
presence in high value porcelain vitrified tiles (large single-
3200mm x 1600mm), commanding healthy operating margin of 22.2% in
FY20.

* Geographical diversification in revenues: LCPL caters to a wide
number of clients, both in India and overseas. It derives around
60-70% of its revenue from exports and the balance from domestic
markets. Diversity in geographic reach and clientele should
continue to support the business.

Liquidity Stretched

Liquidity is weak marked by high term debt obligations, working
capital intensive operations and high bank limit utilization,
despite the promoter funding support. While the company has a
moderate net worth of INR38.2 cr and promoters' unsecured loans of
INR20.8 cr, as on March 31, 2020, same is primarily deployed
towards the capex for setting up the manufacturing unit and thus
not providing any significant liquidity cushion. LCPL had high bank
limit utilization of 98% for the 12 months through July 2020 driven
by the working capital intensive operation and incremental working
capital requirements with scale up. Amidst COVID-19 and lockdown,
LCPL had taken moratorium on term loan and cash credit limit
obligations (from March 2020 to August 2020) under RBI COVID-19
guidelines. It has subsequently timely serviced its September 2020
debt obligations. LCPL continues to have high repayment obligation
of INR13-15 cr annually over next couple of years which shall
continue to absorb significant share of accruals, constraining the
liquidity. Current ratio was average at 1.15 times ended March 31,
2020.

Outlook: Stable

CRISIL believe LCPL will continue to benefit from the large single
location manufacturing plant and diversified customer base.

Rating Sensitivity factors

Upward factor:
* Significant improvement in accruals, working capital cycle
leading to moderation in bank limit utiliztaion below 90% on
sustainable basis
* Significant infusion of long term capital by promoters/investors
sharply correcting the liquidity profile.

Downward factor:
* Pressure on revenue or profitability, leading to net cash
accruals to repayment ratio below 1 times
* Significant stretch in working capital cycle or large capex
impacting the liquidity

LCPL was incorporated in 2016 and is promoted by members of Detroja
and Gadara families. It is engaged in manufacturing and exporting
of porcelain vitrified tile slabs such as marble, flooring tiles,
ventilated tiles, polished porcelain tiles, ceramic wall, etc. It
has started its commercial operation from May 2018 and having
manufacturing facility located in Morbi-Gujarat. Caesarstone Ltd is
in the process of acquiring 55% in LCPL through purchase of shares
from existing promoters.

LITTLE SCHOLAR: CRISIL Moves B+ Debt Rating 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 facility of Little Scholar's Academy Society
(LSAS) to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management subsequently started sharing the information required
for a comprehensive rating review. Consequently, CRISIL is
migrating the rating to 'CRISIL B+/Stable'.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan      6.73      CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING')

   Overdraft           1.35      CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING')

The rating reflects the society's modest scale of operations,
geographical concentration, and susceptibility to intense
competition and to regulatory changes. These weaknesses are
partially offset by society's long track record of successfully
running a senior secondary school.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to government regulations: Since the society has to
comply with specific operational and infrastructure norms set by
regulatory bodies, it needs to regularly invest in workforce and
infrastructure. Any non-compliance might result in withdrawal of
the acquired status, and affiliation to education board.

* Modest scale of operations with limited revenue diversity:
Operating income is estimated to be small at INR9 crore in fiscal
2020, despite high occupancy rates. Revenue is mainly dependent on
the fees earned through school, but the dependency is expected to
decrease over the medium term with ramp up in scale of the
hospital.

Strength:

* Established position and healthy demand prospects: Business risk
profile benefits from the healthy demand prospects for the
education sector. There is a growing preference for private schools
because of the inefficient public school system and growing
awareness about the importance of quality education. Established
track record of 28 years further supports the prospects.

Liquidity Stretched
Cash accrual, expected at INR1.7-2.6 crore per annum will be
sufficient against moderate annual repayment obligation of
INR0.60-1.00 crore over the medium term. However, bank lines were
highly utilized at 96%, averaged over the last 12 months through
August 2020. Current ratio too is estimated to be low at 0.13 times
as on March 31, 2020.

Outlook: Stable

CRISIL believes LSAS will continue to benefit over the medium term
from its established regional presence.

Rating Sensitivity Factors

Upward factors
* Revenue growing at a compound annual growth rate (CAGR) of 20-22%
over the medium term
* Significant improvement in financial risk profile with improved
networth levels
* Improvement seen in healthy accruals with improved ADSCR
(adjusted debt service coverage ratio)

Downward factors
* Net cash accruals declining below INR1.5 crore, putting pressure
on debt repayment ability
* Substantial decline in revenue post the pandemic
* Weakening of financial risk profile.

Set up in 1990 by Mr. Girish Bansal, LSAS operates a school at
Amroha (UP). A hospital has also been established by LSAS whose
operations have started in September, 2018.

MARUTI GRANITES: CRISIL Lowers Rating on INR11cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Maruti
Granites and Marbles Pvt Ltd (MRTGMPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The
downgrade reflects overutilization in Cash Credit limit with delays
in interest payments of January and February, and was overutilsed
for a period of more than 5 months through July 2020.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        11        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with MRTGMPL and has
sought information through letters and emails dated May 29, 2020
and June 30, 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 has been
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 hence, lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of MRTGMPL. This restricts CRISIL's ability to
take a forward-looking view on the entity's credit quality. CRISIL
believes that the rating action on MRTGMPL is consistent with
'Assessing Information Adequacy Risk'.

CRISIL has downgraded its rating on the bank facilities of MRTGMPL
to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer
Not Cooperating'. The downgrade reflects overutilization in Cash
Credit limit with delays in interest payments of January and
February, and was overutilsed for a period of more than 5 months
through July 2020.

Incorporated in 1987, Sukher (Rajasthan)-based MRTGMPL processes
marble with an installed capacity of 200,000 sq ft per month. Mr.
Prabhash Rajgarhia and Mrs Poonam Rajgarhia are the promoters.

MATAJI DYEING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mataji Dyeing Mills Private Limited

        Registered office:
        13, Shiv Shakti Estate
        Nr. Ritco Roadways Narol Road
        Ahmedabad 382405

        Factory address:
        E-232, Ricco Industrial Area
        Punayata Pali, Rajasthan

        Address other than r/o where all or
        any books of account and papers maintained:
        53-54, Dharampura, Pali-Marwar (Raj.)
        Pali 306401

Insolvency Commencement Date: October 7, 2020

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: April 5, 2021

Insolvency professional: Satyendra Prasad Khorania

Interim Resolution
Professional:            Satyendra Prasad Khorania
                         402, OK Plus DP Metro
                         Opp. Metro Pillar No. 94
                         New Sanganer Road
                         Jaipur 302019
                         E-mail: matajicirp@gmail.com
                                 skhorania@live.com

Last date for
submission of claims:    October 23, 2020


MUMBAI INTERNATIONAL: CRISIL Cuts Rating on INR2,000cr Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the project and ADF loans and
INR2,000 crore proposed NCDs of Mumbai International Airport
Limited (MIAL) to 'CRISIL B' from 'CRISIL BB'. The rating continues
on 'Rating Watch with Negative Implications'. The 'CRISIL C' rating
on the company's INR350 crore term loan against real estate
deposits (RESD loans) and 'CRISIL A4' rating on its short-term bank
facilities remain on 'Rating Watch with Negative Implications'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible      2,000       CRISIL B (Downgraded from
   Debentures                       'CRISIL BB'; Continues on
                                    'Rating Watch with Negative
                                    Implications')

   Bank Guarantee        330        CRISIL A4 (Continues on
                                    'Rating Watch with Negative
                                    Implications')

   Bank Guarantee#       175        CRISIL B (Downgraded from
                                    'CRISIL BB'; Continues on
                                    'Rating Watch with Negative
                                    Implications')

   Cash Credit           330        CRISIL B (Downgraded from
                                    'CRISIL BB'; Continues on
                                    'Rating Watch with Negative
                                    Implications')

   Letter of Credit      250        CRISIL A4 (Continues on
                                    'Rating Watch with Negative
                                    Implications')

   Letter of Credit*      50        CRISIL B (Downgraded from
                                    'CRISIL BB'; Continues on
                                    'Rating Watch with Negative
                                    Implications')

   Rupee Term Loan     8,296.74     CRISIL B (Downgraded from
                                    'CRISIL BB'; Continues on
                                    'Rating Watch with Negative
                                    Implications')

   Rupee Term Loan       350        CRISIL C (Continues on
                                    'Rating Watch with Negative
                                    Implications')

# Financial guarantee. Interchangeable with rupee term loan

* Interchangeable with sight letter of credit, usance letter of
credit, buyer's credit, inland letter of credit to the extent of
INR15 crore, performance bank guarantee, financial bank guarantee
to the extent of INR40 crore and revolving short-term loan to the
extent of INR20 crore.

The rating action reflects deterioration in MIAL's liquidity
profile due to delay in recovery of demand in airline passenger
traffic post Covid-19 induced disruptions. Liquidity is also
constrained on account of uncertainty on utilisation of the cash
balance in the escrow account because of the pending judgement of
the Delhi High Court (DHC) regarding payment of annual concession
fee to Airports Authority of India (AAI). Consequently, MIAL will
face challenges in meeting its debt obligation in fiscal 2021.  

CRISIL has noted the company's application for restructuring its
ADF, project and working capital loan facilities in line with the
Reserve Bank of India (RBI) circular dated June 7, 2019, under the
change in management clause. The company has requested lenders to
take September 30, 2020, as the cut-off date for the proposed
restructuring. Subsequently, it has not paid debt obligation on
project loans due on September 30, 2020. The company has not opted
for restructuring its RESD loans and has serviced them on time.

CRISIL is in discussion with MIAL's lenders on the restructuring
application and will take a final rating action based on clarity
received from the lenders. As the application for restructuring was
made before the debt obligation was due and as the cash flow of
MIAL has been severely impacted because of Covid-19 related
disruptions, CRISIL is not treating the missed debt obligation as
default. This is in line with the August 2020 circular of the
Securities and Exchange Board of India. However, continued
liquidity constraints or non-acceptance of MIAL's restructuring
proposal by the lenders may lead to a further rating downgrade.

CRISIL has noted that Adani Airport Holdings Limited (AAHL) has
entered into binding agreements with: (i) Bid Services Division
(Mauritius) Limited for the acquisition of 13.5% of paid up equity
share capital of MIAL; and (ii) ACSA Global Limited ('ACSA') for
acquisition ~10% of paid up equity share capital of MIAL. CRISIL
has also noted the intent of MIALs promoter companies (GVK group)
to cooperate with AAHL in acquisition of their holding company
level debt by AAHL from its various lenders. Upon acquisition of
this debt, AAHL may convert the acquired debt to equity in MIALs
promoter companies on mutually agreed terms, subject to obtaining
necessary regulatory approvals. These developments can have bearing
on MIALs credit profile hence will be a monitorable.

The ratings reflect MIAL's exposure to risks associated with
construction of a greenfield airport at Navi Mumbai and weakened
liquidity on account of delay in real estate monetisation. These
weaknesses are partially offset by the company's strong market
position as the developer and operator of Chhatrapati Shivaji
Maharaj International Airport, Mumbai, and regulated returns from
aeronautical (aero) revenue.

Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MIAL and Navi Mumbai International
Airport Ltd (NMIA). This is because both airports will serve the
common catchment of the Mumbai Metropolitan Area and have common
management and board members, leading to a complementary strategy
in the operations phase. Furthermore, MIAL is likely to provide
timely, need-based support to NMIA for project implementation and
stabilisation of operations.

Key Rating Drivers & Detailed Description

Weakness:

* Weakened liquidity and dependence on real estate monetisation for
RESD loans: More-than-expected equity infusion in NMIA, delays in
real estate monetisation and weakening cash flow on account of the
pandemic has hit MIAL's cash liquidity. Its unutilised working
capital lines declined to around INR65 crore as on September 30,
2020. This cash is largely encumbered towards operational payments.
Liquidity is also constrained on account of lien being placed on
cash balance in the escrow account by DHC pending settlement of
annual concession fee payable to AAI. This has constrained ability
to service debt, and the company has requested its lenders to
restructure its debt. The lenders' final view on the said proposal
and recovery in traffic at airports will be important determinants
of MIAL's credit profile.

The company had RESD loan of around INR302 crore (including accrued
interest during moratorium period) on September 1, 2020, to be
repaid from proceeds of real estate lease deposits. There have been
prolonged delays in monetisation of around 17 acres. This has led
to pressure on liquidity for servicing of RESD loans, which are due
for repayment in November 2020.

* Exposure to regulatory risks: The regulatory regime for airport
operators in India is still evolving as is evident from the delay
in the release of various control period tariff orders. The tariff
order of the second control period will continue till December 2020
as per recent AERA Order Risks associated with regulatory
uncertainty remain, including timeliness in the tariff-setting
process. Furthermore, the excess tariff collected in the second
control period may be trued-down and lead to a tariff decline in
the third control period (scheduled from fiscals 2020 to 2024).

* Implementation risks associated with the NMIA project: NMIA's
project is expected to be executed over three years. While the
project may benefit from a regulated tariff structure and healthy
demand potential, it will remain exposed to timely implementation
and ramp-up risks.

Strengths:

* Strong market position as the developer and operator of the
Chhatrapati Shivaji Maharaj International Airport, Mumbai: MIAL is
the exclusive developer and operator of the second largest airport
in India. The airport is strategically located in the heart of a
key metro city, thereby attracting a strong flow of domestic and
international passengers. It also enjoys exclusivity for 30 years
(extendable by 30 years).

Traffic has fallen on account of economic slowdown and travel
restrictions because of the pandemic. Passenger traffic declined
more than 60% in April-August 2020 in comparison to the
corresponding period of the previous year. That said, attractive
location and a large catchment area should ensure recovery in
traffic as the economy normalises.

* Regulated returns in the form of aero revenue: There are three
major revenue streams: aero, non-aero and real estate. Aero formed
around 50% of revenue in fiscal 2020 and is regulated by Airport
Economic Regulatory Authority. It is fairly visible and stable
given that there is fixed return on aero capex and true-up of
revenue.

Furthermore, MIAL is structured as a special-purpose vehicle and
cash flow is ring-fenced. Supervision by AAI, with its board
presence, for strategy decisions and related-party transactions,
presence of an escrow account with a payment waterfall
mechanism-ensuring priority of loan repayment-and a debt service
reserve account (DSRA) support the credit risk profile.

Liquidity Stretched

MIAL has balance of over INR 500 crore in the escrow proceeds
account (Rs  186 crore being liability payable to AAI up to October
2020  subject to  DHC order) and unutilised working capital of INR
65 crore as on September 30, 2020. MIAL is, however, unable to draw
cash balance in the Escrow Account because of the pending DHC
judgement regarding payment of annual concession fee. Given the
current state of operations, the ability to generate accrual in the
near term is curtailed.

MIAL has not paid debt obligation of around INR65 crore to project
loan lenders due on September 30, 2020, as it has applied for
restructuring of the debt. MIAL has indicated that the DSRA of
around INR213 crore has not been utilised for debt repayment
following the request for restructuring with September 30, 2020, as
the cut-off date. MIAL will depend on lifting of the lien on the
escrow account and debt restructuring for meeting debt obligation
of around INR75 crore to project loan lenders due on October 31,
2020.

Rating Sensitivity factors

Upward factors
* For RESD loans: Higher and faster raising of real estate deposits
resulting in timely servicing of debt and build-up of cash buffer
* For project loans: Faster ramp-up in cash flow streams, removal
of constraints on project escrow account and build-up of adequate
and sustainable cash buffer

Downward factors
* For project loans: Rejection of restructuring application by the
lenders
* For project and RESD loans: Delay in real estate monetisation and
raising of real estate deposits of INR500-700 crore and
steeper-than-expected fall in tariff

MIAL was incorporated in 2006 to operate, modernise and expand the
Chhatrapati Shivaji Maharaj International Airport in Mumbai under a
30-year concession expiring in 2036 (extendable by 30 years). The
company is a joint venture of the GVK group (50.5% held through GVK
Airport Holdings Ltd), AAI (26%), Bid Services Division (Mauritius)
Ltd (13.5%) and ACSA Global Ltd (10%). In February 2017, MIAL bid
for the development of the Navi Mumbai airport and emerged as the
highest bidder. The project is being implemented through a
subsidiary.

NAVI MUMBAI: CRISIL Cuts Rating on INR10,300cr Loan to B
--------------------------------------------------------
CRISIL's rating on the long-term bank facility of Navi Mumbai
International Airport Private Limited (NMIAL) has been downgraded
to 'CRISIL B' from 'CRISIL BB' and continues to be on 'Rating Watch
with Negative implications'.

                          Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Proposed Long Term      10,300       CRISIL B (Downgraded from
   Bank Loan Facility                   'CRISIL BB'; Continues on
                                        'Rating Watch with
                                        Negative Implications')

The downgrade follows the rating action on the parent, Mumbai
International Airport Ltd (MIAL; 'CRISIL B/CRISIL C/CRISIL A4/Watch
Negative'), reflecting the weakening of its credit risk profile.

The rating continues to reflect the extensive experience of the
parent in developing and operating airports and the technical,
managerial and financial support provided, if required, for the
project. The rating also factors in the regulated hybrid till
tariff structure and a ring-fenced business structure with the
presence of City and Industrial Development Corporation (CIDCO) of
Maharashtra, thus lowering the post-commissioning risk to a certain
extent. These strengths are partially offset by susceptibility to
project-related risks, especially with regard to implementation and
stabilisation of operations.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MIAL and NMIAL. That's because both
these airports will serve the common catchment of the Mumbai
Metropolitan Area and have shared management and board members,
leading to a complementary strategy in the operations phase. Also,
CRISIL understands that MIAL will provide timely support to NMIAL
for project implementation and stabilisation.

CRISIL has applied its parent notch-up framework to factor in the
extent of financial, operational and managerial support available
to NMIAL from MIAL.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to project risks, given the early stage: A concession
agreement was signed with CIDCO (City and Industrial Development
Corporation) in January 2018. Presently, land acquisition and
clearance are in advanced stages, and pre-development work of
moderate complexity involving land filling and diversion of the
Ulwe River, to be carried out by CIDCO, are in progress.

Given the early stage of the project, the company is exposed to
risks of delay in land acquisition, completion of pre-development
work and pending approvals, which can result in cost and time
overruns.

* Exposure to offtake risk after commissioning: Offtake after
commissioning is expected to be supported by availability of time
slots and cargo handling facilities at the new airport, which will
cater to pent-up demand from the Mumbai Metropolitan Region on
account of operational constraints at the current airport. MIAL,
being the promoter, will aid smooth stabilisation and continued
traffic growth expected post normalisation of the Covid-19-related
slowdown in the aviation sector. However, overall costs and the
presence of road and allied connectivity would be key
considerations for airlines moving into the new airport, which may
constrain offtake in the initial few years. Furthermore, once
operational, development of non-aeronautical revenue streams will
be subject to demand and pricing risks.
  
Strengths:

* Strong support from the parent: Benefits are expected from the
operational, management and financial support of MIAL during
implementation and stabilisation of the project. The parent has a
track record of timely completion of Terminals 1 and 2 of the
Chhatrapati Shivaji Maharaj International Airport, Mumbai.
Management support is through a common board of directors and
senior management being deputed from MIAL. The parent is also
likely to provide financial support, if required, to meet any cost
overrun and shortfalls in debt servicing in the first few years of
operations. MIAL has agreed to provide sponsor undertaking for
shortfall in termination payment and cost overrun. Additionally,
the parent has agreed to provide corporate guarantee for equity
contribution into NMIAL and shortfall in debt service reserve
amount (DSRA) for up to four years from the start of commercial
operations or achievement of debt service coverage ratio of 1.25
times and 1.33 times for two consecutive years, whichever is
later.

NMIAL is critical for MIAL on account of the latter's majority
ownership, the size of the overall project and the strategic
importance for growth, given the operational constraints of the
parent.

* Lower implementation risk, deriving strength from the concession
agreement: Airport projects have lower implementation challenges
than other infrastructure asset classes. NMIAL further benefits
from the provisions in the concession agreement, which included
extension for construction and concession periods if the entire
land for the project was not provided by CIDCO by November 4, 2018.
Furthermore, the presence of CIDCO for carrying out land
acquisition and aiding in getting the requisite regulatory
approvals lowers implementation risk. CIDCO has handed over 99.65%
unencumbered land to NMIAL. Appointed date was declared on July 7,
2018, and any delay in project implementation on account of late
handover of the remaining land shall be adequately compensated by
CIDCO as per the provisions of the concession agreement. Presently,
key approvals for the project, including stage 2 forest clearance,
environment clearance and permission for clearance of mangroves and
development plan, have been obtained.

The project is critical for the Mumbai Metropolitan Region given
that the current airport operated by MIAL has capacity constraints
on account of infrastructure limitations. Implementation of the new
airport is also being monitored by the Government of Maharashtra
and the ministry of civil aviation for streamlining any project
implementation issues. Such focus aids project implementation.

Liquidity Adequate
Operations are expected to start by fiscal 2023. The company has
raised long-term loans for financing the debt portion of the
capital expenditure. MIAL invested around INR905 crore towards
equity commitment as of March 31, 2020. The parent is likely to
provide timely support, if required, during the implementation and
stabilisation phases.

Rating Sensitivity factors

Upward factors
* Upward revision in the rating on MIAL from the current 'CRISIL
B/CRISIL C/CRISIL A4+/Watch Negative'
* Project completion without deviations in time and cost (as per
concession terms) along with clarity on first control period tariff
order

Downward factors
* Downward rating action on MIAL
* Delay in land handover and disbursement of project loans,
impacting project commissioning

NMIAL is a 74% subsidiary of MIAL. The remaining stake is held by
CIDCO, which is the concessioning authority for the project. NMIAL
won the bid for developing, operating and maintaining the
greenfield Navi Mumbai airport in Maharashtra under a 40-year
concession (additional 20 years subject to a re-bid, with NMIAL
having right of first refusal within 5% of the winning bid). Phase
I is expected to be implemented at a cost of INR14,181 crore
(including cost of pre-development works funded by CIDCO as soft
loan), with a capacity of 1 crore passengers per annum.

RANJIT KUMAR: CRISIL Raises Rating on INR2.25cr Loan to B
---------------------------------------------------------
Due to inadequate information, CRISIL, in-line with the Securities
and Exchange Board of India guidelines, had migrated the ratings on
the bank facilities of Ranjit Kumar Dandapat (C.S. Bottling Plant
Cum Ware House) (RKD) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing the requisite information for carrying out a comprehensive
review of the ratings. Consequently, CRISIL has migrated its
ratings on the bank facilities of RKD from 'CRISIL B+/Stable/CRISIL
A4; issuer Not Cooperating' to 'CRISIL D/CRISIL D' and
simultaneously revised the ratings to 'CRISIL B/Stable/CRISIL A4'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Bank Guarantee     .20      CRISIL A4 (Revised from 'CRISIL A4
                               ISSUER NOT COOPERATING' to
                               'CRISIL D' and Simultaneously
                               Revised to 'CRISIL A4')

   Cash Credit       2.25      CRISIL B/Stable (Revised from
                               'CRISIL B+/Stable ISSUER NOT
                               COOPERATING' to 'CRISIL D' and
                               Simultaneously Revised to
                               'CRISIL B/Stable')

   Proposed Long      .44      CRISIL B/Stable (Revised from
   Term Bank                   'CRISIL B+/Stable ISSUER NOT
   Loan Facility               COOPERATING' to 'CRISIL D' and
                               Simultaneously Revised to
                               'CRISIL B/Stable')

The rating revision to 'CRISIL D/CRISIL D' reflects delay in
repayment of term loan due to liquidity mismatch. However, since
last one year, there has been no instances of delay in repayment.

The ratings reflect exposure to risks related to the stringent
regulations in the liquor industry, modest scale of operation and a
weak capital structure. These weaknesses are partially offset by
the entrepreneurial experience and financial standing of its
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to stringent industry regulations: The
Indian spirits and wine industry is regulated by the state and
central governments. Government regulations have a significant
effect on the industry's profitability, particularly in states
where the government controls pricing. Furthermore, distilleries
and breweries are required to operate under licence from the state
government, which limits free interstate movement. The licence
requirement caps RKD's annual volume of liquor production. Any
change in government regulation can impact profitability.

* Modest scale of operations: The scale is modest as reflected in
revenue of INR11.4 crore as on March 31, 2020. The scale, likely to
dip in the current fiscal on account of the ongoing pandemic, is
expected to improve over the medium term but remain modest

* Small networth and high gearing: The networth, at INR3.5 crore as
on March 31, 2020, is expected to improve but remain modest due to
low accretion to reserve given the high initial interest and
depreciation outgo. The gearing, at 1.55 times as on March 31,
2020, is expected to improve over the medium term on account of
gradual repayment of term debt and increase in networth. The modest
networth will make the credit profile susceptible to even small
changes in market conditions, while high gearing will constrain the
financial flexibility.

Strength:
* Entrepreneurial experience of the proprietor: The proprietor, Mr.
Ranjit Kumar Dandapat and his family, have significant experience
in managing businesses and establishing and stabilising new ones.
They have multiple interests viz operate several cold storages,
trade in fertilisers and seeds, and own a warehouse.

Liquidity Poor
The company has generated sufficient cash accrual of around INR75
lakhs in FY20 against repayment obligation of around INR30 lakhs.
The cash accrual is expected to remain adequate against repayment
obligation over the medium term. The liquidity remains constrained
by the high bank limit utilisation of around 91% for the last 6
months through August 2020. The current ratio remained moderate at
around 1.6 times as on 31st March, 2020

Outlook: Stable

CRISIL believes RKD will continue to benefit from the considerable
entrepreneurial experience of its promoters.

Rating Sensitivity factors

Upward factors
* Increase in revenue to more than INR15 crore along with
sustenance of margin to more than 10%
* Improvement in working capital cycle

Downward factors
* Decline in revenue to less than INR6 crore along with
deterioration in margin
* Further weakening in the working capital cycle

RKD is a proprietorship firm established in 2001. The firm has
recently set up a country spirit bottling plant at Paschim
Medinipur, West Bengal, which commenced operations from November
2017. The proprietor and his family have interests in many cold
storages through other entities. The firm also trades in
fertilisers and seeds, and owns a small warehouse, which is leased
out.

SHALAK EATABLE: CRISIL Migrates D Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated its ratings of Shalak Eatable Products Pvt
Ltd (SEPPL) to 'CRISIL D/CRISIL D; issuer not cooperating'.
However, the management has subsequently started sharing the
information, necessary for carrying out a comprehensive review of
the ratings. Consequently, CRISIL is migrating its ratings to
'CRISIL D/CRISIL D'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Standby Overdraft       1.5        CRISIL D (Migrated from
   Facility                           CRISIL D ISSUER NOT
                                      COOPERATING')

   Term Loan              14.66       CRISIL D (Migrated from   
                                      CRISIL D ISSUER NOT
                                      COOPERATING')

The ratings continue to reflect SEPPL's modest scale of operations,
delays in servicing debt obligation and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the food processing business.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing debt obligation: Stretch in liquidity led to a
delay in servicing the debt obligation. The instalment of December
2019 quarter was cleared in September 2020. Net cash accruals are
lower than repayments for FY20 and FY21. The deficit is expected to
be met through unsecured loans from promoters going forward.

* Modest scale of operations: Intense competition continues to
constrain scalability and profitability. Operating income stood at
INR9.22 crore in fiscal 2020.

* Weak financial risk profile: Financial risk profile is marked by
a modest networth and high total outside liabilities to tangible
networth ratio of INR5.32 crore and 5.31 times, respectively, as on
March 31, 2020. Debt protection metrics are weak, with interest
coverage and net cash accrual to adjusted debt ratios at 1.05 times
and 0.01 time, respectively, in fiscal 2020.

Strength

* Extensive experience of the promoters: Longstanding presence of
the promoters and their relatives in the food processing business
has enabled them to gains strong understanding of the local market
dynamics and maintain healthy relationships with customers and
suppliers.

Liquidity Poor

Liquidity is marked by insufficient cash accruals against repayment
obligations and high bank limit utilisation. As expected net cash
accrual may not suffice to cover the maturing debt, the promoters
are likely to extend support via equity and unsecured loans to meet
the debt obligation and working capital expenses. Unsecured loans
stood at INR13.97 crore as on March 31, 2020. Current ratio was
however, healthy at 1.72 times as on the same date.

Rating sensitivity factor

Upward factors
* Timely servicing of debt obligation for three months
* Growth in revenue

SEPPL was set up in 2008, by the promoters, Mr. Rajesh Bansal and
Mr. Yogesh Bansal. The company manufactures and trades in 2D and 3D
pellet snacks. In fiscal 2019, the product profile was diversified
to include food products such as pasta and macaroni. The
manufacturing facility is in Mohammadpur (Lucknow).

SHAPOORJI PALLONJI: To Restructure Debt Under Resolution Framework
------------------------------------------------------------------
BloombergQuint reports that the Shapoorji Pallonji Group, which has
decided to exit the Tata group, will restructure INR10,900 crore of
its debt under the resolution framework for pandemic-related
stress, a group official said.

According to the report, the official said the relief is being
sought under the one-time loan restructuring plan approved by the
Reserve Bank of India after it accepted the KV Kamath panel report,
which allows financially stressed companies to recast their debt
for two years.

"Shapoorji Pallonji Construction, the holding company of the
150-year-old Shapoorji Pallonji Group, wants to restructure
INR10,900 crore of their debt through the one-time loan
restructuring under the Covid-19 resolution framework approved by
the RBI," the official told PTI on Oct. 9.

BloombergQuint relates that the development came after the Tatas
had on Sept. 5 moved the Supreme Court to block the SP Group's
plans to pledge a portion of its 18.37% stake in Tata Sons -- which
it has been holding for the past seven decades and has valued at
over INR1.78 lakh crore -- to raise INR11,000 crore.

BloombergQuint says the proposed debt was to fund the group's core
construction business which has been facing liquidity issues
following the lockdowns to help contain the coronavirus pandemic.

The Tatas moved court a day after the SP Group inked a fund raising
deal with the Canadian fund Brookfield for INR3,750 crore.

Accepting the Tatas' petition, the Supreme Court had on Sept. 22
asked both the parties to maintain status quo on shares till Oct.
28 when it will pronounce the verdict on the Tatas' petition
challenging the NCLAT reinstating Cyrus Mistry as the Tata group
chairman and Mistry's petitions seeking to protect the rights of
minority shareholders.

Following this, the SP Group informed the apex court that it would
want to end the 70-year-old association with the Tatas as the
mutual trust between them has been broken beyond repair, the report
says.

The Mistry family owns 18.37% shares (both listed and unlisted) in
Tata Sons, the holding company of the Tata group, the report
discloses.

BloombergQuint notes that the construction and real estate sectors,
the mainstay of the SP Group, have been badly hit by the pandemic.

Over the past two years, the promoters had infused over INR3,000
crore into the group to strengthen its balance sheet, the official
said.

According to BloombergQuint, the Mistry family was in the process
of raising INR11,000 crore from global investors by pledging their
shareholding in Tata Sons.

"The fund was expected to mitigate the severe stress arising from
the pandemic, deleverage the balance sheet and protect the
livelihood of its 1.6 lakh workforce'" the official, as cited by
BloombergQuint, added.

But Tata Sons moved the Supreme Court to stay the fund raising
plan, which the group has decried as "a vindictive move aimed at
creating irreparable harm on the group in the midst of the
pandemic," the official said.

BloombergQuint says the Reserve Bank had on Sept. 7 adopted the
recommendations of the KV Kamath committee that was set up to draft
a framework to provide relief to companies financially impacted by
the pandemic.

The framework provides for a two-year extension of repayment
obligations subject to meeting certain conditions.

According to the report, the group official further said SPCPL's
move to go for one-time loan restructuring is meant "to safeguard
the financial interest of all stakeholders and protect the
livelihoods of its employees and contractors in these challenging
times."

The Shapoorji Pallonji Group provides diversified business
services. The Company offers engineering and construction,
infrastructure, water, energy, real estate, water, and financial
services. The Shapoorji Pallonji Group serves customers worldwide.

SHIKSHA BHARTI: CRISIL Assigns B+ Rating to INR1cr New Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shiksha Bharti (SB).  

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Fund-           1         CRISIL B+/Stable (Assigned)
   Based Bank Limits        

The rating reflects its high dependence on government authorities
for contracts and its modest scale. These weakness are partially
offset by extensive industry experience of the management.

Key Rating Drivers & Detailed Description

Weaknesses

* High dependence on government authorities for contracts: SB
operates colleges in UP. SB is also is engaged in providing various
schemes operated by state and central Govt. in UP. Work order for
scheme is received from the various authority via tenders, which
makes its revenues vulnerable to tenders being won by the society.

* Modest scale of operation: SB's business profile is constrained
by its moderate scale of operations in the intensely competitive
industry.  SBs moderate scale of operations will continue limit its
operating flexibility.

Strength
* Extensive industry experience of the management: The management
have an experience of over 20 years in Social Services. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Poor

There are no debt obligations for the trust in the medium term and
it manages its working capital requirements from internal accruals
and advances received from customers.

Outlook: Stable

CRISIL believes SB will continue to benefit over the medium term
from its management's extensive experience in the sector.

Rating Sensitivity Factor

Upward factor
* Increase in revenue by 25%
* Significant corpus infusion.

Downward factor
* Decrease in revenue by 25%
* Significant increase in Gross Current Assets.

Set in 2001, SB operates Abhinav Girls Intern college, in Lucknow
UP. SB is also is engaged in providing various schemes operated by
state and central Govt. in the surrounding areas. SB is currently
managed by Mr. R.B. Singh (Secretary).

SHYAM CHEMICALS: CRISIL Withdraws B+ Rating on INR18.5cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Shyam
Chemicals Private Limited (SCPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           18.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Incorporated in 1972, SCPL is engaged in manufacturing of inorganic
copper chemicals which is used for pigments and agrochemicals
manufacturing. The company is promoted Mr. Mahesh Somani and is
based out of Mumbai.

SHYAM GRAMODYOG: CRISIL Withdraws B+ Rating on INR1cr New Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Shyam
Gramodyog Sansthan (SGS) on the request of the company. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with SGS for obtaining
information through letters and emails dated November 30, 2019 and
March 9, 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 SGS. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SGS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SGS
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of SGS on
the request of the company. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

SGS is a not-for-profit society managed by president, Mr. Ram
Kumar, secretary, Mr. Nathuram, and nine other members. The society
is located at Charra in Aligarh district of Uttar Pradesh and
provides free meals under the midday meal scheme and other
government mandated scheme.

SOCIAL EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR9.18cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Social Educational Trust (SET).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          5          CRISIL B+/Stable (Reaffirmed)
   Overdraft
   facility              

   Long Term Loan        9.18       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    6.32       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the trust's modest scale of
operations with risk of geographical concentration in revenue, weak
financial risk profile and exposure to risks related to unfavorable
regulatory changes and intense competition in the education sector.
These weaknesses are mitigated by the trust's established position
in its area of operations and the extensive experience of its
trustees.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale with high geographical concentration in revenue:
Subdued scale is reflected in estimated revenue of INR58.23 crore
in fiscal 2020. Moreover, majority of the revenue comes from a
single campus in Nambur, Andhra Pradesh.

* Susceptibility to regulatory changes and to intense competition:
SET remains susceptible to adverse changes in the education sector
as it is highly regulated by various governmental and
quasi-governmental agencies. Furthermore, SET faces intense
competition from numerous colleges located in Guntur, Andhra
Pradesh.

* Weak financial risk profile: Networth and gearing were at
INR11.97 crore and 5.54 times, respectively, as on March 31, 2020.
Debt protection metrics are weak as reflected in estimated interest
coverage and net cash accrual to total debt ratios of 2.28 times
and 0.10 time, respectively, in fiscal 2020.

Strength:

* Extensive experience of the trustees: The trustees have two
decades of experience that has led to SET's established market
position in the region.

Liquidity Stretched

Bank limit utilisation is high at around 95% for the 12 months
ended July 31, 2020. CRISIL expects bank limit utilisation to
remain high on account of large working capital requirement.
Accrual of around INR4 crore is expected to be sufficient against
upcoming debt obligation of INR3.6 crore over the medium term.
Further need-based funding by the trustees in the form of unsecured
loans supports liquidity. Fee realisation in September  and October
2020 shall aid near-term liquidity profile and cash flow.
Henceforth, timely realisation of fees will remain crucial and key
rating sensitivity factor.

Outlook: Stable

CRISIL believes SET will benefit from the extensive experience of
the trustees in the educational segment.

Rating Sensitivity Factors

Upward factors
* Improvement in adjusted debt service coverage ratio (ADSCR) to
above 1.5 times
* Significant improvement in the financial risk profile.

Downward factors
* Decline in net cash accrual on account of decline in revenue or
operating profit to below 14%
* Further weakening of liquidity on account of limited funding
support from the promoters.

Established by Mr. Vasireddy Vidya Sagar and his family members in
2006, SET runs Vasireddy Venkatadri Institute of Technology in
Guntur, Andhra Pradesh.

STS UTILITY: CRISIL Lowers Rating on INR6.50cr Cash Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of STS Utility Services (STS) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has reaffirmed its short-term rating at 'CRISIL
A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.28       CRISIL A4 (Reaffirmed)

   Cash Credit           6.50       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects the stretch in liquidity, owing to
tightly matched cash accrual and high bank limit utilisation.
Business has been impacted in fiscal 2020 and current year,
resulting in lower than expected revenues and cash accruals for the
company. As a result, liquidity will remain tight over the medium
term due to limited internal accruals to meet incremental working
capital requirements and repayment obligations.

The ratings also factor in the firm's modest scale of operations
and large working capital requirement, and exposure to intense
competition in the distribution transformer industry. These
weaknesses are partially offset by the extensive experience and
funding support of the proprietor, and the firm's moderate
financial risk profile.

Analytical Approach
Unsecured loans extended by the proprietor and his related parties
(outstanding at INR19 crore as on March 31, 2020), bear a low
interest and the interest charged is ploughed back into the
operations. These loans are subordinated to bank debt, and expected
to remain in the business over the medium term. Hence, CRISIL has
treated these loans as 75% equity and 25% debt.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations, amidst intense competition: Net sales
declined to INR36 crore in fiscal 2020, from INR52 crore in fiscal
2019. Intense competition in the distribution transformer industry
and the firm's modest scale restrict its capability to bid for
large tenders.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 270 days as on March 31, 2020, (higher than 203
days, a year before), owing to inventory and receivables of 62 and
127 days, respectively. Working capital management is partly aided
by payables of 68 days as on the same date. GCAs are expected to
remain high at 200-300 days over the medium term.

Strengths:

* Extensive experience of the proprietor and healthy business
relationships: The decade-long experience of the proprietor, Mr.
Suraj Gupta, in the electrical components industry, and his
established relationships with customers, should continue to
support the business risk profile.

* Funding support from the proprietor and related parties: The
proprietor and his related parties have extended unsecured loans
(Rs 19 crore as on March 31, 2020) which supported the  working
capital requirements as well as to help the firm cover the working
capital expenses.

* Moderate financial risk profile: Financial risk profile was
marked by a moderate total outside liabilities to adjusted networth
(TOLANW) ratio of 1.18 times and adjusted networth of INR18.36
crore as on March 31, 2020. However, the net interest cover was
modest at 1.8 times.

Liquidity Poor

Liquidity remains constrained by tightly matched cash accrual and
high bank limit utilisation. Bank limit was utilised around 92.84%
for the 13 months ended August 31, 2020. Expected cash accrual of
over INR0.50 crore in Fiscal 2021 and INR0.75 crore in Fiscal 2020
will be tightly matched to cover the maturing debt in the medium
term. Liquidity is aided by the emergency Covid-19 bank limit
sought by the firm. Current ratio was healthy at 2.10 times on
March 31, 2020. The proprietor too may extend support via equity
and unsecured loans to cover the working capital requirement and
debt obligation.

Outlook: Stable

CRISIL believes STS will benefit from the extensive experience of
its proprietor in the transformer distribution industry.

Rating Sensitivity factors

Upward Factors:
* Sustained growth in scale of operation by 15-20% with improved
operating margins
* Reduced working capital cycle

Downward Factors:
* Decrease in net cash accrual to INR40 lakh or below
* Higher bank limit utilisation due to further stretch in working
capital cycle

STS was set up as a proprietorship firm of Mr. Suraj Gupta in 2007.
The firm manufactures distribution transformers of 10-400 kilovolt
amps. Its manufacturing facility is in Greater Noida (Uttar
Pradesh).

UJAAS ENERGY: CRISIL Cuts Rating on INR233.88cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ujaas
Energy Limited (UEL) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Negative/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       62.37       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit          29.50       CRISIL D (Downgraded from
                                    'CRISIL B-/Negative')

   Letter of Credit     34.20       CRISIL D (Downgraded from
                                    'CRISIL B-/Negative')

   Proposed Fund-      233.88       CRISIL D (Downgraded from
   Based Bank Limits                'CRISIL B-/Negative')

   Standby Fund          8.00       CRISIL D (Downgraded from
   Based Working                    'CRISIL B-/Negative')
   Capital              

   Term Loan           69.05        CRISIL D (Downgraded from
                                    'CRISIL B-/Negative')

The downgrade reflects poor liquidity profile marked by delays in
servicing of principal and interest on term loan and also
overutilization of cash credit facility.

CRISIL has taken into cognizance that corporate insolvency
resolution process has been initiated against UEL as directed by
NCLT.

The ratings continues to factor in working capital-intensive
operations, susceptibility to regulatory changes, and weak debt
protection metrics. These weaknesses is partially offset by
comfortable capital structure.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in Servicing of Debt: There have been instances of delays
in servicing of principal and interest on term loan and also
overutilization of cash credit facility on account of stretched
liquidity position.

* Working capital-intensive operations: Gross current assets (GCA)
are at ~1200 days as on March 31, 2020, as against 561 days, a year
earlier. GCA is driven by high debtor and inventory of ~735 days &
~260 days respectively as on March 31, 2020. Operations are
expected to remain working capital intensive over the medium term.
Timely receipt from debtors will remain a key monitorable.

* Weak debt protection metrics: Debt protection metrics are weak,
with interest coverage ratio expected to remain below 1 time.

* Susceptibility to regulatory changes: UEL's business is
susceptible to regulatory changes concerning domestic procurement
of solar cells, as reflected in the 65% fall in revenue and
stretched working capital cycle. Additionally, revenue remains
susceptible to capital expenditure (capex) to be incurred for
setting up solar power plants.

Strength:

* Comfortable capital structure: Networth and gearing were
comfortable estimated at INR208 crore and 0.45 time, respectively,
as on March 31, 2020.

Liquidity Poor
Liquidity is poor as reflected in weak liquidity profile marked by
delays in servicing of principal and interest on term loan and also
overutilization of cash credit facility. Also expected net cash
accruals of INR1-2 crore per annum over the medium term which would
be insufficient to cover yearly debt obligation of ~INR10.4 crore.
Unencumbered cash balance are modest at around INR0.4-0.5 crore.
UEL has paid off majority of unsecured loan extended by the
promoter thereby further constraining liquidity.

Rating Sensitivity factors

Upward factors
* Track record of timely debt servicing for 90 days or more
* Significant improvement in liquidity due to restructuring of debt
or infusion of equity or a sizeable realization of payments from
customers

UEL, formerly M and B Switchgears Pvt Ltd, was incorporated in
1979. The company is engaged in the sale of solar power and setting
up solar projects across three segments: engineering procurement
and construction, solar park, and rooftop. It also provides
operations and maintenance services for these assets. The company
has an installed capacity of 14 megawatt (MW) of solar power; over
the years, it has set up more than 235 MW of solar power plants.
UEL has also recently ventured into the electric two-wheeler
industry by launching E-Spa. Mr. Shyam Sunder Mundra is the
promoter, and operations are managed by his sons, Mr. Vikalp Mundra
and Mr. Anurag Mundra.

VGN HOMES: CRISIL Withdraws B- Rating on INR131.5cr LT Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of VGN Homes
Pvt Ltd (VGN) on the request of the company and receipt of a no
objection certificate from its banks. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bill Purchase         1         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan       131.5      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Overdraft             14        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    28.5      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)


CRISIL has been consistently following up with VGN Homes Pvt Ltd
(VGN) for obtaining information through letters and emails dated
May 13, 2020 and May 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company

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 VGN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VGN is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VGN
continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

VGN, incorporated in 2004, develops plotted projects in Chennai and
its suburbs. The company is part of the VGN group set up by Mr. V
Guruswamy Naidu in 1942. VHPL is currently managed by Mr. Devadoss,
grandson of Mr. V Guruswamy Naidu.

VIBHOR STEEL: CRISIL Withdraws B+ Rating on INR28cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn the ratings on the request of Vibhor Steel
Tubes Private Limited (VSTPL) and receipt of no objection
certificate from its bank; the rating action is in line with
CRISIL's policy on withdrawal of ratings on bank loan facilities.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       7        CRISIL A4 (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

   Cash Credit         28        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

   Long Term Loan       6.96     CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with VSTPL through
letters and emails dated January 23, 2019, and July 11, 2019, among
others, apart from telephonic communication for obtaining
information. 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 company's management,
CRISIL did not receive any information on the financial performance
or strategic intent of VSTPL, which restricts CRISIL's ability to
take a forward-looking view on the entity's credit quality. CRISIL
believes information available is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information' with 'CRISIL BB' rating category or lower. Based on
the last available information, CRISIL has continued the 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' ratings on the bank
facilities of the company.

Further, CRISIL has withdrawn the ratings on the request of the
company and receipt of no objection certificate from its bank; the
rating action is in line with CRISIL's policy on withdrawal of
ratings on bank loan facilities.

VSTPL was incorporated in 2003, promoted by Mr. Vijay Kaushik and
his family members; he currently manages the company with his son,
Mr. Vibhor Kaushik. The company manufactures mild steel black tubes
and pipes, square pipes and galvanised iron pipes, which it sells
mainly to JPL. The manufacturing facility is at Roha, Maharashtra.



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

INDIKA ENERGY: Moody's Affirms CFR at Ba3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR) of Indika Energy Tbk (P.T.), and the Ba3 ratings on
the $285 million backed senior secured notes due 2023 issued by
Indo Energy Finance II B.V., the $265 million backed senior secured
notes due 2022 issued by Indika Energy Capital II Pte. Ltd, and the
$575 million backed senior secured notes due 2024 issued by Indika
Energy Capital III Pte. Ltd.

At the same time, Moody's has assigned a first-time Ba3 rating to
the backed senior secured notes to be issued by Indika Energy
Capital IV Pte. Ltd. The proceeds from the notes will be primarily
used to refinance existing debt. The notes are unconditionally and
irrevocably guaranteed by Indika and will rank pari passu with
Indika's outstanding US dollar notes.

The outlook remains negative.

"The affirmation of Indika's Ba3 ratings reflect its diversified
operations, long operating track record, solid liquidity, and
continued adherence to prudent financial policies -- as shown by
its planned US dollar notes issuance to proactively refinance its
debt maturities ahead of schedule," says Maisam Hasnain, a Moody's
Assistant Vice President and Analyst.

"The negative outlook continues to reflect our expectation that its
credit metrics will remain weak over the next 12 months amid a
challenging operating environment, including low thermal coal
prices," adds Hasnain, also Moody's Lead Analyst for Indika.

RATINGS RATIONALE

Moody's expects proceeds from Indika's proposed US dollar notes
issuance, which form part of its $650 million debt raising plans
announced in September, will be used primarily to refinance the
majority of its US dollar notes coming due in 2022-23. Part of the
proceeds will also be used to invest in non-coal related
businesses.

Upon completion of its planned refinancing, which Moody's views as
credit positive, Indika will not have any material debt maturities
until 2024. As a result, Indika's strong liquidity and minimal
near-term refinancing risk afford it time to improve its weak
credit metrics amid challenging business conditions, including low
thermal coal prices.

Based on its medium-term price assumptions for Newcastle thermal
coal of $65 per ton, Moody's estimates Indika's adjusted leverage
-- as measured by adjusted debt/EBITDA - will remain elevated at
around 4.3x as of December 31, 2021, up from 3.5x in December 2019
and slightly above the downgrade trigger of 4.0x.

However, in light of slowing economic growth, the downside risk to
Indika's credit metrics worsening beyond Moody's current
expectations is elevated, particularly if coal prices remain low
for a prolonged period.

In order to support earnings, Indika has taken steps to reduce
operating cash costs at its 91%-owned coal mining subsidiary,
Kideco Jaya Agung (P.T.) to $32.3 per ton in 1H 2020 from $35.6 per
ton in 1H 2019. Indika's contract mining subsidiary PT Petrosea Tbk
and engineering subsidiary PT Tripatra Multi Energi, are also
seeking new contracts to boost their contract order books which
have been declining in recent years, although near-term contract
wins could be challenging given the weak macroeconomic
environment.

Moody's expects Indika will maintain its good liquidity, as its
large consolidated cash balance and projected operating cash flows
will be sufficient to meet its cash needs over the next 12-18
months. Moody's also expects Indika's planned investments, as part
of its strategy to diversify earnings away from thermal coal, will
not materially weaken its liquidity.

Moody's also expects Indika to obtain additional covenant
relaxations or waivers on its two bank loan facilities. In June,
Indika obtained temporary covenant relaxations on these facilities,
which allowed for its leverage ratio to be calculated as net
debt/EBITDA not exceeding 3.75x until December 2020 on one loan and
until March 2021 on the other. Absent a material near-term earnings
improvement, a covenant breach would likely occur once the covenant
ratio reverts to the original gross debt/EBITDA calculation beyond
December 2020 and March 2021, respectively.

The ratings also consider Indika's exposure to environmental,
social and governance (ESG) risks as follows.

First, Indika faces elevated environmental risks associated with
the coal mining industry, including carbon transition risk as
countries seek to reduce their reliance on coal power. However,
this risk is somewhat mitigated by (1) Indika's geographically
diversified customer base, which includes state-owned utilities
across Asia, a region with growing energy demand and where thermal
coal is still a relatively low-cost source of energy, and (2) its
good coal quality, with low ash and sulfur content.

Second, Indika is also exposed to social risks associated with the
coal mining industry, including health and safety, and responsible
production. To address these risks, Indika has initiated
sustainability initiatives under its health, safety and environment
programs, and carries out corporate social responsibility
activities via the Indika Foundation.

Third, with respect to governance, Indika's ownership is
concentrated in its major shareholders, who own around 68% of the
company. However, this risk is mitigated by Indika's listed status
and long track record of maintaining prudent financial policies.

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

An upgrade of Indika's ratings is unlikely over the next 12-18
months, given the negative outlook.

The outlook could return to stable if Indika improves its credit
metrics on a sustained basis, and maintains sufficient liquidity to
cover its cash needs over the next 12-18 months.

Specific indicators that Moody's would consider for a change in
outlook to stable include adjusted debt/EBITDA below 4.0x and
adjusted EBIT/interest above 2.0x, both for an extended period.

Moody's could downgrade the ratings if (1) Indika's credit metrics
weaken due to a sustained decline in coal prices or reduced
production volumes; (2) Kideco fails to extend its Coal Contract of
Work (CCoW) mining license on substantially similar terms; (3)
Indika's liquidity weakens or it is unable to cure a covenant
breach; or (4) Indika engages in aggressive shareholder
distributions or investments, demonstrating a departure from its
track record of preserving liquidity.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 4.0x or adjusted EBIT/interest below
2.0x, both for an extended period.

The principal methodology used in these ratings was Mining
published in September 2018.

Indika Energy Tbk (P.T.) is an Indonesian integrated energy group
listed on Indonesia's Stock Exchange, with a market capitalization
of around IDR4.8 trillion ($330 million) as of October 9, 2020. Its
principal investment is a 91% stake in Kideco Jaya Agung (P.T.),
one of Indonesia's largest domestic coal producers.



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

AIRASIA GROUP: Wins Malaysia State Backing for MYR1 Billion
-----------------------------------------------------------
Nikkei Asia reports that Malaysia's government is backing a MYR1
billion loan as a lifeline to budget carrier AirAsia Group as it
struggles to contain the fallout from the coronavirus pandemic.

Nikkei Asia says the loan will be made by a group of local banks
under a government scheme to help companies deal with the pandemic.
It will be 80% guaranteed by Malaysia's finance ministry, according
to sources at the ministry and the airline who are aware of the
plan, Nikkei Asia relays.

"The 1 billion ringgit is deemed very crucial for AirAsia, to be
utilized for repayment of short-term loans and fund working
capital," Nikkei Asia quotes one source close to the ministry as
saying. Disbursement is expected next month.

AirAsia is also to embark on another round of job cuts next month,
a source within the carrier told Nikkei Asia.

Like airlines across the world, AirAsia has been dealt a huge blow
by the coronavirus pandemic, which has severely curtailed demand
for travel, the report notes. The group, controlled by CEO Tony
Fernandes, has already cut more than 10% of its workforce and plans
to downsize its fleet of aircraft to try to contain costs.

In an interview with Nikkei in July, Mr. Fernandes revealed that
the airline needed to raise MYR2 billion in the next six months to
be in a "very comfortable" position. "At MYR1 billion, we are
comfortable. But if we can raise MYR2 billion, we would be in a
very comfortable position," he said then.

Sources said the government had originally offered a MYR500 million
loan but ceded to the request for MYR1 billion, the report
relates.

In a statement on Oct. 13 Malaysia's finance ministry said "has not
approved any government financing or guarantee to any airline".

The loan to AirAsia would be disbursed by local financial
institutions under the 50 billion Danajamin Prihatin Guarantee
Scheme, operated by Danajamin Nasional -- a state-owned financial
guarantor, according to Nikkei Asia.

The scheme was introduced by Prime Minister Muhyiddin Yassin to
provide financial assistance to companies affected by the
coronavirus pandemic. The government guarantee is for the first
five years of the financing period.

According to Nikkei Asia, local media reports quoted Fernandes on
Oct. 9 as saying that the airline has made more than 2,400
employees redundant since Malaysia's borders were closed in March.
Before the pandemic, the airline's total workforce stood at over
20,000.

The source said the next round could involve over 400 employees,
similar to the last round of retrenchment which ended last week.

"The last round was cabin crew and pilots. This time it will
include all divisions," said one of the sources, Nikkei Asia
relays.

                         About AirAsia

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

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



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

CHINA BANKING: Fitch Affirms LT IDR at BB+, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of China Banking Corporation (CBC) at 'BB+'. The Outlook on
the IDRs is Negative, reflecting continued pressure over its
Standalone Credit Profile due to the coronavirus pandemic.

The Philippines' economy is taking a severe blow from the
coronavirus pandemic, with GDP contracting by 9.0% in 1H20 (2019:
6.0% growth) to mark the worst deterioration in south-east Asia.
Economic conditions have worsened considerably since its last
review in May 2020, and will remain challenging despite its
expectation of a rebound in headline growth to 9.0% growth in 2021
from an 8.0% shrinkage in 2020. The banks' financial results in
1H20 were propped up by a debt moratorium and aggressive monetary
easing by the central bank, but Fitch believes difficulties lie
ahead.

Social distancing measures and prolonged job market weakness - for
both domestic and overseas Filipino workers - are likely to
continue to dampen consumer confidence and curb private consumption
in the near term. Extended movement restrictions in the Philippines
have also exerted pressure on business cash flows, from micro and
small entrepreneurs to corporates in heavily affected sectors like
aviation and tourism. The more difficult operating environment will
continue to pressure asset quality and earnings.

KEY RATING DRIVERS

The Long-Term IDRs of CBC are driven by its Standalone Credit
Profile, as indicated in its Viability Rating (VR). The ratings
take into consideration its status as a mid-sized bank in the
Philippines, adequate funding and liquidity profile, capital
buffers which are acceptable albeit lower than average, and
longstanding ties with the Chinese Filipino business community
which has helped to support its loan quality. These factors are
counterbalanced by the risks associated with its high
large-borrower concentration and rapid loan growth in recent years,
as well as the challenging operating environment.

Fitch has maintained its negative outlook on the bank's asset
quality mid-point score of 'bb+', due to weakness in the operating
environment which is creating significant pressure on asset
quality. CBC's gross non-performing loan ratio of 1.6% at June 2020
was better than the system average of 2.6%, and was only marginally
worse than its end-2019 ratio of 1.5%, although this was helped by
the debt moratorium which has been extended to December 2020.

Against this backdrop, Fitch believes that asset quality will only
deteriorate more significantly from 1Q21, though the bank's steady
underwriting standards should partially mitigate the default risks.
Fitch believes that its asset quality and tolerance for risks will
continue to have a higher influence on its overall standalone
credit profile.

Fitch has retained the bank's earnings and profitability score at
'bb'. Return on assets had remained stable in 1H20 at 1.1% (2019:
1.1%), as the steep decline in funding costs and large trading
gains amid the significantly lower-interest environment have helped
to more than offset the spike in provisioning cost. Nevertheless,
Fitch believes that these revenue tailwinds have largely been
recognised, and the risks to the bank's profitability remain tilted
to the downside in the near term as asset yields are likely to
decline further while provisioning expense is projected to remain
high. This underpins its negative outlook on the earnings and
profitability mid-point score.

CBC's common equity Tier 1 ratio remained stable at 12.8% as of
June 2020 (end-2019: 12.8%). These loss-absorption buffers remain
lower than the industry average, and drives the bank's
capitalisation and leverage midpoint score of 'bb'. Fitch expects
its capital ratio to remain steady in the near term, on account of
sustained profitability and slower balance-sheet growth. Fitch
expects the ratio to gradually decline once growth momentum resumes
and economic conditions normalise, but Fitch believes that the bank
will continue to sustain acceptable buffers as it grows, with its
steady risk appetite keeping asset risks in check.

Funding and liquidity are the bank's rating strength, as indicated
by its funding and liquidity mid-point score of 'bbb-'. CBC's gross
loan-to-deposits ratio of 77% at June 2020 was lower than its
peers' average, while the liquidity coverage ratio (LCR) of 121% in
2Q20 reflects a satisfactory liquidity position. The bank also has
limited reliance on wholesale funding sources, with CASA making up
about 53% of its deposits. Fitch believes that its funding and
liquidity profile will remain largely stable in the near term,
supported by continued central bank actions and weak credit
demand.

SUPPORT RATING AND SUPPORT RATING FLOOR

CBC's Support Rating of '3' and Support Rating Floor (SRF) of 'BB'
reflect its expectation that there is a moderate likelihood of
extraordinary sovereign support to the bank, in times of need. This
takes into consideration its moderate systemic importance, with an
approximately 5% market share of system assets, and the Philippines
sovereign fiscal flexibility - as indicated by its 'BBB'/Stable
rating.

RATING SENSITIVITIES

IDRS, VR

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

Fitch may downgrade the bank's IDRs and VR if weak economic
conditions are prolonged and result in asset quality and
profitability metrics declining to levels that exceed its base
scenario: that is, if the NPL ratio rises to - and stays above - 3%
over a prolonged period and/or if its operating
profit/risk-weighted assets (RWA) does not recover to its
pre-pandemic levels. Severe stress in the real-estate market would
also have significant repercussions on the bank's asset quality and
earnings, given its portfolio concentration in the sector (23% of
loans) - which also has a significant positive correlation with the
broader economy. Any downgrade in the IDR, however, would be
limited to one notch, given the bank's SRF of 'BB', unless its
assessment of the sovereign support also weakens.

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

An economic recovery that is faster or in line with its base-case
projection, resulting in lower asset impairment and
better-than-expected earnings, may lead us to revise the Outlook on
the IDR back to Stable.

SUPPORT AND SUPPORT RATING FLOOR

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

CBC's Support Rating and SRF are sensitive to its assessment of the
state's ability and propensity to support the bank. A downgrade of
the sovereign rating may lead us to also downgrade its Support
Rating, unless the government extends more explicit statements of
support to the bank or demonstrates a record of providing support
to banks of similar systemic importance.

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

Conversely, an upgrade in the sovereign rating may lead us to take
similar positive rating action on the Support 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.

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.

PHILIPPINE NATIONAL: Fitch Affirms LT IDR at BB, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Philippine National Bank at 'BB'. The Outlook on the IDRs
is Stable.

The Philippines' economy is taking a severe blow from the
coronavirus pandemic, with GDP contracting by 9.0% in 1H20 (2019:
6.0% growth) to mark the worst contraction in south-east Asia.
Economic conditions have worsened considerably since its last
review in May 2020, and will remain challenging despite its
expectation of a rebound in headline growth to 9.0% growth in 2021
from an 8.0% contraction in 2020. Banks' financial results in 1H20
were propped up by a debt moratorium and aggressive monetary easing
by the central bank, but Fitch believes difficulties lie ahead.

Social distancing measures and prolonged job market weakness - for
both domestic and overseas Filipino workers - are likely to
continue to dampen consumer confidence and curb private consumption
in the near term. Extended movement restrictions in the Philippines
have also pressured business cash flows, from micro and small
entrepreneurs to corporates in heavily affected sectors like
aviation and tourism. The more difficult operating environment will
continue to exert pressure banks' asset quality and earnings.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

PNB's IDRs are sovereign-support driven, reflecting its view of a
moderate likelihood of extraordinary sovereign support to the bank,
in times of need. This is also indicated in its Support Rating of
'3' and Support Rating Floor (SRF) of 'BB'. The ratings take into
consideration its moderate systemic importance, with an
approximately 6% market share of system assets, and the Philippine
sovereign's fiscal flexibility - as indicated by its 'BBB'/Stable
rating.

VR

Its Viability Rating of 'bb' underscores its satisfactory capital
buffers and longstanding franchise, which helps to underpin its
generally stable funding and liquidity profile. These factors are
offset by asset quality and profitability which are weaker than its
peers, which Fitch expects to continue to soften in the next 12
months amid the pandemic-induced economic crisis. The ratings also
take into consideration the risks associated with the bank's rapid
loan growth in recent years as well as its high single-borrower
concentration, though this is a common trait of many Philippine
banks.

Fitch has retained the bank's asset quality mid-point score at
'bb-', with a negative outlook on the back of the steep economic
downturn. PNB's reported gross non-performing loan (NPL) ratio of
4.7% at June 2020 was higher than the system average of 2.6%. Fitch
expects the bank's underlying asset quality metrics to continue to
deteriorate, though the state-mandated 60-day repayment grace
period is likely to temper reported metrics up into 1Q21.

Like many Philippine banks, PNB had beefed up its provisioning in
1H20, though Fitch expects credit costs to remain elevated in the
near term, with the full extent of provisioning and asset-quality
deterioration hinging largely on the economic recovery trajectory.
Fitch believes that its asset quality and risk appetite will
continue to have a higher influence on its standalone credit
profile.

PNB's profitability has generally lagged that of peers, reflecting
in part its lower operating efficiency and higher credit cost,
resulting in an earnings and profitability mid-point score of
'bb-'/negative. Large asset sales gain in the past had propped up
overall profitability and reduced ongoing costs associated with
maintaining legacy assets, while the bank has worked to boost its
core lending business over the past decade. Nevertheless, the
current crisis will weigh on its ability to continue to improve its
profitability, in light of the record low-interest-rate
environment, weaker business volumes and high credit provisioning.

PNB's Common Equity Tier 1 (CET1) ratio improved to 15.0% in June
2020 from 14.1% in December 2019, amid the decline in loan balances
due to corporate repayments and weak credit demand. The bank
announced on September 10 that it is in the process of selling some
prime properties to shed low-yielding assets and strengthen its
capital position, though the timing and potential gains remain
uncertain. Notwithstanding this, Fitch believes that its
capitalisation is likely to remain stable in the near term, as
lower earnings and increased credit migration are offset by slower
balance-sheet growth. Fitch believes that the bank's capital
buffers will decline gradually in the medium term, as the bank is
likely to return to its above-average loan growth when the economy
recovers.

Fitch expects the bank's funding and liquidity profile to remain
generally stable in the near term. PNB's net loans-to-deposit ratio
of 76% was marginally lower than 77% at end-2019, as the bank
shrank its balance sheet to preserve asset quality and capital. The
bank, like many other Philippine banks, has also boosted its liquid
assets buffers in 1H20, with the liquidity coverage ratio (LCR)
rising to 134% from 124% at end-2019. Fitch believes that the
bank's liquidity position will remain satisfactory in 2021,
supported by the central bank's monetary policy stance and slower
balance-sheet growth. PNB's CASA ratio of 75% is higher than many
of its mid-sized peers, reflecting its more established franchise
and broader branch network. This has also benefitted the bank's
funding costs, which remain lower than its mid-sized peers.

RATING SENSITIVITIES

IDRS, VR, SUPPORT AND SUPPORT RATING FLOOR

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

Fitch may downgrade the bank's VR if the deterioration in the
Philippines' economic environment is worse than Fitch currently
expects and leads to weakening asset quality and profitability to
levels that exceed its base case - that is, if the NPL ratio rises
and stays above 5% for a prolonged period and/or if its operating
profit/RWA does not recover to pre-pandemic levels.

PNB's Support Rating Floor and VR are currently at the same level.
This implies that a downgrade in the standalone credit profile -
potentially amid continued weakness in the economic environment -
may not lead to a downgrade in its IDRs unless its assessment of
the state's ability and/or propensity to support PNB also weakens.

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

An upgrade in the sovereign rating may lead to similar positive
rating action on the SRF and IDRs.

PNB's IDR could also be upgraded if Fitch sees material
improvements in its Standalone Credit Profile. Upgrade prospects,
however, are unlikely in the near term, given the weak economic
outlook.

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.



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

HYFLUX LTD: Receives Formal Expression of Interest from US Fund
---------------------------------------------------------------
Tay Peck Gek at The Business Times reports that Hyflux Ltd has
received a formal expression of interest from an American fund
manager to invest at least SGD204.78 million.

According to the report, the water treatment company said this in a
regulatory filing two days before the High Court hears the judicial
management application by the group's unsecured working group of
banking creditors.

BT relates that Hyflux separately said that as at 9:00 p.m. on Oct.
12, it has received 100 letters from various creditors of the group
which oppose and object to the judicial management application, and
support instead the group's applications for a further two-month
extension of the moratoria.

The water treatment firm said in July this year that a then-unnamed
North American fund manager with a "strong" track record of
investing in infrastructure, technology and real estate globally,
was keen to invest, BT recalls. This was according to a letter from
transaction advisory and strategy consulting firm The Spectrum
Solutions Group, which represents this fund.

BT says the fund has now revealed itself to be Delaware-based
Strategic Growth Investments (SGI), which on Oct. 12 proposed
formally that the funds to be injected as newly issued common
equity into Hyflux, and to be applied to settle all debts, claims
and liabilities of the group.

Senior unsecured creditors will get the lion's share of SGD97
million, trade creditors SGD15.78 million and the perpetual
securities and preference shares (PnP) investors SGD32 million -
all on a pro-rata basis, proposed SGI, according to BT.

Also, it was proposed that SGD60 million from the investment to be
set aside for working capital and any future corporate
restructuring, based on the value creation plan designed and
implemented with SGI's advisers, BT relays.

BT relates that Hyflux's latest suitor SGI is prepared to offer up
to 15 per cent of the equity in the treatment company
post-investment in the form of warrants, with 5 per cent of the
equity going to the senior unsecured creditors and 10 per cent to
the PnP holders.

With the assumption of the successful implementation of SGI's value
creation plan, the value of the equity warrants could be worth
about SGD196.7 million for the senior unsecured creditors and
SGD393.3 million for the PnP holders, according to expression of
interest letter cited by BT.

According to SGI, its principals have invested in, owned and
created value for various companies across several verticals,
including technology, industrials and manufacturing, infrastructure
as well as energy, adds BT.

                            About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, 2019, WongPartnership applied to discharge themselves due
to difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.

WIRECARD: Former Clients Scramble to Process Payments in Singapore
------------------------------------------------------------------
The Financial Times reports that businesses across Singapore have
been left scrambling to process payments for everything from hotel
stays to telephone bills after the city-state's regulator shut down
the payment services of fraudulent German group Wirecard.

Cafes, restaurants, hotels and mobile network providers were left
with no payment processing systems after the Monetary Authority of
Singapore, the de facto central bank, late last month ordered
Wirecard to cease payment services in the city-state, the FT says.


According to the FT, some banks in Singapore had advised their
clients to consider switching payment processors after the
disgraced German fintech filed for insolvency in June. The MAS that
month pointed to "alternative payment service providers available
to merchants" and the day it ordered Wirecard to terminate
operations said: "Customers who have not yet made alternative
arrangements are encouraged to do so promptly."

But many businesses were caught off guard and now, almost two weeks
later, are asking customers to make payments via bank transfers,
cash or external digital platforms, the FT relays.

"On October 1 it [Wirecard's payment terminal] stopped working,"
the FT quotes an employee at Paul, the French cafe chain, as saying
adding that Wirecard's shutdown led it to lose some customers.
"Some go to the ATM [to get cash] and never come back."

Capella Singapore - the five-star hotel that hosted the 2018 summit
between US president Donald Trump and North Korean leader Kim Jong
Un - was also a Wirecard customer, the FT notes.

While "the shutdown was certainly disruptive" it did not lead to
the hotel losing customers, Capella said, adding that it had
"received no prior warning" about Wirecard's interruption.

The FT says Capella clients may now pay using cash, bank or digital
fund transfers as well as online credit card platforms. The hotel
has shortlisted Singaporean bank UOB to reinstate credit card
payments.

Wirecard services were widely used in the city-state, with
thousands of merchants across the island operating the German
group's payment terminals.

The fintech's competitive pricing helped make it popular. "Wirecard
was the cheapest," said the Paul employee. "That's why everyone had
it. Wirecard charged 2 to 3 cents per [card] transaction [while]
others charge [up to] 20 to 30 cents."

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

"The sudden cessation of Wirecard  .   .  .  took everyone
by surprise," said M1, a Singaporean telecommunications company
which has sent out texts asking customers to pay bills via its app
given recurring monthly payments were temporarily unavailable after
Wirecard's shutdown. Clients may also use digital payment platforms
or fund transfers. M1 expects to resume credit card bill payments
in two weeks via a local bank and a new payment processor.

"It is a hassle," the FT quotes a Singapore-based commercial
manager and M1 customer as saying. "Pretty much all the normal
utility bills you have set up to automatically debit on your card
have been stopped."

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

In 2017, Wirecard acquired 20,000 merchant clients of Citibank,
spread over 11 Asia-Pacific countries, in an ambitious deal that
was intended to make the company a household name across the
region, according to the Financial Times. Citigroup has said it
exited the business globally.



=====================
S O U T H   K O R E A
=====================

MAGNACHIP SEMICONDUCTOR: S&P Upgrades ICR to 'B' on Debt Repayment
------------------------------------------------------------------
On Oct. 12, 2020, S&P Global Ratings raised its issuer credit
rating on MagnaChip Semiconductor Corp. to 'B' from 'B-'.

The positive outlook reflects its view that the company's
significant cash holdings post the asset disposal and likely better
profitability could improve its adjusted debt-to-EBITDA ratio to
about 3.0x over the next 12 months.

The upgrade reflects MagnaChip's likely improved financial ratios
following its use of asset sale proceeds to pay down debt. On Oct.
6, 2020, the company said it had redeemed all of its 6.625% senior
notes due 2021 on Oct. 2, 2020. It paid approximately US$227.4
million to fully redeem all of the outstanding US$224.25 million
aggregate principal amount of the notes, including accrued and
unpaid interest. MagnaChip used the bulk of the proceeds from the
sale of its foundry business and Fab 4 manufacturing facility to
repay the debt. The sale was completed on Sept. 1, 2020, for about
US$351 million. It is likely to rake in net cash proceeds of US$290
million-US$300 million, considering tax obligations and other
charges of about 15% of sale value.

S&P said, "We forecast the redemption will reduce MagnaChip's
adjusted debt to about US$140 million at end-2020, from US$434
million at end-2019. Our forecast also considers the transfer of
severance liabilities of about US$100 million to the buyer. The
substantial drop in the company's debt will offset the loss of
EBITDA from the sale of the foundry business. In our base case, we
estimate MagnaChip's adjusted debt-to-EBITDA ratio to significantly
improve to 2.9x-3.2x in 2020-2021, from 6.5x in 2019.

"We see further deleveraging potential for MagnaChip over the next
12 months. The asset sale will not only allow the company to build
its cash holdings from the net proceeds, but will also improve
internal cash flow by reducing interest expenses. Considering
MagnaChip's cash balance of US$193 million as of end-June 2020, we
forecast the company will have significant cash holdings of US$250
million-US$300 million by end-2020." MagnaChip intends to de-lever
its balance sheet by the first quarter of 2021.

MagnaChip's standard products segment benefits from good premium
product mix and long-term growth prospects. The company's display
solutions and power solutions businesses have expanded in recent
years and have strong growth prospects. The display segment
benefits from the increased adoption of OLED panels by smartphone
makers and potential growth in new products such as foldable and
flexible phones and "internet of things." The power solutions
business also has good growth prospects from the expansion of the
electric vehicles industry.

S&P believes MagnaChip's performance will not be as severely hit by
the COVID-19 pandemic as many companies in other industries. This
is because the smartphone industry continues to see a push by
smartphone makers to switch to OLED panels from LCD panels. The
trend is the force behind MagnaChip's robust performance in the
first half of 2020 despite production disruptions and demand
softness from key Chinese and Korean markets. Further improvement
in MagnaChip's profitability is critical for the company to support
its much-needed growth while still containing its leverage in the
long term, despite its high cash balance on hand.

Potential volatility in MagnaChip's financial metrics are likely to
further increase after the foundry sale. S&P said, "We expect this
volatility will remain a key constraint to the company's credit
quality. The sale of the foundry business will significantly reduce
MagnaChip's scale and increase its product and customer
concentration. This will likely expose MagnaChip to more volatile
revenue and earnings given intense competition in its existing
businesses that use relatively mature technology. The foundry
business contributed 35%-40% of MagnaChip's consolidated revenue
and gross profits. After the sale, the display-solutions segment
will constitute the bulk of sales, increasing exposure to trends in
the display panel market. In addition, we believe MagnaChip's
financial policy including shareholder returns, capital expenditure
or merger and acquisition, will be crucial to maintain its
financial metrics."

S&P said, "The positive outlook reflects our view that MagnaChip's
financial flexibility will improve and its debt leverage will fall
to lower than our base case of 2.9x-3.2x over the next 12 months.
Our view is based on the company's significant cash holdings post
the asset disposal and improving business outlook."

S&P may raise the rating if:

-- MagnaChip uses cash holdings to further reduce debt without
significantly more aggressive shareholder returns or investments
than S&P expects; and

-- The company continues to increase revenue and profitability
such that its debt-to-EBITDA ratio improves to less than 3.0x.

S&P may take downward rating actions including an outlook revision
to stable if:

-- MagnaChip's financial policy (such as shareholder returns or
investments) becomes significantly more aggressive than S&P
expects; or

-- The company's profitability deteriorates significantly,
possibly due to a material weakening of its market position or key
customer relationships, such that the company generates negative
discretionary cash flows.



                           *********


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 ***