/raid1/www/Hosts/bankrupt/TCRAP_Public/201023.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, October 23, 2020, Vol. 23, No. 213

                           Headlines



A U S T R A L I A

BLOODY MARY: Hotels Syndicate Fall Into Liquidation
EDEN COURT: First Creditors' Meeting Set for Oct. 30
FAIRVIEW ARCHITECTURAL: Creditors Accept DOCA; 57 Jobs Saved
ISLAND RESOLUTION: Second Creditors' Meeting Set for Nov. 4
REGATTA ROSE: First Creditors' Meeting Set for Oct. 30

[*] AUSTRALIA: SMBs Shouldn't Be Under The Same Insolvency Laws


C H I N A

BEIJING CAPITAL: Fitch Affirms LT IDR at BB, Outlook Stable
CBAK ENERGY: Amends Promissory Notes with Atlas Sciences
CHINA SCE: Moody's Assigns B2 Rating on New Sr. Unsec. USD Notes
GREENTOWN CHINA: Moody's Assigns Ba3 Rating to New USD Notes
POWERLONG REAL ESTATE: S&P Rates US Dollar Sr. Unsec. Notes 'B'



I N D I A

AGARWALLA TIMBERS: Ind-Ra Assigns 'BB' Long Term Issuer Rating
AKANKSHA SALES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BAJAJ ENERGY: Ind-Ra Ups INR11,854.6BB Loan Rating to BB+
BANSAL RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BHAGWAN AUTO: CRISIL Keeps B+ Debt Rating in Not Cooperating

CHINAR SYNTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
DEEPAK & CO.: CRISIL Keeps B+ Debt Ratings in Not Cooperating
DEEPMALA FOODS: CRISIL Lowers Rating on INR1cr LT Loan to B
DINESH OILS: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
EDIMANNICKAL FASHION: CRISIL Keeps B+ Rating in Not Cooperating

GANAPATHY ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
GANDIV BUILDER: CRISIL Lowers Rating on INR6cr Loan to B
GENXT MOBILE: CRISIL Lowers Rating on INR14cr Loans to B
IGAKU NEEDLES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
IMP ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating

INDIAN PROGRESSIVE: CRISIL Keeps B+ Ratings in Not Cooperating
J.R. AGROTECH: Ind-Ra Keeps 'D' LT Issuer Rating in NonCooperating
KAKA CARPETS: CRISIL Keeps B+ Debt Rating in Not Cooperating
KEDARESHWAR FIBERS: CRISIL Keeps B+ Ratings in Not Cooperating
KERALA STATE: Fitch Affirms LT IDRs at BB, Outlook Stable

MAHARASHTRA FOODS: CRISIL Lowers Rating on INR15cr Loans to B
MAHESHWARI TECHNOCAST: CRISIL Keeps B+ Rating in Not Cooperating
MAK CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
MAXWELL: CRISIL Keeps B- Debt Rating in Not Cooperating Category
PHARMACHEM TRADERS: CRISIL Keeps B+ Rating in Not Cooperating

PRECIMEASURE CONTROLS: CRISIL Keeps B+ Ratings in Not Cooperating
PUNYA COAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
RAMPRASAD SKYSCRAPERS: CRISIL Keeps B+ Rating in Not Cooperating
SANEE INFRASTRUCTURE: CRISIL Keeps B Ratings in Not Cooperating
SATPURA FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating

SHOR SHOT: CRISIL Keeps B Debt Ratings in Not Cooperating
STREAM CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
USHDEV INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
VEERABHADRA MODERN: CRISIL Keeps B+ Ratings in Not Cooperating
VIJAYA LAKSHMI: CRISIL Lowers Rating on INR45cr Loans to B



J A P A N

ANA HOLDINGS: Expects to Post JPY530BB Net Loss; Shed 30 Jets


M A L A Y S I A

AIRASIA GROUP: No Refunds & Credits for AirAsia X Customers


N E W   Z E A L A N D

TICKET ROCKET: To Be Placed in Liquidation Over Unpaid Debts


S I N G A P O R E

BAKERZIN: In Liquidation; Owes More Than SGD41MM to Creditors

                           - - - - -


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

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

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

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

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

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

Forensic services firm DuncanPowell has been appointed to wind up
the company, the report notes.

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

Mr. Powell said neither the Bloody Mary Group nor its directors had
enough assets to pay such a sum, the report relays.

"The reality is there isn't going to be any funds within the Bloody
Mary Group to meet that judgement," ABC quotes Mr. Powell as
saying.  "We don't believe they have assets to pay any substantial
liability."

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

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

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

"Bloody Mary Group . . . enabled better deals in terms of
purchasing liquor [and] managing staff when it was operating at its
full capacity," ABC quotes Mr. Powell as saying.  "The benefits
dissipated as the various establishments ceased to operate."

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

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

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

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

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


EDEN COURT: First Creditors' Meeting Set for Oct. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of Eden Court
GC Pty Ltd will be held on Oct. 30, 2020, at 11:30 a.m. via virtual
meeting by telephone conference.

Gavin Moss of Chifley Advisory was appointed as administrator of
Eden Court on Oct. 20, 2020.


FAIRVIEW ARCHITECTURAL: Creditors Accept DOCA; 57 Jobs Saved
------------------------------------------------------------
The creditors of Fairview Architectural Pty Limited have accepted
the Deed of Company Arrangement (DOCA) submitted by FVA Group.

"At a meeting held yesterday (20.10.20) trade creditors voted
overwhelmingly to accept the independent resolution by Grant
Thornton that a Deed of Company Arrangement (DOCA) submitted by FVA
Group was in creditors' best interests. Uniquely, all unsecured
trade creditors will receive a full, 100 cents in the dollar under
the FVA Group package," the company said in a statement.

"Another key group whose interests were fully protected by the FVA
Group DOCA, was the 57 Fairview staff whose jobs and entitlements
are saved by the package.

"After a forensic, 15-week administration event, Grant Thornton
confirmed that two other serious bids of around $30 million had
been received for the Fairview business, but neither included the
job saving guarantees which the FVA Group's offer pledged."

Key points of the fully funded FVA Group package (DOCA), accepted
by creditors includes:

   * Business continuity;
   * Pay every company trade creditor certainly and in full
     (100 cents in the dollar);
   * Save all of the company's 57, mainly regional jobs;
   * Fund a creditor liability trust; and
   * Subsequently allows the business to trade seamlessly and
     focus on growth.

Details of the proposed creditor liability trust reveal a AUD1
million cash fund contribution -- to provision a prior class action
-- plus access to the old company's insurance policies.

CEO of FVA Group, Greg Stewart, commented:

"It's been a challenging time for the Fairview team but I commend
them and the administrators for all their efforts and forbearance.
We are grateful, too, for the big vote of confidence from the
creditors and our supply chain which allows FVA Group to robustly
take this business forward into a new era."

Fairview Architectural Pty Limited specialises in the design &
manufacture of aluminium cladding and composite panel systems for
Australia, New Zealand and the UK.

John McInerney and Said Jahani were appointed Joint and Several
Administrators of Fairview Architectural Pty Limited on July 7,
2020.

ISLAND RESOLUTION: Second Creditors' Meeting Set for Nov. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Island
Resolution Pty Ltd has been set for Nov. 4, 2020, at 11:00 a.m. at
the offices of Rodgers Reidy, Level 9, River Quarter, 46 Edward
Street, in Brisbane, Queensland.

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 Nov. 3, 2020, at 5:00 p.m.

David James Hambleton of Rodgers Reidy was appointed as
administrator of Island Resolution on Sept. 28, 2020.

REGATTA ROSE: First Creditors' Meeting Set for Oct. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Regatta Rose
Bay Pty Ltd, trading as Regatta Restaurant & Bar Rose Bay and
Regatta Dinning, will be held on Oct. 30, 2020, at 11:00 a.m. at
the offices of Cor Cordis, One Wharf Lane, Level 20, 171 Sussex
Street.

Andre Lakomy and Alan Walker of Cor Cordis were appointed as
administrators of Regatta Rose Bay on Oct. 20, 2020.

[*] AUSTRALIA: SMBs Shouldn't Be Under The Same Insolvency Laws
---------------------------------------------------------------
Nico Arboleda at CRN reports that small and medium businesses
(SMBs) that are facing insolvency shouldn't be subject to the same
rules as other businesses, the Law Council of Australia said.

CRN relates that the peak body of Australia's legal profession said
that Australia should move away from a one-size-fits-all approach
under the Corporations Act of 2001.

According to CRN, the Law Council said it was supporting Treasury's
draft exposure bill, which provides an alternative regime that
allow SMBs to restructure, or transition to liquidation in a more
cost-effective way.

In the group's own submission to Treasury on the Corporations
Amendment (Corporate Insolvency Reforms) Bill 2020 and its
explanatory memorandum, Law Council president Pauline Wright said
the current economic circumstances facing SMBs are "just cause" for
the reforms to be fast-tracked, the report relays.

"The COVID-19 pandemic has made it difficult for some enterprises
to remain solvent," the report quotes Mr. Wright as saying.
"Therefore, timely changes to the Corporations Act will assist
businesses that need to either restructure to remain viable or
transition to liquidation, in a way that will cause the least
financial damage."

CRN says some suggested changes to the bill include the criteria
for qualified companies to be laid out in the primary legislation,
and clarifying whether a company that fails to have a restructuring
plan approved should fast track direct to liquidation or voluntary
administration.

"The Law Council believes the current economic circumstances and
the likely consequences that will be experienced in the coming year
make it imperative that further insolvency reform is needed," the
report quotes Mr. Wright as saying.

"While Treasury is to be commended for tackling the issue of SME
insolvencies, with the overall objective of providing greater
flexibility, it should not be assumed that the existing forms of
external administrations are always suitable for all larger
companies.

"There are a number of aspects of the draft amendments which may
also have some relevance for larger businesses. Consultation should
ensue in respect of broadening the categories of companies that may
be better suited to more flexible solutions."




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

BEIJING CAPITAL: Fitch Affirms LT IDR at BB, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Beijing Capital Land Ltd.'s (BCL)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
at 'BB'. The Outlook is Stable. Fitch has also affirmed its senior
unsecured rating at 'BB'.

At the same, Fitch put the 'BBB' rating on the bonds issued by
Central Plaza Development Ltd and Trade Horizon Global Limited with
keepwell deed and equity interest purchase undertaking from Beijing
Capital Group Company Limited (BCG, BBB/Stable) on Rating Watch
Negative (RWN). Fitch is assessing the implications on the bonds of
a recent decision by the administrator of the onshore restructuring
of Peking University Founder Group's (PUFG) debt, which has
highlighted issues over the enforceability of creditors' rights for
holders of keepwell bonds. The RWN reflects its view that the note
may be downgraded after the assessment.

The IDRs on BCL are equalised with the 'bb' Standalone Credit
Profile (SCP) of its immediate parent BCG, based on overall strong
linkage with its parent under the "strong parent and weak
subsidiary" approach, in line with Fitch's Parent and Subsidiary
Linkage Rating Criteria. BCG's SCP is derived from the aggregated
credit profiles of its three major business segments and is
constrained by the high leverage of Beijing Capital Co., Ltd. (BCC)
and BCL. BCG's IDR includes a three-notch uplift from its SCP, but
Fitch thinks government support is more likely to flow through to
its environmental protection and infrastructure businesses rather
than the market-driven property development business.

BCL's SCP is constrained at 'b' by its high leverage, measured by
net debt/adjusted inventory with JV and associates proportionately
consolidated, of over 75%, following rapid land accumulation in
2017 and 2018 as well as weak cash collection amid tight
liquidity.

KEY RATING DRIVERS

Moderate Legal and Strong Operational Ties: Fitch assesses BCL's
legal ties with its parent as 'Moderate' because BCG provides
guarantees and keepwells to BCL's borrowings and there is a cross
default clause in BCG's offshore note. However, the amount is not
significant enough for a 'Strong' linkage assessment. Fitch
believes the operational linkage is 'Strong'. BCG holds a 56.7%
stake in BCL, appoints all the key managers of BCL and must approve
BCL's major strategic and financial decisions. BCL has been
acquiring land from BCG's non-commercial property arm, while BCL
and BCC have been securing projects for each other.

Strong Strategic Importance: Fitch believes BCL is strategically
important to BCG as it accounts for over half of the group's total
assets and EBITDA. BCL also undertakes some of the group's social
and political tasks, such as construction and operation of cultural
and creative parks to promote Beijing as a cultural centre, and
development of long-stay rental apartments to support the
government's strategy to address living issues.

Top-Down from BCG's SCP: Fitch believes government support is less
likely to flow to BCL as homebuilding is a market-driven industry,
especially considering current restrictive government policies on
the sector. Fitch believes government support to BCG is mainly
driven by its activities in the infrastructure business, social
housing and projects contributing to China's coordinated
development plan for the Beijing-Tianjin-Hebei region.

High Leverage Constrains Ratings: Fitch expects BCL's leverage to
stay high at above 75% over the next two years because of its low
sales efficiency and weak cash collection, despite slower land
acquisition. Large interest payments will continue to weigh on
BCL's financials. Leverage slightly improved to 76.2% by end-1H20
from 76.6% at end-2019, partly helped by the rights issue. BCL's
high leverage followed aggressive land acquisition in 2017 and
2018, and a deteriorating cash collection rate due to tighter
mortgage policies in the pan-Beijing area, BCL's core operating
region.

Low-Cost Land Supports Margin: Fitch believes BCL is be able to
attain profitability in line with the industry average as it is
able to control land costs, through M&A, primary-secondary
co-development, strategic co-operation with governments and
co-operation with strategic partners. BCL says it had pre-sold but
unrecognised revenue of CNY45 billion at end-1H20, which has gross
profit margin of around 25%. Fitch thinks this will support EBITDA
margin (excluding capitalised interest) of around 25% for the next
two years.

The development business's gross profit margin fell 9pp to 26% in
1H20, mainly due to projects with high land cost recognized in
Shanghai and other cities in eastern China. The decrease in margin
is in line with the industry trend as developers' sales from
expensive land acquired in 2016-2018 started to be recognised as
revenue from 2019.

Quality Land Bank: Fitch believes BCL's land bank is sufficient to
support sales for more than four years. Half of its land bank was
in Tier 1 cities and 25% in Tier 2 cities. This supported an
average selling price of over CNY27,000/square metre in 9M20, one
of the highest among Fitch-rated Chinese homebuilders. Fitch
expects solid demand in BCL's core markets to drive single-digit
contracted sales growth over the next two years. BCL also added
land in new cities in 2019 to reduce regional-policy risk.

Flat Sales in 2020: Fitch expects BCL's sales to be unchanged in
2020, supported by new launches in the second half. BCL's total
contracted sales in 9M20 fell 5% to CNY48.5 billion, which is 61%
of management's full-year target of CNY80 billion. Sales were
sluggish in February-April, the peak of the coronavirus outbreak in
China, but have been recovering since May, and there was a strong
rebound in 3Q20. Fitch believes BCL has incentive to meet the 2020
sales target as it is approved by BCG and important to the parent's
performance assessment by the Beijing government.

RWN on BCL's Keepwell Bonds: Fitch may link the rating on the bonds
with keepwell from BCG to the senior unsecured rating of the
guarantor (or issuer if there is no guarantee provided). In this
case, the notes issued by Central Plaza and Trade Horizon may be
linked to the senior unsecured rating of International Financial
Center Property Ltd. (IFC) and Beijing Capital Grand Ltd. (CG),
respectively. IFC and CG's IDRs may be derived from BCL based on
Fitch's Parent and Subsidiary Linkage Rating Criteria. The keepwell
bond ratings may migrate towards BCL's IDR.

However, any potential downgrade of the note ratings is not due to
deterioration in the credit profiles of the issuers or the keepwell
provider, but rather a change in Fitch's rating approach given the
challenges observed in enforcing creditor claims in PUFG's case.

DERIVATION SUMMARY

BCL's IDRs are rated at the same level as its parent's SCP. A close
homebuilder peer is China Overseas Grand Oceans Group Ltd (COGO,
BBB/Stable), which also has strong strategic ties with its
immediate parent, China Overseas Land & Investment Limited (COLI,
A-/Stable). However, COGO is rated on a top-down approach and one
notch below COLI's SCP. This is due to COGO's much smaller size
compared with COLI, while BCL accounts for more than half of BCG's
EBITDA and assets. Linkage between COGO and COLI is insufficient to
warrant rating equalisation.

BCL's standalone business profile is in line with those of peers
rated 'BB-'. Its attributable sales of CNY50 billion-55 billion are
comparable with those of Central China Real Estate Limited
(BB-/Stable), KWG Group Holdings Limited (BB-/Stable), Times China
Holdings Limited (BB-/Stable) and larger than those of Yuzhou Group
Holdings Company Limited (BB-/Stable). Its sales are larger than
most 'B+' peers' CNY30 billion-40 billion. BCL's land bank, which
is focused on Tier 1 and 2 cities that yield high selling prices,
and a land bank life of more than four years also give it a more
defensive business profile.

BCL's EBITDA margin (excluding capitalized interest) of around 25%
is also comparable with that higher rated peers. However, its
leverage of around 75% is one of the highest among rated
homebuilders, although risks are mitigated by its low borrowing
cost relative to peers that do not have government backers. The
risk from high leverage is also eased by its above 1.0x liquidity
ratio (available cash/ short-term debt). Peers rated 'B-' normally
weaker liquidity positions.

KEY ASSUMPTIONS

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

  - Flat sales in 2020 and single-digit sales growth thereafter,
supported by BCL's quality land bank

  - Cash collection rate to remain weak at 60%-65% over the next
two years, although there may be a slight improvement

  - Land to be replenished at 1.4x the gross floor area sold in
2020 and 0.8x afterwards, based on BCL's sufficient land bank and
management's intention to reduce land bank life

  - Construction cost per sqm to rise by 3% per year from 2020

  - Capex of around CNY1 billion per year for 2020 and 2021, which
will mainly be used for the development of BCL's outlet assets

RATING SENSITIVITIES

BCL'S ISSUER DEFAULT RATINGS

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

  - Improvement in BCG's SCP, likely driven by stronger credit
profiles at its three core businesses

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

  - Deterioration in BCG's SCP, likely driven by the weakening of
the credit profiles of its three core businesses, or its holding
company level cash income/interest expense ratio remaining below
2.0x for a sustained period

  - Any signs of weakening in linkage with BCG

BCL'S STANDALONE CREDIT PROFILE

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

  - Leverage, as measured by net debt/adjusted inventory, sustained
below 70%

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

  - Leverage sustained above 80% while liquidity weakens

  - EBITDA margin sustained below 15%

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: BCL's readily available cash of CNY30.6
billion as of end-1H20 could fully cover its short-term debt of
CNY24.8 billion. The company also had unused bank credit facilities
of CNY165.9 billion to cover other operating needs. Fitch expects
the group to maintain sufficient liquidity to fund development
costs, land premium payments and debt obligations due to its
diversified funding channels from onshore and offshore capital
markets, long-term relationships with onshore and offshore banks
and a flexible land-acquisition strategy. BCL's weighted average
financing cost was 5.34%, with average funding cost for new
borrowings in 1H20 at 4.98%.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BCL's IDR is linked to BCG's SCP based on the strong overall
parent-subsidiary linkage between the two entities.

ESG CONSIDERATIONS

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

CBAK ENERGY: Amends Promissory Notes with Atlas Sciences
--------------------------------------------------------
As previously disclosed, on July 24, 2019, CBAK Energy Technology,
Inc. entered into a securities purchase agreement with Atlas
Sciences, LLC, pursuant to which the Company issued a promissory
note to the Lender. The First Note has an original principal amount
of $1,395,000, bears interest at a rate of 10% per annum and would
mature 12 months after the issue date, unless earlier paid or
redeemed in accordance with its terms. The Company received
proceeds of $1,250,000 after an original issue discount of $125,000
and payment of the Lender's expenses of $20,000.

On Dec. 30, 2019, the Company entered into another securities
purchase agreement with the Lender, pursuant to which the Company
issued a promissory note to the Lender, which has an original
principal amount of $1,670,000, bears interest at a rate of 10% per
annum and will mature 12 months after the issue date, unless
earlier paid or redeemed in accordance with its terms. The Company
received proceeds of $1,500,000 after an original issue discount of
$150,000 and payment of Lender's expenses of $20,000.

Pursuant to the Notes, beginning on the date that is six months
after the Purchase Price Date of the respective Note, Lender will
have the right, exercisable at any time in its sole and absolute
discretion, to redeem any amount of outstanding balance of each
Note up to $250,000.00 per calendar month.

Starting on Jan. 27, 2020, the Company entered into multiple
exchange agreements with the Lender. Pursuant to each Exchange
Agreement, the parties partitioned a new promissory note in various
original principal amounts from the outstanding balance of the
Notes and exchanged the partitioned promissory note for the
issuance of shares of the Company's common stock to the Lender.

Each above exchange was entered into and consummated through mutual
negotiations between the parties on a case-by-case basis and in
each case, the Company had the option to decide whether to agree to
exchange the debt into its common stock.

In order to reduce the transaction costs, on Oct. 2, 2020, the
Company and the Lender entered into certain Amendment to Promissory
Notes, pursuant to which the Lender has the right at any time until
the outstanding balance of the Notes has been paid in full, at its
election, to convert all or any portion of the outstanding balance
of the Notes into shares of common stock of the Company. The
conversion price for each conversion will be calculated pursuant to
the following formula: 80% multiplied by the lowest closing price
of the Company common stock during the 10 trading days immediately
preceding the applicable conversion. Notwithstanding the foregoing,
in no event will the Conversion Price be less than $1.00. In
addition, the total cumulative number of shares of common stock
issued to the Lender under the Notes including all shares of common
stock that have been previously issued pursuant to the Exchange
Agreements may not exceed the limitation under Nasdaq Listing Rule
5635(d). Once the Nasdaq 19.99% Cap is reached, any remaining
outstanding balance of the Notes must be repaid in cash.

                         About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the
business of developing, manufacturing and selling new energy
highpower lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018. As of June 30, 2020, the Company had
$92.41 million in total assets, $77.28 million in total
liabilities, and $15.12 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated May 14, 2020, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2019. All these factors raise substantial doubt
about its ability to continue as a going concern.


CHINA SCE: Moody's Assigns B2 Rating on New Sr. Unsec. USD Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to China SCE
Group Holdings Limited's (B1 stable) proposed senior unsecured USD
notes.

China SCE plans to use the proceeds from the proposed notes to
refinance its existing offshore debt.

RATINGS RATIONALE

"China SCE's B1 corporate family rating (CFR) reflects its (1) long
operating record and growing operating scale; (2) diversified
geographic coverage and well-located land bank; and (3) good
liquidity and long track record of access to both onshore and
offshore funding," says Danny Chan, a Moody's Assistant Vice
President and Analyst.

"However, the company's credit profile is constrained by its
moderate debt leverage associated with its fast expansion and
growing investment property portfolio, as well as its increased
exposure to joint ventures (JVs)," adds Chan.

The proposed issuance will improve China SCE's liquidity profile
and will not materially affect its credit metrics, because the
company will use the proceeds to refinance existing debt.

Moody's expects China SCE's revenue/adjusted debt to improve mildly
to around 50%-55% over the next 12-18 months from around 49% for
the 12 months to June 2020 and 43% in 2019, because expected
revenue growth will more than offset the expected increase in debt
and financial guarantees to JVs.

This moderate debt leverage will counterbalance the company's
adequate interest coverage.

Likewise, Moody's expects the company's interest coverage, as
measured by adjusted EBIT/interest, to improve to around 2.6x over
the next 12-18 months from 2.4x for the 12 months ended June 2020
and 2.2x in 2019, as revenue and EBIT growth will outpace growth in
interest expense.

China SCE's contracted sales increased 26.3% to RMB69 billion in
the first nine months of 2020 from the same period last year amid
the coronavirus outbreak, following robust 56% year-on-year growth
to RMB80.5 billion for the full year 2019. Moody's expects China
SCE's contracted sales to reach about RMB100 billion in the next
12-18 months, supported by good sales execution abilities and its
ample salable resources in Tier 2 and strong tier 3 cities in China
where housing demand is robust.

China SCE's B2 senior unsecured bond rating is one notch below its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that the majority of claims
are at the operating subsidiaries and have priority over claims at
the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

China SCE's liquidity is good. The company's cash-on-hand of
RMB25.0 billion as of June 30, 2020 covered around 121% of its
short-term debt of RMB20.7 billion. Moody's expects its cash
holdings and operating cash flow will be sufficient to cover its
maturing debt, committed land premiums and dividend payments in the
next 12-18 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership by its
controlling shareholder, Mr. Wong Chiu Yeung, who held a 50.40%
stake in the company at June 30, 2020.

The risk of concentrated ownership is mitigated by (1) the presence
of three independent nonexecutive directors on the board, who also
chair the audit and remuneration committees; (2) its moderate
20%-25% dividend payout ratio over the past three years; and (3)
the presence of other internal governance structures and standards
as required under the Corporate Governance Code for companies
listed on the Hong Kong Stock Exchange.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its ESG framework because of the
substantial implications for public health and safety.

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

The stable outlook on China SCE's B1 CFR reflects Moody's
expectation that the company will maintain revenue growth and
exercise prudence in its land acquisitions and debt management over
the next 12-18 months while maintaining healthy liquidity.

Moody's could upgrade China SCE's ratings if it demonstrates stable
sales growth and increases its scale, maintains its prudent
approach to land acquisitions and maintains its adjusted
EBIT/interest coverage in excess of 3.0x and revenue/adjusted debt
in excess of 75%-80% on a sustained basis.

On the other hand, China SCE's ratings could be downgraded if (1)
its contracted sales weaken; (2) its profit margins decline
significantly; (3) its liquidity becomes impaired, such that
cash/short-term debt falls below 1.0x; or (4) its debt leverage
increases materially.

Credit metrics indicative of a rating downgrade include adjusted
EBIT/interest coverage below 2.0x and revenue/adjusted debt below
60% on a sustained basis.

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

Founded in 1996, China SCE Group Holdings Limited listed on the
Hong Kong Stock Exchange in February 2010. It was 50.40% owned by
its chairman, Mr. Wong Chiu Yeung, as of June 30, 2020.

As of June 30, 2020, the company had a total land bank of around
33.03 million square meters (sqm) in terms of gross floor area
(GFA), with nationwide coverage in different tiers of cities across
different regions in China.

GREENTOWN CHINA: Moody's Assigns Ba3 Rating to New USD Notes
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured debt
rating to Greentown China Holdings Limited's proposed USD notes.

The outlook is stable.

Greentown plans to use the proceeds from the proposed notes to
refinance its existing medium to long-term offshore debt, which
will mature within one year.

RATINGS RATIONALE

"Greentown's Ba3 CFR incorporates its standalone credit strength
and a two-notch rating uplift based on Moody's expectation that the
company will receive extraordinary financial support from China
Communications Construction Group (Limited) (CCCG) in times of
financial distress," says Celine Yang, a Moody's Assistance Vice
President and Analyst.

Greentown's standalone credit strength reflects its (1)
well-established market position in property development in
Hangzhou City and Zhejiang Province; (2) long operating track
record, good brand name, quality products and large nationwide land
bank; (3) improved financial management and funding costs as part
of CCCG; and (4) good liquidity.

"On the other hand, the standalone credit strength is constrained
by its continued high debt leverage, partially because of its
ongoing need to purchase land to sustain sales growth and its long
project development cycles given its high product quality
standards," adds Yang.

The proposed note issuance will not materially affect Greentown's
credit metrics, because the company will use the proceeds to
refinance existing debt.

Moody's expects Greentown's debt leverage, as measured by
revenue/adjusted debt, to improve moderately to 45%-50% in the next
12-18 months from 39% in 2019, because it will scale back land
acquisitions from the high levels recorded in 2019. In addition,
its adjusted EBIT/interest will improve slightly to 2.5x-2.7x from
2.3x during the same period.

Greentown's contracted sales increased 43.3% to RMB113.9 billion in
the first nine months of 2020 compared to the same period last
year. Moody's expects its contracted sales to grow to around RMB160
billion in 2020 from RMB135 billion in 2019.

Greentown's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because, despite its status as a holding company, Moody's expects
support from CCCG to Greentown to flow through the holding company
rather than flowing directly to its main operating companies,
thereby mitigating any differences in expected loss that could
result from structural subordination.

Greentown's liquidity is good. Moody's expect its cash holdings,
together with its contracted sales proceeds after deducting basic
operating cash flow items, to cover its maturing debt, committed
land premiums and dividends over the next 12-18 months.

In terms of environmental, social and governance (ESG)
considerations, Greentown's Ba3 CFR takes into consideration (1)
the company's financial policy to pursue expansion, which has
resulted in high leverage; (2) the company's good track record in
operations and execution; (3) the presence of strong shareholders;
(4) the disclosure of significant related-party transactions, as
required under the Corporate Governance Code for companies listed
on the Hong Kong Exchange; and (5) the presence of a diversified
board of directors and three special committees (an Audit
Committee, Remuneration Committee, and Nomination Committee) to
supervise the company's operations. Greentown's board has 12
directors in total and four of them are independent non-executive
directors (INEDs). All three special committees are chaired by
INEDs.

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

The stable outlook of Greentown reflects Moody's expectation that
the company will maintain its sales execution, stable financial
profile and adequate liquidity over the next 12-18 months. In
addition, the outlook reflects Moody's expectation that the support
the company will likely receive from CCCG, in times of need, will
remain unchanged.

Greentown's rating could be upgraded if it strengthens its
financial and liquidity positions.

Specifically, Moody's could upgrade the rating if (1)
revenue/adjusted debt exceeds 55%-60%; and (2) EBIT/interest
coverage rises above 2.5x.

A material reduction in contingent liabilities associated with
joint ventures or lower risks of providing funding support to joint
ventures could also be positive to the ratings. This could be a
result of reduced usage of joint ventures or a material improvement
in the financial strength of its joint venture projects.

Moody's could downgrade the rating if (1) contracted sales growth
slows; (2) Greentown's credit metrics weaken, with EBIT/interest
coverage falling below 1.5x, or revenue/adjusted debt falling below
40% on a sustained basis; or (3) its liquidity deteriorates, as
reflected by cash/short-term debt falling below 1.0x.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with joint ventures or the risks of
providing funding support to joint ventures increase materially.
This could be a result of a material deterioration in the financial
strength and liquidity of its joint venture projects or a
substantial increase in its investments in new joint venture
projects.

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

Greentown China Holdings Limited is a major property developer in
China, with a primary focus in Hangzhou City and Zhejiang Province.
At June 30, 2020, the company had 172 projects with a total gross
floor area of 48.0 million square meters (sqm), with 28.0 million
sqm attributable to the company.

POWERLONG REAL ESTATE: S&P Rates US Dollar Sr. Unsec. Notes 'B'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
Powerlong Real Estate Holdings Ltd.'s proposed U.S. dollar senior
unsecured notes. The issue rating is subject to its review of the
final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Powerlong (B+/Positive/--), given significant
subordination risk in the China-based property developer's capital
structure. As of June 30, 2020, Powerlong's capital structure
consisted of Chinese renminbi (RMB) 31.4 billion in secured debt
and RMB27.9 billion in unsecured debt. The company's secured debt
ratio of 53% is above our 50% threshold for notching down, and we
expect the ratio to remain at this level.

"The proposed issuance will not significantly affect Powerlong's
credit profile because the company intends to use the proceeds to
refinance existing debt. We anticipate the company will maintain
steady sales growth this year and meet its annual target. As of
Sept. 30, 2020, the company's contracted sales were RMB54.3
billion, representing a 20.4% growth compared to the same period
last year.

"The positive outlook reflects our view that Powerlong will
continue to achieve solid revenue growth and maintain its
profitability above the industry average over the next 12 months.
We also expect the company to continue expanding its commercial
properties smoothly, increasing the stability and scale of its
recurring cash inflows from its shopping mall portfolio."




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

AGARWALLA TIMBERS: Ind-Ra Assigns 'BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Agarwalla Timbers
Pvt. Ltd. (ATPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limits assigned with IND BB/Stable/IND
     A4+ rating; and

-- INR360 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect ATPL's medium scale of operations, as indicated
by revenue of INR1,735 million in FY20 (FY19: INR1,680 million).
The company's revenue growth was driven by increased orders.
Generally, the company executes monthly orders worth INR150
million-200 million, however, due to the COVID-19 pandemic and
ensued lockdown, the company booked lower sales of INR471.5 million
in 6MFY21. The company has around 500 customers from the western,
northern and southern parts of India.

The ratings also factor in ATPL's modest EBITDA margin owing to the
trading nature of business. The company's margin stood at 2.9% in
FY20 (FY19: 8.1%). Its high margin in FY19 can be attributed to a
one-off refund on special additional duty amounting to INR121.51
million. Adjusting for this refund, the company's FY19 EBITDA
margins were low at 0.9% due to forex loss.  The company's return
on capital employed stood at 4% in FY20 (FY19: 14%). Ind-Ra expects
the company's margins to deteriorate in FY21 as the COVID-19 led
economic slowdown has resulted in low end-user demand.

The ratings are also constrained by ATPL's weak credit metrics. Its
net leverage (total adjusted net debt/operating EBITDA)
deteriorated to 12.8x in FY20 (FY19: 4.3x) due to an increase in
letter of credit in total debt to INR662 million (INR594 million)
at year-end. Its interest coverage (operating EBITDA/gross interest
expense) also deteriorated to 2.6x in FY20 (FY19: 7.8x) due to a
decrease in its absolute EBITDA to INR50 million (INR136 million).
Ind-Ra expects the company's credit metrics to continue being weak
in FY21 owing to its modest EBITDA.

Liquidity Indicator - Stretched: ATPL's average peak utilization of
the fund-based facilities and non-fund-based limits over the 12
months ended August 2020 stood at 19.6% and 95.4%, respectively,
with full interchangeability from cash credit to letter of credit.
The company's working capital cycle elongated to 173 days in FY20
(FY19: 156 days) owing to an increase in the debtor days to 116
(103). The company's cash flow from operations turned negative to
INR152 million in FY20 (FY19: positive INR317 million) owing to the
stretched working capital, which also lead to free cash flow
turning negative at INR161 million (positive INR307 million). The
agency, however, takes support from the company's FY21 debt
repayments of only INR2.6 million against its cash and cash
equivalents of INR20.02 million at FYE20 (FYE19: INR5.13 million)
and margin money for letter of credit of INR92.41 million. The
company's total outside liabilities/total net worth stood at 2.1x
in FY20 (FY19: 2x). As of end-5MFY21, the unutilized limits of
fund-based facility were INR60 million with excess balance of
INR5.36 million owing to the realization of receivables at the
month-end. ATPL has availed of the COVID-19 loan of INR6 million to
be repaid by April 2022. ATPL's lender provided moratorium
by-default on its working capital facilities as prescribed by the
Reserve Bank of India for March - August 2020. The interest
expenses for this period were paid in September 2020.

The ratings, however, are supported by the promoters' experience of
four decades in the trading of timber. ATPL is promoted by Subhash
Goel and Bhim Sain Goel.

RATING SENSITIVITIES

Negative: A decline in scale of operations and further elongation
in the net working capital cycle leading to deterioration in
overall credit metrics, on a sustained basis, and pressurized
liquidity profile will be negative for the ratings.

Positive: A sustained improvement in the overall scale of
operations and liquidity profile, along with an improvement in the
credit metrics and reduction in debtor days, on a sustained basis,
would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1999, ATPL is into the importing, processing and
trading of timber. It has 27 saw mills located in Gandhinagar
(Gujarat) and its registered office is located in Delhi. The
company is promoted by Subhash Goel and Bhim Sain Goel. Out of its
total purchases, ATPL imports 95% of its timber requirement from
Malaysia, Solomon Island, Suriname, New Zealand, Africa, etc.


AKANKSHA SALES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Akanksha Sales
Promoters India Private Limited (ASPPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           7          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Inland/Import
   Letter of Credit      0.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        0.61       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ASPPL 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 ASPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ASPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ASPPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ASPPL was incorporated in 1999, by promoter, Mr. Ajay Johri.
Operations are currently managed by his son, Mr. Anchit Johri. The
company sets up structure designs and fabrication for various fuel
stations, pre-engineered buildings, toll plazas, and workshops.


BAJAJ ENERGY: Ind-Ra Ups INR11,854.6BB Loan Rating to BB+
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Bajaj Energy
Limited's (BEL) bank facilities as follows:

-- INR11,854.6 bil. (increased from INR11,591.5 bil.)* Term loan
     due on September 30, 2035 upgraded with IND BB+/Positive
     rating;

-- INR6,287.3 bil. (increased from INR5,681.3 bil.)** Working
     capital facility upgraded with IND BB+/Positive/IND A4+
     rating; and

-- INR260 mil. Non-fund-based facility upgraded with IND
     BB+/Positive/IND A4+ rating.

* interest during moratorium added to loan outstanding
** including additional working capital sanction given as COVID-19
loan and funded interest term loan for interest on working capital
during the moratorium period

The upgrade reflects BEL's regular debt servicing during December
2019 to September 2020, creation of a debt service reserve (DSR)
equivalent to one quarter of debt servicing utilizing proceeds
against receivables from the offtaker and reinstatement of the
escrow mechanism as per the terms and conditions of the power
purchase agreement (PPA). As per the data provided by management to
Ind-Ra, BEL received about INR3,789 million between 3 August 2020
and 13 August 2020 by way of Discom Liquidity Injection Scheme
announced by the government, to be provided in the form of loans to
distribution companies (discoms) from REC Ltd ('IND AAA'/Stable)
and Power Finance Corporation Limited (PFC) to clear the
outstanding dues. The available liquidity (including unencumbered
cash, available unutilized working capital limits and DSR)
equivalent to about two quarters of debt servicing offers some
strength to the project to meet contingencies.

The project opted for the Reserve Bank of India-prescribed
moratorium on debt servicing from March 1, 2020 to August 31, 2020
under the COVID-19 relief package scheme. As per the lead bank's
approval shared with Ind-Ra, the repayment schedule has been
extended by six months and the interest during the moratorium has
been converted into funded interest term loan and added to the
outstanding term loan at the end of the moratorium period. Ind-Ra
has considered this in its cash flow projections in its base case.

The Positive Outlook reflects the receipt of another tranche
amounting to INR4,690.0 million  and prepayment of senior loans
using the same proceeds as per management's plan by December 2020.
The agency will review the deleveraging, the ability of the project
to maintain the plant availability and the liquidity maintenance
before the next rating action.

KEY RATING DRIVERS

Regular Debt Servicing: BEL has timely serviced its debt during
December 2019 to September 2020 as per the declaration provided by
the management to Ind-Ra. Regular debt servicing, along with
maintaining adequate liquidity remain key rating sensitivities.
Reduction in Receivables and Debt Moratorium Improves Liquidity:
BEL’s liquidity has improved post the clearing of past power sale
dues using proceeds from PFC/REC Discom Liquidity Injection Scheme.
The outstanding receivables from Uttar Pradesh Power Corporation
Limited (UPPCL, 'IND BBB+'/Stable) decreased to about INR8.68
billion at end-September 2020 (equivalent to about eight and a half
months of revenue as per Ind-Ra's base case) from INR10.93 billion
at end-July 2020. The management expects the receivables to reduce
further by about INR4.69 billion and utilizing the proceeds for
partial reduction of senior debt availed by BEL by end-December
2020 and  the second tranche of the liquidity scheme remains a key
rating monitorable. Irregular payments from UPPCL and contract
renegotiation proceedings in the past had led to deterioration in
BEL's liquidity position.

Liquidity Indicator - Adequate: The project's funded DSR and cash
position can cover up to 3.2 months of debt service as on 30
September 2020. The working capital is available for around eight
months of projected operating expenses, generally used for coal
purchases. In the backdrop of the timely receipt of payments
through the escrow arrangement, the debt obligations coverage is
adequate.

Risk of Lower-than-Normative Plant Availability: The PPA structure
is favorable, and allows full pass-through of coal costs based on
normative caps and a fixed return on equity as per the state
regulations. However, BEL declared project availability of around
68% in FY20, which is lower than the normative level of 85%.
Although the company claims that it will be able to recover full
fixed tariffs for FY20 quoting non-availability of coal due to the
delay in payments (petition filed to regulator as per management)
and precedents of allowing full fixed tariffs in the past, the same
is subject to litigation and delays as per Ind-Ra. However, the
average project availability has increased to above 99% during
1HFY21 as per the data shared by management to Ind-Ra, which
provides comfort to the ratings.

As per the management, as of September 28, 2020, the coal stock was
sufficient for 20-25 days requirement at the current generation
levels and expects an average plant availability above normative
level in FY21. The non-availability of coal at site, leading to a
deduction in full capacity charges (as per the PPA) due to reduced
plant availability in the future, could erode the company's cash
flows. Also, the recovery of full fixed tariff for FY20 and beyond
remains a key rating monitorable.

Weak Financial Flexibility of Sponsor: The ratings are constrained
by the decreasing financial flexibility of the project's 100%
sponsor, Bajaj Power Ventures Private Limited and other group
companies. Although the company plans to launch its initial public
offer, uncertainties around the timing of the same persist.

Moderate Debt Structure: A high debt repayment in FY22 (reduced
repayments in FY21 due to the moratorium) exerts pressure on the
company's debt service coverage ratio (DSCR) with a limited ability
to absorb any decrease or delays in project revenue from the
offtaker. Therefore, receipt of the pending receivables and
deleveraging plans are crucial for the sustenance of the ratings.
However, creation of a one quarter DSR offers some strength to the
project.

Direct Payments from Counterparty Outside of Escrow Mechanism:
BEL's ratings are anchored on the long-term PPA which defines
two-part regulated tariff - availability-based capacity charges and
generation-based variable charges - and the escrow mechanism for
tariff payment which directs the revenue from consumers of certain
areas under Uttar Pradesh discoms for payments to BEL. The project
was receiving payments directly from UPPCL and not through the
designated escrow accounts from consumers until end-September 2020.
This mechanism was reinstated on October 9, 2020 as the per
management and around INR212 million of funds was received between
October 9, 2020 and October 20, 2020. The agency will monitor the
functioning of this mechanism before reviewing the ratings.

UPPCL's aggregate technical and commercial losses declined to
30.09% over FY17-9MFY20 (FY19: 33.40%, FY18: 37.78%). However, the
achievement is slower than the committed progress under the Ujwal
DISCOM Assurance Yojana's target of 15.0%. Its collection
efficiency improved to 86.52% in 9MFY20 from 75.3% in FY17 (FY19:
81.90%, FY18: 79.06%). The difference between the average revenue
realized and the average cost of supply on subsidy booked basis for
UPPCL-owned five distribution utilities increased to INR0.56/kWh in
FY19 (FY18: INR0.45/kWh) and payable days rose to 217 days (174
days) as per the Report on Performance of State Power Utilities
2018-19. Overall, UPPCL's credit profile as an offtaker, continues
to be a rating constraint for BEL.

RATING SENSITIVITIES

Positive: Events that could individually or collectively lead to a
rating upgrade are:

- operational and financial performance above Ind-Ra's base case
with DSCR above 1.05x on a sustained basis;

- maintenance of adequate reserves (stipulated DSR) and liquidity

- above normative level of plant availability backed by adequate
coal inventories at site; and

- substantial reduction in the senior debt, utilizing proceeds
from second tranche of discom liquidity scheme or any other source


Negative: Events that could individually or collectively could lead
to a rating downgrade are:

- operational and financial performance below Ind-Ra's base case;

- dipping into DSR or reduction in the overall project liquidity;

- a delay in receiving regulatory approval on full fixed tariff
for FY20 beyond March 31, 2021;

- coal availability or any other issue affecting the project's
ability to declare plant availability above the normative level to
recover full fixed tariff;

- the project's inability to recover full fuel costs under the PPA
from the offtaker due to operational inefficiencies or any other
reason; and

- any other development resulting in deterioration of the project
cash flows.

COMPANY PROFILE

BEL, a part of the Shishir Bajaj Group, has implemented five 90MW
plants (total 450MW) at different locations in Uttar Pradesh. These
plants achieved commercial operations in April 2012, and operation
and maintenance is managed in-house. BEL is fully-owned by Bajaj
Power Ventures, which also has stake in Lalitpur Power Generation
Company Limited.


BANSAL RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bansal Rice Mills -
Ismailabad (BRM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

   Term Loan             0.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 1997, as a partnership between Mr. Naresh Kumar and
his brother Mr. Satish Kumar, BRM mills and processes basmati and
non-basmati rice. The production facilities, in Ismailabad,
Kurukshetra (Haryana), have milling and sorting capacities of 6 and
4 tonne per hour, respectively, which have been utilised at 75%.


BHAGWAN AUTO: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Bhagwan Auto Products
(BAP) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             3.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 2005 in Rohtak (Haryana), BAP manufactures automotive
components such as engine components, steering components, and
fasteners, primarily for two-wheelers. The firm is a part of the
Rohtas group, which manufactures automotive components. BAP's daily
operations are managed by Mr. Sumit Bansal. The firm has two
manufacturing units, one each in Rohtak and Manesar (Haryana).

CHINAR SYNTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Chinar Syntex Limited
(CSL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            21        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

CSL, incorporated in 1992, is promoted by Mr. Purushottam Aggarwal,
Mr. Naresh Aggarwal, and Mr. Nand Kishore Aggarwal. It manufactures
suiting and shirting fabric under the Chinar brand. Its weaving
unit is in Bhiwani, Haryana.

DEEPAK & CO.: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Deepak & Co. (DAC)
continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Overdraft              5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed               3         CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING)
   Facility               
                                    
CRISIL has been consistently following up with DAC 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 DAC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DAC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DAC
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 1990 as a proprietorship firm and later
reconstituted as a partnership firm, DAC, based in Delhi, is a
caterer for the Indian Railways. The partners are Mr. Rakesh Kumar
Gupta and Ms Poonam Porwal.

DEEPMALA FOODS: CRISIL Lowers Rating on INR1cr LT Loan to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Deepmala Foods
(DF) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Packing Credit          14         CRISIL A4 (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL A4+ ISSUER NOT
                                      COOPERATING')

   Proposed Long Term       1         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB/Stable ISSUER
                                      NOT COOPERATING')

CRISIL has been consistently following up with DF for obtaining
information through letters and emails dated June 29, 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 DF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DF is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DF revised
to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DF and Deepmala Marine Exports (DME).
This is because the firms, together referred to as the Deepmala
group, are in the same line of business, and have common management
and operational linkages.

DF was set up in 2006 as a proprietorship by Ms Vijayaben Velji
Fofandi, and was reconstituted as a partnership between Mr. Jagdish
Velji Fofandi and his brothers, Mr. Rakesh Veljibhai Fofandi and
Mr. Dinesh Velji Fofandi, in 2011. It processes and exports
seafood. The plant is in Veraval.

Set up in 1996, DME is a partnership between Mr. Jagdish Velji
Fofandi and his brothers, Mr. Dinesh Velji Fofandi and Mr. Kishor
Velji Fofandi. It also processes and exports seafood. The plant is
in Veraval.


DINESH OILS: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dinesh Oils
Limited's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR600 mil. Fund-based limit (Long-term/Short-term) maintained

     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR1.082 bil. Non-fund-based limit (Long-term/Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR10 mil. Long-term loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 8, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1986, Dinesh Oils primarily manufactures refined
edible oils (mainly refined palm olein oil and refined palm oil)
and vanaspati.


EDIMANNICKAL FASHION: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Edimannickal Fashion
Jewellery (EFJ) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

EFJ was established in 2012 and is promoted by Mr. E T Jose. The
firm retails gold jewellery at its showroom at Punalur in Kollam,
Kerala.

GANAPATHY ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Ganapathy
Enterprises (SGA) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            9         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

SGA was set up in 1999 and trades in various construction materials
such as river sand, blue metal, bricks, and solid blocks. The firm
is based in Chennai and its operations are managed by promoter Mr.
T Srinivasan.

GANDIV BUILDER: CRISIL Lowers Rating on INR6cr Loan to B
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Gandiv Builder
& Engineers Private Limited (GDEPL) 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          .50        CRISIL A4 (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL A4+ ISSUER NOT
                                      COOPERATING')

   Cash Credit             .50        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB+/Stable ISSUER
                                      NOT COOPERATING')

   Long Term Loan         3.00        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB+/Stable ISSUER
                                      NOT COOPERATING')

   Proposed Long Term     6.00        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB+/Stable ISSUER
                                      NOT COOPERATING')

CRISIL has been consistently following up with GDEPL 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 GDEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GDEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GDEPL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 2005, GDEPL operates a business hotel, The Hotel
Gargee Grand, in Patna and a resort, Gargee's Gautam Vihar, at
Rajgir.

GENXT MOBILE: CRISIL Lowers Rating on INR14cr Loans to B
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Genxt Mobile
(GM) 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
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing     10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

Incorporated in 2013, Genxt Mobile (GM) is a partnership concern,
owned by members of the Agrawal family. The firm is the sole
distributor of Samsung mobile handsets and accessories.

IGAKU NEEDLES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Igaku Needles Private
Limited (INPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.2       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       0.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.23      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              2.07      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with INPL 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 INPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on INPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of INPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

INPL, incorporated on June 20, 2012 at Delhi, manufactures medical
needles; it started commercial operations in December 2014. Ms
Jyoti Singh and Mr. Chayan Anand are the promoters.


IMP ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of IMP Energy Limited
(IEL) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         12        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit             2        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        4        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Bank           4        CRISIL B-/Stable (ISSUER NOT
   Guarantee                        COOPERATING)

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

Incorporated in February 2012 by the Dhoot Family, IEL is engaged
in providing EPC services for mini & small hydro power projects up
to 5 MW, with a focus on the northern regions of India. The company
is a partly owned (77.47%) subsidiary of IPL, a public limited
company listed on the Bombay and National Stock Exchanges. The day
to day operations of the company are managed by Mr. Ajay Dhoot and
his brother, Mr. Aaditya Dhoot, with help from other functional
personnel. The registered office of the company is in Mumbai,
Maharashtra.

INDIAN PROGRESSIVE: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Indian Progressive
Construction Private Limited (IPCPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       42.86       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Overdraft            20          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             1.64       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with IPCPL 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 IPCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on IPCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of IPCPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

IPCPL, incorporated in 2007, has its head office at Deoghar
(Jharkhand). Mr. Jitesh Rajpal, Mr. Rajesh Kumar Singh, Mr. Sanjay
Kumar Kunilwar, and Mr. Umesh Pandey are the promoters of the
company. IPCPL primarily undertakes road construction projects, but
also civil construction and irrigation projects, for government
departments.


J.R. AGROTECH: Ind-Ra Keeps 'D' LT Issuer Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained J.R. Agrotech
Pvt. Ltd.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.80 bil. Fund-based limits (long-term and short-term)   
     maintained in the on-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Term loan (long-term) maintained in the non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 1, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1998, J.R. Agrotech is a rice milling company. The
company has plants in Dinanagar, Gurdaspur, for the purpose of
drying, parboiling, sorting, milling and grading paddy.


KAKA CARPETS: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kaka Carpets (part of
the Kaka group) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Export Packing          3.5        CRISIL A4 (ISSUER NOT
   Credit                             COOPERATING)

   Foreign Bill            5          CRISIL A4 (ISSUER NOT
   Purchase                           COOPERATING)

   Proposed Short Term     5          CRISIL A4 (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Standby Line            1.5        CRISIL B+/Stable (ISSUER
   of Credit                          NOT COOPERATING)

CRISIL has been consistently following up with Kaka Carpets 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 Kaka Carpets, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Kaka Carpets
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Kaka Carpets continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kaka Carpets, Kaka Overseas Ltd, and
Shobha Woollens Pvt Ltd. The three entities, collectively referred
to as the Kaka group, are in the same business, have the same
promoters and management, and significant operational linkages.
CRISIL believes fungibility of funds between the entities will
increase over the medium term to support the group's working
capital requirement.

Kaka Carpet, set up in 1979 by Mr. Yadavendra Roy, manufactures and
exports hand-knotted and hand-tufted carpets. Its facility is at
Bhadohi.

Kaka Overseas Ltd, set up in 2006, manufactures hand-knotted and
tufted carpets at its manufacturing facility in Bhadohi. Its
registered office is in Gurgaon, Haryana.

Shobha Woollens Pvt Ltd, established in 1993, manufactures hand
knotted and tufted carpets, and spins woollen yarn at its facility
in Bhadohi. The company generates revenue from export to the US,
Europe, the Middle, East and other international markets.

KEDARESHWAR FIBERS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kedareshwar Fibers
(KF) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             1.20       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

KF, established in 2008, gins and presses cotton, and has its
manufacturing facilities at Nimbhora (Gujarat). The firm is part of
the group of companies promoted by the Goyal family, based in
Sendhwa (Madhya Pradesh), and is involved in cotton and sugar
trade. Daily operations are managed by Mr. Fulchand Goyal and his
family.

KERALA STATE: Fitch Affirms LT IDRs at BB, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed the State of Kerala's Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDR) at 'BB' with a
Stable Outlook.

The affirmation is based on a 'Midrange' assessment of the Indian
state's risk profile and a moderate 'bbb' debt-sustainability
assessment. Kerala is classified as a type A government, as it can
incur structural deficits.

KEY RATING DRIVERS

Revenue Robustness Assessed as 'Stronger'

Kerala's gross regional product (GRP) rose by 11.4% in the fiscal
year ended March 2019 (FY19) at current prices to INR7.8 trillion
following a four-year FY15-FY19 CAGR of 10.4%. Fitch estimates FY20
GRP at INR8.7 trillion. Kerala's total revenue increased at a
four-year FY15-FY19 CAGR of 12.5%, faster than its GRP.

The state has stable revenue sources, as its tax and non-tax
revenue accounted for 67% of operating revenue in FY19, higher than
the all-state average of 55%. Tax composition is goods and services
tax (GST) (41%), sales tax and value-added tax (38%), vehicle tax
(7%), stamps and registrations (7%).

Fitch expects GST to stabilise, which will augment Kerala's revenue
capacity as the tax base expands with greater efficacy. GST
compensation, through the transfer of income from the central
government to cover potential losses in tax revenue, will also
smooth state finances. Transfer income is mainly the state's share
of central taxes and the government's grant-in-aid; 63% of the FY19
transfer comprised centrally collected taxes, such as corporate and
income tax.

The Fourteenth Finance Commission of India increased the states'
share of central taxes to 42% for FY15-FY20, from 32%; the biggest
increase in decades. The central government also provides grants to
support state development. The implementation of the e-way bill, an
electronically generated document required for inter-state movement
of goods, could also be positive for tax-administration efficiency.
The lockdowns and restrictions imposed in the wake of the
coronavirus pandemic have damaged the state's economic and fiscal
performance, with tax and non-tax revenue dropping in FY21. Fitch
expects a recovery to start in FY22.

Revenue Adjustability Assessed as 'Weaker'

Its 'Weaker' assessment of revenue adjustability reflects the
central government's power to set major taxes, the formula-driven
and stable transfer regime, and the state's limited political
capacity to substantially raise local tax rates due to legislative
and populist pressure.

The Indian constitution assigns taxation powers to the central
government and states separately to perform their functions. The
GST rate is set by the central government, while states enjoy the
autonomy to levy taxes on petroleum products, alcohol, real-estate
transactions and others. Kerala's FY20 budget increased tax on new
motorcycles, cars and private-service vehicles by 1% and tax on the
sale of foreign liquor by 2%. Kerala shares around 2.5% of all
central taxes, based on a formula that is tied to India's overall
economic and fiscal growth momentum.

Expenditure Sustainability Assessed as 'Midrange'

Kerala has been leading other Indian states in demographic and
human development indicators relating to health, education, and
gender equality. Total expenditure rose at a FY15-FY19 CAGR of
11.8%, in line with the 12.5% CAGR of total revenue growth, showing
robust control over expenditure under a balanced budget. Capex only
accounted for 8% of total expenditure in FY19, despite a faster
18.2% FY15-FY19 CAGR against operating expenditure growth of 10.2%,
as the state intends to boost infrastructure development.

Expenditure Adjustability Assessed as 'Midrange'

The primary responsibility for funding essential social and
economic services, such as education, health, sanitation,
agriculture and transport, lies with state governments. Fitch does
not anticipate frequent or far-reaching funding reforms of the
states' budget responsibilities. The state's committed expenditure,
including salaries, interest and pensions, amounted to 61% of the
total in FY19. Discretionary expenditure shrinks during times of
lower budget revenue, such as during FY18, showing effective
adjustability. The state plans to cut expenditure to meet fiscal
deficit goals in the next few years by reducing employees and
limiting salary growth.

Liability and Liquidity Robustness Assessed as 'Stronger'

State governments mainly borrow to finance fiscal deficits through
domestic open-market borrowing (state development loans), loans
from banks and the central government, provident funds and small
savings. Open-market borrowing, the main debt-raising channel, is
facilitated by the Reserve Bank of India (RBI) and regulated by a
legislative framework and fiscal responsibility legislation. The
government of India allowed the state to borrow an additional 2% of
GRP in FY20-FY21 as part of its strategy to address the
pandemic-induced slowdown; of this, 0.5% is unconditional while
1.5% is subject to the implementation of certain state-level
reforms.

The maturity of outstanding state government securities is
well-dispersed, with over 60% of debt due after five years.
Open-market borrowings are in fixed-rate Indian rupees, with no
foreign-currency exposure. Contingent liabilities mainly include
guarantees extended to public-sector undertakings and local
governments.

Liability and Liquidity Framework (Flexibility) Assessed as
'Midrange'

There is an established framework for emergency liquidity support
from the central government, with treasury bills rated at the
sovereign's 'BBB-' IDR. States' receipts and expenditure are
matched in annual state budgets, but there could be temporary
mismatches during the course of the year. The central government
and the RBI allow states to address short-term liquidly needs
through instruments such as advances and overdrafts extended by the
RBI, with further measures added to relax overdraft regulations in
the face of the pandemic.

State governments can only borrow in the domestic market, but can
use state companies and lower-tier government bodies to borrow from
international markets. Kerala set up the Kerala Infrastructure
Investment Fund Board (BB/Stable) to borrow in both markets to fund
its development. Access to bank loans and the capital market widens
its financing channels and liquidity pool.

Debt-Sustainability Assessment: 'bbb'

Fitch's rating-case scenario forecasts Kerala's economic-liability
burden, the primary metric of debt sustainability - as measured by
net overall risk + pro rata shares of central government
debt/regional GDP - to remain within 70%-90% until FY24, leading to
an 'a' debt-sustainability assessment. Fitch, however, has lowered
this to 'bbb' due to weak secondary metrics, ranging from a
negative payback ratio (net overall risk/current balance) to a
fiscal debt burden of over 250%.

DERIVATION SUMMARY

Fitch assesses Kerala's Standalone Credit Profile (SCP) in the 'bb'
category, reflecting a combination of the 'Midrange' risk profile,
and 'bbb' debt-sustainability assessment. The notch-specific 'bb'
SCP balances the 'a' economic-liability burden with the negative
payback ratio and 'b' category fiscal-debt burden. As a result,
Kerala's IDR is 'BB'.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Fitch's rating case is through-the-cycle, incorporating revenue
and financial-risk stresses in the case of an economic downturn.
Assumptions on growth of key revenue and expenditure items are
based on historical CAGRs. Fitch expects these to slow with a
2pp-5pp stress in the rating case.

  - Central government GDP, debt and population forecasts are based
on Fitch's forecasts

  - FY20 assumptions based on the revised budget with a haircut

RATING SENSITIVITIES

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

An improvement of the economic-liability burden ratio to below 70%
(FY19: 72%) and a substantial improvement in the fiscal-debt burden
and payback ratio.

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

A deterioration of the economic-liability ratio above 100% and a
substantial worsening in the fiscal-debt burden and payback ratio.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Kerala has an ESG Relevance Score of 4 for Natural Disasters and
Climate Change due to the State's exposure to several natural
disasters, including landslides and flooding, which could have a
negative impact on the credit profile if there is persistent impact
on its economic and fiscal performance, and is relevant to the
ratings in conjunction with other factors.

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

MAHARASHTRA FOODS: CRISIL Lowers Rating on INR15cr Loans to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Maharashtra
Foods Processing and Cold Storage (MFPCS) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Export Packing       13.50       CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    0.25       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

MFPCS, setup in 2011 as a partnership firm by Mr. Sunny Khattar and
Mr. Matlub Qureshi, started production from December 2015. The firm
operates an integrated slaughter house to process, freeze and sell
buffalo meat and its by-products in Satara (Maharashtra).

MAHESHWARI TECHNOCAST: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maheshwari Technocast
Limited (MTL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .10        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          3.95        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     0.67        CRISIL A4 (ISSUER NOT
                                    COOPERATING)
      
   Term Loan            1.28        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MTL 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 MTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MTL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MTL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

MTL, promoted by Mr. Suresh Kumar Mantri, was originally
established as a partnership firm in 1974, and reconstituted as a
limited company in 1996. The company manufactures rolling mill
spare parts, as per client specifications. The manufacturing
facility, which mainly comprises a foundry, is located at Bhilai
(Chhattisgarh).

MAK CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of MAK Constructions
(MAK) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      0.50         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit/       17.50         CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING)
   facility           
                                     
CRISIL has been consistently following up with MAK 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 MAK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MAK is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MAK
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

MAK was set up in 2001 as a partnership firm between Mr.R.T
Venkatesh Kumar,Mr.S.R.Chandra Mohan and Mrs.R.Mekhala as partners.
It undertakes infrastructure projects and focuses on laying and
maintenance of roads and bridges across Madurai, Tamil Nadu.

MAXWELL: CRISIL Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Maxwell (MW) continues
to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'.

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

   Letter of Credit      13.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

Set up in 1991, Delhi-based Maxwell is a partnership firm of Mr.
Mahabir Pershad and Mr. Narender Kumar. It trades in rubber
additives, plasticisers and other chemicals.

PHARMACHEM TRADERS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pharmachem Traders
Private Limited (PTPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Cash Credit            1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       7         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

CRISIL has been consistently following up with PTPL 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 PTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PTPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

PTPL, incorporated in February 2000, trades in industrial chemicals
such as melamine, caustic soda flakes, hydrogen peroxide, and
caustic potash, among others. It is also an authorised distributor
for Gujarat Alkalies and Chemicals Ltd (GACL), Gujarat State
Fertiliser & Chemicals Ltd (GSFC), DCM Shriram Industries Ltd, and
Andhra Sugars Ltd among others. The company is promoted and managed
by Kolkata-based Mr. Sachin Pal and his daughter Ms Sucharita Pal.

PRECIMEASURE CONTROLS: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Precimeasure Controls
Private Limited (PCPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.50        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          3           CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   1.3         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            5.2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PCPL 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 PCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PCPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established as a partnership firm in 1984 by Mr. V Janardhanan and
Mr. S R Krishnamurthy, PCPL was reconstituted as a private limited
company with its present name in July 2001. PCPL manufactures
oil/winding temperature indicators, magnetic oil level gauges,
valves and controllers, which is primarily used for electronic
monitoring/controlling in transformers and other power sector
equipment. Its manufacturing units are located in Bengaluru,
Chennai and Baroda with a research and development unit in
Coimbatore. Moreover, PCPL is also channel partner for selling
fibre optic based hotspot measurement equipment of Fiso
Technologies Inc. Canada.

PUNYA COAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Punya Coal Roadlines
(PCR) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           10         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      10         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PCR 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 PCR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PCR is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PCR
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 1989, PCR, a Nagpur (Maharashtra)-based proprietorship
firm established by Mr. Yugpradhan Pannalal Mehta, trades in and
transports coal.

RAMPRASAD SKYSCRAPERS: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Ramprasad
Skyscrapers Private Limited (SRSPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              20        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 2006, SRSPL owns a multiplex in Bhimavaram (Andhra
Pradesh). The multiplex comprises a G+3 structure and a standalone
complex at the entrance.

SANEE INFRASTRUCTURE: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sanee Infrastructure
Private Limited (SIPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         8         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          0.1       CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with SIPL 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 SIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SIPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2002, SIPL is a construction and infrastructure
development firm that executes projects related to construction of
roads for the Madhya Pradesh government. The company is promoted by
Mr. Nilay Jain and Ms. Nisha Jain.

SATPURA FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Satpura Foods Private
Limited (SFPL) 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 SFPL 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 SFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SFPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SFPL was set up in May 2008, by the promoter, Mr. Ankur Rai at
Piparaiya, Madhya Pradesh, and commercial production began in
2014.The company manufactures and processes rice and related
products, and has an installed capacity of 4 tonnes per hour. It
processes varieties of basmati rice under the brand White Lilly,
and sells 75% of its output to the Food Corporation of India (FCI;
rated 'CRISIL AAA (SO/Stable)') and the rest to
traders/wholesalers/merchant exporters, across the country, mainly
in North India.

SHOR SHOT: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Shor Shot India
Private Limited (SSIPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

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

   Foreign Bill          1.2        CRISIL B/Stable (ISSUER NOT
   Purchase                         COOPERATING)

   Letter of Credit      1.1        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Packing Credit        3          CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Standby Line          1          CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with SSIPL 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 SSIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SSIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SSIPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1996, SSIPL manufactures and exports ready-made
garments such as skirts, blouses, and trousers for women. The
company largely sells through distributors to clients in the UK,
the US, and Russia. It has a manufacturing unit in Delhi.

STREAM CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Stream Ceramic
Private Limited (SCPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SCPL 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 SCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SCPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2013, SCPL manufactures ceramic wall tiles in many
sizes at its facility in Shapar in Morbi, Gujarat; it sells under
the Stream brand. Commercial production began from June 2015.

USHDEV INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ushdev
International Ltd.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR500 mil. Term loans (long-term) due on FY19-FY21 maintained

     in the non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR5.0 bil.Fund-based limits (long-term) maintained in the
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR20.0 bil. Non-fund-based limits (short-term) maintained in
     the non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1994, Ushdev International is a metal trading company
that mainly trades nickel, ferrous flat products and long
products.


VEERABHADRA MODERN: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Veerabhadra
Modern Rice Mill (SVMRM) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

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

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

SVMRM based in Pithapuram Mandal, Andhra Pradesh was established as
a partnership firm by Mr. Gollapalli Tatajee, and his relatives
Mrs. Gollapalli Babi Kumari, Mrs. Gollapalli Sruthi Rekha, and Mr.
G. Veeraraghava as the partners in 2011-12. The firm processes
non-basmati rice, having an installed paddy milling capacity of 6
tonnes per hour (tph).

VIJAYA LAKSHMI: CRISIL Lowers Rating on INR45cr Loans to B
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sri Vijaya
Lakshmi Rice Industries (SVLRI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            43        CRISIL B/Stable (ISSUER NOT   

                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      2        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

SVLRI, set up as a partnership firm in 2002, mills and process
paddy into rice, and generates by-products such as broken rice,
bran, and husk. The firm has a rice milling unit in Nellore (Andhra
Pradesh). Operations are overseen by managing partner, Mr. G Vinod
Kumar Reddy.



=========
J A P A N
=========

ANA HOLDINGS: Expects to Post JPY530BB Net Loss; Shed 30 Jets
-------------------------------------------------------------
The Japan Times reports that ANA Holdings Inc. is expecting to book
a record annual net loss of around JPY530 billion and shed up to 30
large jets, accounting for about half of its total, as the
coronavirus pandemic batters air travel demand, company sources
said on Oct. 21.

The parent of All Nippon Airways Co., which has withheld an
earnings estimate so far this business year, believes it will take
some time for demand, particularly for international flights, to
recover due to the pandemic, the sources said, The Japan Times
relays.

In the run-up to the Tokyo Olympics, initially scheduled for this
summer but postponed for one year due to the pandemic, ANA had
pursued an expansionary strategy to accommodate more international
passengers.

Also on the back of increased flight slots at Tokyo's Haneda
Airport, the number of its aircraft stood at 268 as of the end of
June, up from 210 in fiscal 2008.

However, ANA is now tilting toward restructuring efforts to turn
its business around, the report notes.

According to The Japan Times, the sources said it has decided to
retire about half of its 59 wide-body jets such as the Boeing 777,
including those on lease, to cut costs as they are less fuel
efficient and require more spending for maintenance compared with
smaller aircraft.

The major Japanese airline will book impairment losses in the first
half of the current business year through September following
devaluation of its aircraft, hitting its bottom line hard, the
sources, as cited by The Japan Times, said.

The Japan Times relates that the company said the number of
passengers for its international flights plunged 96% in the five
months through August from a year earlier after many countries
around the world imposed travel restrictions.

Even though the number of domestic flight passengers has been
gradually increasing partly thanks to the government's travel
subsidy program, the International Air Transportation Association
expects that global air traffic will not return to pre-pandemic
levels until 2024, according to the report.

ANA aims to sell its redundant large jets to aircraft leasing
companies, while considering dismantling some of them to sell
parts, as well as parking them at places other than airports, the
sources said, the report relays.

According to The Japan Times, the aviation company plans to
announce next Tuesday [Oct. 27] its earnings results for the first
half of the current business year through September and the outlook
for its full-year earnings.

ANA will also unveil a plan to acquire JPY400 billion in
subordinated loans from Japanese banks, allowing ANA to count part
of the debt as capital, the sources said, The Japan Times relays.

ANA also plans to concentrate on international flights departing
from and arriving in Haneda Airport once demand recovers, according
to the sources cited by The Japan Times.

It has been suspending most of its international services at the
country's four major airports — Narita, Haneda, Chubu and
Kansai.

The Japan Times notes that as part of efforts to turn around its
business, ANA has been in talks with labor unions to cut annual pay
for its employees by around 30%, while considering selling unused
assets and suspending operations on unprofitable flight routes.

ANA logged a net loss of JPY108.82 billion in the April-June
quarter, the report discloses.

Headquartered in Tokyo, Japan, Ana Holdings Incorporated provides a
variety of air transportation-related services.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
17, 2020, Egan-Jones Ratings Company, on August 7, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by ANA Holdings Incorporated to BB- from BBB+.



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

AIRASIA GROUP: No Refunds & Credits for AirAsia X Customers
-----------------------------------------------------------
The Rakyat Post reports that bad news for AirAsia X customers as
they cannot claim any refunds or credits from the airline as it
undergoes a restructuring process after being hit hard by the
pandemic.

According to the AirAsia X support site, the airline has submitted
an application for a debt restructuring to the High Court of Kuala
Lumpur and customers have been listed as scheme creditors as part
of that process, The Rakyat Post relays.

The Rakyat Post says AirAsia X stated that affected customers will
be contacted via email with an explanation, details of the proposed
scheme, and their customers' rights.

Copies of the e-mail have also been shared on social media, which
states the same information as the support site.

The Rakyat Post relates that the airlines stated that it will be
"back to business" and able to "extend travel credits" to their
customers once the court approves their restructuring scheme.

Until then, AirAsiaX customers will just have to wait, the report
notes.

                           About AirAsia

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

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



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

TICKET ROCKET: To Be Placed in Liquidation Over Unpaid Debts
------------------------------------------------------------
Stuff.co.nz reports that two Super rugby franchises have won their
bid to have a struggling ticket company liquidated.

That company, Fortress Information Systems Ltd which trades as
Ticket Rocket, was not represented in the High Court of Dunedin on
Oct. 22, Stuff says.

A lawyer acting on behalf of the Hurricanes has sought the company
be liquidated, over a debt of NZD186,000, which had not been paid.

According to Stuff, Associate Judge Kenneth ordered the company be
liquidated over the non-payment of the debt, with the liquidators
to be paid from any assets recovered from the company.

A lawyer acting on behalf of Crusaders had no objection over the
liquidation, with the franchise owed NZD155,000, and was also
seeking costs of NZD4,000, Stuff relates.

The teams are separate plaintiffs in a case against Ticket Rocket,
formerly known as TicketDirect.

Stuff says repeated attempts to contact Canadian-born owner Matt
Davey, who is understood to be in Australia, have not been
successful.

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

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.



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

BAKERZIN: In Liquidation; Owes More Than SGD41MM to Creditors
-------------------------------------------------------------
TODAY Online reports that homegrown cafe chain Bakerzin, which went
into liquidation on Oct. 16, owes creditors more than SGD41
million. Of this, close to SGD40 million is owed to its parent
company, which had dug deep into its pockets to support the chain's
sluggish business.

TODAY relates that Mr. Wong Joo Wan of Alternative Advisors, its
liquidator, said that the Covid-19 pandemic merely hastened its
closure. He was speaking to TODAY after a shareholders' meeting and
a creditors' meeting were held on Friday afternoon to kick off the
liquidation process.

He said that the director of Bakerzin Holdings, Mr Mohamed Jamil
Mohamed Amin, had provided details of the debts during one of the
meetings.

According to the report, Mr. Wong said the company had placed its
last hopes on turning the business around by focusing on mooncake
sales ahead of Oct. 1's Mid-Autumn Festival.

But sales response fell "far below expectations", slumping to a
historic low as corporate sales took a hit since companies had cut
their budget for the seasonal gift during the Covid-19 crisis,
Mr. Wong said.

It was on this note that its parent company, Pacific United
Holdings, decided to pull the plug on Bakerzin's funding, with Mr.
Jamil issuing a notice of a creditors' meeting for the purpose of
winding up on Oct. 5, he added.

TODAY says Mr. Jamil had given recognition to the Government for
its support through various Covid-19 relief measures, but he said
that even with the subsidies, it still did not make sense for the
company to continue.

The Business Times reported that all of Bakerzin's five outlets had
shuttered on Oct 9. The article stated that the company had already
been winding down its operations as early as August, TODAY relays.

At the time, the cafe had said that it would be temporarily halting
the sales of confectionery and meals on its online store so that
its research and development chefs and production team could put
their "full attention and time into crafting the best delicacies of
mooncakes," according to the report.

From a list of 25 creditors seen by TODAY on Oct. 16, Pacific
United is owed at least SGD39.8 million, while Sakae Holdings, one
of its landlords, is owed the second highest sum, at more than
SGD660,000. Bakerzin's central kitchen was located in Sakae's
building at Tai Seng near MacPherson estate.

TODAY adds that other affected landlords, where Bakerzin used to
operate, are:

- Gardens by the Bay and Raffles Hospital, which are owed more
   than SGD100,000 each

- YTL Starhill Global Reit Management, which manages Wisma Atria
   and is owed more than SGD42,000

- UOL Property Investments, which manages United Square mall and
   is owed more than SGD51,000

Other creditors include:

- The Central Provident Fund Board, which is owed more
   than SGD26,000

- The Ministry of Manpower Services Centre, which is owed close
   to SGD2,800


- The Inland Revenue Authority of Singapore, which is owed more
   than SGD4,400

The cafe also owes more than SGD25,000 in workers' salaries, based
on another list of preferential claims seen by TODAY.

Bakerzin was founded by award-winning pastry chef Daniel Tay in
1998 and was known then as Baker's Inn until it was renamed in
2004. Mr. Tay, who now runs other pastry brands, Cat & The Fiddle
and Old Seng Choong, sold the company in 2007 and managed it until
2013.


                           *********


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

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

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

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

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



                *** End of Transmission ***