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

                     A S I A   P A C I F I C

          Wednesday, October 21, 2020, Vol. 23, No. 211

                           Headlines



A U S T R A L I A

IMMICK PTY: Second Creditors' Meeting Set for Oct. 29
LDJD INVESTMENTS: Second Creditors' Meeting Set for Oct. 28
NUFARM LTD: S&P Lowers ICR to BB- on Continued Weak Performance


C H I N A

CHINA EVERGRANDE: Gets Helping Hand from Local Government


H O N G   K O N G

BRIGHTOIL PETROLEUM: To be Delisted from Hong Kong Stock Exchange


I N D I A

ALPNA VISUAL: CRISIL Keeps B Debt Ratings in Not Cooperating
ANGEL PIPES: CRISIL Keeps B Debt Ratings in Not Cooperating
ARIHANT PRIME: CRISIL Keeps B+ Debt Rating in Not Cooperating
AVON CONTAINNERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
B.L. AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating

BABBAR AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating
BRIJ CONSTRUCTION: CRISIL Lowers Rating on INR4cr Loan to B
C A G CONSTRUCTION: CRISIL Cuts Rating on INR10cr Loans to B
CHAITANYA CASHEW: CRISIL Keeps D Debt Rating in Not Cooperating
CONSOLIDATED SHIPPING: CRISIL Keeps B+ Ratings in Not Cooperating

DEEPAK POLYESTER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
DEWAN HOUSING: SAT Quashes SEBI's Penalty Order on DHFL
DREAMCITI REALTY: CRISIL Keeps B+ Debt Rating in Not Cooperating
EASTSTAR MANUFACTURING: CRISIL Keeps B+ Rating in Not Cooperating
EXCEL GENERATORS: CRISIL Reaffirms B+ Rating on INR3.0cr Loan

FAVOURITE PLUS: CRISIL Cuts Rating on INR10cr LT Loan to B
K.C.S. DEVELOPERS: CRISIL Cuts Rating on INR9cr LT Loan to B
KARIMALA GRANITES: CRISIL Lowers Rating on INR10cr Loan to B
KHAGARIA AUTO: CRISIL Lowers Rating on INR5cr Cash Loan to B
KUMAR ELASTOMECH: CRISIL Lowers Rating on INR4cr Loan to B

LEE BUILDERS: CRISIL Lowers Rating on INR17.8cr Cash Loan to B
M A FRUITS: CRISIL Keeps B+ Debt Rating in Not Cooperating
MAA POLYPACKS: CRISIL Lowers Rating on INR12cr Cash Loan to B
MAJESTIC PROPERTY: CRISIL Keeps B+ Debt Rating in Not Cooperating
QUALIT AGRO: CRISIL Lowers Rating on INR20cr Loans to B

S M INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
SATHVIKA: CRISIL Lowers Rating on INR10cr Loans to B
SIGNUM ELECTROWAVE: CRISIL Cuts Rating on INR3cr Cash Loan to B
SILVERLINES GEMS: CRISIL Keeps B- Debt Rating in Not Cooperating
SM AUTOVISION: CRISIL Keeps B Debt Ratings in Not Cooperating

STERLING CAST: CRISIL Reaffirms B Rating on INR2.30cr Loan
SWAJAN FOUNDATION: CRISIL Assigns B+ Rating to INR1cr New Loan
TECH PAPRERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
TRIDENT INFRA: CRISIL Withdraws B+ Rating on INR123cr Term Loan


M A L A Y S I A

1MDB: Goldman Sachs Poised to Pay More Than $2BB in DOJ's Probe


N E W   Z E A L A N D

TANGO FINANCE: Starbucks Owners to Buy Burger King in New Zealand
TICKET ROCKET: Owes NZD341,000 to Crusaders and Hurricanes


S I N G A P O R E

EZION HOLDINGS: Arbitration Proceedings Against Unit Re-Commence
EZION HOLDINGS: To Refocus Business on Vessel Management Services
OCEAN TANKERS: Wants to Return Most Ships to Owners, Sources Say
TEE INTERNATIONAL: Auditor Issues Disclaimer of Opinion
VIKING OFFSHORE: Plans SGD4MM Share Placement as Part of Scheme


                           - - - - -


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

IMMICK PTY: Second Creditors' Meeting Set for Oct. 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Immick Pty Ltd,
trading as Jetts Fitness Mandurah, has been set for Oct. 29, 2020,
at 11:00 a.m. at the offices of HLB Mann Judd Insolvency WA, Level
3, 35 Outram Street, in West Perth, WA.

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. 28, 2020, at 5:00 p.m.

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

LDJD INVESTMENTS: Second Creditors' Meeting Set for Oct. 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of LDJD
Investments Pty Ltd, trading as Commercial Hotel Bundarra, has been
set for Oct. 28, 2020, at 10:00 a.m. via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 27, 2020, at 4:00 p.m.

Desmond Teng and Gavin Moss of Chifley Advisory were appointed as
administrators of LDJD Investments on Sept. 22, 2020.

NUFARM LTD: S&P Lowers ICR to BB- on Continued Weak Performance
---------------------------------------------------------------
On Oct. 19, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on Nufarm Ltd. to 'BB-' from 'BB'. At the same time,
S&P lowered the long-term issue ratings on Nufarm's A$555 million
senior secured bank facility to 'BB+' from 'BBB-' (recovery rating
of '1'), its US$475 million senior unsecured notes to 'B+' from
'BB-' (recovery rating of '5'), and its subordinated NSS hybrid
notes to 'B' from 'B+' (recovery rating of '6').

S&P said, "The stable outlook reflects our view that
region-specific performance improvement initiatives will enable
Nufarm to maintain adjusted debt to EBITDA well below 4.5x. We also
expect the company to improve its working capital management and
generate sustainable and material positive free operating cash flow
from fiscal 2022."

Nufarm's financial position is likely to remain stretched despite
material debt reduction. S&P Global Ratings' adjusted
debt-to-EBITDA ratio for the company was 4.8x for the year ending
July 31, 2020, higher than our downward trigger of 3.5x. In its
opinion, consecutive subpar earnings have increased the likelihood
that Nufarm's credit metrics will remain outside our expectation
for the previous 'BB' rating.

The use of proceeds from the sale of Nufarm's South American
business demonstrates management's commitment to support the
interest of creditors. The company used proceeds from the A$1.2
billion sale to reduce balance sheet debt to about A$980 million,
from about A$1.74 billion. In addition, the group did not declare a
dividend in recognition of the group's weak operating performance
and stretched credit metrics. Despite these actions, which we view
as prudent and substantial, Nufarm has been unable to restore its
credit metrics to levels commensurate with our expectations for the
previous 'BB' rating.

The sale of Nufarm's South American operations should reduce
earnings volatility and working capital intensity. Although the
sale of the South American operations deleveraged the group's
balance sheet and lowered earnings volatility, Nufarm's market
share and geographical diversity also reduced. Further, heightening
this is the impairment of its European assets, which emphasizes the
company's susceptibility to competitive and demand-driven pressures
from reduction in scale.

S&P believes manufacturing cost control and restoration of
profitability in the European business is critical for earnings
growth in fiscal 2021. With reduced business diversity post the
sale of the South American businesses, the importance and
contribution of larger regions such as North America and Europe
have increased. Reduction in the cost of raw material, successful
implementation of performance improvement programs, and moderation
of weather conditions could restore and improve profitability of
Nufarm's European business.

Nufarm remains susceptible to climatic conditions, although this
should be offset by geographical diversification. S&P notes that
climatic conditions have not adhered to historical patterns in
recent years. This has heightened Nufarm's susceptibility to
changes in climatic conditions, weakening the group's trading
performance. In our view, a return to regular weather patterns is
likely to support sales demand and improve financial performance
across key regions.

Nufarm's recovery in margins could take time. The company's sub-par
performance for fiscal 2020 follows a series of weak operating
results. The company's most recent results were affected by
operational issues with its European business, margin pressures
across key operating regions, and working capital demands. Nufarm's
European operations created a drag on its earnings during the
second half of fiscal 2020. S&P believes the impairment of the
European assets will likely coincide with the earnings trough,
although margin compression resulting from elevated raw material
costs and price competition as well as high channel inventories
will take time to resolve.

Significant working capital burden remains in Nufarm's business
following the sale of the South American businesses. The company's
free operating cash flow has in recent years been affected by
significant working capital swings associated with changing weather
conditions and inventory build-up. The sale of the South American
businesses is likely to reduce the group's working capital
intensity and improve cash flow generation. However, S&P expects
high inventory levels, particularly in Europe, to constrain working
capital relief across the group until inventory levels normalize.
An improvement in Nufarm's ratio of average net working capital to
sales to the top of its target range of 40%, compared with the
fiscal 2020 level of 46%, is likely to release about A$150 million
of balance sheet cash.

S&P said, "We expect Nufarm to achieve meaningful positive free
operating cash flow from fiscal 2022. The company's sale of its
South American operations should reduce earnings volatility and
help Nufarm to refocus on its core operations. As global lockdown
restrictions are lifted, earnings growth is likely to resume in key
regions. In our opinion, improving demand, supply chain logistics,
and the cost of raw material in fiscal 2021 should help normalize
Nufarm's high inventory levels in Europe. This will position the
company to deliver on incremental earnings uplift and further
working capital benefit in fiscal 2022.

"The stable outlook reflects our view that Nufarm's region-specific
performance improvement initiatives and improving working capital
management will help to maintain its S&P Global Ratings-adjusted
debt-to-EBITDA ratio well below 4.5x. We also expect Nufarm to
generate meaningful positive free operating cash flow from fiscal
2022 and maintain adequate liquidity at all times.

"We could lower the rating if Nufarm is unable to maintain its
adjusted debt-to-EBITDA ratio below 4.5x. Downward rating pressure
could also occur if the company sustains negative free operating
cash flow or its liquidity deteriorates during the next 12 months.
This could result in weakening trading performance and working
capital management.

"We could raise the rating if Nufarm can maintain its adjusted
debt-to-EBITDA ratio below 3.5x. Successful integration and
performance improvements at its European operations, as well as an
improvement in average net working capital to sales below 40%, are
likely pre-conditions for any upward rating action."




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

CHINA EVERGRANDE: Gets Helping Hand from Local Government
---------------------------------------------------------
Wang Jing and Yang Ge at Caixin Global report that struggling
property developer China Evergrande Group appears to be getting an
exemption from a key restriction for new apartments being sold in
the southern metropolis of Guangzhou, as the company grapples with
a mountain of maturing debt.

Caixin says the restriction in question says that only companies
can purchase apartments developed on land designated for commercial
development which was purchased after March 30, 2017. Many city and
other regional governments have rolled out similar types of
measures in recent years to cool their local property markets. Such
restrictions are also aimed at discouraging developers from
building residential-type projects on land earmarked for commercial
use.

According to Caixin, the Evergrande project is being developed on
nearly 500,000 square meters of commercial-use land with a soccer
stadium planned as its centerpiece, and surrounding land developed
for related uses. Evergrande acquired the land on April 16 this
year for CNY6.8 billion (US$1 billion), and held a launch ceremony
to mark the start of the stadium's construction on the same day. Of
the total land area being developed, 150,000 square meters were set
for sports use, with another 180,000 square meters for commercial
use.

                       About China Evergrande

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

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

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

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

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



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

BRIGHTOIL PETROLEUM: To be Delisted from Hong Kong Stock Exchange
-----------------------------------------------------------------
Luo Guoping and Lu Yutong at Caixin Global report that Brightoil
Petroleum (Holdings) Ltd. will get the boot from the Hong Kong
Stock Exchange on Oct. 20 after it spent three years with its
shares suspended from trading.

Caixin relates that the delisting, which the company made public in
an exchange filing on Oct. 16, came after Brightoil failed in
January to fulfill the required conditions to resume trading,
paving the way for the end of its 12-year listing in the Asian
financial hub.

Struggling under a mountain of debt, Brightoil hasn't disclosed its
earnings for any quarter going back to mid-2018, Caixin says. Its
half-year report that year suggested that the company had HK$22.32
billion ($2.88 billion) in liabilities at the end of 2017, but it
remains unclear what debts it has now, Caixin notes.

Brightoil Petroleum (Holdings) Limited is a Hong Kong-based
investment holding company principally engaged in the provision of
petroleum products and marine bunkering services. The Company
operates through five segments. International Trading and Bunkering
Operation segment is engaged in the international supply of
petroleum.




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

ALPNA VISUAL: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Alpna Visual
Packaging Aids (AVPA) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             1.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-        0.4        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

   Term Loan             4.1        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AVPA for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 AVPA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AVPA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AVPA
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 2002, Delhi-based AVPA is a proprietorship firm
managed by Mr. Vijay Kumar Aggarwal. The firm is engaged in
manufacturing of packaged machines and supplying the same within
both the local and foreign geographies.

ANGEL PIPES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Angel Pipes and Tubes
Private Limited (APTPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term      5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)


CRISIL has been consistently following up with APTPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 APTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on APTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of APTPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2007, APTPL manufactures stainless steel pipes. The
company is promoted by the Mehta family and is based in Mumbai. Its
manufacturing facilities are in Sanchore (Rajasthan).

ARIHANT PRIME: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Arihant Prime
Developers Private Limited (APDPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

CRISIL has been consistently following up with APDPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 APDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on APDPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of APDPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

APDPL, is part of Jaipur based Arihant group promoted by Mr. Tarun
Nahata and Mr. Vimal Nahata. It is engaged in residential real
estate development and is currently undertaking one residential
project - 'Eminent Tower' at Jaipur.

AVON CONTAINNERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Avon Containners
Private Limited (ACPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Proposed Fund-         0.46      CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

   Standby Letter         1         CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

   Term Loan              2.54      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 ACPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ACPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ACPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

ACPL, based in Faridabad, Haryana, was established by Mr. Umesh
Aggarwal in 1991, and is now managed by him and his family. The
company manufactures corrugated boxes. It has two manufacturing
units in Haryana, one each in Palwal and Faridabad.

B.L. AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of B.L. Agro Industries
(BLAI) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Term Loan              5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BLAI for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 BLAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BLAI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BLAI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

BLAI is a partnership of Mr. Sanjay Sancheti and Mr. Manoj
Sancheti. The firm is currently setting up an integrated cold chain
near Bikaner (Rajasthan). The integrated cold chain will be used to
store and process fruits, vegetables, spices and other horticulture
produce. The firm will commence operations from December 2018.

BABBAR AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Babbar Agro Industry
(BAI) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Warehouse Receipts    3.0        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BAI for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 BAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BAI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BAI
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Established in 2010 as a proprietorship firm by Mr. K L Babbar,
BAI, on April 1, 2016, was reconstituted as a partnership between
Mr. Babbar and his son Mr. Anmol Babbar. It processes both basmati
and non-basmati rice at its facility in Fazilka, Punjab.


BRIJ CONSTRUCTION: CRISIL Lowers Rating on INR4cr Loan to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Brij
Construction and Engineers (BCE) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Bank Guarantee     8.5      CRISIL A4 (ISSUER NOT COOPERATING;
                               Revised from 'CRISIL A4+ ISSUER
                               NOT COOPERATING')

   Overdraft          4        CRISIL B/Stable (ISSUER NOT
                               COOPERATING; Revised from
                               'CRISIL BB-/Stable ISSUER NOT
                               COOPERATING')

CRISIL has been consistently following up with BCE for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 BCE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BCE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BCE
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

BCE is promoted by Mr. Gwaldas Mehta and Mr. Mohan Lal Mehta. The
firm is engaged into civil construction activities and undertakes
construction of road in state of Rajasthan.


C A G CONSTRUCTION: CRISIL Cuts Rating on INR10cr Loans to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of C A G
Construction Equipment Private Limited (CAG) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Drop Line              3         CRISIL B/Stable (ISSUER NOT
   Overdraft Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with CAG for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 CAG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CAG is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CAG
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

CAG is a Coimbatore Based Company which is involved in the
dealership of construction machinery of Tata Hitachi.


CHAITANYA CASHEW: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Chaitanya Cashew
Company (CCC) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         8         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CCC for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 CCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CCC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CCC
continues to be 'CRISIL D Issuer not cooperating'.

CCC was set up as a proprietorship firm in 2011 by Ms Veena
Prabhakumar, who also manages operations. The firm, based in
Kollam, Kerala, trades in cashew kernels.

CONSOLIDATED SHIPPING: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Consolidated Shipping
Line India Private Limited (CSLIPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          3.6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   0.2         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line         0.3         CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

   Term Loan           1.6          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CSLIPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 CSLIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CSLIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CSLIPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

CSLIPL, set up in 2002, provides logistics services related to sea
freight; Anchorage Shipping, set up in 1997, provides logistics
services related to air freight. The group's services include
freight forwarding, customs clearance, transportation services, and
express air cargo services among others. It is based in Kochi
(Kerala). The group has its operations in Kochi, Tiruppur,
Tuticorin, Coimbatore (all three in Tamil Nadu), Chennai, Mumbai,
Kolkata, Bengaluru, New Delhi, and Hyderabad.

DEEPAK POLYESTER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Deepak Polyester
Private Limited (DPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             2.11       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DPPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 DPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DPPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

DPPL was incorporated in 2012 to take over the business of
partnership firm Deepak Polyester, which was set up in 2002. DPPL
manufactures texturised and twisted polyester yarn and knitted
fabric. Its registered office is in Mumbai and manufacturing
facility is in Silvassa (Union Territory of Dadra & Nagar Haveli).
The company is owned and managed by Mr. Bajranglal Joshi and Mr.
Sanjeev Kapoor.

DEWAN HOUSING: SAT Quashes SEBI's Penalty Order on DHFL
-------------------------------------------------------
BloombergQuint reports that the Securities Appellate Tribunal has
quashed the market regulator's order imposing a penalty on Dewan
Housing Finance Corp. Ltd. for allegedly violating debenture
listing norms.

The Securities and Exchange Board of India had in May imposed a
penalty worth INR20 lakh on DHFL, directing it to pay the amount
within 45 days, BloombergQuint recalls. The company, SEBI said,
failed to create a debenture redemption reserve and invest 15% of
the amount of non-convertible debentures maturing on March 31.

A three-member bench of the SAT, however, said SEBI initiated
proceedings after the National Company Law Tribunal had admitted an
insolvency application against the housing finance company and
declared a moratorium, BloombergQuint relates. As such, no
proceedings can be instituted to impose and recover a penalty, the
SAT said, while setting aside the order.

According to BloombergQuint, DHFL was facing a financial stress
since 2018 after payment defaults by IL&FS Group entities triggered
a liquidity crisis, drying up funds for non-bank lenders and
housing financiers. In November 2019, the Reserve Bank of India
superseded DHFL's board, appointed an administrator and filed an
application to initiate insolvency proceedings. The NCLT then
admitted the plea in December and declared an interim moratorium.

SEBI argued that the moratorium would not prevent it from
determining DHFL's liability arising from the alleged
non-compliance, the report says. While the moratorium applies to
enforcement or recovery, SEBI's officer would only determine the
liability and not seek to recover the penalty during the period.

BloombergQuint relates that Mustafa Doctor, senior counsel
representing DHFL, termed the market regulator's actions as
"perverse, illegal" and against various orders of the Supreme
Court, which prohibited institution of suits or proceedings during
moratorium. SEBI ignored these decisions and went ahead in a manner
which amounts to contempt of court, the counsel argued.

Dismissing SEBI's arguments, SAT observed that the law dealing with
the moratorium is very clear and explicit, and any action or
proceeding under the SEBI Act will not be sustainable in law,
BloombergQuint notes.

                            About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.

DREAMCITI REALTY: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Dreamciti Realty
Private Limited (Dreamciti) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

CRISIL has been consistently following up with Dreamciti for
obtaining information through letters and emails dated March 17,
2020 and September 16, 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 Dreamciti, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Dreamciti is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
Dreamciti continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Dreamciti is currently executing a residential villas project,
Dreamciti Greens, of 107,350 square feet (sq ft) at Bannerghatta
Road, Bengaluru. Dreamciti was incorporated in in 2010 by Mr. Vijay
Singh.

EASTSTAR MANUFACTURING: CRISIL Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Eaststar
Manufacturing Syndicate (EMS) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.4        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           6.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with EMS for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 EMS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EMS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of EMS
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Eaststar Manufacturing Syndicate (EMS) was established as a
partnership firm in April 2005 by Mr. Rajesh Kumar Garg, Mr.
Ashwini Kumar and Mr. Sanjay Kumar as its partners, sharing profit
and loss equally. EMS is engaged in the distribution of Samsung
mobile phones & accessories, and Su-Kam batteries in Punjab.

EXCEL GENERATORS: CRISIL Reaffirms B+ Rating on INR3.0cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Excel Generators Private Limited (EGPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       2.75     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.25     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations,
stretched working capital cycle and susceptibility to cyclicality
in end-user industries. These weaknesses are partially offset by
the extensive experience of the promoters in the power generation
segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Scale of operations have remained
modest in the three fiscals ended 2020 with revenues of INR9 - 15
crore. Operating performance is expected to improve in the current
fiscal considering the company's performance in the first half of
fiscal 2021 and existing work orders. However, the modest scale
will continue to limit the company's operating flexibility.

* Stretched working capital cycle: Gross current assets were
sizeable due to large inventory days of 150-200 and debtors days of
90-120, as on March 31, 2020. The company also maintains deposits
in the form of security and retention money, thereby increasing
working capital requirement. Operations are expected to remain
working capital intensive over the medium term.

Strength:

* Extensive experience of the promoters: The promoters' experience
of more than two decades in electrical equipment of powered
generator sets and healthy relations with customers should continue
to support the business.

Liquidity Stretched
Cash accrual, expected at INR1.2 crore should be utilized to meet
incremental working capital requirements and annual debt
obligations, over the medium term. Nevertheless, bank lines of
INR3.00 crore remain utilized at about 36.8% on average in the 12
months through June 2020. Also, the current ratio and cash and bank
balance were healthy at 2.65 times and INR2.87 crore, respectively,
as on March 31, 2020.

Outlook: Stable

CRISIL believes that EGPL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward factors
* Substantial increase in scale of operations and profitability
* Maintenance of strong financial risk profile with total outside
liabilities to tangible networth ratio of less than 0.5 time

Downward factors
* Fall in net cash accrual to less than INR0.50 crore per annum
* Decline in interest coverage ratio to below 1.2 times

EGPL was incorporated in 1996 and is promoted by Mr. Madhavan and
Ms Sheela Madhavan. The company is engaged in assembling of diesel
generator sets and providing services such as installation,
testing, commission and annual maintenance services. EGPL is an
authorised distributor for rotary uninterrupted power systems from
Euro-Diesel S.A., Belgium.

FAVOURITE PLUS: CRISIL Cuts Rating on INR10cr LT Loan to B
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Favourite Plus
Ceramic Private Limited (FPCPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                          Amount
   Facilities           (INR Crore)   Ratings
   ----------           -----------   -------
   Proposed Long Term         10      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB/Stable ISSUER
                                      NOT COOPERATING')

CRISIL has been consistently following up with FPCPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 FPCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on FPCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of FPCPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

Incorporated in 2009, FPCPL manufactures ceramic wall tiles. Its
facility in Morbi, Gujarat, has installed capacity of 40,000 tonne
per annum. FPCPL is promoted by Mr. Hitesh Shirvi and Mr.
Vijaykumar Rangpadiya.

K.C.S. DEVELOPERS: CRISIL Cuts Rating on INR9cr LT Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of K. C. S.
Developers (KCSD) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         9         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KCSD for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 KCSD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KCSD is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KCSD
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

Set up in 2010 in Assam as a partnership firm by Ms Kanak Deka and
Mr. Dimbeswar Deka, KCSD owns around 300 bighas, of which it has
developed 65,4200 square feet (sq ft) into multiple godowns and
warehouses. These are leased to manufacturing and trading
companies. The firm is further developing around 300,000 sq ft of
land that would be leased to existing and new companies.

KARIMALA GRANITES: CRISIL Lowers Rating on INR10cr Loan to B
------------------------------------------------------------
CRISIL has revised the rating on bank facilities of Karimala
Granites and Aggregates Private Limited (KGAPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KGAPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 KGAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KGAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KGAPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

Incorporated in 2010 and based in Kottayam (Kerala), KGAPL mines
and crushes stones.

KHAGARIA AUTO: CRISIL Lowers Rating on INR5cr Cash Loan to B
------------------------------------------------------------
CRISIL has revised the rating on bank facilities of Khagaria Auto
Agency (KAA) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KAA for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 KAA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KAA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KAA
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

KAA is a proprietorship firm of Mr. Vinay Kumar and is an
authorised dealer of two wheelers of HMCL in Khagaria, Bihar.

KUMAR ELASTOMECH: CRISIL Lowers Rating on INR4cr Loan to B
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kumar
Elastomech Private Limited (KEPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/           4         CRISIL B/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   facility                         'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         3.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KEPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 KEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KEPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

Incorporated in February 2005 and promoted by Mr. Kumar Lakhani and
Mr. Rajkumar Chandnani, KEPL manufactures plastic-moulded
components for BAL's two- and three-wheelers. It also supplies
plastic-moulded components to Tata Motors Ltd and Volkswagen India
for their passenger cars. Facilities are in Chakan and Waluj,
Maharashtra.

LEE BUILDERS: CRISIL Lowers Rating on INR17.8cr Cash Loan to B
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Lee Builders
(LB) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Bank Guarantee     9.2      CRISIL A4 (ISSUER NOT COOPERATING;
                               Revised from 'CRISIL A4+ ISSUER
                               NOT COOPERATING')

   Cash Credit       17.8      CRISIL B/Stable (ISSUER NOT
                               COOPERATING; Revised from
                               'CRISIL BB-/Stable ISSUER NOT
                               COOPERATING')

CRISIL has been consistently following up with LB for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 LB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LB is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LB revised
to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

Set up in 1997 as a partnership firm, LB undertakes civil
construction contracts of industrial and commercial buildings,
bridges and other allied works, mainly in Kerala and Tamil Nadu.
The firm also operates franchisee of Bharat Sanchar Nigam Limited
(BSNL), in two districts of Kerala. The day to day operations are
managed by its managing partner, Mr. Babu Thomas.

M A FRUITS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of M A Fruits
International Private Limited (MAFIPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

CRISIL has been consistently following up with MAFIPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 MAFIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MAFIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MAFIPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MAFIPL started operations in April 2016, and trades in fruits.

UKSFM, set up in 1965, trades in fruits such as apples, oranges,
grapes, and pomegranates.

UKSCSPL commenced operations in February 2016, and has set up a
cold storage unit with capacity of 5000 tonne.

The UKS group is based in Coimbatore, Tamil Nadu, and is promoted
by Mr. S K Mohamed Jaffer.

MAA POLYPACKS: CRISIL Lowers Rating on INR12cr Cash Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Maa Polypacks
Industries (Ind) Private Limited (MPIPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Term Loan      1.59     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')


   Term Loan              15.76     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MPIPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 MPIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MPIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MPIPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

Established in January 2015, MPIPL manufactures high-density
polyethylene /polypropylene bags at its manufacturing unit at Rewa,
Madhya Pradesh, with an annual capacity of 10,000 tonne. The
company is owned and managed by Mr. Amit Kohli, Ms Mahima Kohli,
Mr. Mohit Tandon, Ms Lata Tandon, Mr. Abhishek Agrawal, Mr. Deepak
Tibrewal, and Ms Parool Agrawal.

MAJESTIC PROPERTY: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Majestic Property
Developers Private Limited (MDPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        10       CRISIL B+/Stable (ISSUER
   Bank Loan Facility                 NOT COOPERATING)

CRISIL has been consistently following up with MDPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 MDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MDPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MDPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MDPL incorporated in 2006 by Mr. Syed Abdul Rehman is constructing
one residential project- Majestic Fortune in Bangalore.

QUALIT AGRO: CRISIL Lowers Rating on INR20cr Loans to B
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Qualit Agro
Processors (QAP) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Line of Credit         13        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

CRISIL has been consistently following up with QAP for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 QAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on QAP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of QAP
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

Qualit agro Processors is a proprietorship firm engaged in the
processing and trading of agro commodities. The firm is based out
of Rajapalayam, TN. It was established in 2009 by Mr. Valliyin
selvan.

S M INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of S M Industries -
Jalalabad (SMI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.75       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            2.25        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SMI for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 SMI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SMI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SMI was set up as a partnership firm of Mr. Sahil Midha and his
family members in April 2016. The firm mills and processes basmati
and non-basmati rice, at its facilities in Jalalabad, Punjab.

SATHVIKA: CRISIL Lowers Rating on INR10cr Loans to B
----------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sathvika to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Cash Term Loan         .25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    1.00       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Sathvika for
obtaining information through letters and emails dated March 17,
2020 and September 16, 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 Sathvika, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Sathvika  is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
Sathvika Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.


Sathvika, set up in 2014 by Mrs, Lalitha Sundra raj, trades in
mobiles, laptops and other electronic accessories; it also trades
in agricultural commodities such as betel nut and basmati rice.
Operations are managed by Mr. Sundar Raj. It has 2 show rooms, one
in Chennai and one in Trichy.

SIGNUM ELECTROWAVE: CRISIL Cuts Rating on INR3cr Cash Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Signum
Electrowave (SE) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

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

   Letter of Credit       5.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Long Term Loan         5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 SE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SE revised
to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

Established in 2012 and promoted by Mr. Akshat Jindal and Mr.
Pushpak Jindal, SE manufactures PCBs.

SILVERLINES GEMS: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Silverlines Gems and
Jewellery Private Limited (Silverlines) continues to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Silverlines for
obtaining information through letters and emails dated March 17,
2020 and September 16, 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 Silverlines, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Silverlines
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Silverlines continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

Silverlines was incorporated in March 2014 by Mr. Sanjeev Kumar
Talla. The company is engaged in trading and retail sales of gold,
diamond, silver and precious stones. The company has 2 retail
stores in KC, Plaza and Bahu Plaza, Jammu. The company sources the
goods to be traded from vendors in Delhi, Jaipur and Mumbai.

SM AUTOVISION: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of SM Autovision Private
Limited (SMAPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SMAPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 SMAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SMAPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SMAPL, incorporated in 2013, manufactures auto components mainly
clutch housing and diaphragm. Its facility is in Nashik,
Maharashtra with total capacity of 40000 pieces per day.

STERLING CAST: CRISIL Reaffirms B Rating on INR2.30cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Sterling Cast and Forge (SCF).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill
   Purchase              2.30       CRISIL B/Stable (Reaffirmed)

   Overdraft             1.05       CRISIL A4 (Reaffirmed)


   Packing Credit        2.00       CRISIL A4 (Reaffirmed)

The ratings continue to reflect SCF's weak capital structure,
modest scale of operations and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of its partners in the hand tools industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak capital structure: The total outside liabilities to adjusted
networth (TOLANW) ratio was high at 5.32 times because of small
networth of INR1.51 crore, as on March 31, 2020, and high
dependence on bank limit and payables to fund working capital
requirement. However, interest coverage ratio was comfortable at
5.40 times in fiscal 2020.

* Modest scale and working capital-intensive operations: Revenue
has been subdued at INR12-14 crore during the three fiscals through
2020. Gross current assets were high at 200 days as on March 31,
2020, because of large inventory of 126 days and stretched
receivables of 61 days. Operations are likely to remain working
capital intensive over the medium term.

Strength:
* Extensive experience of the partners: Presence of around four
decades in the tools manufacturing segment has enabled the partners
to establish a large customer and supplier base.

Liquidity Stretched
Cash accrual is expected to be INR30-50 lakh per annum over fiscals
2021 to 2023, which is sufficient against nominal term debt
obligation. The cash accrual will help in meeting incremental
working capital requirement over the medium term. Bank limit
utilisation is moderate at 77.3% for the 12 months ended July 31,
2020. Current ratio stood low at 0.84 time as on March 31, 2020.

Outlook: Stable

CRISIL believes SCF will continue to benefit from the extensive
experience of its partners and established customer base.

Rating Sensitivity factors

Upward factors
* Improved financial risk profile, with TOLANW ratio below 3 times
* Significant improvement in revenue and profitability

Downward factors
* Operating margin below 5%, resulting in pressure on debt
protection metrics
* Significant decline in scale of operations or stretch in the
working capital cycle

SCF was set up in 1973 as a partnership firm and is currently
managed by Mr. Subhash Chander. It manufactures and exports hand
tools such as hammers, slip joints, wrenches, spanners, pincers,
pliers, nippers and cutting tools. Its manufacturing unit is in
Jalandhar, Punjab.

SWAJAN FOUNDATION: CRISIL Assigns B+ Rating to INR1cr New Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Swajan Foundation (SF).

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

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

Key Rating Drivers & Detailed Description

Weakness:
* High dependence on government authorities for contracts: SF
offers various scheme for improving the livelihood of public 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 authorities via tenders, which makes its revenues
vulnerable to tenders being won by the society.

* Modest scale of operation: SF's business profile is constrained
by its moderate scale of operations in the intensely competitive
industry. SF 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 25 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 obligation for the society over the medium term
and it manages its working capital requirements from internal
accruals and advances received from customers.

Outlook: Stable

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

Rating Sensitivity factors

Upward factor
* Increase in revenue by 25% leading to increase in accruals
* Significant corpus infusion.

Downward factor
* Decrease in revenue by 25% leading to decline in EBITDA margins
* Significant increase in Gross Current Assets.

Established in 1996, Swajan Foundation (SF), is a Society based out
of Lucknow, UP and is managed by Mr. Suresh Pratap Singh
(Secretary), with his team of over 80 members.

TECH PAPRERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Shree Tech Paprers
(SHPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          5.75        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SHPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 SHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SHPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SHPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SHPL was set up in 2008 by Gurugram-based Mr. Ramesh Khurana and
Mr. S N Virmani. The company runs a boutique hotel, Treehouse
Queens Pearl, in Gurugram.


TRIDENT INFRA: CRISIL Withdraws B+ Rating on INR123cr Term Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Trident Infra Homes Private
Limited to 'CRISIL B+/Stable Issuer not cooperating'. CRISIL has
withdrawn its rating on bank facility of TIH 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 TIH from 'CRISIL B+/Stable Issuer Not Cooperating' to
'CRISIL B+/Stable'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             123        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

TIH was incorporated in 2010 by Mr. S K Narvar. The company
develops residential and commercial real estate projects. It is
currently developing a residential project, Trident Embassy, at
Noida Extension (Uttar Pradesh).



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

1MDB: Goldman Sachs Poised to Pay More Than $2BB in DOJ's Probe
---------------------------------------------------------------
Bloomberg News reports that Goldman Sachs Group Inc. has reached a
long-awaited pact with the U.S. Department of Justice to pay more
than $2 billion for the bank's role in Malaysia's 1MDB scandal, and
the deal may be announced within days, according to people familiar
with the matter.

Bloomberg relates that the accord, part of an international action,
will let the parent company avoid a U.S. criminal conviction,
according to the people, who asked not to be named discussing the
confidential talks. The payment to the Justice Department is
broadly in line with the bank's prior reserves and analysts'
estimates.

The deal, expected to come just weeks before the U.S. presidential
election, would remove uncertainty for the bank following years of
investigations and negotiations with the Justice Department over
the firm's fundraising for the 1MDB investment fund, Bloomberg
says. It follows an agreement in July to settle a related probe
with Malaysia, in which the bank promised to pay $2.5 billion.
Malaysia dropped criminal charges against the New York-based
company in early September.

In all, Goldman Sachs may pay roughly $5 billion once accords with
Malaysia, the Justice Department and other agencies are tallied
together, the report states.

In Singapore, authorities plan to levy a financial penalty and
issue a warning with conditions, and if the company breaches them,
Goldman Singapore could be prosecuted, people familiar the matter
said.

According to Bloomberg, probes of the Wall Street firm focused on
its work raising $6.5 billion in 2012 and 2013 for the fund
formally known as 1Malaysia Development Bhd., much of which was
later allegedly siphoned off by people connected to the country's
former prime minister, Najib Razak. Goldman's investment-banking
group, led at the time by now-Chief Executive Officer David
Solomon, collected $600 million from the bond sales.

Authorities in Asia, the U.S. and Europe have spent years tracing
out the conspiracy and tracking down cash and assets around the
globe, including condos, jewelry and art, Bloomberg relays.

Bloomberg says Goldman has long blamed rogue employees, asserting
it had no idea the money it helped raise would be diverted from
development projects. One former Goldman Sachs partner, Tim
Leissner, pleaded guilty in the U.S. to conspiring to launder money
and violating foreign bribery laws. Another executive was charged
with foreign bribery offenses.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operated as a
government agency. The Company offered financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focused on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation into 1MDB, which is
being probed by authorities in Malaysia for financial mismanagement
and graft.  Reuters said the freezing of the Singapore bank
accounts follows a similar move in Malaysia where a task force
investigating 1MDB said earlier in July that it had frozen half a
dozen bank accounts following a media report that nearly $700
million had been transferred to an account of Malaysia's Prime
Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1MDB with treasury officials, paving the way
for the dissolution of the troubled state investment fund.




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

TANGO FINANCE: Starbucks Owners to Buy Burger King in New Zealand
-----------------------------------------------------------------
Radio New Zealand reports that the owners of the Starbucks
franchise in New Zealand will take over Burger King, after the fast
food chain's parent companies were placed into receivership earlier
this year.

In April, the owners of the Burger King franchise, Tango Finance,
Tango NZ and Antares NZ, were put into receivership owing more than
NZD65 million.

The operating company which runs the outlets, Antares Restaurant
Group Limited, was not part of that receivership.

According to RNZ, the receivers announced on Oct. 20 that Tahua
Partners -- which owned Starbucks -- would purchase Antares
Restaurant Group.

RNZ relates that Calibre Partners receiver Brendon Gibson said
settlement was expected by the end of the month.

"This is an excellent outcome for the business, staff, landlords,
suppliers and loyal Burger King guests and we would like to take
the opportunity to thank all of those stakeholders for their
support through what has been an unsettling last six months," the
report quotes Mr. Gibson as saying.

"Securing a going concern sale in the current environment is
testament to the drive and commitment of Antares' management team
and all its employees," he said.

Burger King in New Zealand employed over 1,800 staff across 78
restaurants.

TICKET ROCKET: Owes NZD341,000 to Crusaders and Hurricanes
----------------------------------------------------------
Hamish McNeilly at Stuff.co.nz reports that a legal battle is
brewing between two Super rugby franchises and Ticket Rocket, a
struggling ticketing company.

According to Stuff, statement of claims by the Crusaders and
Hurricanes' franchises have been filed to the High Court at
Dunedin, which shows they are demanding NZD155,000 and NZD186,000
respectively from Ticket Rocket.

Stuff says the teams are separate plaintiffs in a case against
Ticket Rocket, formerly known as TicketDirect, and its parent
company, Fortress Information Systems Ltd.

The Crusaders served the struggling Dunedin-based company on June
26, demanding the debt be repaid or it would apply to the High
Court to have it liquidated, Stuff relates.

The Crusaders are now asking for the company be put into
liquidation, the report notes.

Stuff says the Hurricanes' court documents revealed details about
the agreement between the franchise and the ticketing agent,
including that money would initially be held and received on
trust.

The company had failed to repay the money it owed, and was now
deemed "insolvent and unable to pay its debts".

"In the circumstances it is just and equitable that the defendant
company be put into liquidation," the court documents, as cited by
Stuff, stated.

According to the report, lawyers acting for both franchises would
appear in the High Court at Dunedin later this week. The franchises
were not able to comment before the hearing, the report notes.

Stuff notes that Ticket Rocket's collapse has left many ticket
holders and organisations out-of-pocket -- including those involved
in sports, music and entertainment.

Stuff earlier reported the Hurricanes had contacted police in an
attempt to recover NZD200,000 from the company, after fans failed
to secure refunds.

The Palmerston North City Council also filed proceedings against
Ticket Rocket's holding company to freeze NZD676,000, Stuff adds.

According to Stuff, the company's receivers, BDO Christchurch, put
Ticket Rocket up for sale in October.

The receivership did not affect the sale of tickets, with the
company's websites continuing to sell tickets as normal, the report
states.

Proceeds made post-receivership go directly to the relevant
promoter/venue, with current promotions including Mitre 10 Cup
games involving Hawke's Bay and Waikato, adds Stuff.



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

EZION HOLDINGS: Arbitration Proceedings Against Unit Re-Commence
----------------------------------------------------------------
The Business Times reports that Ezion Holdings said on Oct. 16 that
the arbitration proceedings by Whitesea Shipping & Supply against
the company's unit, Teras Conquest 2 (TC2PL), have re-commenced.

Whitesea Shipping & Supply describes itself on its corporate
website as an offshore support vessel operator based in the United
Arab Emirates, the report notes.

According to BT, Ezion on Oct. 16 also updated that in the
arbitration proceedings, the claimant has discontinued its claim
against TC2PL, but TC2PL has a counterclaim against the claimant
for the sum of US$37 million arising from an unpaid deposit from a
memorandum of agreement signed in June 2016 to purchase the vessel
Rising Phoenix from TC2PL.

BT says the arbitration is currently proceeding only on TC2PL's
counterclaim.

Ezion's shares are currently suspended, the report notes.

Based in Singapore, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

EZION HOLDINGS: To Refocus Business on Vessel Management Services
-----------------------------------------------------------------
The Business Times reports that Ezion Holdings on Oct. 19 announced
its restructuring plan to refocus its business on the provision of
vessel-management services, following a strategic review of its
options in consultation with major lenders.

According to BT, the company said that it will take steps to
realise value by disposing of its vessels in an orderly manner over
a period of time; this will enable it to better manage its cashflow
constraints by reducing the holding costs of the vessels as well as
the amount of liabilities.

It will also implement further cost-cutting measures in line with
business requirements and continue the search for potential
investors to recapitalise the group and realise the value of the
listed status of the company, on the basis of a vessel-management
company, BT says.

BT relates that the company has appointed RSM Corporate Advisory as
corporate restructuring advisor to oversee the implementation of
the restructuring plan over the course of the next year and will in
due course hold an informal meeting for securities holders.

Ezion said that it will continue to use its best efforts to
preserve the value of the company, adds BT.

Based in Singapore, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

OCEAN TANKERS: Wants to Return Most Ships to Owners, Sources Say
----------------------------------------------------------------
Florence Tan and Anshuman Daga at Reuters that the court-appointed
manager for Ocean Tankers Pte Ltd has applied to the Singapore
court to return most of the ships the company manages to the
shipowners, as cash is running low and Ocean Tankers will not be
able to maintain the fleet, two sources with knowledge of the
matter told Reuters.

If successful, the move will allow Ocean Tankers, the chartering
arm of embattled oil trader Hin Leong Pte Ltd, to resume its
cash-generating business such as its oil lubricants business, for
which a sales process is underway, the sources said, Reuters
relays.

Ocean Tankers, Hin Leong, Xihe Holdings and four special purpose
vehicles all owned by oil tycoon Oon Kuin Lim and his son and
daughter have been placed by the Singapore High Court under
judicial management for restructuring after Hin Leong raked up
nearly $4 billion of debt, Reuters notes.

Ocean Tankers is spending $540,000 a day to maintain around 150
vessels, the sources said, citing judicial manager EY's update sent
to creditors and other stakeholders last week, according to
Reuters. Ocean Tankers had chartered these vessels, mostly owned by
the Lim family, before it ran into financial problems.

EY estimated that "by early November 2020, (Ocean Tankers) will not
have sufficient cash to continue maintaining the vessels in the
company's fleet and the operations of the company's lube plant,
storage and terminal business", according to the update, reviewed
by Reuters.

A spokeswoman for EY declined comment to Reuters, citing client
confidentiality. Hin Leong's judicial managers at
PricewaterhouseCoopers (PwC), the Lim family and their lawyer also
did not immediately respond to a request for comment, Reuters
says.

The vessels are incurring costs at a time when they are not
generating income, the sources said.

"The JMs are trying their best to preserve the oil lubricants
business," one of the sources, as cited by Reuters, said.

According to the update, the Lim family was no longer interested in
restructuring Ocean Tankers because the judicial managers of Hin
Leong had sued the family, Reuters relays.

The Lim family had on Sept. 30 proposed that Ocean Tankers "should
be placed into liquidation instead", the update said, adds Reuters.


                         About Hin Leong

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

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

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

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

On April 27, the Company was granted interim judicial management by
the the Singapore High Court.  Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.

TEE INTERNATIONAL: Auditor Issues Disclaimer of Opinion
-------------------------------------------------------
The Business Times report that TEE International on Oct. 19 said
independent auditor Foo Kon Tan LLP issued a disclaimer of opinion
on the group's financial statements for the financial year ended
May 31, 2020.

BT relates that Foo Kon Tan LLP said in its report that it was not
able to obtain sufficient appropriate audit evidence to provide a
basis for an audit opinion on the financial statements.

Although the work of internal and external investigators appointed
to investigate the facts and circumstances surrounding the group's
unauthorised remittances made in the previous financial year
concluded, there has been no further update on the probe started by
the Commercial Affairs Department (CAD) of the Singapore Police
Force as at the date of the auditor's report, BT says. The CAD had
started an investigation and requested further information.

"The outcome of the CAD investigation could provide other
information or findings that may have an impact on the financial
statements," Foo Kon Tan LLP said. As such, it is not able to
determine any adjustments that may be required and whether there
will then be an impact on the accompanying financial statements.

Unauthorised remittances totalling about SGD6.6 million were made
in fiscal 2019. Of this amount, about SGD3.6 million was repaid in
the same year and the remaining SGD3 million was repaid in fiscal
2020.

                         About Tee International

TEE International Limited (SGX:M1Z) -- http://www.teeintl.com/--
an investment holding company, engages in engineering, real estate,
and infrastructure businesses. TEE International Limited has
operations in Singapore, Malaysia, Thailand, Vietnam, Hong Kong,
Australia, and New Zealand. The company was founded in 1980 and is
headquartered in Singapore.

TEE International reported net losses of SGD7.60 million, SGD18.17
million and SGD59.55 million for years ended May 31, 2018, 2019,
and 2020, respectively.


VIKING OFFSHORE: Plans SGD4MM Share Placement as Part of Scheme
---------------------------------------------------------------
The Business Times reports that Viking Offshore and Marine is
looking to raise gross proceeds of about SGD4 million through a
share placement to facilitate the restructuring of its debts and
liabilities as part of the proposed creditors scheme.

Proceeds will be used to repay debt owed to eligible creditors, as
well as professional fees and the group's working capital needs, BT
says.

BT relates that the group said on Oct. 18 that it had entered into
a binding conditional term sheet with businessman Li Suet Man
(along with certain parties to be identified by Mr Li in due
course), Blue Ocean Capital Partners, a company owned by the son of
executive chairman Andy Lim, as well as Viking's CEO Ng Yeau Chong
for the placement.

The three investors will subscribe for new shares equivalent to
65.25 per cent, 15.225 per cent and 6.525 per cent respectively, of
the enlarged issued shares, after taking into account new shares to
be issued to creditors, as part of the proposed creditors scheme of
arrangement to be finalised in due course, according to BT.

From the three investors, a cash consideration of SGD3 million,
SGD700,000 and SGD300,000, will be raised respectively, the report
discloses.

According to BT, the issue price of the creditors' shares will be
determined according to the proposed creditors scheme when it is
finalised, after the creditors have filed their proof of debts and
the adjudication process is completed.

The term sheet will form the basis of a definitive share
subscription agreement to be signed between the company and the
investors by no later than Oct 29, 2020, the company said, BT
relays.

Mr. Li is a well-known personality in the Singapore-China economic
collaboration community. He is currently chairman of the Energy &
Chemicals Industry Group of the Singapore Manufacturing Federation
and the Small and Medium Enterprise Centre @ Singapore
Manufacturing Federation.

Blue Ocean is a corporate consultancy on mergers, acquisitions,
joint ventures and corporate restructuring. The executive director
and sole shareholder, Daniel Lin Wei, holds 840,000 shares and
120,000 warrants in the company.

Mr. Ng holds 1.54 million shares and 220,000 warrants in the firm.

BT adds that the company expects the proposed placement to be
completed concurrently with completion of the proposed creditors
scheme.

                       About Viking Offshore

Viking Offshore and Marine Limited -- https://www.vikingom.com/ --
engages in the design, manufacture, project management, and
commissioning of heating, ventilation, air-conditioning, and
refrigeration systems for the marine and offshore industries
worldwide. It operates through Offshore and Marine, and Chartering
Services segments. The company also supplies hydraulic winches and
power packs, as well as deck machinery; and provides system
integration services for telecommunications systems, fire and gas
detection systems, and control and instrumentation systems.

Viking is undergoing a court-supervised process to reorganise its
liabilities, and has been granted moratoria against enforcement
actions and legal proceedings by creditors against the company and
its wholly-owned subsidiary, Viking Asset Management, according to
The Business Times.

Trading of its shares on the Singapore Exchange has been suspended
since June 14 last year, BT said.


                           *********


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.



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