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

                     A S I A   P A C I F I C

          Thursday, November 5, 2020, Vol. 23, No. 222

                           Headlines



A U S T R A L I A

ALTURA MINING: Fitch Downgrades LT FC Issuer Default Rating to D
BROTHERS ST: First Creditors' Meeting Set for Nov. 12
FROSTERMAN PTY: Second Creditors' Meeting Set for Nov. 12
MAROONDAH SPORTS: Second Creditors' Meeting Set for Nov. 16
MILESTONE ALUMINIUM: Second Creditors' Meeting Set for Nov. 12

RRUU PTY: First Creditors' Meeting Set for Nov. 12


C H I N A

STANLEY BLACK: Shuts Shenzhen Factory After 25 Years; 1K Jobs Axed


H O N G   K O N G

CLSA PREMIUM: Second EGM Scheduled for December 2


I N D I A

ADISH MINERALS: CRISIL Migrates B Ratings from Not Cooperating
ANUSHKA MOULDS: Insolvency Resolution Process Case Summary
BALAJI AGRO: CRISIL Migrates B Debt Ratings to Not Cooperating
BHARAT PAPERS: Insolvency Resolution Process Case Summary
CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating

CUBE INDIA: CRISIL Migrates D Debt Ratings to Not Cooperating
DEE VEE: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
ENALTEC LABS: CRISIL Lowers Rating on INR26cr LT Loan to D
GAURAV BHARTI: CRISIL Migrates D Debt Rating from Not Cooperating
GREESHMAM RESORTS: CRISIL Lowers Rating on INR18.5cr Loan to B

JIWANRAM SHEODUTTRAI: CRISIL Moves D Ratings to Not Cooperating
KGN MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
KISAN MOULDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHIDHARA PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
MALWA FRESH: CRISIL Migrates B Debt Ratings to Not Cooperating

MEENAKSHI ENERGY: Ind-Ra Affirms 'D' Bank Loan Rating
MOUNT ZION: CRISIL Keeps D Ratings in Not Cooperating Category
MRIDHUL TIMBERS: CRISIL Moves D Debt Ratings to Not Cooperating
MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating
NARMADA IRON: CRISIL Withdraws B+ Ratings on INR35cr Loans

NITINSAI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
OPAL LUXURY: CRISIL Keeps D Debt Ratings in Not Cooperating
ORIENTAL TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
PK GLOBAL: CRISIL Migrates D Debt Ratings to Not Cooperating

PRAKASAM ENTERPRISES: CRISIL Keeps B+ Rating in Not Cooperating
R. L. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
RAICHUR LABORATORIES: CRISIL Moves D Ratings to Not Cooperating
RASHMI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
SHAROFF STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating

SURYA INDUSTRIES: CRISIL Assigns B+ Rating to INR8cr Cash Loan
THANDEKKATTU VARKEY: CRISIL Moves D Ratings to Not Cooperating
VENUS REMEDIES: CRISIL Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

ALAM SUTERA: S&P Raises ICR to 'CCC' on Completed Exchange Offer
INDONESIA: Struggling to Deploy Stimulus Funds as Recession Looms


J A P A N

ANA HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to B+


M A L A Y S I A

AIRASIA GROUP: BOC Aviation Opposes Debt Restructuring Plan
PETROLIAM NASIONAL: Approves Another US$2.4BB Government Payout


S I N G A P O R E

ROBINSONS SINGAPORE: Suppliers to be Paid for Goods Sold

                           - - - - -


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

ALTURA MINING: Fitch Downgrades LT FC Issuer Default Rating to D
----------------------------------------------------------------
Fitch Ratings has downgraded Australia-based Altura Mining
Limited's (AJM) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'D' from 'CCC+'/Stable following the appointment of
administrators by lenders.

KEY RATING DRIVERS

Recapitalisation Collapse: AJM planned to raise around AUD200
million in equity from new shareholders to recapitalise its balance
sheet and reduce its financing cost. Lenders also provided a number
of covenant waivers to support the company's operations and the
recapitalisation process. However, the recapitalisation plans
appear to have been shelved with the lenders appointing
administrators who are now in control of the company. The
administrators have announced that they plan to market the
company's assets for sale and recapitalisation.

Highly Levered Balance Sheet: AJM's single mine operation was
constrained by its high leverage, which was worsened by falling
spodumene prices. The uncertain timing of a market recovery, AJM's
limited liquidity and its failed attempt to access capital markets
resulted in the appointment of the administrator.

ESG - Management Strategy: AJM has an ESG Relevance Score of '5'
for Management Strategy. The inability of management to meet the
company's August 2020 interest payment despite its earlier access
to a standby equity facility indicates its failure in implementing
a proper refinancing strategy.

ESG - Financial Transparency: AJM has an ESG Relevance Score of '5'
for Financial Transparency. This reflects AJM's failure to disclose
its ongoing available liquidity position to the market in a timely
manner.

ESG - Governance: AJM has an ESG Relevance Score of '5' for
Governance Structure. The company's constrained financial
flexibility and high financing cost underscore the board's
aggressive approach in balancing growth investment at its operating
companies with preserving balance-sheet flexibility, which
negatively affects AJM's credit profile.

DERIVATION SUMMARY
The 'D' IDR reflects the company's entry into administration.

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

- Exit from administration based on its financial profile and
strategy.

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

- The rating is the lowest on the scale and cannot be downgraded
further.

BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance. For more information about the
methodology used to determine sector-specific best- and worst-case
scenario credit ratings, visit
https://www.fitchratings.com/site/re/10111579.

LIQUIDITY AND DEBT STRUCTURE

Administrator Appointed: AJM had access to standby equity of AUD50
million as long as its shares were trading. The administrators will
begin a process to market the company and its assets for sale and
recapitalisation.

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
AJM has ESG Relevance Scores of 5 for Management Strategy, 5 for
Governance Structure and 5 for Financial Transparency, all of which
have a negative impact on the credit profile and are relevant to
the rating in conjunction with other factors. The missed August
interest payment despite its earlier access to the standby equity
facility indicates weakness in its implementation of refinancing
strategy and risk management at the board level. The financial
transparency issue relates to its failure to report its ongoing
liquidity position to the market in a timely manner.

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. For more information on Fitch's ESG
Relevance Scores, visit www.fitchratings.com/esg.

BROTHERS ST: First Creditors' Meeting Set for Nov. 12
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Brothers St
Brendans Leagues Club Limited will be held on Nov. 12, 2020, at
10:00 a.m. at the offices of Morton + Lee Insolvency, Level 10, 388
Queen Street, in Brisbane, Queensland.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Brothers St on Nov. 2, 2020.

FROSTERMAN PTY: Second Creditors' Meeting Set for Nov. 12
---------------------------------------------------------
A second meeting of creditors in the proceedings of Frosterman Pty
Ltd, trading as Frostpine, has been set for Nov. 12, 2020, at 11:00
a.m. at the offices of Condon Associates, Level 6, 87 Marsden
Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 11, 2020, at 4:00 p.m.

Schon Gregory Condon of Condon Associates was appointed as
administrator of Frosterman Pty on
Oct. 8, 2020.

MAROONDAH SPORTS: Second Creditors' Meeting Set for Nov. 16
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Maroondah
Sports Club Ltd has been set for Nov. 16, 2020, at 2:00 p.m. via
video conference.

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. 13, 2020, at 12:00 p.m.

S J Michell of PCI Partners was appointed as administrator of
Maroondah Sports on April 24, 2020.

MILESTONE ALUMINIUM: Second Creditors' Meeting Set for Nov. 12
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Milestone
Aluminium and Glass Pty Ltd has been set for Nov. 12, 2020, at 3:00
p.m. via teleconferencing facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 11, 2020, at 4:00 p.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Milestone Aluminium on Oct. 8, 2020.

RRUU PTY: First Creditors' Meeting Set for Nov. 12
--------------------------------------------------
A first meeting of the creditors in the proceedings of RRUU Pty Ltd
will be held on Nov. 12, 2020, at 12:00 p.m. at Suite 5.05 Level 5,
377 Sussex Street, in Sydney, NSW.

Daniel Obrien of DV Recovery Management was appointed as
administrator of RRUU Pty on Nov. 2, 2020.



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

STANLEY BLACK: Shuts Shenzhen Factory After 25 Years; 1K Jobs Axed
------------------------------------------------------------------
South China Morning Post reports that the Shenzhen factory of
Stanley Black & Decker, a major US tool and household hardware
maker, has closed up shop and laid off all of its 1,000 workers
after 25 years of operations -- reflecting the changing business
environment in the world's second-biggest economy.

Last week's closure of the American company's wholly-owned China
unit, Stanley Black & Decker Precision Manufacturing (Shenzhen),
marked the latest retreat by a manufacturing business from Shenzhen
amid rising labor and land costs in the booming town just across
the mainland border from Hong Kong, the report says.

According to a corporate notice dated October 26, the company's
management attributed the closure to "changes in the overall market
environment and growing competition," the Post relays.

During a Post visit last week to the factory in the Chiaphua
Industrial Estate of the Shiyan community – a manufacturing base
in Shenzhen that is increasingly being surrounded by property
development – the entrance was swarming with human resource
managers and labour agents who were trying to persuade laid-off
workers from the closed factory to join other ones.

One long-time worker from the campus said she and other workers
were caught off guard by the sudden decision.

"We had been busy since May, as there were big orders to fill," she
said, declining to be named but adding that she had worked in the
factory for the last decade, the Post relays. "Most of us had
worked overtime and earned at least CNY5,000 (US$746) monthly in
the past few months."

The Post says local media reported that the company has offered
generous redundancy packages to its workers. Emails to Stanley
Black & Decker seeking comment have gone unanswered.

According to the report, the worker confirmed that many private
electronics factories were trying to recruit laid-off workers at
the factory's gate, but she said most recruiters were not offering
pay and welfare benefits comparable to what she and her colleagues
were receiving.

Another employee at the factory gate, who also declined to be
named, speculated that the upcoming expiration of the company's
land lease could have been a factor in the closure, the Post says.
Land lease prices have been surging in Shenzhen due to limited
supply.

"Some of us guessed that the factory's days were numbered, as the
land lease would expire next February," she said. "The Shenzhen
factory focused on supplies to the US market, but in the past
couple of years, we had been producing semi-finished products and
shipping them to Vietnam's plant for assembly."

The Post says the factory's closure also serves as further evidence
of Shenzhen's transition from a manufacturing base, which relies
mainly on relatively cheap land and labor, to a technology hub –
i.e. China's answer to Silicon Valley. The drab factory buildings
in the area, as well as small roadside shops, no longer mesh with
Shenzhen's ambitions of becoming a model socialist city in China.

But the departure of Stanley Black & Decker Precision Manufacturing
was even more surprising after the state-run Guangdong Television
ran a report on the factory in September, pointing to it as a
success story amid celebrations for the 40th anniversary of
Shenzhen being named a special economic zone, the report states.

The report claimed that the company was planning to continue
investing in automation and digitisation, with an aim of turning it
into a "smart" factory by 2028, adds the Post.



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

CLSA PREMIUM: Second EGM Scheduled for December 2
-------------------------------------------------
Finance Magnets reports that Hong Kong-headquartered CLSA Premium
Limited, a foreign exchange (forex) broker, has scheduled its
second emergency general meeting (EGM) to decide on the proposed
winding up of its business.

In a filing submitted to the Hong Kong stock exchange (HKEX), the
brokerage announced the scheduled voting date for December 2, the
report relates.

This is the second time CLSA shareholders are deciding on the
winding up of the brokerage business, Finance Magnets. The previous
proposal went under voting in July, and a majority of shareholders
voted against the wind up of business.

It is to be noted that to pass any such requisition proposal, 75
percent of the votes need to be in favor of it.

Despite the decision, the same shareholder of the brokerage again
moved a request to put forward a vote to wind up its operations,
says Finance Magnets. The brokerage also revealed that the
Requisitionist is currently holding 300 million shares,
representing approximately 14.75 percent of CLSA's issued shared
capital.

"THAT in view of the failure by the Company to comply with Rule
13.24 of the Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited due to its insufficient level of
operations and its poor financial situation, the Company be wound
up by the Grand Court of the Cayman Islands and the available
surplus assets on liquidation be distributed amongst the members of
the Company in accordance with its articles of association and the
Companies Law (2020 Revision)," the requisition request proposed,
Finance Magnets relays.

Finance Magnets adds that the CLSA board approved the voting
process on the requisition request to honor the shareholder's
rights.

Meanwhile, New Zealand's Financial Markets Authority (FMA) has
imposed additional conditions on CLSA's derivatives issuer license
in September as the company's auditor failed to complete the audit
work for its local subsidiary, Finance Magnets relays.

CLSA Premium Ltd is an investment holding company principally
engaged in the provision of leveraged foreign exchange, commodity
and index trading services.




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

ADISH MINERALS: CRISIL Migrates B Ratings from Not Cooperating
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Adish Minerals Private Limited
(AMPL) to 'CRISIL B/Stable Issuer not cooperating'. However, the
company's management has started sharing the information necessary
for carrying out a comprehensive review of the rating.
Consequently, CRISIL is migrating its rating to 'CRISIL B/Stable'
from 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Term        10         CRISIL B/Stable (Migrated from
   Loan                            'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Working      9         CRISIL B/Stable (Migrated from
   Capital Facility                'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating continues to reflect AMPL's exposure to project-related
risk and working capital-intensive operations. These weaknesses are
partially offset by the extensive entrepreneurial experience of the
promoters and ready demand for the company's product (chrome
concentrate).

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to project-related risk: With operations set to commence
from fiscal 2022, implementation risks are sizeable as the company
is already facing time and cost overruns. Hence, successful and
timely ramp-up of the project will remain a key rating sensitivity
factor.

* Working capital-intensive operations: Gross current assets are
expected to be around 100 days over the medium term on account of
sizeable inventory as some of the raw materials are seasonal and
have to be stored to maintain uninterrupted order flow.

Strengths:

* Longstanding presence of the promoters: Experience of around two
decades in diversified industries has helped the promoters to
develop business relationships in the region.

* High demand for chrome concentrate: The company's product, chrome
concentrate, finds application in the stainless steel, ferro
chrome, and metallurgy segments. Due to scarcity of chrome
concentrate, especially the high-grade variety, there is huge
demand for AMPL's product, which will continue to provide fillip to
business risk profile over the medium term.

Liquidity Stretched

Expected cash accrual of INR2.15 crores would be sufficient to meet
term debt obligation of INR0.39 crores in fiscal 2022. Debt service
coverage ratio is expected to be 1.25 times. Current ratio was
estimated to be moderate at around 2 times as on March 31, 2020.
Bank limit utilisation is likely to be high due to working
capital-intensive operations.

Outlook: Stable

CRISIL believes AMPL will continue to benefit from the extensive
entrepreneurial experience and funding support of its promoters.

Rating Sensitivity factors

Upward factors
* Timely implementation of project and commencement of commercial
operations, and quick ramp-up of capacity
* Revenue of more than INR45 crore and steady operating margin of
15% leading to cash accrual over INR3 crore

Downward factors
* Delay in project completion and commencement of commercial
operations
* Lower-than-expected sales and margin leading to accrual below
INR1.5 crore

Incorporated in 2018 and promoted by Mr. Nrusingha Charan Parida
and Mr. Narayan Chandra Parida, AMPL is setting up a chrome ore
beneficiation plant in Odisha to manufacture chrome concentrate
with installed capacity of 1,20,000 tonne per annum.

ANUSHKA MOULDS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Anushka Moulds and Dies Private Limited
        Godown No. 68A
        Kandivali Co-Op. Industrial Estate
        Government Industrial Estate
        Charkop, Kandivali (West)
        Mumbai, Maharashtra 400067

Insolvency Commencement Date: October 16, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 13, 2021

Insolvency professional: Kanak Jani

Interim Resolution
Professional:            Kanak Jani
                         17, Sai Moreshwar Luxuria
                         Plot No. 74, Sector 18
                         Khargar
                         Next to Sanjeevani
                         International School
                         Navi Mumbai
                         Maharashtra 410210
                         E-mail: kanakj@yahoo.com

                            - and -

                         Indian Mercantile Mansion (Extn.)
                         4th Floor
                         Madame Cama Road
                         Dr. Ambedkar Statue Chowk Area
                         Opp. Regal Cinema
                         Colaba, Mumbai
                         Maharashtra 400001
                         E-mail: kanakjani.associates@gmail.com

Last date for
submission of claims:    November 4, 2020


BALAJI AGRO: CRISIL Migrates B Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Balaji
Agro Industries (SBAI) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          3.00       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-
   Based Bank Limits     .05       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan            3.95       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SBAI for obtaining
information through letters and emails dated July 31, 2020, October
9, 2020 and October 14, 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 SBAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SBAI is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SBAI to
'CRISIL B/Stable Issuer not cooperating'.

SBAI was established in 2018, it is located in Telangana with
installed rice milling capacity of 30000 MTPA which is expected to
commence operations shortly. SBAI is owned and managed by Mr. Thota
Pullaiah and Mr. Thota Venkatesh.

BHARAT PAPERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bharat Papers Limited

        Registered address:
        Village Bhamian Kalan
        Tajpur Road
        Ludhiana PB 141001

        Principal office:
        Village Logate
        Teh. Kathua
        Jammu and Kashmir

Insolvency Commencement Date: October 1, 2020

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 17, 2021
                               (180 days from commencement)

Insolvency professional: Navneet Gupta

Interim Resolution
Professional:            Navneet Gupta
                         #1598, Level-1
                         Sector 22-B
                         Chandigarh 160022
                         E-mail: navguptaca@gmail.com
                                 ip.bharat22@gmail.com

Last date for
submission of claims:    November 3, 2020


CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Chintapally Sai Baba
Energy Private Limited (CSEPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CSEPL for obtaining
information through letters and emails dated March 17, 2020 and
September 30, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating 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 CSEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CSEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CSEPL
continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in August 2013 and promoted by Mr. Sanjeev Kumar, Ms
Indu Mouli, Vainavi Energy Ventures Pvt Ltd, and Mr. Panati Radha
Krishna Reddy, CSEPL has set up a 2-megawatt power plant in
Nalgonda, Telangana.

CUBE INDIA: CRISIL Migrates D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Cube India
Paper Mills Private Limited (CIPM) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.50       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    3.41       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan            13.09       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CIPM for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 and October 14, 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 CIPM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CIPM is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of CIPM to
'CRISIL D Issuer not cooperating'.

Incorporated in December 2014 and promoted by Mr. Hareesh
Chimaneni, Mr. Pothu Raju, and Mr. Motukari Laxman Kumar, CIPM
manufactures kraft paper at its facility in Narasaraopet, Guntur
district, Andhra Pradesh. Commercial operations began from November
2016.

DEE VEE: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dee Vee Projects
Limited's (DVPL) Long-Term Issuer Rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limit downgraded with
     IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR1,758.7 bil. Non-fund based working capital limit
     downgraded with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR430 mil. Term loan due on December 2025 downgraded with IND

     BB+ (ISSUER NOT COOPERATING) rating;

-- INR60 mil. Proposed fund-based working capital limit*^
     downgraded and assigned with IND BB+ (ISSUER NOT COOPERATING)

     rating; and

-- INR691.3 mil. Proposed non-fund-based limit*# downgraded and
     assigned with IND A4+ (ISSUER NOT COOPERATING) rating.

*The provisional rating of the proposed fund-/non-fund-based
facilities has been converted to final rating as per India Ratings'
updated policy. This is because the agency notes that debt
seniority and general terms and conditions of the proposed limits
tend to be uniform across lenders, and are not a rating driver.

^Downgraded to Provisional IND BB+ (ISSUER NOT COOPERATING) before
being assigned

#Downgraded to Provisional IND A4+ (ISSUER NOT COOPERATING) before
being assigned

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having investment-grade
rating remaining non-cooperative with rating agency for more than
six months should be downgraded to a sub-investment grade rating.

The current outstanding rating 'IND BB+ (ISSUER NOT COOPERATING)'
may not reflect DVPL's credit strength as the issuer has been
non-cooperative with agency since February 17, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using the ratings.

COMPANY PROFILE

Incorporated in 2012, DVPL undertakes construction work of
buildings, roads, and housing projects for state government
agencies in Chhattisgarh, Madhya Pradesh, Odisha, Jharkhand and
Maharashtra. Its corporate office is in Korba, and its registered
office is in Raipur, Chhattisgarh. Nanji Bhai Patel, promoter and
director, looks after the company's finance. The other directors,
Dinesh Patel, Vikas Ranjan Mahto, and Navin Patel contribute to the
overall management of the company.


ENALTEC LABS: CRISIL Lowers Rating on INR26cr LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Enaltec
Labs Private Limited (ELPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Export Packing         6         CRISIL D (Downgraded from
   Credit                           'CRISIL B/Stable')

   Letter of Credit      11         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Long Term Loan        26         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Packing Credit in     15         CRISIL D (Downgraded from
   Foreign Currency                 'CRISIL A4')

   Proposed Long Term    15          CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

The downgrade reflects delay in meeting principal and interest
obligation on its term loan in the month of September, 2020. The
management is looking at equity infusion in near term to ease out
the liquidity pressure, which will remain a key monitorable.

ELPL has working capital-intensive operations, a subdued financial
risk profile, moderate scale amid intense competition and volatile
profit margin. These weaknesses are partially offset by extensive
experience of the promoters in the pharmaceutical industry.

Analytical Approach
Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing the interest and principal on term loan: Cash
flow mismatches have led to delays of 7 days in servicing of
maturing debt obligations and interest payments in September 2020.
Improvement in liquidity with pick-up in business and funds
infusion, will remain monitorable.

* Working capital-intensive operations: Gross current assets are at
313 days as on March 31, 2020, due to sizeable inventory of 141
days on account of large inventory of raw materials and work-in
progress. The debtors were moderate at 69 days. Working capital
requirement partly is funded by stretching credit from suppliers
and with high utilization of bank lines.

* Subdued financial risk profile: The total outside liabilities to
adjusted networth (TOLANW) and gearing were high, at 3.78 times
1.59 times, respectively, as on March 31, 2020. This is on account
of large debt funded capital expenditure incurred in near past and
high dependence on working capital requirements. The interest
coverage and net cash accrual to total debt ratios were weak in
fiscal 2020 due to cash losses.

* Moderate scale amid intense competition: Revenues have declined
to RS. 117.25 crore in fiscal 2020 from Rs. 188.09 crore in fiscal
2019.The Indian active pharma ingredient (API) industry has a large
number of unorganised players, on account of  low entry barrier.
This further restricts bargaining power with customers and
suppliers, leading to low profitability.

* Volatile operating margins: Operating margins have remained
volatile in past three fiscals ended March 31, 2020 on account of
volatility in the prices of key raw materials. The company recorded
losses in fiscal 2020 due to delay in stabilisation of the newly
set-up manufacturing unit in Pithampur, Madhya Pradesh. Although,
profitability has improved in H1 of fiscal 2021, sustenance of the
same will be monitored.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of more than 2 decades in the pharmaceutical
industry. This had given them a sound understanding of the
industry.

Liquidity Poor
The poor liquidity reflected in delays in servicing debt obligation
in September, 2020. The fund-based limit of INR43 crore was
utilised at an average of 95% during the 12 months through April
2020, and continues to be highly utilized currently.

Rating Sensitivity Factors

Upward factors
* Track record of timely servicing of debt for at least 90 days
* Sustained growth in revenue and operating margins, leading to
higher cash accrual to support liquidity.

ELPL was incorporated in 2006, promoted by Mr. Anand Shah and Mr.
Susheel Koul; in 2017, 48% stake was acquired by India Life
Sciences Fund II. The company manufactures bulk drugs and
undertakes research and development for APIss for domestic and
global clients. It has manufacturing unit at Indore, Madhya
Pradesh, which is equipped with 50 reactors.

GAURAV BHARTI: CRISIL Migrates D Debt Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated its ratings Gaurav Bharti Shiksha Sansthan
(GBSS) to 'CRISIL D Issuer not cooperating'. However, the
management has subsequently started sharing information, necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating its ratings to 'CRISIL D'.

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

CRISIL rating reflects recent delays by GBSS in servicing its term
debt obligations. The trust has delayed the repayment of its
installment of September, 2020.

The rating reflects modest scale of operations and exposure to
regulatory risks associated with educational institutions. These
weaknesses are partially offset by extensive experience of
management in education industry.

Key Rating Drivers & Detailed Description

* Recent instance of delay in repayment obligation of term loan

Weaknesses

* Modest scale of operations: GBSS has modest scale of operations
as reflected in estimated operating revenues of INR9.6 crore in
fiscal 2020. The trust's revenue has remained stagnant over the
past few years due to its limited intake capacity and cap on the
fee charged by the governing authorities in most of the courses
offered by it.

* Exposure to regulatory risks associated with educational
institutions: Educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), AICTE, universities, and state
governments. Each body has detailed procedures for granting
permission to set up institutions, and approvals need to be renewed
every three to five years. Any non-compliance will result in
cancellation of affiliation or license leading to loss of
reputation for the college and revenue for the society.

Strengths
* Extensive experience of the management: The management's
experience of over a decade and their understanding of local market
dynamics should continue to support the business.

Liquidity Poor

Liquidity is weak as reflected in delays in servicing of term debt
obligations. Also, the delays in receipt of fee due to COVID19
situation has led to cash flow mismatched thus, constraining the
liquidity.

GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust
runs the Sardar Bhagwan Singh (PG) Institute of Biomedical Sciences
& Research. The institute, recognized by the All India Council of
Technical Education, is located at Balawala, Dehradun
(Uttarakhand). The trust has also opened an engineering college in
FY16.

GREESHMAM RESORTS: CRISIL Lowers Rating on INR18.5cr Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Greeshmam Resorts Private Limited (GRPL) to 'CRISIL B/Stable'
from 'CRISIL BB-/Stable'.

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Term Loan          18.5       CRISIL B/Stable (Downgraded from
                                 'CRISIL BB-/Stable')

The downgrade reflects expected deterioration in both the business
and financial risk profile over the medium due to COVID-19 pandemic
and its impact on tourism industry. While the operations have
resumed at present, loss of business during the first half of
fiscal 2021 and likely muted performance going forward on account
of COVID-19 pandemic should constrain the financial risk profile
and liquidity of the company over the medium term.

The rating continues to reflect promoters' extensive experience in
the hospitality segment supporting business risk profile. These
rating strength is partially offset by the modest scale of
operations in the intensely competitive and cyclical hospitality
industry and geographical concentration in revenue profile.

Key Rating Drivers & Detailed Description

Strength:

* Promoters' extensive experience in the hospitality segment
continues to support business risk profile: The promoter of GRPL,
Mr. N.K.Mohamed, has an experience of over 25 years in similar
business line and was awarded as the 'Tourism Man of the Year 2002'
by South Indian Tourism Promotion Council during Global Kerala
Festival held at 'House of Commons' in London. Promoter's
experience and understanding of nuances in the tourism and
hospitality sector should continue to support the business risk
profile.
    
Weaknesses:

* Modest scale of operations in an intensely competitive and
cyclical hospitality industry: GRPL has a modest scale of
operations and is exposed to cyclicality in the hospitality
industry. The company's revenues in fiscal 2020 was at Rs. 21.7
crores showcasing its modest scale of operations in the intensely
competitive hospitality segment. The hospitality industry is
susceptible to downturns in the domestic and international
economies.

* Geographical concentration in revenue profile: The company
derives its entire revenue off one single property in Wayanad,
Kerala leading to geographical concentration in revenue. The
company shall remain vulnerable to climate change in the region as
seen in fiscal 2019 where operations were impacted and property
partly damaged on account of flood in the region.

Liquidity Stretched
Liquidity is stretched. Bank limit of INR0.25 crores have been
fully utilised during the last 6 months ended June 2020. Cash
accrual are expected to be inadequate over the medium term to meet
the repayment obligation. However, COVID emergency loan of INR5.5
crores sanctioned by its banker and need based fund support from
promoters should support the liquidity over the medium term. The
company had availed both the moratorium due to COVID-19 pandemic.

Outlook: Stable

CRISIL believes GRPL will continue to benefit from the promoters'
extensive experience in the industry over the medium term.

Rating Sensitivity factors

Upward factor
* Large increase in scale of operations and profitability
* Accruals to repayment of over 1.2 times

Downward factor
* Large decline in scale of operations and operational losses
* Inadequate accruals to meet the debt obligations.

Started in 2010, GRPL is engaged in operation of a hotel & resort
by name "Vythri Village" in the Wayanad District of Kerala. The
promoter has an experience of more than two decades in similar line
of business. The company has a tie up with 65 travel agents
including Makemytrip. Vythri is among one of the 50 resorts in Club
Mahindra's website.

JIWANRAM SHEODUTTRAI: CRISIL Moves D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jiwanram
Sheoduttrai Industries Private Limited (JSIPL) to 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        .25       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Foreign Bill         8.00       CRISIL D (ISSUER NOT
   Discounting                     COOPERATING; Rating Migrated)

   Letter of Credit     1.00       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit      10.00       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-      13.20       CRISIL D (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JSIPL for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 and October 14, 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 JSIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JSIPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of JSIPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

JSIPL, incorporated in 1997 and promoted by Mr. Alok Prakash, is
based in Kolkata. The company manufactures leather-based protective
gloves, garments, and accessories.

KGN MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of K G N Motors Private
Limited (KMPL) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Rupee Term Loan         5        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KMPL for obtaining
information through letters and emails dated March 17, 2020 and
September 30, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating 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 KMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KMPL
continues to be 'CRISIL D Issuer Not Cooperating'.

KMPL was incorporated in 2007, promoted by Mr. Mubin Riaz Inamdar.
The company is an authorised dealer of ALL for sales and service of
its entire range of commercial vehicles. The company currently has
three 3S (sales, service, and spares) showrooms in Pune.

KISAN MOULDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kisan Mouldings
Limited (KML) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          107         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest       15.15      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter Of Guarantee    6.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      49.75      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        61.80      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .05      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       47         CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with KML for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 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 KML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KML is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KML
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1989 as a private-limited company, Sanwaria
Synthetics Pvt Ltd, KML was converted into a publiclimited company
under the current name in 1993. It manufactures a variety of
moulded and plastic pipes and fittings, irrigation systems, moulded
furniture, solvent cement, and rubber lubricants. The company has
manufacturing facilities in Silvassa (Dadra and Nagar Haveli),
Tarapur (Maharashtra), Baddi (Himachal Pradesh), Dewas (Madhya
Pradesh), Raipur (Chhattisgarh) and Tumkur (Karanataka). The
company is currently listed on Bombay Stock Exchange.

MAHIDHARA PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Mahidhara Projects
Private Limited (MPPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Secured Overdraft       5        CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with MPPL for obtaining
information through letters and emails dated April 18, 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 MPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MPPL
continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2007, Chennai-based Mahidhara develops residential
real estate projects in Chennai and Bengaluru. Its operations are
managed by the managing director, Mr. T Prashanth Reddy, and the
executive director, Mr. Ramakrishna Prasad.

MALWA FRESH: CRISIL Migrates B Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Malwa Fresh
Foods (MFF) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Long Term Loan         5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             15.22     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MFF for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 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 MFF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MFF is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MFF to 'CRISIL
B/Stable Issuer not cooperating'.

MFF was set up in December 2013 as a partnership firm by Mr. Rahul
Garg, Mr. Amit Garg, Mr. Sukhwinder Singh, Mr. Ajay Gupta, and Mr.
Inderjit Singh. The firm has set up a controlled-atmosphere cold
storage facility with total capacity of 5,040 tonne (with 24
chambers) at Rampura Phul, Punjab. Commercial operations began in
April 2017. It provides cold storage facility for potatoes and
apples, along with other products, for institutional customers. The
firm also trades in fruits and vegetable and is expected to use 50%
of the capacity for trading stock after enhancing the capacity by
1,000 tonne in fiscal 2020.

MEENAKSHI ENERGY: Ind-Ra Affirms 'D' Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Meenakshi Energy
Limited's (MEL) bank loans' rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The detailed instrument-wise rating actions are:

-- INR10.570 bil. Senior bank loan phase I (Long-term) affirmed
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR23,311.7 bil. Senior bank loan phase II (Long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR11.310 bil. Additional term loan (Long-term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The affirmation reflects MEL's continued delays in debt servicing.
MEL has been admitted into the insolvency process in accordance
with the National Company Law Tribunal's order dated November 7,
2019. The company is undergoing the corporate insolvency resolution
process and is being managed by a resolution professional. As per
the Central Electricity Authority, the company's 300MW capacity was
not operational over FY20-1HFY21 and the construction of 700MW has
been stalled.

RATING SENSITIVITIES

Positive: Clarity on business continuity and timely debt servicing
for at least three consecutive months will lead to a positive
rating action.

COMPANY PROFILE

MEL, founded by the Meenakshi Group of companies, is implementing
coal-based thermal power plants of 300MW (2 X 150MW) and 700MW (2 X
350MW) in two phases in the coastal area of Thaminappatnam in
Andhra Pradesh at a cost of INR14,280 million and INR50,050
million, respectively. The phase I of the project has been
operational since April 2013, while the phase II is under
construction.


MOUNT ZION: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mount Zion Medical
College (MZMC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        14.61      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft              1.50      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Established in 2014 at Adoor, Kerala, by Dr. K J Abraham Kalamannil
(founder-chairman of Charitable Education and Welfare Society;
CEWS), MZMC operates a medical college with capacity of 100
students; first academic session was in 2014-15. Mount Zion Medical
College Hospital, established in 2012, is a 300-bed,
multi-speciality hospital. Both these institutes are managed by
CEWS.

MRIDHUL TIMBERS: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mridhul
Timbers Private Limited (MTPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

   Proposed Long Term     7.75     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Working Capital        0.25     CRISIL D (ISSUER NOT
   Demand Loan                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MTPL for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 and October 14, 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 MTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MTPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MTPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2009, Kerala-based MTPL trades in timbers such as
teakwood, koila and pincoda. The company is a part of Keyes group
of industries.

MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Muthumari
Charitable and Educational Trust (SMCET) continues to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              7         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a
trust registered under the Indian Trust Act, 1881.The trust offers
undergraduate courses in engineering and teacher education courses
and also runs a school. The operations of the trust are managed by
Mr. Periyasamy.

NARMADA IRON: CRISIL Withdraws B+ Ratings on INR35cr Loans
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Narmada
Iron and Associates Private Limited (NIAPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Electronic Dealer      20       CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                COOPERATING; Rating Withdrawn)
   (e-DFS)                
                                 
CRISIL has been consistently following up with NIAPL for obtaining
information through letters and emails dated November 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NIAPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on NIAPL is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has Continues
the ratings on the bank facilities of NIAPL to 'CRISIL B+/Stable
Issuer not cooperating'.

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

Established in 1998 as Narmada Enterprises, the firm was renamed
NIAPL and reconstituted into a private limited company. After
trading in steel long products initially, the company diversified
into steel flat products, comprising hot-rolled (HR) coils, HR
sheets and plates, and cold-rolled coils. Operations are handled by
directors, Mr. Sankar Sultania and Mr. Amar Sultania.

NITINSAI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nitinsai
Constructions Private Limited (NCPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit/           1.5       CRISIL D (ISSUER NOT
   Overdraft facility               COOPERATING)

   Inland/Import          2         CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING)

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

NCPL was set up in 2010 by Mr. Y Krishna Murali and his family. The
company is in the civil construction business, and undertakes
irrigation works and construction of roads and railway bridges.
NCPL is based in Hyderabad.

OPAL LUXURY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Opal Luxury Time
Products Limited (OLTPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Cash Credit            8         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       5         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with OLTPL for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 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 OLTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on OLTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of OLTPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Based in Pune (Maharashtra), OLTPL was incorporated in 2007. The
company was listed on the National Stock Exchange's SME (small and
medium enterprise) platform in fiscal 2013. The business was
earlier carried out under a partnership firm, Opal Industries,
established in 1996. OLTPL manufactures a variety of premium wall
clocks under its registered brands, Opal and Caliber.

ORIENTAL TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Oriental Textiles
Industries (OTI) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

Set up in 1991 as a partnership firm by Mr. Rajeev Goel, Ms Shashi
Goel, and Mr. Anuj Goel; and reconstituted as a proprietorship firm
of Mr. Rajeev Goel in December 2017, OTI trades in textile
products, especially woollen fabric, including premium blankets and
shawls. Registered office is in Ludhiana.

PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of PCI Limited (PCI)
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           28         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit      52         CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Rupee Term Loan        5.93      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

PCI, set up in 1986 by Mr. Surinder Mehta, is the flagship company
of the Prime group. It provides technology-related solutions to
various industries, especially the power sector. Its activities
include marketing, distribution, and after-sales service support
for power testing, maintenance, and conditioning equipment, and
machine tools. Furthermore, it owns three windmills with combined
capacity of 4.5 megawatt in Kutch, Gujarat.

PK GLOBAL: CRISIL Migrates D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PK Global
Power Private Limited (PKGPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         6        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            4        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit       2.25     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              1.96     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PKGPL for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 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 PKGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PKGPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of PKGPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

PKGPL started operations as a proprietorship firm in 2000 and was
reconstituted as a private limited company in 2017. The company
manufactures electro porcelain disc insulators for high extension
wires. It has been promoted by Mr. Prashant Gupta, based out of
Bhopal.

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

Set up as a partnership concern by Ms Ravuri Suseela and his family
members in 2005, PE processes and sells flue-cured Virginia
tobacco, which is used mainly in manufacturing cigarettes, and pipe
and chewing tobacco. The firm is based at Tanguturu in Prakasam
(Andhra Pradesh).

R. L. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of R. L. Agro Industries
(RLAI) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.13       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan    2.37       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Warehouse            10.50       CRISIL D (ISSUER NOT
   Financing                        COOPERATING)

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

RLAI, a partnership firm set up by Mr. Krishan Gopal and Mr.
Chanchal Kumar in 2010, mills and processes basmati and non-basmati
rice, which it sells in the domestic market. Its plant is in
Gurdaspur, Punjab.

RAICHUR LABORATORIES: CRISIL Moves D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raichur
Laboratories Private Limited (RLPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        15        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              2.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit           1.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RLPL for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 and October 14, 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 RLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RLPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of RLPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

Established in 2013 as a private limited company, Raichur
Laboratories Private Limited (RLPL) is engaged manufacturing Active
pharmaceuticals intermediates (APIs) and its intermediates. It has
a manufacturing unit at Raichur, Karnataka. The company is promoted
by Mr.Giridhar Gopal. The company started its commercial operations
in December 2016.

RASHMI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Rashmi Realty Builders
Private Limited (RRBPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            32        CRISIL D (ISSUER NOT
                                  COOPERATING)

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

RRBPL was promoted in 2010 by the Bosmiya family of Mumbai and
undertakes development of residential real estate properties. The
Bosmiya family has been undertaking residential and commercial real
estate development projects and broking and contractual
construction since 1993 through its various group companies,
collectively referred to as the Rashmi group. The management of the
group rests with four brothers of the Bosmiya family: Mr. Deepak
Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra Bosmiya, and Mr. Ashok
Bosmiya.

SHAROFF STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Sharoff Steel Traders
(SST) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           19         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 1987, SST trades in various types of steel products
such as channels, hot-rolled (HR) plates, and HR coils. Operations
of the Bengaluru-based firm are managed by Mr. Anil Agarwal and his
family.

SURYA INDUSTRIES: CRISIL Assigns B+ Rating to INR8cr Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Surya Industries (Warangal) (SIW) and assigned its
'CRISIL B+/Stable' rating. CRISIL had suspended the rating on
December 12, 2014, as SIW had not provided necessary information to
maintain a valid rating. SIW has now shared the requisite
information, enabling CRISIL to assign a rating to the bank
facility.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

The rating reflects susceptibility to climatic conditions and
volatility in raw material prices, modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoters in the rice
milling business and proximity to paddy growing region.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to climatic conditions and volatility in raw
material prices:  The crop yield of agricultural commodities is
dependent on adequate rainfall and favourable climatic conditions.
Thus, SIW is exposed to the risk of limited availability of its key
raw material during an unfavourable season. Also, production may be
impacted by pests or crop infection, leading to higher
unpredictability in production and pricing of agricultural
commodities and derived products.

* Modest scale of operations: Intense competition constrains the
firm's scalability, as reflected in modest revenue of INR30.61
crore in fiscal 2020, and operating flexibility.

* Large working capital requirement: Gross current assets were at
165-190 days over the three fiscals through 2020. The working
capital requirement is large because of sizeable receivables and
inventory.

Strengths:

* Extensive experience of the promoters:  The promoters' experience
of over two decades in the rice milling business, understanding of
market dynamics and established relationships with suppliers and
customers will continue to support the business.

* Proximity to paddy growing region:  The milling facility is
located in Warangal, Telangana, which is one of the prime
rice-producing regions in India. Therefore, the firm gets abundant
and quality supply of paddy. Close proximity to the rice-producing
belt has helped the firm to establish healthy relationships with
paddy growers and avoid extra costs such as brokerage and
transportation.

Liquidity Stretched
Bank limit utilisation was moderately high at around 80% for the 12
months through June 2020. Cash accrual expected at INR0.95-1.25
crore per annum in fiscals 2021 and 2022 will just about cover
yearly term debt obligation of INR0.75-1.15 crore. Current ratio
was moderate at 1.22 times in fiscal 2020.

Outlook: Stable

CRISIL believes SIW will continue to benefit from the extensive
experience of the promoters and established relationships with
clients.

Rating Sensitivity factors

Upward factors
* Steady increase in revenue by 20% and stable operating margin
leading to higher cash accrual
* Improvement in the working capital cycle

Downward factors
* Decline in operating profitability or stretched working capital
cycle
* Large, debt-funded capital expenditure further weakening the
capital structure, with gearing above 2.5 times

SIW was established in 1998 by Mr. T Sampath Kumar and Ms T
Thirumala Devi. It mills and processes paddy into rice. The
manufacturing facility is located in Warangal, Telangana.

THANDEKKATTU VARKEY: CRISIL Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Thandekkattu
Varkey Kunhu Benoy (TVKB) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        1.2       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           5.4       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.15      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Working Capital       2.25      CRISIL D (ISSUER NOT
   Demand Loan                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TVKB for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 ad October 14, 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 TVKB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TVKB is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of TVKB to
'CRISIL D/CRISIL D Issuer not cooperating'.

Thandekkattu Varkey Kunhu Benoy is a Wayanad (Kerala) based civil
construction firm involved in construction of roads and bridges for
Kerala Public Works Department (PWD). The day to day operations of
the firm are managed by the proprietor Mr. TV Benoy.


VENUS REMEDIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Venus Remedies
Limited (VRL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          105         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        9.57      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of Credit      25.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit       9         CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Term Loan            146.77      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Established in 1991 by Mr. Pawan Chaudhary, VRL has presence in
both branded and generic products. The company is mainly present in
Critical care segment manufacturing parenterals like
cephalosporins, carbapenems and oncology drugs in lyophilized form,
infusions and small volume parenterals used for treating varied
ailments like bacterial infections and Cancer. Currently 75
products of the company are in market out of which more than 20
products are related to Oncology and 15 are research-based products
with patent approvals from emerging and regulated markets. The
company filed 360 global patents, of which 85+ were granted and
about 275 are at advanced approval stages. The patents cover 51
countries across Europe, North America, the Far East, Australia,
South America, Africa and the ASEAN.



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

ALAM SUTERA: S&P Raises ICR to 'CCC' on Completed Exchange Offer
----------------------------------------------------------------
On Nov. 3, 2020, S&P Global Ratings raised its long-term issuer
credit rating on PT Alam Sutera Realty Tbk. to 'CCC' from 'D'. S&P
also raised its long-term issue rating on the Indonesia-based
property developer's guaranteed senior unsecured notes due in 2021
and 2022 to 'CCC' from 'D'.

S&P said, "We raised the ratings following Alam Sutera's completed
exchange and placement of its US$171.4 million notes due in 2024
and US$251 million notes due in 2025. The exchange has
substantially extended the company's debt maturity profile. Alam
Sutera still has outstanding notes of US$16 million due in April
2021 and US$46.6 million due in April 2022. Our base case assumes
that the company will repay the notes maturing in 2021 using
internally generated cash, and redeem or refinance the notes due in
2022.

"Our rating on Alam Sutera reflects the company's unsustainable
capital structure, and weak operating cash flow and liquidity over
the next 12 months.

"The exchange transaction that Alam Sutera completed on Nov. 2,
2020, did not substantially reduce the company's debt. We estimate
Alam Sutera's debt will stay at about Indonesian rupiah (IDR) 7.9
trillion over the next two years. That level is high compared with
the company's potential earnings and cash flow generation capacity
over the period. We project the company's debt-to-EBITDA ratio will
stay above 6x through 2022.

"Alam Sutera's liquidity will continue to erode gradually after the
transaction, despite lower interest expense on the new notes and
the payment-in-kind nature of the first interest. Our base case
assumes the company will have sufficient cash flow until the end of
2021 or early 2022. By then, we believe its cash balances will be
barely enough to cover the operating expenses.

"Slow marketing sales will hinder Alam Sutera from accumulating
positive cash flows through 2021. The company will steadily collect
cash from its sales backlog in 2020 and 2021. However, we forecast
it will incur negative discretionary cash flow of IDR250 billion in
the second half of 2020 and IDR100 billion-IDR150 billion in 2021.
This is due to Alam Sutera's ongoing quarterly cash burn of IDR100
billion–IDR150 billion in 2021, from construction, capital
expenditure to fuel future sales, and interest expenses. Our
forecast assumes annual marketing sales of IDR2 trillion-IDR2.3
trillion over 2020-2021, 25% less than in 2019.

"We forecast Alam Sutera's cash balance will fall to a marginal
IDR50 billion–IDR100 billion by end-2021, compared with cash and
equivalents of about IDR888 billion as of June 30, 2020. The
deterioration will be driven by negative discretionary cash flow,
redemption of residual notes due in 2021, and repayment of
long-term bank loan amortization."

Alam Sutera's limited funding diversity will reduce the company's
ability to fund any unexpected shortfall in operating cash flows
through 2021, creating refinancing risk for the residual 2021 and
2022 notes. Following the exchange, U.S. dollar bonds represent
about 90% of the company's debt.

Alam Sutera still faces fragile liquidity and refinancing risk over
the next 12-18 months. Therefore, S&P is likely to treat any
capital market transaction related to the outstanding 2021 and 2022
notes, including secondary market buybacks below par, as
distressed.

The negative outlook reflects Alam Sutera's unsustainable capital
structure and potential for downgrade in the next six to 12 months
due to refinancing risk on the residual 2021 and 2022 notes.

S&P could lower the ratings if Alam Sutera does not fully address
the maturities of the residual 2021 and 2022 notes by the third
quarter of 2021.

S&P would lower the ratings to 'SD' if Alam Sutera undertakes
capital market transactions related to its 2021 or 2022 notes that
it assesses as constituting a distressed exchange, such as capital
market purchases below par.

A positive rating action would be contingent on a sustainable
capital structure, such as reduction in refinancing risk over the
next two years, lengthening of the debt maturity profile, and
sufficient liquidity.


INDONESIA: Struggling to Deploy Stimulus Funds as Recession Looms
-----------------------------------------------------------------
Arys Aditya and Claire Jiao at Bloomberg News report that Indonesia
has spent only about half of its pandemic relief funds even as the
economy faces its first recession in more than two decades.

As of Nov. 2, the government has disbursed 52.8% of the IDR695
trillion ($48 billion) targeted to help businesses and consumers
weather the impact of the pandemic. It's unlikely to spend the
entire budget this year, Bloomberg says. Budi Gunadi Sadikin, who
leads the national economic recovery task force, expects to spend
just another IDR100 trillion this quarter, he told reporters on
Nov. 4, Bloomberg relays.

According to Bloomberg, President Joko Widodo called on his
ministers to accelerate spending as he sees Southeast Asia's
largest economy contracting by around 3% in the third quarter. That
would push Indonesia into a technical recession after a 5.32% drop
in the second quarter, Bloomberg states. Jokowi, as the president
is known, told his officials to get a head start on 2021 projects
to help growth rebound to 4.5% to 5.5% next year.

Indonesia has done better disbursing the social protection portion
of the fund, spending 86.5% of the target, while business
incentives lag, with only 29% of the budget spent so far, Sadikin
said, adds Bloomberg.



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

ANA HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to B+
--------------------------------------------------------------
Egan-Jones Ratings Company, on October 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ana Holdings Inc. to B+ from BB-.

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




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

AIRASIA GROUP: BOC Aviation Opposes Debt Restructuring Plan
-----------------------------------------------------------
The Edge Malaysia reports that Airasia X Bhd's (AAX) plan to
restructure MYR63.49 billion worth of debt owed to its creditors
has already hit a few hurdles. The Edge has learnt that BOC
Aviation Ltd -- one of the 1,200 unsecured creditors that are being
asked to write down their dues by AAX -- has applied to intervene
in the long-haul, low-cost carrier's application for leave to hold
a scheme creditors' meeting to vote on the scheme.

According to the report, people familiar with the matter said BOC
Aviation has filed an intervention application in the Kuala Lumpur
High Court for its objections to the proposed debt restructuring
scheme to be heard. AAX is seeking to get at least 75% of its
unsecured creditors to agree to the plan to restructure MYR2
billion of current debts and another MYR61 billion in future
liabilities, which are mainly linked to purchases and leasing of
planes.

The Edge relates that sources said it appears that BOC Aviation is
opposing the scheme as it is deemed to be a bad one.  The report
says the scheme calls for creditors to take a 99% haircut,
effectively cutting their dues totalling MYR63.49 billion to MYR200
million, without offering them any equity in the airline. It also
entails undertaking a 90% share capital reduction to MYR150 million
from MYR1.53 billion currently and a consolidation of every 10
existing shares into one consolidated share.

The Edge says BOC Aviation's intervention application may throw a
spanner into AAX's plan as the court would have to hear the
intervention application first. It is expected to come up for case
management on Oct 30, which was initially the date of the hearing
for AAX's application for leave to convene the creditors' meeting
for purposes of voting on the scheme.

This is not BOC Aviation's first legal proceeding against AAX, the
report notes. Last month, the aircraft leasing company launched a
lawsuit against the airline seeking US$22.98 million (RM95.5
million) in dues related to the leasing of four aircraft in the UK,
where the case is awaiting a hearing date, the report recalls.

According to The Edge, sources said more creditors are likely to
oppose the scheme. The 1,200 unsecured creditors in the scheme
include Airbus Operations SAS, Rolls-Royce plc, Brahim's SATS Food
Services Sdn Bhd, Pos Aviation Sdn Bhd and Malaysia Airports
Holdings Bhd (MAHB).

Oct. 22, MAHB announced that it was suing AAX for the MYR78.16
million that it was owed. theedgemarkets.com, citing a legal letter
to AAX, reported on the same day that MAHB would proceed to seize,
dispose of or destroy all AAX assets at its airports should the
airline fail to pay off its debt. The airport operator is also
challenging the carrier's classification of MAHB as an unsecured
creditor to be included in the proposed restructuring scheme.

On Oct. 23, the airport operator said it filed an application to
intervene and be excluded from AAX's proposed scheme, the report
recalls. Its intervention application seeks to exclude its
wholly-owned subsidiary Malaysia Airports (Sepang) Sdn Bhd (MASSB)
from the scheme on the basis that MASSB is a secured creditor of
AAX.

On Oct. 7, AAX had filed an originating summons for leave to
convene the creditors' meeting. In this application, AAX had named
MASSB as one of its unsecured creditors.

Shannon Rajan of Skrine is representing MAHB in its application,
while BOC Aviation is represented by Kwan Will Sen of Lim Chee Wee
Partnership, the report notes.

On Oct. 17, AAX deputy chairman Datuk Lim Kian Onn told a local
daily that the carrier had run out of money and needed to raise up
to MYR500 million to restart itself. The airline also planned to
liquidate its Indonesia-based carrier and had completely written
down its stake in Thai AirAsia X in its books.

AAX's net loss for the second quarter ended June 30 (2QFY2020)
widened 47.4% year on year to MYR305.24 million while revenue
shrank to MYR91.44 million from MYR1.01 billion in 2QFY2019, as the
carrier had operated only 16 scheduled flights during the quarter,
The Edge discloses.

                           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.

PETROLIAM NASIONAL: Approves Another US$2.4BB Government Payout
---------------------------------------------------------------
Reuters reports that Malaysian state oil firm Petroliam Nasional
Berhad (Petronas) said on Nov. 3 it had approved an additional
MYR10 billion ($2.40 billion) dividend to the government to help
fight the COVID-19 pandemic.

Earlier this week, the country's economic minister had said
Petronas would pay the government, its sole shareholder, MYR34
billion in dividends this year, the report relays.

Reuters relates that the firm, which suffered its first loss in
nearly five years during the second quarter, had initially pledged
to pay MYR24 billion and said any additional funding would depend
on its affordability.

According to Reuters, Petronas said it had approved the additional
dividend, to be remitted by November-end, in response to "the
unprecedented challenges brought about by the COVID-19 pandemic,"
adding that it had fully paid the amount originally committed.

"In determining whether this additional dividend was affordable,
the Petronas board first satisfied itself that the company could
comfortably continue to fund its operations, service its debts and
meet its obligations as well as invest in its future growth," it
said in an email late on Nov. 3 responding to Reuters' queries.

"Petronas remains resolute in its efforts to preserve cash and
strengthen our financial resilience during this unprecedented
time."

The dividend announcement comes as the government prepares to table
its 2021 budget, aimed at cushioning the economic impact of the
pandemic, on Oct. 30, Reuters notes.



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

ROBINSONS SINGAPORE: Suppliers to be Paid for Goods Sold
--------------------------------------------------------
The Straits Times reports that suppliers will be paid for their
consignment goods that have been sold by Robinsons since on Oct.
30, said the retailer's appointed liquidator KordaMentha on Nov.
1.

The Straits Times relates that Robinsons had announced on Oct. 2
that it would close its last two department stores in Singapore.
According to the report, the sudden news sparked confusion among
its suppliers, some of whom said they felt misled by the retailer,
which had asked them to plan for future events such as the Black
Friday sale this month as well as Christmas and Chinese New Year
sales.



                           *********


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 ***