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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

          Friday, November 6, 2020, Vol. 23, No. 223

                           Headlines



A U S T R A L I A

1 MARKET: First Creditors' Meeting Set for Nov. 17
135 KING: First Creditors' Meeting Set for Nov. 17
ALLIED CREDIT 2020-1: Moody's Assigns B2 Rating on Cl. F Notes
AUSTRALASIAN MORTGAGE: First Creditors' Meeting Set for Nov. 13
AUSTRALIA POST: CEO Resigns, Licensees Fear Return to Insolvency

CLINICION PTY: First Creditors' Meeting Set for Nov. 13
QUIRKY MAMA: Second Creditors' Meeting Set for Nov. 13
TRITON TRUST 2018-1: Fitch Affirms B+sf Rating on Cl. E Debt
[*] AUSTRALIA: AFSA Warns of Dodgy Advisors Amid Insolvency Wave


C H I N A

GREENLAND HOLDING: Fitch Affirms LT IDRs at BB-, Outlook Stable


I N D I A

AARTI INFRA: CARE Keeps D Debt Ratings in Not Cooperating
ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
AGROW FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating

APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating
APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating
DEVIPRASAD SHETTY: CARE Keeps D Debt Rating in Not Cooperating
DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating

DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
DURGASHAKTI FOODS: CARE Reaffirms and Withdraws D Debt Rating
GALI BHANU: CARE Lowers Rating on INR5.53cr LT Loan to C
HARIKISHAN TEJMAL: CARE Keeps D Debt Rating in Not Cooperating
JHARKHAND ROAD: CARE Cuts Rating on INR1,275.51cr NCD to D

KARLA CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating
N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating

RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
S S INFRASTRUCTURE: CARE Lowers Rating on INR2cr LT Loan to C
S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
SANKAR COTTON: CARE Lowers Rating on INR10cr LT Loan to D
SITI NETWORKS: CARE Keeps D Debt Rating in Not Cooperating

SRINIVASA RICE: CARE Lowers Rating on INR6.80cr LT Loan to C
TARANG JEWELS: CARE Lowers Rating on INR7.50cr LT Loan to D
TATA MOTORS: S&P Alters Outlook to Negative, Affirms 'B' ICR
UDUPI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
VEDBHUMI BUILDERS: CARE Keeps D Debt Rating in Not Cooperating



I N D O N E S I A

BAYAN RESOURCES: Fitch Affirms BB- LT IDR, Outlook Stable
CIKARANG LISTRINDO: Moody's Affirms Ba2 CFR, Outlook Positive
LIPPO MALLS: Fitch Downgrades LT IDR to BB-, Outlook Negative
TOWER BERSAMA: S&P Affirms 'BB' Long-Term ICR, Outlook Stable


J A P A N

ANA HOLDINGS: Saga Prefecture to Accept ANA Staff on Loan


M A L A Y S I A

AIRASIA GROUP: Unit Revises Debt Restructuring Plan
KIDZANIA KUALA LUMPUR: Sim Leisure to Buy Family Attraction
MCAT BOX: Malaysian Cinema Faces Liquidation on Virus Woes


N E W   Z E A L A N D

RED BUS: Business Sold to Ritchies; 63 Workers to Lose Jobs
RILEAN CONSTRUCTION: EY Appointed as Liquidator to 3 Rilean Firms


T H A I L A N D

NOK AIR: Gets Court Approval to Restructure Debt

                           - - - - -


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A U S T R A L I A
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1 MARKET: First Creditors' Meeting Set for Nov. 17
--------------------------------------------------
A first meeting of the creditors in the proceedings of 1 Market
Street Pty Ltd will be held on Nov. 17, 2020, at 10:00 a.m. via
virtual meeting.

Bruce Gleeson and Alan Godfrey Topp of Jones Partners were
appointed as administrators of 1 Market Street on Nov. 5, 2020.

135 KING: First Creditors' Meeting Set for Nov. 17
--------------------------------------------------
A first meeting of the creditors in the proceedings of 135 King
Street Pty Ltd will be held on Nov. 17, 2020, at 10:15 a.m. via
virtual meeting.

Bruce Gleeson and Alan Godfrey Topp of Jones Partners were
appointed as administrators of 135 King Street on Nov. 5, 2020.

ALLIED CREDIT 2020-1: Moody's Assigns B2 Rating on Cl. F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by AMAL Trustees Pty Ltd (the Trustee)
as trustee of Allied Credit ABS Trust 2020-1.

Issuer: Allied Credit ABS Trust 2020-1

AUD149.0 million Class A Notes, Assigned Aaa (sf)

AUD16.0 million Class B Notes, Assigned Aa2 (sf)

AUD9.6 million Class C Notes, Assigned A2 (sf)

AUD7.0 million Class D Notes, Assigned Baa2 (sf)

AUD7.8 million Class E Notes, Assigned Ba2 (sf)

AUD3.0 million Class F Notes, Assigned B2 (sf)

AUD7.6 million Class G Notes are not rated by Moody's

Allied Credit ABS Trust 2020-1 is the first term securitisation of
loans backed by motorcycle, marine and other assets by Allied
Credit Pty Ltd (Allied Credit, unrated). This is also the first
term securitisation backed by mainly motorcycle and marine
receivables in Australia.

The securitised loans are mainly consumer, and backed by
motorcycles (70.8%), marine assets (15.0%), auto (10.0%) and other
recreational vehicles (4.2%). The loans were originated by entities
either 100% owned by Allied Credit or 50% owned by Allied Credit
together with a joint venture partner. All receivables were
underwritten by Allied Credit. The receivables are serviced by
Allied Retail Finance Pty Ltd (ARF, unrated), a wholly owned
subsidiary of Allied Credit.

Allied Credit, a privately owned company, was established in 2010
with a primary focus on financing of motorcycle and marine consumer
loans. In 2019, Allied expanded into financing of auto loans.
Allied Credit's total loan book was around AUD430 million as at
August 31, 2020.

RATINGS RATIONALE

The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance,
evaluation of the capital structure and credit enhancement provided
to the notes, availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 3.00% of the
rated notes balance, the legal structure, and the experience of
Allied Credit as servicer.

Moody's PCE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 27.5%. Moody's mean default for this transaction is 5.2%.

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

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

Key transactional features are as follows:

  - Once step-down conditions are satisfied, all notes, excluding
Class G Notes, will receive their pro-rata share of principal. Step
down conditions include, among others, 35% subordination to the
Class A Notes and no unreimbursed charge-offs.

  - A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming certain
prepayments.

  - AMAL Asset Management Limited is the back-up servicer. If ARF
is terminated as servicer, AMAL will take over the servicing role
in accordance with the standby servicing deed and its back-up
servicing plan.

Key pool features are as follows:

  - Interest rates in the portfolio range from 0.00% to 21.95%,
with a weighted average interest rate of 10.2%.

  - The weighted average seasoning of the portfolio is 14.9 months,
while the weighted average remaining term of the portfolio is 46.9
months.

  - The portfolio is well diversified geographically relative to
state population distribution in Australia, with only some excess
concentration in the state of Queensland.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
July 2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

AUSTRALASIAN MORTGAGE: First Creditors' Meeting Set for Nov. 13
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australasian
Mortgage Finance Limited will be held on Nov. 13, 2020, at 10:00
a.m. at the offices of Rapsey Griffiths Turnaround + Insolvency,
Level 5, 55-57 Hunter Street, in Newcastle, NSW.

Chad Rapsey of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrator of Australasian Mortgage Finance on Nov.
3, 2020.

AUSTRALIA POST: CEO Resigns, Licensees Fear Return to Insolvency
----------------------------------------------------------------
PerthNow reports that Australia Post licensees said their business
are now "worthless" after CEO Christine Holgate quit over the
Cartier watch scandal.

According to PerthNow, executive director Angela Cramp, who heads
the group of 2,850 members, said there was "no way back from this"
after Australia Post boss Christine Holgate resigned on Nov. 2 --
just weeks after the Prime Minister bluntly told her if she didn't
wish to stand aside "she should go".

"Australia Post Australia and licensees are all the poorer from
this," PerthNow quotes Ms. Cramp as saying.

"We have all woken up today with no hope and learned that all our
billions of investments is back to where it was 10 years ago when
the business was virtually worthless and insolvent.

"The last two CEOs wanted everything to be done on a smartphone,
that there was no need for post offices -- but Christine Holgate
came in and was determined to have licensees see a return on their
investment."

It comes after an investigation revealed Ms. Holgate approved the
purchase of four Cartier watches -- totalling $12,000 -- for
company executives, PerthNow relates.

In a statement, Ms .Holgate said she offered her resignation and
would not seek financial compensation, according to PerthNow.

"I have offered today the chairman and board of Australia, with
great sadness, my resignation as chief executive with immediate
effect," PerthNow quotes Ms. Holgate as saying.  "I firmly believe
that the 'ship' needs a strong captain at the helm to help navigate
through this time.

"The current issue I am managing is a significant distraction and I
do not believe it is good for either Australia Post or my personal
wellbeing.

"Consequently, I have made the difficult decision to resign, hoping
it will allow the organisation to fully focus on serving our
customers."

PerthNow adds that Ms. Cramp said 80 per cent of Australia Post
offices across the country were privately owned and warned of
imminent industrial action in support of Ms Holgate.

"We'll have to do something," Ms. Cramp, as cited by PerthNow,
said.  "Holgate came along and looked at the business and made
changes so we'd be sustainable. Now licensees see no future
whatsoever, absolutely none.

"At a time when the going got tough during the COVID-19 pandemic we
were there helping Australians with their everyday needs -- our
post offices was the only way Aussies could connect with each
other."

Australia Post, formally the Australian Postal Corporation, is the
government business enterprise that provides postal services in
Australia.

CLINICION PTY: First Creditors' Meeting Set for Nov. 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Clinicion
Pty. Ltd. will be held on Nov. 13, 2020, at 10:00 a.m. via
electronic means.

S J Michell of PCI Partners Pty Ltd was appointed as administrator
of Clinicion Pty on Nov. 4, 2020.


QUIRKY MAMA: Second Creditors' Meeting Set for Nov. 13
------------------------------------------------------
A second meeting of creditors in the proceedings of Quirky Mama
Productions Pty Ltd and Occupation Two Pty Ltd has been set for
Nov. 13, 2020, at 9:00 a.m. at the offices of 22 Market Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 12, 2020, at 5:00 p.m.

Terry John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Quirky Mama on Aug. 19, 2020.

TRITON TRUST 2018-1: Fitch Affirms B+sf Rating on Cl. E Debt
------------------------------------------------------------
Fitch Ratings has affirmed five classes of notes from Triton Trust
No.9 NTX Warehouse Series 2018-1. The transaction consists of notes
backed by a pool of first-ranking Australian residential mortgages
originated by Columbus Capital Pty Limited.

The notes were issued by Perpetual Corporate Trust Limited as
trustee for Triton Trust No.9 NTX Warehouse Series 2018-1.

RATING ACTIONS

Triton Trust No.9 NTX Warehouse Series 2018-1

Class A; LT AAsf Affirmed; previously at AAsf

Class B; LT Asf Affirmed; previously at Asf

Class C; LT BBBsf Affirmed; previously at BBBsf

Class D; LT BBsf Affirmed; previously at BBsf

Class E; LT B+sf Affirmed; previously at B+sf

TRANSACTION SUMMARY

The transaction is a warehouse that purchases receivables on a
revolving basis during an availability period. The current term for
the availability period expires in April 2021; however, it can be
extended at the request of the manager and the subsequent agreement
of the financiers, and is subject to eligibility criteria and pool
parameters. The transaction will move to sequential principal
payment if an amortisation event is subsisting.

Payment of class A subordinated interest and of class B, C, D and E
residual interest is excluded from its rating analysis. Class A
subordinated interest is subordinated below losses if an
amortisation event is subsisting, while class B, C, D and E
residual interest is subordinated below losses when the outstanding
asset balance is below AUD16.5 million. Non-payment of subordinated
or residual interest will not lead to an event of default, as
outlined in the transaction documentation.

The social and market disruptions caused by the coronavirus and
related containment measures have not negatively affected the
ratings because there is sufficient credit enhancement (CE) and
excess spread to cover its expectation of higher defaults, and
because Fitch views liquidity protection as sufficient to support
the current ratings. The sensitivity of the ratings to scenarios
more severe than Fitch currently expects is provided in the Rating
Sensitivities section.

The Stable Outlook on all the notes reflects the liquidity support
and the notes' ability to withstand the sensitivity to higher
defaults stemming from the pandemic.

KEY RATING DRIVERS

'AAAsf' Foreclosure Risk Lower than Previous Review: The
transaction has an availability period; therefore, Fitch's analysis
is based on a proxy pool stressed to pool parameters provided by
Columbus Capital and further stressed by Fitch. The stress levels
were defined based on originator and historical data and Fitch's
forward-looking view. Compared with the previous review, Fitch has
reduced the magnitude of stress applied to a number of portfolio
characteristics to reflect the historical portfolio composition and
Fitch's expectation of the pool's future composition.

The actual 30+ day and 90+ day arrears at end-September 2020 were
0.49% and 0.25%, respectively, against 1.16% and 0.61%, for Fitch's
2Q20 Dinkum RMBS Index. Transaction performance has been strong,
with no losses since closing.

Fitch has updated criteria assumptions for Australia to account for
the expected effects of the coronavirus pandemic. Fitch applied 1.5
times the five-year average of Columbus Capital's mortgage
portfolio arrears to December 2019 for each arrears bucket, which
increased the weighted-average foreclosure frequency (WAFF)
modelled by 0.9%.

The portfolio's 'AAAsf' WAFF of 12.8% is driven by the stressed
weight-average (WA) unindexed loan/value ratio (LVR) of 67.9%,
loans with LVR greater than 80% making up 10.3% of the portfolio,
stressed investment loans of 74.9% and Fitch-adjusted 30+ arrears
of 1.62%. The 'AAAsf' WA recovery rate of 49.7% is driven by the
stressed portfolio's WA indexed scheduled LVR of 69.4% and the
portfolio's 'AAAsf' WA market value decline of 60.8%.

See the following links for Fitch's pandemic-related credit views
and analytical approach:

  - "Global Economic Outlook: September 2020", published on
September 7, 2020;

  - "Fitch Ratings Coronavirus Scenarios: Baseline and Downside
Cases - Update", published on September 8, 2020;

  - "Global SF Rating Assumptions Updated to Reflect Coronavirus
Risk", published on April 3, 2020;

In addition, analytical notes relevant for Australian and New
Zealand RMBS transactions are discussed in the following
commentaries:

  - "Fitch Ratings' Approach to Addressing Coronavirus-Related
Risks for Australian, NZ RMBS", published on May 5, 2020;

  - "Fitch Ratings Updates Australia, NZ RMBS Criteria Assumptions
on Coronavirus Effects", published on July 28, 2020;

Documented Required CE Support Ratings: Full cash flow analysis was
performed for the trust utilising the documented note limits and
minimum CE. The class A, B, C, D and E notes have documented
minimum CE percentages of 6.33%, 3.33%, 2.02%, 1.27% and 0.71%,
respectively, during the availability period. The transaction
employs a sequential structure after the availability period with
no pro rata pay down permitted. The transaction also benefits from
a liquidity reserve sized at 1.4% of the outstanding note balance,
subject to a documented floor of AUD375,000. The rated notes pass
all relevant stresses applied in the cash-flow analysis.

Limited Liquidity Risk from Payment Holidays: Fitch has reviewed
the ability of the transaction to withstand a significant
proportion of borrowers being offered, and taking up, a payment
holiday. The transaction's liquidity reserve would be able to cover
the entire portfolio taking up a payment holiday for 7.5 months,
assuming there are no principal or interest collections.
Approximately 0.3% of borrowers by loan balance were on payment
holiday arrangements at end-September 2020.

Operational and Servicing Risk Consistent with Market Standards:
Columbus Capital is a diversified non-bank financial institution
that commenced lending in 2006, with specialisations in Australian
residential mortgage lending, third-party loan servicing and trust
management. Fitch undertook an operational review and found that
the operations of the originator and servicer were comparable with
market standards and that there were no material changes that may
affect Columbus Capital's ongoing ability to undertake origination,
administration and collection activities. The collections and
servicing activities have not been disrupted due to the pandemic as
staff can work remotely and are able to access the disaster
recovery site, if needed.

Expected Economic Rebound Supports Outlook: Fitch expects mortgage
performance to deteriorate in the near term, but has a Stable
Outlook on the notes because the ratings can absorb the base-case
pandemic scenario. Fitch forecasts GDP to shrink by 3.6% in 2020,
with unemployment rising to 7.1%. This is partially offset by a low
official cash rate of 0.1% and the government's accommodative
policy stance, which is shoring up household income. Fitch expects
GDP growth to bounce back strongly to 3.9% in 2021 and for the
unemployment rate to fall to 6.7%.

The key rating drivers listed in the applicable sector criteria,
but not mentioned, are not material to this rating action.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and recovery
rates on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis of the ratings by stressing -upwards and downwards - the
transaction's initial base-case assumptions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption - WAFF or WARR - is
stressed, while holding others equal. The modelling process uses
the estimation and stress of default and loss assumptions to
reflect asset performance in a stressed environment. The results
should only be considered as one potential outcome, as the
transaction is exposed to multiple dynamic risk factors.

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for the credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.

Upgrade Sensitivity:

Class A / B / C / D / E

Current rating: AAsf / Asf / BBBsf / BBsf / B+sf

Decrease defaults by 15%; increase recoveries by 15%: AAAsf / AAsf
/ Asf / BBB+sf / BBBsf

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

A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial position in
Australia beyond Fitch's baseline scenario. Available credit
enhancement is not sufficient to compensate for the higher credit
losses and cash flow stresses, all else being equal. Fitch
conducted sensitivity analysis by increasing gross default levels
and decreasing recovery rates over the life of the transaction.

Class A / B / C / D / E

Current rating: AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AAsf / A-sf / BBB-sf / BBsf / B+sf

Increase defaults by 30%: AA-sf / BBB+sf / BB+sf / BBsf / B+sf

Decrease recoveries by 15%: AAsf / BBB+sf / BB+sf / BB-sf / less
than Bsf

Decrease recoveries by 30%: AA-sf / BBB-sf / B+sf / less than Bsf /
less than Bsf

Increase defaults by 15%; decrease recoveries by 15%: AA-sf / BBBsf
/ BBsf / B+sf / less than Bsf

Increase defaults by 30%; decrease recoveries by 30%: A-sf / BBsf /
less than Bsf / less than Bsf / less than Bsf

The rating of class A notes is lenders' mortgage insurance (LMI)
independent and therefore not sensitive to downgrades of the LMI
providers' ratings. Class B, C, D and E notes can withstand one-,
four-, four- and four-notch downgrades, respectively, of the LMI
providers' ratings.

Coronavirus Downside Scenario Sensitivity

Under Fitch's downside scenario, re-emergence of infections in the
major economies prolongs the health crisis and confidence shock,
prompts extensions or renewals of lockdown measures and prevents a
recovery in financial markets. Fitch tested a combined 15% increase
to defaults and 15% reduction in recoveries which is the downside
coronavirus scenario.

Current rating: AAsf / Asf / BBBsf / BBsf / B+sf

Coronavirus downside impact on note ratings of multiple factors:
AA-sf / BBBsf / BBsf / B+sf / less than Bsf

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.

Prior to transaction closing, Fitch sought to receive a third-party
assessment conducted on the asset portfolio information, but none
was available for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Columbus Capital's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis, according to its applicable
rating methodologies, indicates that it is adequately reliable.

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.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG CONSIDERATIONS

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

[*] AUSTRALIA: AFSA Warns of Dodgy Advisors Amid Insolvency Wave
----------------------------------------------------------------
The Australian Financial Security Authority (AFSA) said on Nov. 2
it is launching a campaign to raise awareness of dodgy insolvency
advisors who exploit people when they seek help to manage debt.

AFSA is particularly concerned that those experiencing financial
stress because of the economic impact of COVID-19 may be easy
targets.

"People who find themselves dealing with large debts for the first
time as a result of COVID-19 may be tempted to turn to advisors who
say they have a quick fix and later find out what they've done is
illegal," AFSA's Deputy Chief Executive Gavin McCosker explained.

Mr McCosker said it is vital the public know that dodgy advisors
exist and what to watch out for.

"It's not always easy to spot a dodgy advisor, but if someone
offers a solution to your financial problems that sounds too good
to be true, it probably is," he said.

Tell-tale signs that an insolvency advisor shouldn't be trusted
include:

   * promising a payment to get out you out of bankruptcy within a
few months

   * recommending you include false, exaggerated or fake debts in a
bankruptcy application

   * offering to organise your affairs so your property will be
protected if you go bankrupt

   * advising that bankruptcy or a debt agreement will not affect
your credit rating.

AFSA has developed resources, including a short video, to increase
awareness of the risks of dealing with dodgy advisors. Anyone
facing financial hardship should contact one of the registered
insolvency practitioners.

Mr. McCosker said a few dodgy advisors have the potential to damage
the industry.

"Insolvency practitioners say dodgy advisors are their number one
concern. If an advisor persuades someone to hide or dispose of
their assets before they enter into a debt agreement or bankruptcy
everybody loses."

AFSA takes action against these advisors to protect the industry
and those experiencing financial trouble.

"When we discover or are notified about a dodgy advisor, we
investigate and take action. Each year we inspect hundreds of
personal insolvency administrations, and attend creditors' meetings
if dodgy activity is suspected," said Mr. McCosker.

"We rely on the industry and members of the community to report any
activity that has the potential to take unfair advantage of people
who use the personal insolvency system."



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C H I N A
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GREENLAND HOLDING: Fitch Affirms LT IDRs at BB-, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Greenland
Holding Group Company Limited's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB-' with a Stable
Outlook.

Greenland's rating is based on the weighted-average credit profile
of its two core business segments - property development and
construction. Its rating encompasses a 'bb-' category for the
property segment, reflecting its size as one of the top-10 property
developers in China by contracted sales although its high leverage
continues to constrain the segment's profile. Its rating also
reflects the 'b' credit profile of its expanding engineering and
construction (E&C) segment, which is one of the top Chinese E&C
businesses by revenue although it has high leverage and weak cash
flow generation.

KEY RATING DRIVERS

Property Development Leverage to Peak: Fitch expect Greenland's
property development leverage to stay at around 60% by end-2020,
considering its controlled land acquisition and improved cash
collection. The segment's 2019 leverage was around 58% after
stripping out net debt from the construction sector. However, 1H20
property development leverage rose to around 70% after
consolidating the 50%-owned highly leveraged Dongjiadu project.

Greenland's cash collection rate rose to above 90% in 9M20, from
around 80% in the past four years. This was due to a better product
mix, with residential and commercial products contributing 76% and
24% of sales, respectively, in 9M20, from 65% and 35% in 2018-2019.
The cash collection rate was higher for residential products at 96%
in 9M20, compared with 74% for commercial, and both have improved
from historical levels. Greenland will cap its land acquisition
budget at 25% of sales collection in the next one-three years,
which Fitch believes will also support the company's deleveraging.

Large Business Scale: Greenland's property-development business is
well diversified in over 80 cities in China and overseas, with 60%
of contracted sales generated from Tier 1-2 and strong Tier 3
Chinese cities. Fitch expects Greenland's contracted sales growth
to gradually recover from 2021 even as China's economy slows and
the authorities' curbs on property prices and demand. Fitch thinks
the recovery will be mainly driven by higher sales contribution
from Greenland's return to residential properties and to Tier 1-2
cities.

Expanding Construction Business: Greenland's construction business,
driven by acquisitions, has been expanding rapidly since 2015, and
contributed 10% of its EBITDA in 2019. Greenland's construction
business is mainly conducted through its 50%-55%-owned subsidiaries
after participating in the mixed-ownership reform of these
companies, which were previously provincial state-owned enterprises
(SOE). Fitch adjusts the weighting of its construction credit
profile to take into account Greenland's large non-controlling
interest exposure in the sector as Fitch applies the
weighted-average approach.

Greenland acquired 66% of a provincial SOE, Guangxi Construction
Group, from the Guangxi State-owned Assets Supervision and
Administration Commission (SASAC) in August 2020. This is the fifth
local SOE and the largest E&C company it bought in the past five
years, completing the nationwide coverage of its construction
business. Fitch thinks the acquisition of Guangxi Construction, the
largest E&C company in Guangxi province, will strengthen
Greenland's E&C business profile, but also raise the segment's
leverage to around 5x from 3x at end-2019 and weaken interest
coverage to 2x from 5x.

Rated on Standalone Profile: Greenland's support score remains at
10 under its Government-Related (GRE) Entities Rating Criteria
despite parent Shanghai SASAC selling a maximum 17.5% equity stake,
as it will retain moderate control over the company. The score, the
lowest category under its guidelines, implies a standalone credit
profile (SCP) with no further notching for parental support. The
score reflects its assessment of Greenland's status, ownership and
control, parental support record and the financial implications of
a default as moderate, and the socio-political implications of a
default as weak.

DERIVATION SUMMARY

Greenland's rating is based on the weighted-average credit profile
of its two core business segments, property development and
construction, according to the capital deployed in the businesses.
Its rating encompasses a 'bb-' category for the property segment
and a 'b' category for the construction segment.

Greenland's property-sector credit profile is supported by its
business profile, including its scale, measured by contracted sales
and EBITDA, and its leading market position. However, its credit
profile is constrained by higher leverage than most of its 'BB',
'BB-' and 'B+' rated peers. Greenland's large-scale peers include
China Evergrande Group (B+/Stable) and Sunac China Holdings Limited
(BB/Stable), which are similarly aggressive in expanding their
scale, and are among the five largest Chinese homebuilders.

Greenland's leverage is higher than that of Evergrande and Sunac,
which Fitch expects to be 40%-50%, but Greenland has some capacity
to deleverage once it is able to accelerate cash collection, as it
has a large amount of uncollected sales. Its payables for the
homebuilding business are also not as large as those of Evergrande.
Greenland, as a GRE with a solid record in mixed-development
projects, is in a better position to acquire land at a low cost,
especially in new city districts that local governments are keen to
develop. Greenland, as a large-scale SOE, also has better access to
funding than Evergrande and Sunac.

Fitch assesses the credit profile of Greenland's E&C segment, after
consolidating Guangxi Construction, at 'b', which reflects its weak
financial profile with high leverage and negative free cash flow.
On the other hand, Greenland's construction business has a large
revenue base of USD49 billion, which can be ranked among the top-20
E&C companies globally. However, Fitch believes Greenland's E&C
business lacks the dominant position and brand awareness enjoyed by
major E&C companies in their respective niche markets. The
financial profile of Greenland's E&C segment compares favourably
with that of China Communications Construction Company Limited
(A-/Stable, SCP: b-), Power Construction Corporation of China
(BBB+/Stable, SCP: b-) and China Energy Engineering Corporation
Limited (BBB+/Stable, SCP: b-), with lower FFO net leverage and
smaller exposure to public-private partnership (PPP) projects,
which require large upfront investments.

KEY ASSUMPTIONS

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

  - Contracted sales to increase by single digits from 2021

  - Land premium to account for 30% of sales collection in
2020-2023

  - EBITDA margin for property-development sector to remain at
20%-25% and the construction sector at 4% in 2020-2023

  - Capex at around CNY10 billion in 2020-2023, mainly for
investment property and property, plant and equipment investments
under the property-development sector, and PPP outflow from the
construction sector

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50% for
property-development business

  - Evidence of a stronger linkage between the government and the
company, or an increase in the incentive for the parent to support
the company, may result in upward notching being considered

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

  - Net debt/adjusted inventory sustained above 60% for
property-development business

  - Significant deterioration in credit profile of construction
business

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Greenland had available cash of CNY75 billion
at end-1H20, which was insufficient to cover its short-term debt of
CNY124 billion. However, the company had CNY226 billion in
available bank facilities as of June 2020 and has the ability to
raise funds through multiple channels domestically as well as issue
bonds in offshore markets. Its available cash was adequate to cover
CNY32 billion in capital market maturities within one year at
end-1H20.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Greenland's perpetual securities, account receivable factoring,
financial leases and shareholder loans treated as debt.

  - Capitalised interest in cost of sales adjusted to increase
EBITDA

  - Land appreciation tax removed from operating expense and added
to income-tax expense

  - Guarantees to joint ventures and associates added as debt.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



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

AARTI INFRA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aarti Infra
Projects Private Limited (AIPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       26.23      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      15.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 18, 2019, placed
the rating of AIPPL under the 'issuer non-cooperating' category as
AIPPL had failed to provide information for monitoring of the
rating. AIPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated, July 27, 2020, September 27, 2020, October 6,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on November 18, 2019, the following were
the rating weaknesses (updated for the information available from
Registrar of Companies)

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the interaction with
the banker, there were ongoing delays in repayment of debt
obligations and the account was classified as NPA

Nagpur-based, Aarti Infra-Projects Private Limited (AIPL) was
incorporated in May 2006 and is a part of the Mandhana Group of
Industries. Promoted by Mr. Kanhaiyalal S Mandhana, and its entire
shares are held by the Mandhana family. AIPL operates in three
verticals viz, irrigation projects (barrage/dam radial gates and
others), thermal power projects (fabrication and erection of heavy
structures for power station and others) and hydro power projects
(automatic tilting gates, high radial gates etc

Status of non-cooperation with previous CRA: CRISIL has suspended
the ratings assigned to the bank facilities of AIPPL as per press
release dated July 31, 2014 on account of non-cooperation from the
client to provide information to carry out review. ICRA has
suspended the ratings assigned to the bank facilities of AIPPL as
per press release dated August 12, 2011 on account of
non-cooperation from the client to provide information to carry out
review.


ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ABF
Engineering international Private Limited (ABFEI) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.07      CARE C; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   Available Information

   Short Term Bank       2.80      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under issuer
                                   not cooperating category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 21, 2019, placed the
rating(s) of ABFEI under the 'issuer not cooperating' category as
ABFEI had failed to provide sufficient information for monitoring
of the rating. ABF Engineering international Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
September 14, 2020 to September 21, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account small scale of operations, financial
risk profile marked by continuous cash losses and net losses
resulting in erosion of net worth in FY19 (during April 1, 2018 to
March 31, 2019) and presence in a fragmented industry with intense
competition. The ratings, however, continues to draw its strength
from the vast experience of the promoters in the industry.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Company
(ROC)

Key Rating Weakness

* Small scale of operations: The total operating income of the
company is small at INR0.52 crore in FY19 when compared to other
peers in the industry. The total operating income has increased
from INR0.06 crore in FY18 to INR0.52 crore in FY19.

* Financial risk profile marked by continuous cash losses and net
losses resulting in erosion of net worth: The company has incurred
a cash loss of INR1.00 Crore in FY19 on account of low income
resulting in absorption of manufacturing expenses and overheads.
Further, the company's capital structure marked by overall gearing
ratio stood negative as on March 31, 2019 due to erosion of net
worth on account of accumulated losses. The debt coverage
indicators marked by interest coverage ratio stood negative on
account of cash losses during FY19.

* Presence in a fragmented industry with intense competition: The
steel fabrication industry is highly fragmented and labour
intensive with the presence of large number of medium and small
scale industries heavily dependent on job work, leading to pricing
pressure, thus impacting the profitability margins of the
companies. The demand for the fabrication sector comes from the
engineering sector i.e. capital goods, the growth of which depends
on the overall industry scenario.

Key Rating Strengths

* Experience of Promoters: ABF Engineering International Pvt Ltd
was promoted by Mr. Mohammed Aslam Kazi and Mr. Batasha Aslam Kazi.
Mr. Mohd Aslam Kazi, is a B.Com graduate, has a total business
experience and 8 years of experience with this company. Mr.
Batasha

Aslam Kazi is a graduate, has total business experience of 17 years
of which 8 years of experience with this company. Mr. B. Venkatesh
Rao is M.Com graduate, has an experience of 17 years, and 2 years
of experience with the company. Mr. H. Rajendra Rao is an
Engineering graduate, has an experience of 27 years, and 3 years of
experience with the company.

ABF Engineering International Private Limited (ABFEIPL) was
established in 2007 as a company to render manufacturing services
to industries and sectors such as construction, ship building,
petrochemical, Oil and Gas, Fertilizers, Chemical plants, Power
Sector, Pharma and Engineering Project Construction consultants.
ABF is certified by American Society of Mechanical Engineers (ASME)
for U and PP stamp to manufacture pressure vessels, piping
fabrication and accessories. ABF Engineering is registered with IBR
Act, 1950 to manufacture pressure parts and package boiler and
certified by Engineers India Limited (EIL) for procurement of
pressure vessels, and Nuclear Power Corporation of India Limited
(NPCIL) as a vendor for condensers, storage tanks, process piping,
structural fabrication, fabricated steel parts, Sheet metal parts
etc.

AGROW FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agrow Foods
(AF) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 31, 2019, placed the
rating of AF under the 'issuer noncooperating' category as AF had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. AF continues to be
non-cooperative despite repeated requests for submission of
information through emails dated June 19, 2020, July 14, 2020,
September 25, 2020 and October 13, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on July 31, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Delay in servicing of debt obligations: As per the interaction
with the banker during last review, there were continuous
overdrawals in the cash credit facility and the account has been
classified as NPA.

Agrow Foods (AF) was established in the year 2015 by Mr. Swapnil
Munde and is engaged in the trading and processing of food grains
(pulses) at Nagpur, Maharashtra. The commercial operations of the
entity started in the month of September, 2015.

AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Cellular Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     17,479.00    CARE D; Issuer not cooperating;
   Facilities*                     Based on best available
                                   Information

* Part of Group facilities (interchangeable between Aircel Limited,
Aircel Cellular Limited, Dishnet Wireless Limited and Aircel Smart
Money Limited)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 23, 2019, continued
to place the ratings of Aircel Cellular Limited under the 'Issuer
Not Cooperating' category as the company had failed to provide the
requisite information required for monitoring of the ratings as
agreed to in its rating agreement. Aircel Cellular Limited
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and a letter/email
dated Oct. 8, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
Information which however, in CARE'S opinion is not sufficient to
arrive at a fair rating. The ratings of the bank facilities of
Aircel Cellular Limited are denoted as 'CARE D;
Issuer not cooperating'.

Detailed description of the key rating drivers

CARE has not received any information from the company. The company
is undergoing insolvency resolution process under NCLT.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML -
Aircel Smart Money Limited, ACL - Aircel Cellular Limited, DWL -
Dishnet Wireless Limited).

Aircel Limited, together with two of its wholly owned subsidiaries
ACL and DWL, provides 2G wireless telecom services in all the 22
circles of India and 3G services in 13 circles. ASML, another
wholly owned subsidiary of AL, provides mobile banking services.
Maxis Communications Berhad (MCB), through Global Communication
Service Holdings Limited and Deccan Digital Networks Private
Limited, effectively holds approximately 73.99% equity interest in
AL. Further, Aircel had filled before the National Company Law
Tribunal, Mumbai Bench ("NCLT") in terms of Section 10 of the
Insolvency and Bankruptcy Code, 2016.


AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Smart Money Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     17,479.00    CARE D; Issuer not cooperating;
   Facilities*                     Based on best available
                                   Information

* Part of Group facilities (interchangeable between Aircel Limited,
Aircel Cellular Limited, Dishnet Wireless Limited and Aircel Smart
Money Limited)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 23, 2019, continued
to place the ratings of Aircel Smart Money Limited under the
'Issuer Not Cooperating' category as the company had failed to
provide the requisite information required for monitoring of the
ratings as agreed to in its rating agreement. Aircel Smart Money
Limited continues to be non-cooperative despite repeated requests
for submission of information through phone calls and a
letter/email dated Oct. 8, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available Information which however, in CARE'S opinion is not
sufficient to arrive at a fair rating. The ratings for the bank
facilities of Aircel Smart Money Limited are denoted as 'CARE D;
Issuer not cooperating'.

Detailed description of the key rating drivers

CARE has not received any information from the company. There are
ongoing delays as per publically available information.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML -
Aircel Smart Money Limited, ACL - Aircel Cellular Limited, DWL -
Dishnet Wireless Limited).

Aircel Limited, together with two of its wholly owned subsidiaries
ACL and DWL, provides 2G wireless telecom services in all the 22
circles of India and 3G services in 13 circles. ASML, another
wholly owned subsidiary of AL, provides mobile banking services.
Maxis Communications Berhad (MCB), through Global Communication
Service Holdings Limited and Deccan Digital Networks Private
Limited, effectively holds approximately 73.99% equity interest in
AL. Further, Aircel had filled before the National Company Law
Tribunal, Mumbai Bench ("NCLT") in terms of Section 10 of the
Insolvency and Bankruptcy Code, 2016.


APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Apollo
Polyvinyl Private Limited (APPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       56.88      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      13.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 28, 2018, placed
the rating(s) of APPL under the 'issuer non-cooperating' category
as APPL had failed to provide information for monitoring of the
ratings. Further, vide press release dated March 2, 2020, CARE has
continued the ratings in 'issuer non-cooperation' category.

APPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails and last email dated
October 7 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The ratings take into account the on-going delays in debt-servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on March 2, 2020 the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weakness

CARE as part of its due diligence exercise interacts with various
stakeholders of the company including lenders to the company and as
part of this exercise has ascertained that there are delays in debt
servicing.

APPL was incorporated in 2011 by Mr. Sunil Kapoor for trading in
SAV (Self Adhesive Vinyl), PVC (Polyvinyl chloride) sheets, Flex,
Vinyl (front lit, back lit), Lamination films and Foam boards. The
promoters have been engaged in this business since 1996 under other
group companies and have presence in Bangalore, Cochin, Cuttack,
Hyderabad, Hosur, Kolkata, New Delhi, Noida, Sivakasi and
Vijayawada. APPL has its registered office in Chennai and has sales
offices at Chennai and Hosur.

APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Appollo
Distilleries and Breweries Private Limited (ADPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       57.40      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2019 placed
the rating of ADPL under the 'issuer non-cooperating' category as
ADPL had failed to provide information for monitoring of the
rating. ADPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, and a
letter dated October 5, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating continues to take into account ongoing delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on September 17, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Delays in debt servicing by ADPL: The principal repayment on the
term loan of ADPL commenced from December 2011 ahead of the
commencement of commercial operations of the project in May 2012
due to delayed implementation, leading to cash-flow mismatches and
instances of delay in debt servicing by the company. Delays in debt
servicing continued on account of moderate financial performance.

* Highly regulated nature of the TN liquor industry: The IMFL
industry in TN is highly regulated and is subject to a convoluted
tax structure. From manufacturing through distribution, pricing and
advertising, restrictions prevail. The sector under the
Constitution is a State subject and accordingly each State/Union
Territory has its own policies and taxation regime. State
governments are therefore free to issue their own guidelines to
regulate the movement, possession and use of alcohol in their
states through licensing mechanism. Tamil Nadu liquor market is
highly regulated with production, distribution, retailing and
pricing of IMFL products controlled by Tamil Nadu State Marketing
Corporation Ltd. (TASMAC), a GoTN entity. TASMAC sets the pricing
of the product after consultation with the Industry players;
however, price revision generally does not take place frequently.
While the recent price revision is effective from November 2014
onwards, the previous price revision took place in the month of
December 2007. On account of the highly regulated nature of the
industry and restrictions on advertisements, players in Tamil Nadu
IMFL industry have limited ability to influence secondary sales
which is controlled by TASMAC. Also, export and import of the IMFL
products are tightly controlled by the state government.

Key Rating Strengths

* Experience of the promoters and Established brand presence of the
Empee group in the Tamil Nadu (TN) market: ADPL is a subsidiary of
Empee Distilleries Limited (EDL), the flagship company of the
Chennai-based Empee Group, promoted by Mr. M P Purushothaman and
his family members. The promoters have over five decades of
experience in various lines of businesses such as hospitality,
sugar and alcoholic beverages industry. The group was involved in
the breweries business for nearly a decade up to 2002. The beer
business of the group was later sold to concentrate mainly on the
Indian Made Foreign Liquor (IMFL) segment.

The flagship company of the group, EDL, was established in 1983 and
is primarily engaged in the manufacturing of Indian Made Foreign
Liquor (IMFL) in the states of Tamil Nadu, Kerala and Karnataka.
EDL has a licensed capacity of 7.2 million cases per annum, spread
among these three states. EDL also produces power through a
bio-mass-based power plant of 10 MW
capacities in TN.

Appollo Distilleries and Breweries Private Limited (erstwhile
Appollo Distilleries Private Limited -ADPL) owns and operates a
brewery plant having an installed capacity of 50,000 KLPA (kilo
liter per annum) at Billakuppam, Gummidipundi, Tamil Nadu (TN). The
commercial operation of ADPL's manufacturing facility commenced in
May 2012. The manufacturing facility was established at total cost
of INR116 cr which was funded with term debt of INR75 cr and the
rest in the form of equity from the promoters. Appollo Distilleries
and Breweries Private Limited is the subsidiary of Empee
Distilleries Limited (EDL) which is a part of Empee group. EDL is
in the resolution process under Insolvency and Bankruptcy Code
(IBC), 2016 as per National Company Law Tribunal (NCLT) order dated
November 1, 2018. In accord with the Corporate Insolvency
Resolution Process, the NCLT on January 20, 2020 has approved the
resolution plan submitted by one of the resolution applicants with
respect to EDL.

CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CGR
Collateral Management Ltd. (CCML) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 13, 2019, placed
the rating of CCML under the 'issuer non-cooperating' category as
CCML had failed to provide information for monitoring of the
rating. CCML continues to be non-cooperative despite repeated
requests for submission of information through phone calls, e-mails
dated October 3, 2020, October 5, 2020, October 7, 2020 and a
letter dated October 3, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on September 13, 2019, the following
were the rating strengths and weaknesses (updated for the
information available from Ministry of Corporate Affairs):

Key Rating Weaknesses

* Ongoing delays in debt servicing: As per one of the bankers,
there were over-drawings of more than 60 days before the
utilization was brought within limit at the end of February 2020.
After that the client was allowed both the moratoriums from March
to August 2020. As of now, there are over-drawings in the month of
October 2020 after both the moratoriums were over and the interest
on OD limit was debited on September 30, 2020.

CGR Collateral Management Limited (CCML) was incorporated by Mr.
Aman Deep in December 2012. CCML offers modern, scientific, IT
enabled storage services for all types of agro commodities covering
more than 57 locations spread across 6 states. The company had 175
storage facilities having a capacity of over 2.98 Lakh MT as on
June 30, 2018. CCML also provides commodity assaying services as it
is an NCDEX and NCDEX e Markets Ltd (NeML) appointed Assayer. The
company also provides the advisory and collateral management
services in partnership with the associate banks and Non-Banking
Financial Companies (NBFCs). CCML has tie-up with 8 nationalized
banks for providing collateral management services.

DEVIPRASAD SHETTY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deviprasad
Shetty (DPS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       15.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 30, 2019, placed the
rating(s) of DPS under the 'issuer not cooperating' category as DPS
had failed to provide information for monitoring of the rating.
Deviprasad Shetty continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated September 14, 2020 to September 21, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last press release dated August 30, 2019 the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Delay in debt servicing obligations: There were ongoing delays in
debt servicing due to stretched liquidity position and hence, the
account of the DPS categorized into Non-performing Asset (NPA) with
the bank.

Key Rating Strengths

* Experienced Promoter: Mr. Deviprasad Shetty, proprietor, has a
business experience of nearly 10 years in the construction
industry. He looks after the overall functioning of the firm and he
is assisted by his brother Mr. Devanand Shetty who is working as a
General Manager of the firm. Furthermore, the firm has a team of
well qualified and experienced personnel and has well classified
divisions for smooth execution of the projects.

DPS was established in the year 2013 by Mr. Deviprasad Shetty as a
proprietorship firm. The firm is working as a private contractor
along with subcontractor for K2K Infrastructure Private Limited for
construction of buildings.

DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dishnet
Wireless Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     17,479.00    CARE D; Issuer not cooperating;
   Facilities*                     Based on best available
                                   Information

* Part of Group facilities (interchangeable between Aircel Limited,
Aircel Cellular Limited, Dishnet Wireless Limited and Aircel Smart
Money Limited)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 23, 2019, continued
to place the ratings of Dishnet Wireless Limited under the 'Issuer
Not Cooperating' category as the company had failed to provide the
requisite information required for monitoring of the ratings as
agreed to in its rating agreement. Dishnet Wireless Limited
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and a letter/email
dated Oct. 8, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
Information which however, in CARE'S opinion is not sufficient to
arrive at a fair rating. The ratings for the bank facilities of
Dishnet Wireless Limited are denoted as 'CARE D; Issuer not
cooperating'.

Detailed description of the key rating drivers

CARE has not received any information from the company. The company
is undergoing insolvency resolution
process under NCLT.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML -
Aircel Smart Money Limited, ACL - Aircel Cellular Limited, DWL -
Dishnet Wireless Limited).

Aircel Limited, together with two of its wholly owned subsidiaries
ACL and DWL, provides 2G wireless telecom services in all the 22
circles of India and 3G services in 13 circles. ASML, another
wholly owned subsidiary of AL, provides mobile banking services.
Maxis Communications Berhad (MCB), through Global Communication
Service Holdings Limited and Deccan Digital Networks Private
Limited, effectively holds approximately 73.99% equity interest in
AL. Further, Aircel had filled before the National Company Law
Tribunal, Mumbai Bench ("NCLT") in terms of Section 10 of the
Insolvency and Bankruptcy Code, 2016.

DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divya Agro
Roller Flour Mills Private limited (DFPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.60      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 27, 2019, placed the
ratings of DFPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated April, 2020 to September 8, 2020.In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating.

At the time of last rating on June 4, 2019 the following were the
rating strengths and weakness.

Detailed description of the key rating drivers

Key rating weaknesses

* Stretched liquidity resulting in delays in debt servicing: The
company has faced stressed liquidity condition, on account of delay
in commencing of commercial operation. While the operations have
not commenced, the debt repayment obligation has commenced.
Consequently, there have been delays in meeting repayment of debt
obligations.

Key Rating Strengths

* Experience of promoter for more than three decades in the similar
line of business: Mr. Nandlal Vijaywargi, one of the promoters, has
38 years of experience in similar line of business, having
incorporated 9 companies, one of them being, Real Agro Industries
Private Limited, a wheat flour manufacturing company, incorporated
in 2009, which supplies wheat flour to Britannia Industries
Limited. Due to promoter extensive experience in the industry, the
company is likely to be benefited from established healthy
relationship with key suppliers and customers.

DFPL was incorporated on December 11, 2011, by Mr. Kapil Gupta, Mr.
Vishal Vijaywargi and Mr. Nandlal Vijaywargi for setting up a
manufacturing unit for the production of various grain-based flours
(viz, Maida, Suzi, Atta and Bran) with an installed capacity of
60,000 metric tonnes per annum. The total cost of the project was
about INR14.34 crore and the company had expected the unit to
achieve commercial operations in April 2015.

DURGASHAKTI FOODS: CARE Reaffirms and Withdraws D Debt Rating
-------------------------------------------------------------
CARE has withdrawn the rating assigned to the Term loan and Funded
Interest Term Loan of Durgashakti Foods Pvt. Ltd. with immediate
effect, as the company has repaid the Term Loans in full and there
is no amount outstanding under the issue as on date. The company
has submitted the No-dues certificate for the said facilities.
Further, CARE has reaffirmed and withdrawn the outstanding ratings
of 'CARE D; Issuer Not Cooperating' assigned to the Fund-based
facilities (Cash Credit) and Non-Fund based facilities (Bank
Guarantee) of Durgashakti Foods Private Limited (DFPL) with
immediate effect. The above action has been taken at the request of
the company and 'No Objection Certificate' received from the bank
that has extended the facilities rated by CARE.

Incorporated in 2008, Durgashakti Foods Private Limited (DSFPL) is
engaged in the extraction of soya oil and subsequent manufacturing
of de-oiled (DOC) cake. DSFPL procures raw material (mainly soya
bean) from the local suppliers and sells the end products i.e.,
soya oil and DOC to the wholesalers and retailers through the
network of around ten agents in Maharashtra, Odisha and South
Indian regions. The company has its manufacturing facility and a
controlling office located in Khamgaon, Maharashtra which is the
third largest producer of Soyabean in the entire Maharashtra. The
company's plant is situated in Khamgaon in Buldhana District of
Maharashtra.

GALI BHANU: CARE Lowers Rating on INR5.53cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Gali
Bhanu Prakash (GBP), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      5.53       CARE C; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category and Revised

                                  from CARE B; ISSUER NOT
                                  COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 20, 2019, placed the
ratings of GBP under the 'issuer noncooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 2020 to September 8, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by Gali Bhanu
Prakash with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on August 14, 2019 the following were
the rating strengths and weakness:

Key Rating Weaknesses

* Short track record and small scale of operations: The firm has
limited track record of 6 years. GBP was established in the year
2002. Further, the scale of operations of the entity marked by
total operating income (TOI), remained small at INR5.79 crore in
FY17 coupled with low net worth base of INR0.22 crore as on March
31, 2017 as compared to other peers in the industry.

* Declining profitability margins during review period: The
profitability margin of the firm has been declining during review
period. The PBILDT margin declined from 11.94% in FY15 to 7.72% in
FY17 due to increase in expenses like Handling charges and
transportation charges. The PAT margin declined from 9.03% in FY15
to 5.90% in FY17 due to decrease in PBILDT margin.

* Geographic concentration risk: The client profile of GBP is
limited to the state of Andhra Pradesh, exposing the firm to
geographical concentration risk. The two godowns of the firm are
all located in Andhra Pradesh and concentrated in area surrounding
chittor District.

* Constitution of the entity as a proprietorship firm with inherent
risk of withdrawal of capital: The firm being a proprietorship firm
is exposed to inherent risk of capital withdrawal by proprietor due
its nature of constitution. Any substantial withdrawals from
capital account would impact the net worth and thereby the gearing
levels.

* Highly competitive and fragmented nature of business: The company
is engaged into the business of providing cold storage facilities
on rental basis to farmers where the profitability margins
comparing to other industry will be low. Apart from that there are
numerous organized and unorganized players entering into the market
which makes the industry competitive nature.

Key Rating Strengths

* Reasonable track record of the entity and experience of the
proprietor for more than two decades: Gali Bhanu Prakash was
established in 2002 promoted Mr. G. Bhanu Prakesh. The proprietor
of the firm has more than two decades of experience in agricultural
industry. Through their vast experience in agricultural business,
the proprietor has been able to establish healthy relationship with
farmers and local traders.

* Growth in total operating income during review period: The total
operating income of the GBP increased from INR2.59 crore in FY15 to
INR5.79 crore in FY17 due to increase in price per bag from INR3 to
INR4.25. During FY18 (Prov.), the firm has achieved total operating
income of INR7.10 crore.

* Comfortable capital structure and operating cycle during review
period: The capital structure of the firm remained comfortable
during review period. The firm does not have any long term and
short term loans from banks or financial institution as on March
31, 2017. The operating cycle of the firm remained comfortable
during review period. The firm is engaged in providing warehouse
for rental purpose hence there will not be any creditors. Further,
the firm receives the payment from its customers in the first week
of every month. Due to the above said factor, the operating cycle
remained comfortable during review period.

* Stable outlook of warehousing industry:  Warehousing Market in
India states that the demand for good quality state-of-the-art
warehouses will be a major requirement in the country given the
growing logistics industry. The evolution from storage godowns to
multipurpose logistic centers is highly desired. Warehouses form a
crucial supply chain element which is key to both customer
satisfaction and cost reduction. Warehouses today serve as a
stocking point as well as consolidation centers for multiple
sourcing locations which provide cross docking facilities to retail
distributors, sorting centers for customer deliveries, and assembly
facilities for final packaging and bundling. The organized sector
has a minor market share, but claims a major portion of the
revenue. The warehouse market is subjected to stringent regulations
and policies regarding licensing, performance, and accountability.
The current fragmented state of the sector coupled with growth in
the overall economy provides tremendous potential for the
warehousing sector to flourish.

Andhra Pradesh based, Gali Bhanu Prakash (GBP) was established as a
proprietorship firm in the year 2002 and promoted by Mr. G. Bhanu
Prakesh. The firm is engaged in providing ware house on lease
rental to Andhra Pradesh State Civil Supplies Corporation Limited
(APSCSCL). The property is built on total land area of 30 acres
comprising of 2 godowns having storage capacity for food crops like
rice around 10000MT and 15000MT respectively. Term loan has been
taken for the proposed construction of a godown with the capacity
of 15000MT.

HARIKISHAN TEJMAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Harikishan
Tejmal & Company (HKTC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term/Short      22.00      CARE D/CARE D; ISSUER NOT
   term Bank                       COOPERATING; Based on best
   Facilities                      Available information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2018, placed the
ratings of HKTC under the 'issuer non-cooperating' category as HKTC
had failed to provide information for monitoring of the ratings.
HKTC continues to be non-cooperative despite repeated requests for
submission of information through phone calls, e-mails dated
October 3, 2020, October 5, 2020, October 7, 2020 and a letter
dated October 3, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on September 17, 2019, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: As per press release made by
SBI the account of HKTC has been transferred to SBI, Stressed
Assets Recovery Branch (SARB).

Bundi (Rajasthan) based Harikishan Tejmal & Company (HKTC) was
formed as a partnership concern by its key promoter Mr. Tejmal
Nyati along with his family members in 2006. Subsequently, there
was change in the partnership deep and HKTC started to be owned and
managed by Mr. Rajesh Kumar Nyati along with his wife Mrs. Prerna
Nyati in profit & loss sharing ratio of 66:33 respectively.

JHARKHAND ROAD: CARE Cuts Rating on INR1,275.51cr NCD to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jharkhand Road Projects Implementation Company Limited (JRPICL),
as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible    1,275.51     CARE D; Issuer Not Cooperating;
   Debentures (NCD)                Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the Non-Convertible Debentures
(NCDs) of JRPICL is on account of delay in servicing of debt
obligation by one day. As against the due date of debt servicing
being October 20, 2020, the Company repaid the dues on October 21,
2020. Confirmation regarding the receipt of payment has been
received from all the NCD holders as well as debenture trustee. The
Company has informed that the delay was purely administrative due
to people working from different locations as a result of the
pandemic. However, sufficient funds were available with the company
to service the debt on due date.

With annuity receipts being the major source of income, timely
receipt thereof is of paramount importance and requires close
monitoring. The Company continues to be impacted with delay in
receipt of Annuity with last annuity being received in February
2020. Further, the Company has redeemed the investments parked
under Mutual Funds maintained as DSRA entirely in order to part
service the present obligations thereby shrinking the cushion
available to meet the debt obligations going forward. Any further
delay in receipt of annuity will increase the cash flow mismatch
for timely debt servicing going forward.

The Rating continues to be affected by weak credit profile of
sponsor and O&M contractor. With downward revision in budget
estimates for O&M and Major Maintenance as against previous
estimates, any increase in the actual expenditure may not be
fulfilled by the contractor. Thus, ensuring the quality of
maintenance activity within the limited budget continues to
be key rating monitorable.

The rating continues to be placed under the 'issuer
non-cooperating' category as JRPICL had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
Although JRPICL has submitted partial information for rating
review, it continues to be non-cooperative despite repeated
requests for adherence to Rating Agreement clauses. Resultantly it
continues to be under "Issuer non-cooperating" category in line
with CARE's extant policy in respect of non-cooperation by Issuer.
CARE has reviewed the rating on the basis of the information as
submitted by the Company.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Rating Sensitivities

Positive Factors

1. Timely servicing of debt obligations without any deviation to
structure payment mechanism.

2. Receipt of pending annuity and timely receipt of annuities
without deductions for all the project stretches going forward
without any deduction.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in servicing of debt obligations: JRPICL has delayed on
servicing its debt obligations by one day i.e, serviced on October
21, 2020 as against due on October 20, 2020 inspite of funds
available with the Company citing administrative issues owing to
Covid pandemic.

* Dilution of DSRA and MMRA requirement: As per the modified terms,
the requirement for DSRA has been diluted. The Company is now
required to maintain a DSRA equivalent to aggregate of principal
and interest of ensuing 3 months due and payable in relation to
both debenture holders and unsecured loan. The Company has redeemed
the investments parked in Mutual Funds as DSRA for part servicing
of the present debt obligations (redemption value being INR27.29
crore on October 18, 2020). The same is proposed to be replenished
on receipt of annuities as due. However, considering the ongoing
delay in receipt of annuity, cushion as available to lenders have
eroded till then.

As per the terms of Debentures, the Company was required to
maintain major maintenance reserve as per the Base Case Business
Model for the purpose of meeting major maintenance expenses in
relation to each of the projects. Major Maintenance Expenses in
succeeding 6 months to be withdrawn from the Escrow Account and be
deposited in MMR Sub Account. As on December 31, 2019, the
outstanding balance in MMRA was INR133.30 crore. However, the
latest position of the account has not been submitted by the
Company so far. With reduction in Major Maintenance cost the
reserve requirement will also reduce and thus erode the cushion
available.

* Weakened credit profile of Sponsor i.e. ITNL: Rating of main
sponsor ITNL continues to be CARE D, INC on account of continuing
delays and defaults as confirmed by lenders and disclosures by ITNL
on stock exchanges in its debt servicing. ITNL is also the O&M
contractor for undertaking the routine as well as major maintenance
activity for the project. Considering current credit profile of
ITNL, its ability to support the project in times of need as
sponsor and O&M contractor is restricted. Though, as per MTA, all
other existing sponsor undertakings such as cost overrun or
additional funding requirement will stand suspended for ITNL and
IL&FS group.  IL&FS on December 18, 2018 invited expression of
interest for potential acquisition of IL&FS group's equity
stake/interest in certain road assets and businesses including
JPRICL.

CARE understands that based on the information as submitted by the
Company, the bid received for JPRICL were lower than the Fair
Market Value as determined by two independent valuers appointed by
IL&FS Board for the valuation. Since the bid received was lower,
the IL&FS Board has rejected the bid. Subsequently, the IL&FS Board
has proposed the setting up of an Infrastructure Investment Trust
(InvIT) for resolution of ITNL SPVs where either no bid was
received or the bid was rejected due to it being lower than the
FMV. JPRICL is also included in the list of ITNL SPVs being
considered for inclusion in the InvIT. It is currently in the
process of registration of the InvIT with SEBI.

* Exposure to O&M and Major Maintenance risk: Fixed price contract
for O&M and Major Maintenance continues to be with ITNL, through
one of its group company, Elsamex Maintenance Services Ltd (EMSL).
As per the terms of MTA, an amendment in O&M agreement was agreed.
As per the amended contract for all 5 projects, the contract price
for O&M and Major Maintenance has been revised downwards. The price
as per the amended contract is fixed (inclusive of applicable
taxes) and agreed by the debenture holders as part of MTA. The
revised contracted price is almost in line with the CARE's
benchmark considering the projects being state highways and annuity
based. Further, keeping in view the weak credit profile of ITNL
(CARE D, INC), no comfort from the fixed price contract can be
drawn as in case of any shortfall in routine and well as periodic
maintenance arise, ITNL may not be in a position to meet the same.
Thus, ability of undertaking O&M within agreed budget in a timely
manner as per the prescribed standard would remain a key rating
sensitivity.

* Delayed Major Maintenance: As per the LIE report for the month of
March 2020, Major Maintenance work is behind the schedule and
considering the COD achieved, Major Maintenance work should have
been completed till now. However, work on 3 project stretches are
still in progress and work on the remaining 2 stretches are yet to
begin till June 2020. Further, Issues with respect to slippages,
cracks, potholes etc have been observed across all locations.
Continued poor Major Maintenance activity leading to levying of any
damages in the form of reduced annuity from the Authority would be
a key rating monitorable.

* Delays in receipt of Annuity: All the 5 stretches have been
receiving annuity for atleast 4-5 years in the past with slight
delays. However, in FY 2020, annuity payment for 2 of its projects
(RRR and AK) due on 22-03-2020 and 31-01-2020 for RRR and AK
respectively has not been received so far. In addition, no
annuities have been received in FY 21 so far out of the annuities
due till now (pertaining to 3 road stretches). Based on CARE
Ratings' discussion with one of the investor, CARE understands that
the non-receipt of annuity was on account of delay in site visit
initially which was further delayed due to Covid. However, the site
visit has since been conducted and recommendation for release has
been made to the relevant department and the annuity was expected
to be received by July 2020. However, there have not been any
annuity receipts since February 2020.

With annuity receipts being the major source of income, timely
receipt thereof is of paramount importance and requires close
monitoring. Delay in receipt of Annuity will increase the cash flow
mismatch for timely debt servicing. Thus, receipt of pending
annuity and timely receipt of annuities without any deductions for
all the project stretches going forward remains a
key rating sensitivity.

* Moderate credit profile of annuity provider (counter party credit
risk): JRPICL's project stretches are annuity-based, under which
JRPICL will get semi-annual annuity payments from GoJ. It is
exposed to counter party credit risk as Dept. of Road Construction,
GoJ is the sole party. The rating gets constrained by the higher
dependence of the state on contributions and allocations from the
Centre in the form of grants and share in central taxes.

Liquidity (Poor):

Latest cash and bank position is not available. The entire DSRA
balance has been utilized for part servicing of debt obligations as
due on October 20, 2020.

The Government of Jharkhand (GoJ) has conceptualized a
comprehensive programme titled the Jharkhand Accelerated Road
Development Programme (JARDP) to improve road infrastructure in the
state through Public Private Partnership framework. IL&FS [rated
CARE D, INC] won the bid and a Programme Development Agreement
(PDA) was signed between GoJ and IL&FS Group for the improvement of
1500 km lane of selected project road corridors. Certain road
stretches had been selected for development under this programme.
The programme was being implemented under an SPV named Jharkhand
Accelerated Road Development Company Limited (JARDCL), a JV between
IL&FS group and GoJ with shareholding pattern in ratio of 74:26
respectively. In terms of the PDA, the GoJ and IL&FS group may take
up the financing, construction, operation and maintenance of the
roads either through JARDCL or through separate SPV's incorporated
by GoJ and/or IL&FS. Accordingly, IL&FS group incorporated JRPICL
for undertaking the design, engineering, financing, procurement,
construction, operation and maintenance of the programme, on Build,
Operate & Transfer (BOT) Annuity Basis. The promoters of JRPICL are
ITNL (rated CARE D; Issuer Not Cooperating, 93.43%) and IL&FS
(rated CARE D, 6.57%). Separate Concession Agreements (CAs) have
been signed between the GoJ (annuity provider), JARDCL (JV partner
of GoJ for road development) and JRPICL (as concessionaire) for
implementation of the projects in phases. JRPICL has implemented
five different stretches of roads under JARDP details are provided
above. All the projects are implemented in one balance-sheet though
they have separate escrow arrangement and concession agreement for
individual project lenders.

KARLA CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Karla
Constructions (KC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       5.00      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019, placed the
rating(s) of KC under the 'issuer non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings. The Firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 23, 2020 to October 6, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the ratings is on account of non-availability of
requisite information due to non-cooperation by Karla Constructions
(KC), with CARE'S efforts to undertake a review of the rating
outstanding, as CARE views information availability risk as key
factor in its assessment of credit risk profile.

Detailed Rationale& Key Rating Drivers

At the time of last rating on August 19, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Small Scale of operations: Though the firm incorporated in 1972,
its scale of operations remained low with a revenue of INR20.36
crore in FY15 (Prov; refers to the period April 1 to March 31)
which was INR8 crore in FY14. KC operates in competitive segment of
the construction industry which is characterized by low entry
barriers and the presence of a large number of unorganized players
in the industry. Firm's income is predominately derived from govt
contracts. The ability of the firm to diversify its revenue base
would help reduce the risk of client concentration at present.

* Constitution of the firm as a proprietorship concern: Being
constituted as a proprietorship concern, there are inherent risk
like limited ability to raise capital, possibility of withdrawal of
the capital and restricted financial flexibility. Small order book
position of INR20 crore as on June 30, 2015 As on June 30, 2015,
the firm has outstanding order book of INR20 crore which comprises
of road contract of improvement in Seethanadi-Brahmavara,
Halady-Amasebailu road and Maniyala-Kabbinale-Bachchppu-Hebre road
of INR9.7 crore and another road contract of Malpe-Udupi-Karkala
road and Yermalu-Mudurangadi road of INR8.8 crore from Govt of
Karnataka (Public Works, Ports and Inland Water Transport
Department). The firm is also expected to receive a new contract of
works in national highway costing INR21 crore from the Govt. of
Karnataka.

* Moderate financial risk profile with low capital base and modest
debt coverage indicators: The firm's net worth was a meagre INR2.53
crore as on March 2015 (Prov). Significant accretion was witnessed
in FY15 (Prov) wherein the firm reported an operating income of
INR20.36 crore. Operating income and PBILDT margin of the firm
increased from INR8.66 crore and 5.65% respectively. in FY14 to
INR20.36 crore and 5.75% for FY15 on increased order
book. The PBIIDT margin, however, was considerably lower than that
registered in FY12 and FY13. The firm has an overall gearing of
1.51x as on March 31, 2015 and Total Debt/ GCA of 8.19x.

Key Rating Strengths

* Experienced proprietor along with registration of firm as a class
1 government contractor: The proprietor, Mr. Shivaram Shetty, is a
civil engineer, with 40 years of work experience in civil
construction business. Moreover, the firm is registered as a PWD
contractor with the Government of Karnataka by virtue of which it
is eligible to undertake all types of civil work in Karnataka.
Having been in the industry for long, the firm enjoys strong
sourcing knowledge of key materials and labour for the contracts it
executes.

* Comfort from price escalation mitigating the risk arising out of
adverse movement in raw material prices and labour cost: All the
contracts have built in price variation clauses and compensation,
pertaining to delays arising due to encroachment on land, design
and funds disbursal. The escalation amount is pegged to the price
of construction commodities. This mitigates the risk arising out of
adverse movement in raw material price and labour cost.

Karla Constructions (KC), based out of Udupi, Karnataka is a sole
proprietorship firm established in 1972. KC is engaged in executing
civil construction contracts such as construction of National
Highways and roads for government organizations. The firm's
operations are managed by its promoter, Mr. Shivaram Shetty. The
firm is a class I govt. contractor registered with public works
department (PWD).

MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Machinery Store (MMS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.30      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long term/Short       0.30      CARE D/CARE D; ISSUER NOT
   term Bank                       COOPERATING; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2018, placed the
ratings of MMS under the 'issuer non-cooperating' category as MMS
had failed to provide information for monitoring of the ratings.
MMS continues to be non-cooperative despite repeated requests for
submission of information through phone calls, e-mails dated
October 3, 2020, October 5, 2020, October 7, 2020 and a letter
dated October 3, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on September 17, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Irregularity in debt servicing: There were irregularities in debt
servicing at the time of last rating.

Incorporated as a partnership firm in 1954 by Gupta family, Alwar
(Rajasthan) based M/s Modern Machinery Store (MMS) is engaged in
automobile trading and servicing. MMS is an authorized dealer for
two wheelers manufactured by Hero Moto Corp Limited. Besides, it
also operates dealership of John Deere India Private Limited
(JDIPL). The firm has a 3S (sales, service and spares) facility in
Alwar. Until July 2016, MMS was also an authorized dealer for
passenger cars manufactured by Hyundai Motor India Limited;
however, the same segment has now been shifted by the promoters in
newly incorporated company M/s Modern Autocar Private Limited
(MAPL).

N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of N & N
Constructions continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       12.25      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 6, 2019, placed the
ratings of N & N Constructions under the 'issuer noncooperating'
category as company had failed to provide information for
monitoring of the rating. The company continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated January
31, 2020 to September 8, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating dated August 6, 2019 the following were
the Strengths and Weaknesses:

Key Rating Weakness

* Delay in debt servicing: The firm has delays in servicing of debt
obligations owing to the stretched liquidity position of the
company.

Key Rating Strengths

* Experienced promoters; albeit limited track record of operations:
NNC commenced its operation in 2010 and since inception the firm
has been engaged in the business of constructing railway track and
railway siding works. Mr. P.S. Santosh, Managing Partner, is a
first generation entrepreneur having rich business experience of
about 20 years in the field of Ready Mix Concrete, earth movers &
heavy equipment, roads & large format earth works, mining, stone
processing units, EPC contracts and green field projects. He looks
after the overall operations of the firm. Though the firm lacks
long track record in operations, it has a qualified and experienced
management team and technical personnel, who over the years have
helped the business to grow.

NNC based out of Visakhapatnam, was incorporated as a partnership
firm on April 15, 2010, by Mr. P. S. Santosh, Managing Partner of
the firm along with three other partners, Mr. P. Satya Rao, Mrs P.
Balabharathi, Mrs P. Varalakshmi. The firm is engaged in execution
of railway construction projects which includes erection and
commissioning of railway tracks and sidings for public and private
companies; civil works including construction of industrial and
residential buildings, drains and road works; supplying of Ready
Mix Concrete (RMC); large format earth works etc.


PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Plazma
Technologies Private Limited (PTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        2.63      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       5.80      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 5, 2019, placed the
rating of PTPL under the 'issuer non-cooperating' category as PTPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. PTPL continues to be
non-cooperative despite repeated requests for submission of
information through emails dated June 19, 2020, October 7, 2020 and
October 13, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 5, 2019 the following were the
rating weaknesses (updated for the information available from
Registrar of companies):

Key Rating Weaknesses

* Delay in servicing of debt obligations: There have been
continuous overdrawals in the cash credit facility for more than 30
days and the account has been classified as SMA.

Incorporated in 1990, PTPL, formerly known as Plazma Cutting
Equipment Private Limited is a Pune-based company, promoted by Mr.
Hughen Thomas and Mrs. Arudhati Thomas. The company is engaged in
the manufacturing of plazma cutting tools and equipment.

RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramakrishna
Electronics (Karnataka Division) (REK) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2019, placed the
rating(s) of REK under the 'issuer non-cooperating' category as REK
had failed to provide information for monitoring of the rating. REK
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 13, 2020 to September 02, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the public available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 8, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing: The firm has delays in servicing of debt
obligations owing to the stretched liquidity position of the firm.

Key Rating Strengths

* Experienced promoters in trading activities:  REK is a family run
business. Mr. V Raghavendra (Managing Partner) has experience of
around three decades in the trading activity and looks after
marketing and purchase activities of the firm. Mr. V Ravi Kumar has
an experience of around two decades and looks after day-to-day
operations of the firm. Mrs V Rajeswari has an experience of more
than a decade in this business.

Ramakrishna Electronics_Karnataka Division (REK), is a partnership
firm established in April, 2003 by Mr. V. Raghavenrdra, Mr. V. Ravi
Kumar, Mr.K.Mahnjunath, Mr.M.Mahesh ,Mr.B.Shatrugna and Mrs. V.
Rajeshwari. The firm has its registered office located at Municipal
Shopping Complex, Park Road, Kurnool. The firm is engaged in
distribution and trading (wholesale) of consumer electronic
products and home appliances of Samsung in seven district of
Karnataka (Raichur, Bellary Koppal, Hubli, Gadag, Baghalkot,
Bjiapur and Belgaum). The firm is exclusive distributor of
electronics appliance of Samsung in seven district of Karnataka.
The Firm has warehouses at Hubli, Gangavathi and Belgaum.

RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Ranganathaswamy Jewellary Works (SRJW) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 30, 2019, placed the
rating(s) of SRJW under the 'issuer non-cooperating' category as
SRJW had failed to provide information for monitoring of the
rating. SRJW continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated September 7, 2020 to October 16, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

At the time of last rating on August 30, 2019, the following were
the rating strengths and weaknesses:

Detailed Rationale& Key Rating Drivers

Key Rating Weakness

* Defaults in debt servicing: The account is continues to remain as
NPA since May 30, 2017.

Sri Ranganathaswamy Jewellary Works (SRJW) is a proprietary concern
started by Mr. K. Rangachari in Septmber 1989. The firm is engaged
in the business of wholesale trading and retailing of gold and
silver ornaments. It is also engaged in designing and making gold
and silver ornaments as per the request of customers. Their
showroom is situated at Challakere, Karnataka.  Mr. Ranagachari has
an experience of around 25 years in the industry.

S S INFRASTRUCTURE: CARE Lowers Rating on INR2cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S S
Infrastructure Development Consultants Limited (SSIDCL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------   -------
   Long Term Bank       2.00     CARE C; ISSUER NOT COOPERATING;
   Facilities                    Rating continues to remain under
                                 ISSUER NOT COOPERATING category
                                 and Revised from CARE BB; ISSUER
                                 NOT COOPERATING

   Short Term Bank      8.00     CARE A4; ISSUER NOT COOPERATING
   Facilities                    Rating continues to remain under
                                 ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 6, 2019, placed
the rating(s) of SSIDCL under the 'Issuer non-cooperating' category
as SSIDCL had failed to provide information for monitoring of the
rating. SSIDCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails from January 2020 to October 01, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

(Updated for the information available from NSE)

The revision in the rating assigned to the bank facilities of S S
Infrastructure Development Consultants Limited on account of
decline in profitability margins and stretched receivable days in
FY20.  The ratings continues to be tempered by small scale of
operations and decrease in total operating income in FY20, Tender
based nature of operations. The ratings however underpinned by
Experience of the partners for two decades in architecture
planning. The rating also factors in comfortable capital structure
and debt coverage indicators.  There were some delays in servicing
interest obligations for the facilities sanctioned due to covid
pandemic. However, the firm has availed RBI moratorium period for
the rated facilities from March 2020 to August 2020.

Detailed description of the key rating drivers

Key Rating weakness

* Small scale of operations and decrease in total operating income
in FY20: The scale of operations of the company stood small with
moderate net worth base of INR50.19 crore. The Total operating
income of the company has decreased by 10.58% during FY20 and stood
at INR25.44 crore as compared to INR28.45 crore in FY19.

* Marginal decline in profitability margins in FY20: The PBILDT
margin has decreased by 887 bps from 37.00% in FY19 to 28.13% in
FY20. Whereas, the PAT margin has decreased by 1009 bps from 21.96%
in FY19 to 11.87% in FY20 on account of decrease in PBILDT in
absolute terms.

* Elongated operating cycle: The operating cycle days of the
company has been elongated from 291 days in FY19 to 503 days in
FY20 due to increase in average collection period from 287 days in
FY19 to 392 days.

* Tender based nature of operations: The company receives most of
the work orders from government organizations. All these are
tender-based and the revenues are dependent on the company's
ability to bid successfully for these tenders. Profitability
margins could also come under pressure because of competitive
nature of the industry. However, the promoters' long industry
experience around two decades mitigates this risk to some extent.

Key rating strengths

* Experience of the partners for two decades in architecture
planning: S S Infrastructure Development Consultants Private
Limited (SSIDCL) was established in the year 2007 and has been in
the service of design and architecture for the last two decades.
The company is managed by Mr. Sundar Satyanarayana and Mr. Palle
Seshagiri Rao. Mr. Sundar Satyanarayana is a qualified graduate and
has two decades of experience in the architectural and engineering
activities. Due to long experience of promoters, he was able to
establish long term relationship with Chief Construction Engineer
(R&D) of various state governments, Ministry of Defense, GoI and
various private sector companies which has helped in developing his
business and bag new orders.

* Comfortable capital structure and debt coverage indicators: The
capital structure remained comfortable marked by overall gearing
which deteriorated marginally and stood at 0.09x as on March 31,
2020 (as against 0.08x as on March 31, 2019) due to increase in
total debt levels and substantial increase in net worth. The debt
coverage indicators of the company have deteriorated marked by
PBILDT interest coverage ratio and total debt/GCA, however remained
moderate at 5.83x and 1.04x in FY20 respectively (as against 16.03x
& 0.52x in FY19).

Telangana based, Integrated Infrastructure Development Solution
Provider was established in the year 1997 as a partnership firm,
promoted by Mr. Sundar Satyanarayana and Mr. Palle Seshagiri Rao.
Later in the year 2007, the constitution of the entity was changed
to Private Limited Company viz., S S Infrastructure Development
Consultants Private Limited. Post in the year 2017, the
constitution of the entity was changed to Limited company viz., S S
Infrastructure Development Consultants Limited. The company offers
various kinds of consultancy services which includes architectural
& interior Designing, civil/structural designs, project management,
repairs and rehabilitation, electrical, HVAC and other services for
different types of projects. The company has four branches at
various locations namely Bengaluru, Mumbai, New Delhi and
Visakhapatnam. The company got listed on April 12, 2018 on NSE
(Source: NSE website).

S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. M.
Constructions (SMC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.39      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed description of the key rating drivers

CARE had, vide its press release dated August 9, 2019, placed the
rating of SMC under the 'issuer noncooperating' category as SMC had
failed to provide information for monitoring of the rating as
agreed to in its rating agreement. SMC continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 22, 2020, June 24, 2020, June
29, 2020, July 24, 2020, August 31, 2020, October 7, 2020 and
numerous phone calls. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

At the time of last rating on August 9, 2019 the following were the
rating weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the banker
interaction, the account has been classified as SMA-0 on account of
continuous overdrawals and delays in servicing of interest of cash
credit.

Goa-based S.M. Constructions (SMC) was established as a
proprietorship concern in the year 1994 by Mrs Shamshun Shaikh,
with the assistance of her husband Mr. Muktar Shaikh, for
industrial construction and real estate development in the state of
Goa. The firm belongs to the Shaikh Muktar Group (SMG) of companies
in Goa, which has interests in mining, construction, engineering,
logistics, hospitality (new venture), shipping and automobiles.

SANKAR COTTON: CARE Lowers Rating on INR10cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sankar Cotton Traders (SCT), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
                                  and Revised from CARE B+; ISSUER
                                  NOT COOPERATING

CARE had, vide its press release dated August 14, 2019, placed the
ratings of SCT under the 'issuer non-cooperating' category as firm
had failed to provide information for monitoring of the rating. The
firm continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated January 2020 to October 20, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating assigned to the bank facilities of
Sankar Cotton Traders on account of poor liquidity position of the
firm.

Detailed description of the key rating drivers

The liquidity position of the firm was poor which constrain the
ability of the company to repay its debt obligations on a timely
basis.

Detailed description of the key rating drivers

At the time of last rating dated August 14, 2019 the following were
the Strengths and Weaknesses

Key Rating Weakness

* Relatively short track record as a firm with small scale of
operations: SCT has been in the textile industry for more than a
decade and is a relatively small sized player with sales of
INR42.0-67.0 crore in the last three years and a small net worth
base of INR4.29 crore as on March 31, 2015 (prov.). The firm has
been operating at capacity utilization of about 85% (as stated by
the management) in the last three year. While the scale of
operation continues to be small; during FY15 (prov.), the operating
income increased substantially (1.6 times) driven by increased
volume sale of cotton lint, kappa's and seeds. The firm commenced
operation in 2003 and hence the sales volume was low during the
year. It has gradually expanded its presence in other states, apart
from A.P. which has contributed to the growth in sales. Apart from
the local market, the firm sells its products to various locations
like Maharashtra, Tamil Nadu, Punjab, Gujarat and West Bengal. Low
profit level and cash accrual The PBILDT margin has been witnessing
decline due to low value additive nature of business and increased
overhead expenses y-o-y basis. Low PBILDT margin along with high
interest cost (on high working capital borrowings) has resulted in
low PAT margin also. As per provisional financials for Q1FY16, the
firm has reported sales of INR9.12 crore and PAT of INR0.04 crore.

* Leveraged capital structure:  The debt profile of the firm mainly
comprises working capital borrowings to fund the scale of
operations. Given the significant growth in the scale of operation,
the working capital borrowings and utilizations have increased over
the years which coupled with relatively low profit levels has
resulted in leveraged capital structure with overall gearing ratio
at 2.41x as on March 31, 2015 (prov.) (1.91x as on Mar.31, 2014).
Significantly high working capital borrowings and comparatively low
net worth and thin accruals have resulted in weak financial
position.

* Working capital intensive nature of operation with moderate
operating cycle: SCT operates in a working capital intensive
industry with associated high working capital requirements. The
operating cycle of the firm was extended in FY14 led by moderate
inventory days. The finished goods inventory was high during the
year as the firm processed kappa's in anticipation of higher sales
and also as the clients postponed off-take and the same was
remained same in FY15. Consequently, the finished goods inventory
and inventory days remained at the same level in FY15. The firm
mainly sells in the domestic market on cash basis and the average
credit period is about a month. The creditor's days has also been
on the lower side and however increased in FY15 as the firm has
been procuring majorly from the domestic market where major
payments are in advance. The average working capital utilization
has been high at more than 95% in the last 12 months ended
September 2015.

* Highly regulated industry with Government fixing the Minimum
Support price of Cotton: The textile industry is highly regulated
in nature. There is excessive government regulation in textile
sector starting from Minimum Support Price (MSP) of cotton given to
farmers, quantitative export restrictions imposed cotton ginning,
pressing spinning units for export of cotton bales and change in
policy related to Duty Entitlement Pass Book (DEPB)/ duty drawback
benefits on cotton and cotton yarn which is not very favorable for
the industry to earn higher margins .However the overall demand
outlook for the textile industry is expected to remain positive,
though volatility in cotton prices, government policies towards
this sector and exchange rate is concern areas.

Key Rating Strengths

* Satisfactory experienced of Promoters: The partners; Mr. Innamuri
Basavaiah aged 43 years started dealing with cotton industry since
1992 and is actively involved in managing the affairs of the firm.
Another partner; Mrs. Innamuri Dhana Lakshmi aged 40 years. Both
the partners have incorporated a partnership firm named Sankar
Cotton Traders in the May, 2014. The profit-loss sharing ratio
between the aforementioned two partners is 90:10.

* Adequate availability of raw material due to presence of facility
in cotton growing area of Andhra Pradesh: SCT is located in Guntur
District which is one the major cotton growing areas in Andhra
Pradesh. Availability of raw material is not expected to be an
issue as the firm procures major portion of its raw materials
(Kappa's) from the registered dealers in and around Guntur. The
basic raw material; cotton is a seasonal crop and available only
during the period of October to April. Prices of raw cotton are
highly volatile in nature and depend upon the factors like area
under cultivation, crop yield, international demandsupply scenario,
export quota decided by the Government and inventory carry forward
of the previous year. The ginning players procure raw materials in
bulk quantity to avail discount from suppliers and mitigate the
seasonality associated with availability of cotton The raw material
consumption prices have been volatile for SCT.

* Growth in total operating income with low profitability: The
total operating income of the firm has been increasing y-o-y for
the last financial year ended FY15 (prov.). The total operating
income has increased from INR42.57 crore in FY13 to INR67.28 crore
in FY15 (prov.) representing CAGR of about 16.48% during FY13-FY15.
As a proprietorship business it has commenced operation from 2003,
however, with expansion of client base and commencement of sales
outside A.P., the sales volume and value has increased
significantly during FY15.

Sankar Cotton Traders (SCT) was originally started as a propriety
concern in 2003 and Mr. Innamuri Basavaiah is the proprietor.
During the May 2014, SCT was in incorporated a partnership firm, by
Ms Innamuri Dhana Lakshmi w/o Mr. Innamuri Basavaiah as another
partner. The firm is engaged in manufacturing and processing of
Kappas into cotton lint. The firm has its facilities (9 ginners)
located at Guntur District of Andhra Pradesh. In FY15 (Prov.), SCT
had a Profit after Tax (PAT) of INR0.32 crore on a total operating
income of INR67.28 crore, as against PAT and TOI of INR0.23 crore
and INR40.00 crore, respectively, in FY14.

SITI NETWORKS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Siti
Networks Limited (SNL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       87.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 26, 2020, placed
the rating of SNL under the 'Issuer non-cooperating' category as
SNL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. SNL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a emails dated October
6, 2020, October 8, 2020 and October 12, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on February 14, 2020 the following were
the rating strengths and weaknesses:  (updated for the information
available from Registrar of Companies, stock exchanges etc.)

Key Rating Weakness

* On-going delay in debt servicing: As per the recent audit report
for FY20 and Audit Report available with the company's stock
exchange disclosure for FY20 results, there are ongoing delays in
debt servicing. The account has been classified as Non-performing
asset.

Analytical approach: consolidated. CARE has taken a consolidated
view wherein SNL and its 23 subsidiaries, 2 associate entities and
2 joint ventures are considered.

Siti Networks Limited (SNL) is a part of Essel group, which is one
of India's leading business houses with a diverse portfolio of
assets in media, packaging, entertainment, technology-enabled
services, infrastructure development and education. It has grown to
be India's largest Multi-System Operator (MSO) and a leading wired
broadband service provider. With 15 digital head ends and a network
of more than 33,000 km of optical fibre and coaxial cable, it
provides its cable services in India to ~580 locations and
adjoining areas, reaching out to over 11.55 million digital
viewers. SNL deploys State-of-the-art technology for delivering
multiple TV signals to enhance consumer viewing experience. Its
product range includes Digital & Analogue Cable Television,
Broadband and Local Television Channels. SNL has been providing
services in analogue and digital mode, armed with technical
capability to provide features like Video on Demand, Pay per View,
Over-The-Top content, Electronic Programming Guide and Gaming
through a Set Top Box. All products are marketed under SITI brand
name.

SRINIVASA RICE: CARE Lowers Rating on INR6.80cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Srinivasa Rice Industry (SRI), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      6.80       CARE C; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
                                  and Revised from CARE B; ISSUER
                                  NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019, placed the
ratings of SRI under the 'issuer noncooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 2020 to September 8, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by Srinivasa Rice
Industry with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on August 13, 2019 the following were
the rating strengths and weakness:

Key Rating Weakness

* Short track record of the firm with small scale of operations:
SRI was established in the year 2013 and the commercial operations
of the firm was started in March 2015.Thus,the total operating
income stood low at INR0.81 crore in FY15 (Provisional) with low
net worth base of INR1.43 crore as on March 31, 2015
(Provisional).

* Constitution of the entity as a partnership firm: SRI, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth.

* Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations: Paddy in India is harvested
mainly at the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers have to stock
enough paddy by the end of the each season as the price and quality
of paddy is better during the harvesting season. Moreover, the
paddy is procured from the farmers generally against cash payments
or with a minimal credit period of 5-10 days while the millers have
to extend credit to the wholesalers and distributors around 30-60
days resulting in high working capital utilization reflecting
working capital intensity of business. The average utilization of
fund based working capital limits of the firm was utilized (60%)
during the last 2 months period ended August 31, 2015.

Key Rating Strengths

* Experience of promoter for more than a decade in rice milling
industry: SRI was promoted by Mr. M Surya PrabhakaraRao (Managing
Partner) and his family members. He is having more than 15 years of
experience in rice milling industry through his father's business
(Sri Srinivasa Rice Mill). Through his experience in the rice
milling industry, he has established healthy relationship with key
suppliers, customers, local farmers, dealers and also with the
brokers facilitating the rice business within the state.

* Location advantage with presence in cluster and easy availability
to paddy: Andhra Pradesh ranks third in the production of rice in
India. Further, the rice milling unit of SRI is located at East
Godavari district which is one of the major paddy cultivation areas
in Andhra Pradesh. The manufacturing unit is located near the rice
producing region, which ensures easy raw material access and smooth
supply of raw materials at competitive prices and lower logistic
expenditure.

* Healthy demand outlook of rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the rice
millers and thus the demand is expected to remain healthy over
medium to long term. India is the second largest producer of rice
in the world after China and the largest producer and exporter of
basmati rice in the world. The rice industry in India is broadly
divided into two segments – basmati (drier and long grained) and
non-basmati (sticky and short grained). Demand of Indian basmati
rice has traditionally been export oriented where the South India
caters about one-fourth share of India's exports. However, with a
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic market.
Demand for non-basmati segment is primarily domestic market driven
in India. Initiatives taken by government to increase paddy acreage
and better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units. Rice being
the staple food for almost 65% of the population in India has a
stable domestic demand outlook. On the export front, global demand
and supply of rice, government regulations on export and buffer
stock to be maintained by government will determine the outlook for
rice exports.

Srinivasa Rice Industry (SRI) was established in 2013 as a
partnership firm. It was promoted by Mr. M Surya PrabhakaraRao, Mr.
M. VenkataRatnam, Ms. M. Suji and Mr. D VenkateswaraRao. SRI is
engaged in milling and processing of rice. The rice milling unit of
the company is located at East Godavari District, Andhra Pradesh,
with an installed capacity to process 15400 metric tons per annum
Apart from rice processing, the firm is also engaged in selling
by-products such as broken rice, husk and bran.

TARANG JEWELS: CARE Lowers Rating on INR7.50cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tarang Jewels Private Limited (TPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      7.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
                                  and Revised from CARE B-; ISSUER
                                  NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The rating has been revised on account of on-going delays in
servicing of its debt obligations based on information available in
public domain.

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays in servicing of debt obligation: Account has been
classified as NPA, as per information available on public forum.

Tarang Jewels Private Limited (TPL) was incorporated in February,
2007 under the name "Omang Constructions Private Limited" Later in
August, 2014, the name of the company changed to present one and
its operations started from October, 2014. The company is engaged
in the retail trading of gold jewellery, diamond studded gold
jewellery, pearls and precious stones studded gold jewellery
(necklaces, earrings, rings, pendants and bangles) and silver
jewellery. TPL has a showroom located at Faridabad, Haryana.

TATA MOTORS: S&P Alters Outlook to Negative, Affirms 'B' ICR
------------------------------------------------------------
On Nov. 4, 2020, S&P Global Ratings revised its outlook on Tata
Motors Ltd. to negative from stable. S&P affirmed its 'B' long-term
issuer credit rating on Tata Motors and the 'B' long-term issue
rating on its senior unsecured notes.

Tata Motors' operations are likely to recover slower than S&P
anticipated following a weak fiscal 2020 (year ended March 31,
2020).

The company's commercial vehicle (CV) sales in India in the first
half of fiscal 2021 were about 60% lower than a year earlier due to
COVID-19-related lockdowns as well as continuing weak industry
demand. S&P said, "Consequently, we expect fiscal 2021 and 2022
sales volumes to be 25%-30% lower than our previous forecasts. This
is on the back of a weak fiscal 2020, when CV sales dropped about
35%, and despite our expectations that the second half of fiscal
2021 will be significantly stronger than the first half." Further,
within the CV segment, the proportion of the more profitable medium
and heavy commercial vehicles is likely to be 20%-30% in fiscals
2021 and 2022, compared with around 40% in fiscal 2019. This will
have a negative impact on the overall profitability of the Indian
operations.

S&P said, "Tata Motors' passenger vehicle (PV) business
outperformed our expectations in the first half of fiscal 2021.
Volumes rose about 10% from a year earlier and the business broke
even at the EBITDA level. The PV business benefited from strong
response to new launches such as Altroz and Nexon, and continued
demand for Tiago and Tigor. The company's market share improved to
about 8% in the first half of fiscal 2021 from about 5% in fiscal
2020. We expect the PV segment to continue to perform well at least
in the next six to 12 months. However, this will be inadequate to
mitigate weakness in the CV segment."

A no-deal Brexit or further widespread COVID-19 lockdowns could
hurt U.K.-based subsidiary Jaguar Land Rover Automotive PLC (JLR),
weighing on Tata Motors' credit quality.

JLR (B/Negative/--) continues to recover post the first COVID-19
lockdown. However, pressure on the already soft global auto
industry continues to escalate and a second wave of the pandemic is
gathering pace in its key markets of Europe and the U.S. S&P
anticipates a 20% decrease in global light vehicle sales in 2020,
to about 70 million units, versus 90.3 million units in 2019.

Although risks are rising, S&P's base case does not assume any
potential impact from the recent resurgence of COVID-19 infections
in Europe, the U.K., and the U.S., or increased risks of a
disorderly Brexit. If either of these risks develop in a meaningful
way, they could hurt JLR's operations, in turn weighing on Tata
Motors' credit quality.

Tata Motors' lower earnings will delay deleveraging.

S&P said, "We expect the company's reported EBITDA margin for the
automobile segment to be 6%-8% over fiscals 2021 and 2022, compared
with our forecast of 8%-10%. The margin was 5.4% in fiscal 2020. In
absolute terms, we have lowered our EBITDA estimate by about 20%
for fiscal 2021, and around 25% for fiscal 2022, compared with our
previous expectations. Consequently, we forecast the adjusted
debt-to-EBITDA ratio for Tata Motors will rise to about 9x as of
March 31, 2021, before declining to 7x by March 2022 (compared to
our earlier expectations of about 7x and 5x, respectively). In
these estimates, we adjust Tata Motors' EBITDA for capitalized
product development expenses, consistent with our criteria for
automobile companies globally. We see the leverage numbers as being
on the higher side for the rating category."

Tata Motors' adequate liquidity offers support to the rating.

S&P said, "We expect the company to maintain adequate liquidity
over the next 12-18 months. This is supported by a strong cash
position, especially at JLR, and manageable upcoming debt
maturities." As of Sept. 30, 2020, the group had about GBP5 billion
(about Indian rupee [INR] 470 billion equivalent) of liquidity
sources (cash and committed credit facilities) at JLR and around
INR56 billion at the Indian operations. In comparison near-term
debt maturities were about INR95 billion.

The Tata Motors management's initiatives since the outbreak of the
pandemic should help conserve cash and bolster liquidity.

At the JLR level, the group has proactively raised new funding
including, most recently, a GBP625 million U.K. export finance
facility and a new US$700 million bond in October 2020. JLR is also
on track to deliver an additional GBP2.5 billion of cash savings in
fiscal 2021. Similarly, at the Indian operations, management
intends to have cash savings of about INR60 billion in fiscal 2021,
of which 40% was delivered in the first half. These initiatives
were reflected in the first quarter of fiscal 2021, when despite
operations being hampered by lockdowns, consolidated cash burn was
only about GBP1 billion.

S&P said, "The negative outlook reflects our expectation that the
COVID-19 pandemic will continue to affect global automotive sales
through 2021. Our rating on Tata Motors assumes a significant
recovery in volumes and earnings. We see risks of lower volumes and
profitability, especially with a new wave of COVID-19 infections
and accompanying lockdowns. Uncertainty over the impact of Brexit
continues to be another risk for JLR, though the company has had
time to prepare for this development.

"We could downgrade Tata Motors if the company's earnings do not
recover as we expect, resulting in leverage remaining elevated.
Tata Motors' ability to track our fiscal 2022 volumes and earnings
assumptions would be critical for this recovery. Hence, the
operating outlook in the early part of fiscal 2021 will be key to
the rating. In a less likely scenario, we could downgrade the
company if its liquidity weakens significantly.

"We could revise the outlook to stable if Tata Motors' earnings
improve as we expect and its leverage shows signs of decline toward
5.0x by fiscal 2023."

UDUPI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Udupi
Developers (UD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       14.75      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 6, 2019, placed the
rating(s) of UD under the 'issuer noncooperating' category as UD
had failed to provide information for monitoring of the rating. UD
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 13, 2020 to September 2, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
public available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 6, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in meeting of debt obligations: Udupi developers
has been facing liquidity issues from past few months due to which
the firm is unable to service the interest and principle
instalments obligations on term loan facility. There are on-going
delays in servicing the interest and instalment in term loan
facility.

Key Rating Strengths

* Experience of promoter of six years in real estate industry and
successful execution of one project since inception Mr.Jamalduddin,
Managing Partner of the firm, is aged about 40 years and has around
a decade of construction experience, apart from which he also has
experience in trading vegetables and fruits and has another
associate company engaged in super market business. Mrs.
DhulekhaJamalduddin, another partner has 5 years of experience in
the real estate business and handles administration part of
business. She also has experience in trading business. The partners
are assisted by project managers, engineers, technical advisors,
market professionals and financial experts. In the past, UDP has
executed one residential project namely "Udupi Apartments".
Apartment consists of 12 apartments (ground floor plus three upper
floors) of around 12000 sq.ft. built up area with cost of INR2.40
crore. Further the one of the partners has share in a residential
building being situated in Manipal in the name of "Ideal Residency"
of 34 flats.  

Udupi Developers (UD) was established in the year 2010 as a
partnership firm and is managed by Mr.Jamalduddin (Managing
Partner) and Mrs. DhulekhaJamalduddin. The firm is engaged in
construction of residential & commercial buildings. UD has
successfully completed one residential apartment project since its
inception. The firm is doing construction and marketing activities
by themselves.


VEDBHUMI BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vedbhumi
Builders And Developers Private Limited (VBPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       38.94      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed description of the key rating drivers

CARE had, vide its press release dated August 20, 2019, placed the
rating of VBPL under the 'issuer non-cooperating' category as VBPL
had failed to provide information for monitoring of the rating as
agreed to in its rating agreement. VBPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 22, 2020, July, 15, 2020
August 6, 2020, August 31, 2020, September 8, 2020, October 1,
2020, October 7, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

At the time of last rating on August 20, 2019 the following were
the rating weaknesses: (updated for the information available from
Registrar of Companies)

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the banker
interaction the account has been classified as NPA on account of
overdrawals in cash credit facility.

Vedbhumi Builders & Developers Private Limited (VBDPL) was
incorporated in 2005 by Mr. Yogesh Chawda & Mr. Vijay Pawar. The
promoters have been involved in the development of residential and
commercial projects in the city of Nagpur and its catchment areas
since over a decade. VBDPL, in past, has developed one
residential/commercial project 'Bhumi Arcade' which was completed
in June, 2012. The project was residential cum commercial project
comprising of 21 apartments and 25 commercial units with a total
saleable area of 69,379 sq.ft and the same has been completely sold
off. Promoters in their individual capacities have executed 11
projects with total saleable area of 18,58,175sq.ft.



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

BAYAN RESOURCES: Fitch Affirms BB- LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Indonesian coal miner PT Bayan Resources Tbk and the
rating on its outstanding bonds at 'BB-'. The Outlook on the IDR is
Stable.

Bayan's credit profile remains adequate for its current rating
level, despite revisions to Fitch's commodity price assumptions.

Fitch raised its forecast for Bayan's sales volume in 2020 to 32.5
million tonnes (MT) after its sales volume reached 26MT in
January-September, and compared with 29.2MT in 2019. Fitch
continues to expect production volume to remain around 32MT in 2021
and 2022 and then rise to 35MT in 2023 after the completion of a
hauling road.

Bayan's rating reflects the low-cost position of its main mine,
adequate reserves, diversified customer base and strong financial
profile. This is partly offset by its mine concentration,
regulatory risks in Indonesia and the inherent cyclical nature of
the coal industry.

KEY RATING DRIVERS

Inventory Clearing Supports Volumes: Fitch expects Bayan's sales
volume to rise in 2020 after stronger-than-expected sales in
January-September, when it benefitted from its committed and
contracted sales and cleared inventory built up from last year.
Inventory built up in end-2019 because of intermittent disruptions
to shipping coal from Bara Tabang due to low river water levels.
Fitch expects production volume to decline to about 28MT in 2020
(9M20: 21.5MT) from 32MT in 2019, as the company's mines shut for
seven weeks in April-May due to the coronavirus pandemic.

Fitch expects Bayan's sales and production volumes to remain at
about 32MT in 2021-2022, before it starts ramping up production in
2023 towards its medium-term production target of 50MT once it
completes the construction of a hauling road in 2022.

Low-Cost Position: Fitch expects Bayan's EBITDA per tonne to remain
above that of most peers due to the low-cost structure of its key
Tabang concessions, which have an average life-of-mine strip ratio
of 3.6x (2019: 3.1x), and their well-connected infrastructure and
logistics network. Bayan reduced its average cash cost to
USD30.3/tonne in 9M20 from USD35/tonne in 2019, driven by a lower
strip ratio, higher sales volume and lower fuel-settlement costs.
Fitch expects the average cash cost to stay at USD32-33/tonne in
2020-23, translating to EBITDA per tonne of around USD7.5 in 2020
and USD10-12 in 2021-2023.

Limited Asset Diversity: Tabang (including North Pakar) accounts
for more than 75% of Bayan's total 2P reserves and production. The
contribution from Tabang is likely to remain high in the medium
term, with most of the increase in output in the coming years from
the operational mines at Tabang and North Pakar.

Road to Mitigate Operational Issues: The company's overall coal
sales are also exposed to the weather-related issues as barging
from the Tabang concessions is interrupted when water levels are
low at the tributaries now used for barging coal to the Mahakam
River. Bayan is building a 100km road from the concession to the
Mahakam River that will provide an alternative route to ship its
coal. The road is expected to be ready by mid-2022, subject to
timely receipt of permits, and it will materially reduce these
operational issues at Tabang.

Strong Financial Profile: Fitch expects Bayan's financial profile
to remain quite strong despite low coal prices, as the company is
supported by low costs, robust sales and modest capex. Fitch
forecasts Bayan's FFO net leverage to remain below 1.0 for
2020-2022 and expect it to reach a net cash position in 2023,
compared with its negative rating trigger of 2.5x FFO net leverage.
Bayan paid dividends of USD66.7 million in 2020, or 30% of its 2019
net earnings, versus its expectation of a 50% dividend payout
ratio. Fitch continues to incorporate a payout ratio of 50% in
2021-2023 in its rating case.

Bayan's capex in 2020 is also expected to be 10%-15% lower than its
previous expectations of USD80 million, as works on the hauling
road are expected to accelerate only towards end-2020 and 2021 due
to a slight delay in receiving the required regulatory approvals
due to the pandemic. Given the capex till 2022 would be mainly
driven by the construction of the road, Fitch believes Bayan has
some flexibility to defer capex, if the coal market weakens.

Diversified Customer Base: Bayan's diversified customer base should
continue to support stable demand for its coal over the next four
years. Bayan's customers are more geographically diversified
compared with those of most peers. In 1H20, Bayan exported mainly
to the Philippines (26%), Malaysia (16%), China (13%) and India
(11%). It also has a diverse product offering, as its coal ranges
from Tabang's 4000-4300kcal low-sulphur and ash content coal to
high calorific value (over 6000kcal) coal from its other mines.

Adequate Reserves: Bayan has one of the largest reserves compared
with its coal-mining peers in Indonesia with proved (1P) reserves
at 580MT resulting in reserve life of around 12 years based on the
planned increase in production to around 50MT over the medium term.
Bayan's proven and probable (2P) reserves are 1,150MT or a mine
life of about 23 years.

DERIVATION SUMMARY

Bayan's closest peer is PT Indika Energy Tbk (BB-/Negative) as it
has a similar operational risk profile. Indika's larger production
scale, the longer operating record of its main Kideco Jaya Agung
coal mine and integrated operations are offset by Bayan's better
cost position and stronger financial profile, with lower
sensitivity to price and volume assumptions. However, Bayan has
faced intermittent operational disruption due to bottlenecks,
whereas Indika's operations are more integrated and have a stronger
record of uninterrupted production. Indika's negative outlook
reflects its low rating headroom with its leverage breaching or
remaining close to Fitch's negative sensitivity.

Golden Energy and Resources Limited (GEAR, B+/Stable) has higher
reserves and a longer reserve life than Bayan, but Bayan's higher
rating reflects its larger production scale and better cost
structure. GEAR's financial profile is also weaker due to its
acquisition capex. GEAR's rating will remain constrained until it
is able to increase its production scale and earnings.

KEY ASSUMPTIONS

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

- Volume: Steady production and sales volumes after temporary
weakness in production in 2020. Sales in 2020 of 32.5MT
incorporates 28MT of production and 4.5MT of inventory

  - Selling price in line with Fitch's revised coal price
assumptions with Newcastle at USD58/tonne in 2020, USD68 in 2021,
USD67 in 2022 and USD 66 after that

  - Total cash cost around USD32/tonne during 2020-2023

  - Capex of USD70 million in 2020, USD150 million in 2021 and
USD70 million in 2022, which comprises about USD25 million of
maintenance capex per year with the remaining as growth capex. In
2023 Fitch expects capex to fall to USD40 million mainly driven by
maintenance capex.

  - Dividend pay-out ratio of 50%.

RATING SENSITIVITIES

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

  - Increase in scale to about 40MT a year, with an average
remaining reserve life of 15-20 years, while maintaining a low-cost
position and stable financial profile, with FFO net leverage of
below 1.5x

  - Material progress towards infrastructure enhancement to ensure
continuity of operations, limiting the company's exposure to
weather-related issues.

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

  - FFO net leverage of above 2.5x

  - FFO fixed-charge coverage falling below 4.0x (2019: 12.1x)

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Bayan's USD400million bond is the company's
only debt, which was used to repay all its outstanding short-term
loans used for working-capital purposes. Bayan's liquidity position
improved after it issued the bond, refinancing most of its
short-term debt, which had increased substantially in 2019 as the
company's working capital requirements rose with the inventory
build-up amid the operational issues at Tabang.

Bayan paid dividends of USD66.7million and USD300 million in August
2020 and July 2019, respectively, equivalent to dividend pay-out
ratios of 30% and 50%, respectively, which is likely to persist
over the next two to three years. Fitch does not expect the company
to require additional funding support over this period as it had a
cash balance of USD350 million as of September 30, 2020, including
the funds from the bond issuance. Fitch also thinks Bayan has some
flexibility to cut capex and dividends if needed.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

CIKARANG LISTRINDO: Moody's Affirms Ba2 CFR, Outlook Positive
-------------------------------------------------------------
Moody's Investors Service has affirmed Cikarang Listrindo (P.T.)'s
(Cikarang) Ba2 corporate family and senior unsecured bond ratings.

The outlook on all ratings remains positive.

RATINGS RATIONALE

"Cikarang's Ba2 ratings reflect its market position as the sole
private supplier of electricity to five industrial estates in West
Java in Indonesia and its diversified and good quality customer
base, which we believe will underpin a gradual recovery in energy
sales in its catchment area as the economy recovers post-pandemic,"
says Spencer Ng, a Moody's Vice President and Senior Analyst.

Cikarang's credit profile also benefits from its expectation that
the company will maintain strong financial metrics in 2021 and
beyond, solid operating track record and supportive features in its
power supply agreements with customers, which help mitigate its
exposure to fluctuations in fuel costs.

These credit strengths offset the company's reliance on
shorter-term fuel supply from third parties to meet its generation
needs, although Cikarang has successfully secured contract
extensions in the past.

"The positive rating outlook reflects our expectation that power
demand will recover in 2021 and will likely support the
strengthening of financial metrics to levels that will put upward
momentum on the rating," adds Ng.

In the first half of 2020, sales to industrial customers declined
by 14.5% as a result of the economic slowdown caused by the
pandemic and social distancing restrictions, which slowed
manufacturing activities in the industrial estates. As a result,
Moody's estimates that Cikarang's retained cash flow (RCF)/debt
will fall to slightly below 11% in 2020.

Sales to industrial customers steadily increased after the movement
restrictions were lifted in June, and by September, monthly sales
recovered to just above 80% of the 2019 level. Moody's believes the
recovery is partly due to the resumption of production activities
as well as the changes made by manufacturing companies to ensure
that they could operate at capacity while complying with social
distancing measures.

Under Moody's base case scenario, Cikarang's RCF/debt will likely
recover to 14%-17% over the next 12-18 months which, if sustained,
will exceed the rating tolerance. Moody's financial projections
further assume no material change to the company's capital
management initiatives and no material shift in its growth
strategy, which is focused on organic growth.

Cikarang has strong liquidity, highlighted by historically high
cash holding ($283 million as at end September 2020, including cash
deposits), and manageable capex and no debt repayments over the
next 12 months.

With regard to environmental, social and governance (ESG) risks,
Cikarang has a manageable exposure to carbon-transition risk.
Around 75% of Cikarang's generation capacity comes from gas-fired
power stations, which are less carbon intensive than coal-fired
power stations. Moreover, its management is actively pursuing
opportunities to grow rooftop solar generation and the use bio-mass
fuel in its sole coal-fired power station.

Moody's expects that changes to Indonesia's energy mix will be
gradual, with policies to discourage coal-based additions unlikely
in the short term. This reduces Cikarang's exposure to adverse
policy changes

Cikarang's exposure to governance risk primarily stems from its
concentrated ownership, with three private investment companies
holding close to 85% of its equity interest and control over the
company's growth and capital management strategy. Moody's considers
the potential exposure to governance issues as manageable, as
Cikarang has limited transactions with its related parties and has
largely maintained a measured approach to shareholder-friendly
initiatives, such as share buybacks, which have been mainly funded
by cash on hand.

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

Moody's could upgrade Cikarang's ratings if (1) its RCF/debt rises
above 13% on a sustained basis as power demand in the industrial
estates gradually returns; and (2) its business profile or capital
management philosophy does not change materially.

However, Moody's could change the outlook to stable if Cikarang's
operational or financial profile deteriorates, which could arise
from a worsening pandemic, a material shifts away from its organic
growth strategy or a material increase in dividend payments.
Specifically, financial metrics that would indicate such a change
in the outlook include RCF/debt ranging from 10% to 13% on a
sustained basis.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Cikarang Listrindo (P.T.) is an independent power producer that
supplies electricity to over 2,400 industrial customers in five
industrial estates in the Cikarang region in the outskirts of
Jakarta. The company owns and operates natural gas-fired combined
cycle power stations and a coal-fired power plant, with a total
combined capacity of 1,144 MW as of October 31, 2020.

LIPPO MALLS: Fitch Downgrades LT IDR to BB-, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust's
(LMIRT) Long-Term Issuer Default Rating (IDR) to 'BB-', from 'BB'.
The Outlook is Negative. Its USD250 million senior unsecured notes
due 2024, issued by subsidiary, LMIRT Capital Pte. Ltd., have also
been downgraded to 'BB-', from 'BB'.

The downgrade reflects its expectation that LMIRT's financial
metrics will remain weak for a prolonged period, as the recovery in
Indonesia's retail sector is taking longer than Fitch had
estimated. LMIRT's 3Q20 results show continued weak retail
operations, even after the government eased strict nationwide
coronavirus pandemic-related movement restrictions imposed in 2Q20.
LMIRT's reported net property income of SGD13 million was 20% below
its forecast; Fitch expects the funds from operation (FFO)
fixed-charge coverage ratio to dip below its negative sensitivity
of 1.5x until at least 2021 and do not expect EBITDA to return to
pre-pandemic levels during this time.

The Negative Outlook captures the uncertainty around the duration
of the pandemic and the implications for the economy and purchasing
power, which are risks to its forecasts.

KEY RATING DRIVERS

Slower Recovery: Fitch expects LMIRT's revenue and EBITDA to be
around 25% lower in 2021 than its previous estimate due to
continued weak consumer sentiment in 3Q20 and the risks around the
re-imposition of movement restrictions delaying recovery. Movement
restrictions have affected mall traffic and tenants' revenue,
particularly for restaurants and entertainment outlets that usually
draw crowds.

The Jakarta provincial government eased social-distancing measures
on October 12, 2020, which had been re-imposed on September 14.
There were no re-impositions in other regions since nationwide
restriction ended in June. However, provincial governments may
revert to stricter measures if there is uptick in new cases, which
would limit LMIRT's recovery prospects over the medium term.

Challenging Environment, Occupancy Drop: Around half of LMIRT's
revenue is derived from assets targeting low- to middle-income
consumers. Fitch believes the segment's purchasing power has been
more damaged by the weak economy than for higher-income earners,
which has magnified the impact on retailers in LMIRT's malls. The
trust reported positive 4.4% rental reversion year-to-date, but
expects average occupancy to drop to around 80% by end-2020, from
above 90% historically.

Only half of the leases expiring in 2020 had been renewed by
end-September, which contributed to the lower occupancy. Leases
expiring in 2020 represent 14% of LMIRT's total net leasable area.
Affected tenants had also faced issues pre-pandemic and are
therefore likely to terminate their leases under the current
environment. Continued weak consumer sentiment will impair tenants'
ability to continue operating and paying rent; this adds risks to
its forecasts, as reflected in the Negative Outlook.

Weak Economy, Spending Halts: Indonesia's consumer confidence index
has been below 100 since April 2020, a level not seen in the
previous decade, according to a survey by the Bank Indonesia. A
score below 100 indicates consumers are pessimistic about the
economic outlook, which is likely to lead to increased saving and
lower spending. Rising unemployment has further pressured
consumption, exacerbating the retail sector's poor performance,
particularly in the low- to middle-income segment.

Ringfenced from Lippo: Fitch rates LMIRT on a standalone basis, as
the trust is sufficiently ringfenced from PT Lippo Karawaci TBK
(B-/Negative), which owns 32.32% of LMIRT's equity and controls its
manager. LMIRT has right of first refusal over Lippo's malls and
bought a large portion of its malls from its sponsor. However,
LMIRT, as a Singapore-listed REIT, is subject to stringent
regulations that require two independent valuations and minority
unitholder approval for related-party transactions. Fitch thinks
these rules adequately mitigate the risks such transactions pose to
minority unitholders.

Puri Mall Acquisition Neutral: Fitch believes the acquisition will
have a neutral impact on LMIRT's rating, as the incremental
cashflow net of cost of debt drawn to finance acquisition is not
sufficient to offset weakness in the rest of the portfolio, and
lost cashflows from two divested assets in 2020. Fitch assumes
Lippo will cover any shortfall to the guaranteed minimum net
property income of IDR340 billion, at least over 2021-2022, as it
has sufficient liquidity and has set aside funds to complete the
transaction. At end-June 2020, Puri had average occupancy of around
90% and a weighted-average lease expiry of 3.4 years.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million of perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss-absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure by
replacing them at their next call-date with similar instruments or
common equity.

DERIVATION SUMMARY

Fitch rates PT Pakuwon Jati Tbk (PWON, BB/Stable) higher than
LMIRT, due to PWON's stronger financial profile, which more than
offsets its exposure to the riskier property-development business.
PWON has a demonstrated record in managing development risks, such
that they do not impair its strong liquidity and financial profile.
Fitch expects PWON to maintain non-development EBITDA of above
USD100 million in the next year or two, while the company's low
leverage allows it to maintain comfortable coverage ratio headroom.
Fitch believes PWON's superior mall portfolio relative to LMIRT
should also lead to better business stability through the cycle.

LMIRT is rated higher than Emirates REIT (B+/Negative), due to
Emirates REIT' weaker financial and business profile. Emirates REIT
reported average occupancy that was already lower than that of
LMIRT before the pandemic, at around 70% in 2019. Emirates REIT's
office space exposure, which had experienced oversupply before the
pandemic, exacerbates the weakness of its business profile. The
company's more stable business in the education sector had also
deteriorated in recent years, owing to overcapacity and signs of
expatriates leaving Dubai. Fitch expects Emirates REIT's leverage,
as measured by net debt/EBITDA, to remain high over the next 12 to
18 months, at above 10x, compared with LMIRT's 6x-7x. Emirates REIT
also faces higher refinancing risk on its USD400 million Sukuk due
2022 relative to LMIRT's manageable liquidity and maturities.

KEY ASSUMPTIONS

  - Revenue to decline by 45% in 2020 and 38% in 2021 from 2019
levels and EBITDA to decline by 54% in 2020 and 43% in 2021
compared with 2019 (2019: revenue and EBITDA grew by 19% and 5%).

  - Entertainment outlets to remain closed until end-2021, while
other segments exhibit a gradual recovery.

  - Limited deterioration in occupancy, which should stay flat at
around 80% through to end-2021.

  - LMIRT to continue paying perpetual coupons, but distribute less
dividends than historically, in line with its weaker performance.

RATING SENSITIVITIES

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

Fitch may revise the Outlook to Stable upon clear evidence that the
operating environment is stabilising, allowing LMIRT to maintain
FFO fixed-charge cover of at least 1.3x on a sustained basis (2019:
2.5x)

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

FFO fixed-charge cover below 1.3x for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Laddered Maturities, Adequate Liquidity: LMIRT's rating is
supported by its record of maintaining adequate liquidity and its
unencumbered assets base. It had SGD123 million in cash at
end-September 2020 and received USD75 million (SGD105 million) in
new committed loans in October, which were provided under certain
conditions. This is sufficient to cover the SGD175 million term
loan due in August 2021. LMIRT does not have other significant debt
maturities until 2024, when its USD250 million notes are due. The
trust's liquidity profile is also supported by diversified banking
lines, access to debt and capital markets and unencumbered assets
providing financial flexibility.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

TOWER BERSAMA: S&P Affirms 'BB' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
On Nov. 4, 2020, S&P Global Ratings affirmed its 'BB' long-term
issuer credit rating on PT Tower Bersama Infrastructure Tbk.
(TBIG), an Indonesian telecom tower operator. S&P also affirmed the
'BB' long-term issue rating on the company's guaranteed senior
unsecured notes.

The stable outlook reflects S&P's expectation that TBIG will
maintain its solid market position and stable cash flows, while
managing its capital spending and shareholder distributions to
preserve its debt-to-EBITDA ratio at 5.0x-5.5x over the next 12-24
months.

S&P affirmed the ratings because it expect TBIG's resilient and
high-quality cash flows to allow it to access fresh liquidity to
manage its looming debt maturities and secure refinancing well
ahead of these maturities.

S&P said, "TBIG's earnings will remain steady despite the economic
effects of the pandemic.   We expect the company's cash flows to
stay highly predictable because its tower leases are typically for
10 years and structured with approximately 80% fixed rental base.
The current weighted average maturity of the leases is about five
years. Revenues from these leases are of good quality, with about
80% derived from the top three telecom operators in Indonesia--PT
Telekomunikasi Selular Tbk., PT Indosat Tbk., and PT XL Axiata Tbk.
We expect TBIG's steady tenancy growth to translate to 11%-13%
revenue growth in 2020, up from 8.8% in 2019. In spite of COVID-19,
the company added 2,963 net tenancies in the first nine months of
2020, or about 92% of the 3,222 net tenancies added in full-year
2019. Revenue in the first nine months of 2020 was about IDR3.9
trillion, up 13.5% compared to the same period last year. Revenue
is likely to expand 5%-8% annually in 2021 and 2022, supported by
network densification in Indonesia.

"We believe TBIG can tolerate higher leverage given its resilient
business and cash flows. However, we also expect the company's
interest coverage ratios to be weaker than that of peers that have
similar leverage levels.

"We expect TBIG to refinance its elevated debt maturities over the
next 12-24 months given its resilient cash flows and good record of
access to funding.   The company's liquidity sources on hand are
insufficient to meet liquidity uses over the next 12 months, even
if it were to cut capital expenditure (capex) and shareholder
distributions substantially. TBIG has IDR5.9 trillion of debt
maturing in the 12 months to Sept. 30, 2021. But the company has
only about IDR5.4 trillion of liquidity sources, including expected
cash funds from operations (FFO), committed undrawn facilities as
well as cash and cash equivalents. In the subsequent 12 months,
TBIG has similarly high debt maturities of about IDR7 trillion.

"Because of the resilience of its business model and the
predictability of its cash flows, TBIG should be able to maintain
good market access. We also expect the company to continue to
proactively manage its sizable debt maturities. It has accessed
debt capital markets thrice thus far in 2020 with issuance of two
rupiah-denominated bonds and one U.S. dollar-denominated bond,
despite heightened risk of drying liquidity in Indonesia. At the
same time, TBIG has long-standing relationships of 10-15 years with
its key banks.

"In our view, TBIG will continue to calibrate shareholder
distributions to keep leverage in check.  The company's extent of
dividends and share buybacks are a function of maintaining a steady
debt-to-EBITDA ratio. From 2015 to 2019, TBIG's annual dividends
and share buybacks ranged from IDR650 billion to IDR1.5 trillion,
while its ratio of debt to EBITDA remained 5.0x-5.5x. For example,
over the past five years, the company's capex was the highest in
2019 at slightly over IDR2 trillion. The combined amount of its
dividend payout and share buybacks was substantially scaled back
and was the lowest that year in several years. We expect TBIG to
continue to balance shareholder-friendly actions and necessary
capex, such that its ratio of debt to EBITDA will be 5.0x-5.5x.
This leverage level provides the company with some headroom in its
financial covenants.

"The stable outlook reflects our expectation that TBIG's earnings
and cash flows will stay resilient over the next 24 months. It also
reflects our expectation that TBIG will manage its discretionary
cash outflows, especially shareholder distributions, such that its
leverage remains below 5.5x over the next 12-24 months.

"We may lower the rating if TBIG's appetite for debt-funded
acquisitions, capex, or shareholder returns increases beyond our
expectations. EBITDA interest coverage below 1.75x with no prospect
of recovery would indicate such deterioration.

"We may raise the rating if TBIG's debt-to-EBITDA ratio stays
sustainably below 5.5x and its EBITDA interest coverage improves to
sustainably well above 2x. An upgrade would be contingent on a
permanent improvement in the company's sources of liquidity, rather
than ongoing reliance on funding sources that are dependent on
market sentiment. It would also be contingent on TBIG refinancing
its maturing lumpy debt well in advance of maturities and a
lengthening of its debt maturity profile."




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

ANA HOLDINGS: Saga Prefecture to Accept ANA Staff on Loan
---------------------------------------------------------
The Asahi Shimbun reports that Saga Prefecture on Nov. 4 said it
plans to accept about 10 employees on loan from the ANA group while
the airline company struggles to rebound from financial damage
caused by the COVID-19 pandemic.

Asahi Shimbun says the loaned employees are expected to work as
prefectural government staff in areas related to town planning and
tourism.

The prefecture earmarked about JPY10 million ($95,840) in its
budget request to shoulder part of costs to employ them.

According to Asahi Shimbun, the plan was announced at a meeting of
prefectural government officials discussing a draft supplementary
budget to be submitted at the prefectural assembly's regular
session that starts later this month.

The Saga government is coordinating with the ANA group to start
accepting the workers by the end of this fiscal year and continue
their employment for two years or so, Asahi Shimbun discloses
citing the prefectural government's Airport Division.

ANA Holdings Inc. announced it expects to post a record net loss
for fiscal 2020 as demand for air travel has dried up amid the
pandemic, Asahi Shimbun notes. The company said it plans to reduce
personnel costs by lending its staff to outside companies.

"ANA supported Saga Prefecture when the prefecture faced a tough
time managing Saga Airport," Asahi Shimbun quotes Saga Governor
Yoshinori Yamaguchi as saying at the Nov. 4 meeting. "This is a
project to cherish the bond between us."

The Airport Division said the project represents "cooperation" with
the ANA group, not support, the report relays.

ANA has operated flights at Saga Airport since it opened in 1998,
the report states. The company used to offer five daily round-trip
flights between Saga Airport and Haneda Airport in Tokyo, but it
currently operates only three of them, except on certain days,
because of the spread of the novel coronavirus, Asahi Shimbun
says.

                         About ANA Holdings

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

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
5, 2020, 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-.




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

AIRASIA GROUP: Unit Revises Debt Restructuring Plan
---------------------------------------------------
Reuters reports that Malaysia's AirAsia X Bhd on Nov. 4 said it has
revised its $15.3 billion debt restructuring plan to re-categorise
its creditors in a bid to address concerns raised by a creditor.

According to Reuters, the budget carrier is seeking to reconstitute
the $15.3 billion of unsecured debt into a principal amount of
MYR200 million ($48 million) and have the rest waived.

But creditor Malaysia Airports Holdings Bhd (MAHB) filed a lawsuit
last month to claim MYR78 million owed by AirAsia X and a separate
application to be excluded from the restructuring scheme, arguing
that its debts were secured, Reuters says.

Citing sources, Reuters had reported last week about AirAsia X's
plans to revise the restructuring to address demands by MAHB. One
source said MAHB's legal action could delay the airline's debt
restructuring plan and bid to stave off liquidation, Reuters
relays.

In a statement on Nov. 4, AirAsia X said it will now categorise
creditors as essential and non-essential, and that the airport
operator MAHB would be included in the first category, Reuters
reports.

"The revision is made in the interest of time, without prejudice to
AAX's rights to defend and seek the appropriate remedies . . . and
in order for the court convened meetings to be held as soon as
possible for the creditors to consider and vote on the proposed
debt restructuring," the company said.

Reuters notes that the airline's restructuring proposal needs
approval from creditors holding at least 75% of the total value of
the debt.

It has been hard hit by the coronavirus pandemic as travel
restrictions have grounded most of its planes, the report adds.

                           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.

KIDZANIA KUALA LUMPUR: Sim Leisure to Buy Family Attraction
-----------------------------------------------------------
Fiona Lam at The Business Times reports that outdoor theme-park
developer and operator Sim Leisure Group is looking to acquire the
entire stake in family attraction KidZania's licensee Rakan Riang
for MYR3.8 million.

BT relates that Sim Leisure also plans to seek a waiver from the
Singapore Exchange of the requirements relating to very substantial
acquisitions (VSAs).

According to the report, the proposed acquisition constitutes a VSA
under Catalist Rule 1015, which states that such deals must be made
conditional upon shareholders' approval and that the issuer must
appoint a competent and independent valuer to value the assets,
among other requirements.

Malaysia-incorporated Rakan Riang is an 80:20 joint venture between
Themed Attractions Resorts & Hotels (TARH) -- the leisure and
tourism arm of Malaysian sovereign fund Khazanah Nasional -- and
Malaysia-listed Boustead Holdings Berhad, BT discloses.

The KidZania brand operates an interactive indoor educational and
entertainment centre under the name KidZania Kuala Lumpur, where
children role-play professions and activities designed to mimic
adult life. The outlet is located at the Curve NX building in
Petaling Jaya, Selangor.

According to BT, Sim Leisure said no independent valuation was
carried out in connection with the proposed acquisition, as its
board believed the management team "had negotiated the most
competitive purchase price and terms" in the best interests of the
company and shareholders.

The purchase price took into account the financial performance of
Rakan Riang for 2019 and the first six months of this year, the
writing off of inter-company liabilities, as well as the deal's
potential benefits to the Sim Leisure group, BT says.

Rakan Riang recorded a net loss before tax of about MYR1.4 million
last year and net tangible assets (NTA) of some MYR13.1 million as
at Dec. 31, 2019, BT discloses. And for the first half of this
year, its net loss before tax amounted to MYR4 million while NTA
was MYR9.2 million as at June 30, 2020.

All inter-company liabilities due and owing from Rakan Riang to
TARH, its subsidiary Themed Attractions and Resorts Sdn Bhd and
each of its group of companies as at the deal's completion date
will be written off, under the sale of shares agreement inked by
the parties.

These inter-company liabilities totalled about MYR12.6 million as
at June 30, 2020, said Sim Leisure in a filing on Nov. 4, BT
notes.

Separately, KidZania's Singapore business, now under liquidation,
owes about SGD50 million to TARH, The Business Times (BT) reported
last month.

BT relates that Sim Leisure on Nov. 4 noted that the KidZania
business has an established track record, having begun operations
in 2012, and the acquisition will allow the group to offer indoor
themed attractions in addition to the existing outdoor ones.

Besides, Sim Leisure will be able to extend its geographical reach
beyond Penang with the proposed deal, its board added.

Meanwhile in Singapore, KidZania had chalked up losses in the four
years it operated in the city-state. KidZania Singapore owes
SGD53.4 million to more than 1,000 parties, including the claims by
TARH, according to BT's report. The other creditors of KidZania
Singapore included the Singapore Tourism Board, the Sentosa
Development Corporation and the Ministry of Education.

MCAT BOX: Malaysian Cinema Faces Liquidation on Virus Woes
----------------------------------------------------------
Emir Zainul at The Edge Markets reports that MCAT Box Office Sdn
Bhd, more commonly known as MBO Cinemas, is facing liquidation
following cash flow problems since the implementation of the
government-imposed movement control order (MCO) to curb the spread
of the Covid-19 pandemic.

"We would like to inform you that on Oct. 14, 2020, the board of
directors of MCAT Box Office Sdn Bhd passed resolutions placing the
company in creditors' voluntary liquidation and appointing Lim San
Peen of PricewaterhouseCoopers Advisory Services Sdn Bhd as interim
liquidator," read a notice to creditors sighted by The Edge.

The notice also calls for a meeting between the creditor and the
interim liquidator to discuss the liquidation process, The Edge
relates. In a liquidation process, the company's assets are sold to
repay creditors and the business closes down.

The Edge, citing CTOS data, discloses that as at Dec. 31, 2018, MBO
Cinemas' total assets were valued at MYR197.76 million while its
total liabilities stood at MYR111.31 million.

In March 2012, the Navis Malaysia Growth Opportunities Fund 1, L.P.
(Navis MGO Fund), managed by Navis Capital Partners under Ekuiti
Nasional Bhd's Outsourced Programme, undertook minority
co-investments in MBO Cinemas for an investment of MYR21 million,
The Edge notes.

As at 2018, the fund owns a 92.74%-stake in MBO Cinemas while the
other 7.26% is owned by the founder of Eco World Development Group
Bhd, Tan Sri Abdul Rashid Abdul Manaf.

According to The Edge, the cinema was rumored to have received
attractive offers prior to the breakout of the Covid-19 pandemic,
but it is understood now that its valuations have plunged due to
slow business.

MBO Cinemas, the third largest cinema chain operator in Malaysia,
has 27 locations nationwide. However, according to its Facebook
post on Oct. 12, only four locations are open as usual for now, the
report notes. Some locations were announced to be closed until
further notice, while others were closed due to the conditional MCO
(CMCO) imposed in Selangor, Kuala Lumpur and Sabah, The Edge
relays.

MBO Cinemas chief operating officer Cheah Chun Wai was quoted in a
Bernama report on Aug. 7 as saying that the industry suffered a 55%
drop in sales during the first three months of the outbreak and no
sales at all during the subsequent three months due to the MCO, The
Edge relays.

Since the reopening of cinemas on July 1, MBO Cinemas -- and other
cinema operators -- had to comply with the standard operating
procedures set by the government including a distance of one empty
seat in cinemas, providing hand sanitisers, taking body
temperatures, maintaining a physical distance of at least one metre
apart and compulsory wearing of face masks, the report says.



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

RED BUS: Business Sold to Ritchies; 63 Workers to Lose Jobs
-----------------------------------------------------------
Otago Daily Times reports that more than 60 workers will lose their
jobs after the Christchurch City Council-owned Red Bus company sold
its urban transport business.

According to the report, Red Bus has sold its transport business to
Ritchies Transport Holdings for an undisclosed sum.

Sixty-three workers will lose their jobs as a result, the report
says.

ODT relates that Red Bus Ltd chief executive Tony King said they
are casual or fixed term employees - or have taken voluntary
redundancy.

Mr. King said 145 staff will be transferred to Ritchies.

"Ritchies are a long-standing business for whom urban transport is
their core activity," ODT quotes Mr. King as saying.  "We believe
they will make an excellent and committed owner for the business."

Workers have known since February that there would be downsizing
after the loss of bus routes, he said.

Red Bus is fully owned by Christchurch City Holdings, which runs
the council's businesses.

The company lost several contracts in the last round of the
Environment Canterbury urban transport tenders announced in
February this year, ODT notes.

RILEAN CONSTRUCTION: EY Appointed as Liquidator to 3 Rilean Firms
-----------------------------------------------------------------
Marta Steeman at Stuff.co.nz reports that well-known Queenstown
construction group Rilean has placed its three companies in
liquidation with a likely shortfall to creditors.

Rhys Cain, an insolvency practitioner with EY in Christchurch, and
Rees Logan, an accountant in Auckland, were appointed liquidators
of three Rilean companies on October 22, Stuff discloses.

They are Rilean Construction (Canterbury) Limited, Rilean
Construction (Central Otago) and Rilean Investments.

Stuff says the company is well-known in Central Otago where most of
its residential and commercial building has been. Its work includes
The Landing shopping centre in the Remarkables Park town centre in
Frankton and it has been working on stage one of an ambitious
terraced housing and apartment development in Frankton called
Remarkables Residences.

Its commercial work has included the refurbishment of the Holiday
Inn, Queenstown, the refurbishment of the lobby at the Sofitel
Hotel in Queenstown, and the reconfiguration and upgrading of the
Colonel's Homestead Restaurant at the Walter Peak High Country Farm
in 2014, its website showed, Stuff relays.

The liquidators' first report was due out on Oct. 30. The company's
records were in good order, it had good advisers and "things are
relatively tidy", Mr. Cain said.

Stuff notes that the liquidators were emailing all creditors and
subcontractors to inform them of the liquidation and to contact the
liquidators.

Asked if there were more assets than liabilities, Mr. Cain said
individually one or more of the companies might have more assets
than liabilities but collectively "then no is the answer," Stuff
relays.

"Like a lot of construction companies their problem is cashflow.
They have taken a very sensible step, quite frankly, and they have
taken good advice and have made sensible decisions but cashflow is
an issue for them" Stuff quotes Mr. Cain as saying.

"So we are working as best as we can to collect in over time what
is due to the company. It looks like there will be an overall
shortfall, yes."  All the retention payments had been accounted
for.

The Central Otago company did the building operations. The
Canterbury company had not done much business and the investment
company owned assets.

The directors would make a statement in the report on what caused
the liquidation, Mr. Cain, as cited by Stuff, said.

He had only met one of the directors, Gary Dent, and the other
resigned in June. He had to get down to Queenstown to meet Stephen
McLean.

When the liquidators were appointed the three companies had no
staff, Mr. Cain said.

It has been reported by the Otago Daily Times in September that
about 20 staff had been laid off and director Gary Dent was
reported as saying the company was winding back, recalls Stuff.

The directors are Gary Dent and Stephen McLean for Rilean
Construction (Canterbury), Stuff discloses citing Companies office
records, and Mr. Dent for Rilean Construction (Central Otago) and
Rilean Investments.

The main shareholders in the three companies are Dent Trustees,
Stephen and Tracy McLean, Lisa-Jayne and Trevor Meikle, and Amber
and Steven Dent, according to Companies Office records.

Rilean's website said Gary Dent started Rilean Construction South
Island in Queenstown in 1994 with Stephen McLean. It has been
reported that the original Rilean Construction was started in 1979
by McLean's parents Raymond and Noeline.



===============
T H A I L A N D
===============

NOK AIR: Gets Court Approval to Restructure Debt
------------------------------------------------
Suttinee Yuvejwattana and Harry Suhartono at Bloomberg report that
Thai budget carrier Nok Airlines Pcl obtained court approval to
proceed with a debt rehabilitation plan as it weathers a slump in
passenger demand due to the coronavirus pandemic.

Bloomberg relates that the nation's Central Bankruptcy Court said
Nok Air should submit its plan by the first quarter of next year,
the company said in an exchange filing on Nov. 4.

Bloomberg says the pandemic has devastated global aviation, forcing
airlines to suspend flights, lay off employees and seek financial
help from governments and investors. Thai Airways International
Pcl, which holds a 13% stake in Nok Air, has also received court
approval to restructure its THB350 billion ($11.2 billion) of debt
as the virus wreaks havoc on the tourism-dependent nation.

Nok Air's liabilities were THB34.8 billion at the end of June and
it had negative shareholders' equity of THB5.9 billion, Bloomberg
discloses citing an August exchange filing. Current assets only
accounted for about 28% of total assets.

Bloomberg says the low-cost carrier is based out of Bangkok and
flies various short-haul routes to China, Vietnam and other parts
of Thailand. It had initially lodged an application with the
Central Bankruptcy Court back in July.

According to the report, the court on Nov. 4 approved the
appointment of Grant Thornton Specialist Advisory Services, Nok Air
CEO Wutthiphum Jurangkool and three other board members to prepare
the rehabilitation plan. Creditors may apply for the repayment of
their money by submitting an application within one month.

A resolution to liquidate Nok Air's joint venture with Scoot, the
low-cost arm of Singapore Airlines Ltd., was made in June, the
report adds.

                        About Nok Airlines

Nok Airlines Public Company Limited (SET:NOK) --
https://www.nokair.com/ -- is a Thailand-based low-cost airline
operator. The Company offers point-to-point regional air services
using small to medium-sized aircrafts. Its services include
scheduled air services, which operates flights to various
destinations in Thailand and abroad, including Chiang Mai, Hat Yai,
Krabi, Vientiane, Yangon and others; charter flight services, which
offers flights to group passengers and additional services for
scheduled flight passengers, including booking services via
Internet, airport counter, call center services, counter check-in,
online check-in services, reservation change services, excess
baggage service, and others. The Company also offers in-flight food
and beverages, as well as souvenir merchandise to its customers.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
3, 2020, loss-making Nok Airlines, a budget carrier listed on the
Stock Exchange of Thailand, will undergo a court-supervised
rehabilitation, becoming the second Thai airline to file such a
request this year, following national flag carrier Thai Airways
International.

The Central Bankruptcy Court has issued an order to accept the
petition for consideration, according to a Nok Air statement filed
at the SET on Aug. 1, according to Nikkei Asian Review. The
carrier's board of directors decided to lodge the application at a
meeting held on July 31; it was submitted the same day, the Nikkei
said.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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