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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

          Monday, November 9, 2020, Vol. 23, No. 224

                           Headlines



A U S T R A L I A

A.C.N. 629: First Creditors' Meeting Set for Nov. 12
AMPHORA FINANCE: Fitch Affirms B LT IDR, Outlook Negative
ANS.HL TRADING: Second Creditors' Meeting Set for Nov. 13
BRANDON CALLUM: First Creditors' Meeting Set for Nov. 18
CHOO FAMMIES: First Creditors' Meeting Set for Nov. 16

EXPRESS PRINT: Sold to Owner's Mother for AUD177,000
LJHA (BRI): Second Creditors' Meeting Set for Nov. 16
LOCKYER QUARRY: Expressions of Interest Deadline Set Dec. 9
RWDY INC: Panel Seeks Approval to Hire Stout as Financial Advisor
SILVER HERITAGE: DFNN Unit Wins Nod to Acquire Casino Operator



C H I N A

CHINA ZHENGTONG: Moody's Withdraws Caa3 CFR due to Inadequate Info
CIFI HOLDINGS: Fitch Assigns BB Rating to New USD Bonds
IONIX TECHNOLOGY: Board Accepts Resignation of Two Directors
JIANGSU NANTONG: Moody's Upgrades CFR to Caa1, Outlook Negative


I N D I A

AMBICA COTSEEDS: CRISIL Assigns B+ Rating to INR20cr Loan
ANANTHA LAKSHMI: CRISIL Withdraws B Rating on INR50cr Loans
ASHARFI GRAMODHYOG: CRISIL Assigns B Rating to INR10cr Cash Loan
CRYSTAL KNITTERS: CRISIL Cuts Rating on INR8.50cr Loan to B+
ETA POWERGEN: CRISIL Keeps D Debt Ratings in Not Cooperating

G. RAJAM: CRISIL Withdraws B Rating on INR8CR Cash Loan
JHARKHAND ROAD: CRISIL Reaffirms C Rating on Various NCDs
LAKSHMI MOUNICA: CRISIL Migrates B Debt Rating to Not Cooperating
MEWAR SPICES: CRISIL Migrates B+ Debt Rating from Not Cooperating
MULKANOOR COOPERATIVE: CRISIL Cuts Rating on INR180cr Loan to B

NAGMATI PAPERS: CRISIL Hikes Rating on INR13.50cr LT Loan to B+
NAYAK INFRA: CRISIL Lowers Rating on INR135cr Bank Loan to D
PARANJAPE SCHEMES: CRISIL Keeps C Debt Ratings in Not Cooperating
RAMACHANDRAPURAM EDUCATION: CRISIL Cuts INR9cr Loan Rating to D
SHAH MOTILAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SHRIDEVI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating
SOCIETY FOR THE WATER: CRISIL Assigns B+ Rating to INR1cr Loan
TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
TRAVANCORE EARTH: CRISIL Migrates D Rating to Not Cooperating
VALIA IMPEX: CRISIL Lowers Rating on INR33.15cr Loan to B

VENGADALAKSHMI SPINNERS: CRISIL Moves D Ratings to Not Cooperating
VIJAY STEEL: CRISIL Assigns B+ Rating to INR8cr Loans
VIKAS COTEX: CRISIL Migrates B+ Debt Rating to Not Cooperating
VITSON STEEL: CRISIL Lowers Rating on INR26.5cr Cash Loan to B
VRAJ PSYLLIUM: CRISIL Migrates Rating INR4.8cr Loan to B-

VSSN KALLUR: CRISIL Keeps B- Debt Rating in Not Cooperating
VSSN RAJALABANDA: CRISIL Keeps B- Debt Rating in Not Cooperating
WELPACK PPOLYMERS: CRISIL Assigns B+ Rating to INR6.72cr Loan


M A L A Y S I A

AIRASIA: Unit Classifies Malaysia Airports as Secured Creditor


T H A I L A N D

THAI AIRWAYS: Puts 34 Passenger Planes Up for Sale

                           - - - - -


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A U S T R A L I A
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A.C.N. 629: First Creditors' Meeting Set for Nov. 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of A.C.N. 629
335 128 Pty Ltd, Formerly Known as Pulp Juice Co. The Gap Pty Ltd,
and A.C.N. 634 253 562 Pty Ltd, Formerly Known as Pulp Juice Co.
Lutwyche Pty Ltd, will be held on Nov. 12, 2020, at 10:00 a.m. and
11:00 a.m. at the offices of SM Solvency Accountants, 10/144 Edward
Street, in Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of A.C.N. 629 335 128 Pty and A.C.N. 634 253 562 Pty
on Nov. 3, 2020.

AMPHORA FINANCE: Fitch Affirms B LT IDR, Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed Amphora Finance Limited's Long-Term
Issuer Default Rating (IDR) at 'B'. The Outlook is Negative. Fitch
has also affirmed the rating on Amphora's senior secured GBP301
million Term Loan B due 2025 at 'BB-' with a Recovery Rating of
'RR2'.

Amphora is a holding company that wholly owns Accolade Wines
Holdings Australia Pty Limited, the fifth-largest wine company
globally by volume and a leading competitor in the UK and
Australia.

At the same time, Fitch has chosen to withdraw the ratings on
Amphora for commercial reasons.

KEY RATING DRIVERS

Reduction of High Leverage Delayed: Fitch believes Accolade's
ability to reduce its leverage, which has remained elevated since
its acquisition by Carlyle Group, has been hampered in the short
term by delays in achieving planned cost savings at its Berri
facility and the coronavirus-related social distancing measures
that affect its main markets of Australia and the UK. These markets
made up around 85% of sales in the financial year ended June 2019
(FY19).

Fitch expects Accolade to commence deleveraging in FY21 and reach a
level commensurate with its rating in FY22 - the first full-year of
realisation of the planned cost savings and normal operations
following the easing of the coronavirus restrictions. This is
reflected in its Negative Outlook.

Premiumisation Strategy Affected by COVID-19: Accolade's ability to
sell more premium wines in its portfolio and improve its margin
progressed well in FY20, with the winemaker achieving significant
gains in premium wine volumes and market share in Australia and the
UK. However, the premiumisation benefits achieved were partially
offset by a change in channel mix, with more sales flowing through
the lower margin off-trade market at the expense of the higher
margin on-trade market due to pandemic-related restrictions.
Furthermore, demand has not yet stabilised and remains exposed to
the effects of the economic strain in Australia and the UK.

Fitch estimates the impact on Accolade's Asian operations was
mainly in FY20, with a smaller flow into FY21, as coronavirus
restrictions were implemented earlier in the region. Fitch expects
Accolade's EBITDA margin to improve to 9% by FY23, compared with
reaching over 10% by FY21 previously. However, Fitch continues to
believe that the move towards premium wines is a key growth driver
in the wine industry over the long term, particularly in Accolade's
key markets of Australia and the UK.

Growth from China Delayed: Accolade's ability to increase its
limited footprint in China has been hampered since the outbreak of
COVID-19 in early 2020. Nevertheless, Fitch expects the ongoing
easing of restrictions placed on socialising, as well as the
company's small footprint in the country and the building of an
experienced team to focus on its Chinese operations, to provide a
base for growth in China from FY21. The country was the world's
fifth-largest wine market in 2018, according to the International
Organisation of Vine and Wine.

Sustainable Supply: Accolade is reliant on external suppliers.
Fitch understands that it purchased its committed quantities for
the 2020 harvest, despite market uncertainty as a result of the
coronavirus or the presence of smoke taint following the recent
Australian bushfires. This, along with stock build of premium wines
to support the premiumisation strategy, led to the increase in
Accolade's inventory at FYE20 and Fitch expects it to remain
elevated in FYE21, while there is likely to be modest increases in
production costs associated with sales over the next few years to
mitigate the risk of smoke taint in the product.

Leading Global Wine Producer: Accolade is the leading wine company
in the UK by volume and value, with an 8% market share - twice the
market of the second-largest UK competitor. In Australia, it is the
leading competitor by volume and second by value. The UK and
Australia rank sixth and 10th, respectively, in global total wine
consumption, displaying resilient consumption during economic
downturns. Accolade's portfolio of around 50 brands supports its
position, and includes Hardys, the best-selling wine brand in the
UK and one of the top-10 brands globally.

Term Loan Notched for Security: The rating on the senior secured
GBP301 million Term Loan B reflects the guarantee and security
provided. The loan is guaranteed by entities within the wholly
owned group, which cover at least 80% of group EBITDA, including
all companies contributing 5% or more of group EBITDA on a
standalone basis. The loan also benefits from a floating charge
over the shares and all UK and Australian assets. Its bespoke
analysis indicates a recovery given default of 90%, reflected in
the 'RR2' Recovery Rating.

DERIVATION SUMMARY

Amphora's rating reflects its high leverage, which constrains the
company's IDR to 'B'. Amphora's financial profile is weaker than
that of global peer, Russian spirits producer PJSC BELUGA GROUP
(B+/Stable). This reflects Fitch's expectation that Amphora's FFO
net leverage will remain above 4.0x until at least FYE23, compared
with Beluga at around 1.0x lower over the same period. Beluga also
has a leading market position in Russia, and a strong brand
portfolio in the Russian spirits' market. These factors account for
the one-notch differential between the two companies' IDRs.
Beluga's rating also reflects the higher-than-average systemic
risks associated with the Russian business and jurisdictional
environment.

KEY ASSUMPTIONS

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

  - Group sales volume of between 24 million and 27 million
nine-litre cases a year. This is around 10% lower than its previous
forecast to reflect the impact of the coronavirus, excluding the
effect of the exit of the US business. Fitch now forecasts volume
will be 3%-4% lower in Australia and around 3% lower in the UK in
FY21 than previous forecasts.

  - Price per case to increase due to premiumisation of Accolade's
portfolio. Fitch did not forecast any price increases in 1QFY21 in
Australia and the UK to reflect the impact of coronavirus
restrictions and the resultant strain on household finances.

  - Cost savings from Fine Wine Partners acquisition, as well as
economies of scale and increased efficiencies from the Berri
facility, with the first full year of savings in FY22.

  - Annual capex of around AUD40 million in FY20-FY21 and AUD25
million in FY22-FY23.

  - No deferral of grape purchases to offset any declines in volume
as a result of coronavirus social distancing restrictions or
potential smoke taint from the Australian bushfires. Inventory
levels to rise and remain high at FYE20 and FYE21 and accounts
receivable declining by FYE20 to reflect lower demand, with both
returning towards historical levels thereafter.

Recovery Assumptions:

Amphora would remain a going concern in restructuring and be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

A 10% uplift to FY19 Fitch-calculated EBITDA, reflecting its delays
in expected cost savings from the Berri facility (around AUD17
million) and premiumisation of the portfolio, while taking into
account smaller volumes in the UK as the business exits some
low-margin items to reflect the structure of the business, and
higher marketing costs as the business prioritises its Asian
strategy. This results in a post-restructuring EBITDA of around
AUD100 million; at this level, Fitch would expect Amphora to
generate positive free cash flow.

A distressed multiple of 7.0x, reflecting Amphora's market position
versus sector peers and recent sector multiples.

The AUD150 million revolving credit facility would be fully drawn
in a restructuring scenario.

RATING SENSITIVITIES

No rating sensitivities as the rating has been withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Refinancing Provided Headroom: The capital structure, following
completion of Carlyle's acquisition of Accolade, consists of a
revolving credit facility of AUD150 million and the term loan of
GBP301 million (AUD550 million), both of which are secured by group
assets with a floating charge over the shares and all assets in the
UK and Australia.

Fitch expects the revolving credit facility to remain undrawn for
most of the year and only to be used to fund short-term
working-capital requirements. Fitch expects the term loan to remain
fully drawn and proceeds from the sale of non-core assets to help
the company deleverage and provide additional liquidity. Therefore,
Amphora has sufficient liquidity headroom over the next
two-to-three years to implement its strategy, with little
refinancing risk, as the debt maturities will only start to be due
in five years.

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.

ANS.HL TRADING: Second Creditors' Meeting Set for Nov. 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of ANS.HL Trading
Pty Ltd has been set for Nov. 13, 2020, at 2:00 p.m. at the offices
of Grant Thornton Australia Limited Brisbane Office, Level 18, 145
Ann 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. 11, 2020, at 5:00 p.m.

Cameron Crichton and Michael McCann of Grant Thornton were
appointed as administrators of ANS.HL Trading on Oct. 13, 2020.

BRANDON CALLUM: First Creditors' Meeting Set for Nov. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Brandon
Callum Pty. Ltd. will be held on Nov. 18, 2020, at 11:30 a.m. via
teleconference only.

Nicholas David Cooper -- nick.cooper@oracleis.com.au -- of Oracle
Insolvency Services was appointed as administrator of Brandon
Callum on Nov. 6, 2020.


CHOO FAMMIES: First Creditors' Meeting Set for Nov. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Choo Fammies
Pty Ltd will be held on Nov. 16, 2020, at 11:00 a.m. via virtual
meeting.

Benjamin Michael Carson of Farnsworth Carson was appointed as
administrator of Choo Fammies on Nov. 4, 2020.

EXPRESS PRINT: Sold to Owner's Mother for AUD177,000
----------------------------------------------------
Wayne Robinson at Print21 reports that 128950489 Pty Ltd (formerly
known as Express Print & Mail Pty Ltd) owner Matthew Chadwick sold
the business, assets, and brand to a new company owned by his
mother Wendy Chadwick for AUD177,000 a month before putting the
company that owned the business into liquidation.

Of the AUD177,000, some AUD90,000 was paid in cash, with the
remaining AUD87,000 of the sale price covered with the new owner
taking over AUD281,000 in entitlements owed to staff, covering long
service leave and the like, Print21 says. The company known as
128950489 Pty Ltd went into liquidation at the end of July with
debts listed at AUD4.15 million.

According to Print21, rival SE Queensland printers are fuming over
the deal, which effectively saw the business -- which is now
operating from a nearby premises, with virtually the same
equipment, and same staff -- go to market having shed AUD4.15
million in debts. Hearing perky adverts for Express Print & Mail on
their car radios on their drive to work in the mornings is doing
nothing for their blood pressure.

However, Wendy Chadwick says: "That the figure of AUD4.15 million
is grossly inflated and takes into account contingent debts (such
as the lease) that have since been finalised; leased equipment
which has been taken over and the instalments are being paid by the
new business; and superannuation, which is being paid out over time
by the new business," Print21 relays.

Print21 relates that Express Print & Mail under its former owner
had 52 staff, almost all of whom transferred to the new company,
which was established by Matthew Chadwick in December, but sold to
Wendy Chadwick on May 23, and is now based in a new 1,400sqm
premises in nearby Kunda Park that was leased on 1 April for five
years, at AUD220,000 a year.

The AUD177,000 purchase price for Express Print & Mail comprised
AUD42,150 for equipment and stock, AUD117,000 for IP and goodwill,
and AUD17,500 in leased equipment equity, Print21 notes.

Print21 says the Chadwicks have told the liquidator the AUD177,000
sale price for the digital and offset print business was fair value
and was underpinned by an independent valuer's report. The
liquidator, as he is required to do under the Corporations Act, is
now looking into that claim, the report notes.

According to Print21, plant and equipment that came from the old
premises to the new included some on lease and some that was bought
for a total AUD42,150, with Wendy Chadwick saying, "as per a
valuation by a registered valuer" included a five-colour A2 offset
press, two GTO presses, two high-end digital presses, a
saddlestitcher, a perfect binder, other finishing equipment, and a
range of prepress equipment.

When the business 128950489 Pty Ltd (formerly known as Express
Print & Mail Pty Ltd) was put into liquidation it owed AUD398,000
in unpaid super to its staff, which Wendy Chadwick said is "being
paid out over time by the new business, with all superannuation
payments since 1 January this year being kept up to date". The
liquidator is currently trying to verify the position in relation
to owed super, Print21 notes.

The company owed AUD1.25 million to the ATO, AUD1.34 million to its
landlord (which Wendy Chadwick say was a contingent claim that is
now finalised), AUD740,000 to related entities -- these are debts
owed to Chadwick entities that will not be repaid -- and AUD34,000
electricity bills, Print21 relays.

It was also in dispute over a AUD350,000 claim relating to its
purchase of much of the equipment from collapsed Queensland printer
Chameleon Group. There were no assets and no other debtors. With
the liquidator charging AUD56,000 for its services the unsecured
creditors are on track for less than a tenth of a cent on the
dollar, according to Print21.

Print21 adds that the Chadwicks said the AUD1.34 million owed to
the landlord is the lease payments remaining on the lease, and that
now he has a new tenant that is not payable. However, with the
company moving out of its old premises and not making good the
factory back into three units, the landlord may not see it that
way. The landlord does though have a bank guarantee from the old
company for AUD120,000 to call on to cover these expenses.


LJHA (BRI): Second Creditors' Meeting Set for Nov. 16
-----------------------------------------------------
A second meeting of creditors in the proceedings of LJHA (BRI) Pty
Ltd and LJHA (UNS) Pty Ltd has been set for Nov. 16, 2020, at 10:00
a.m. and 11:00 a.m., respectively, via video conference facilities.


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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 13, 2020, at 4:00 p.m.

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

LOCKYER QUARRY: Expressions of Interest Deadline Set Dec. 9
-----------------------------------------------------------
North Queensland Register reports that the sale of Lockyer Quarry
is described as unique because of its reserves of versatile olivine
basalt.

Located 20km south west of Gatton, the 73 hectare (180 acre) asset
benefits from its proximity to the rapidly expanding centres of
Brisbane, Ipswich and Toowoomba, the report says.

Lockyer Quarry also includes an additional green space property
with an area of 42ha (104 acres) at Mount Berryman. The freehold
property is held to satisfy the company's EPA requirements.

According to North Queensland Register, the company was primarily
involved in the production of an abrasive marketed as Pyrostone,
which was sold as a sand blasting medium.

North Queensland Register relates that the high quality, 10 million
tonne basalt resource can be used to product a wide range of
products including: rail ballast, road base, landscaping materials,
concrete aggregates, cover aggregates, soil additives, filtration
material, drainage rock, rip rap, and asphalt aggregates.

A contractor previously operated the quarry: excavating,
transporting the material to a processing facility, processing the
basalt into the various products and sizes, and packaging the
products into 1 tonne bags (with 20kg bag capacity), the report
relays.

There is an opportunity to rent an existing processing facility at
North Tivoli.

North Queensland Register notes that Lockyer Quarry is under a deed
of company arrangement with administrators David Hambleton and
James Imray.

The asset is being sold by Colliers International through an
expressions of interest process, closing on December 9, the report
notes.

Contact Trenton Hindman, 0429 701 080, Peter Uebergang, 0447 007
744, or Dan Dwan, 0418 799 792, Colliers International, the report
adds.


RWDY INC: Panel Seeks Approval to Hire Stout as Financial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors appointed to the
chapter 11 case of RWDY, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Louisiana to employ
Stout Risius Ross, LLC as its financial advisor.

The firm will render these professional services:

     (a) Analysis of the Debtor's general financial and business
condition.

     (b) Review and critique of the Debtor's financial projections
and assumptions.

     (c) Review of the Debtor's financial information.

     (d) Financial advisory services.

     (e) Review and analysis of the reporting regarding cash
collateral and any debtor-in-possession financing arrangements and
budgets.

     (f) Qualitative analysis of the Debtor's plants, operations,
and facilities.

     (g) Qualitative analysis of the Debtor's customers and
suppliers.

     (h) Qualitative analysis of the Debtor's principal products
and markets.

     (i) Attend Committee meetings to discuss Stout's analyses.

     (j) Review of filings required by the Court or U.S. Trustee.

     (k) Analysis of assumption and rejection issues regarding
executory contracts and leases.

     (l) Review and analysis of the Debtor's proposed business
plan.

     (m) Assistance in evaluating reorganization strategies and
alternatives available to the creditors.

     (n) Assistance in preparing and/or reviewing documents
necessary for confirmation.

     (o) Advise and assist the Committee in negotiations and
meetings with the Debtor, lenders, and customers.

     (p) Advise and assist the Committee regarding tax
consequences
of proposed actions.

     (q) Assist with the claims resolution procedures.

     (r) Determination of the Debtor's enterprise value as of the
petition date and as of the effective date of a Chapter 11 plan of
reorganization.

     (s) Determination of asset and liquidation valuations.

     (t) Expert witness report and testimony regarding the
Debtor's
enterprise valuation, the valuation of any securities proposed to
be issued under any Chapter 11 plan of reorganization for the
Debtor, confirmation issues, or other matters.

     (u) Litigation consulting services and expert witness
testimony regarding confirmation issues, avoidance actions, or
other matters.

     (v) Other such functions as requested by the Committee or its
counsel to assist the Committee in this Chapter 11 case.

The firm's hourly rates are as follows:

     John D. Baumgartner, Managing Director     $415.00
     Ann Huynh, Director                        $385.00
     Hayden Hill, Associate                     $210.00

Further, Stout will be reimbursed for reasonable expenses incurred
in connection with this engagement.

John D. Baumgartner, a managing director at Stout Risius Ross, LLC,
disclosed in court filings that the firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     John D. Baumgartner
     STOUT RISIUS ROSS, LLC
     1000 Main Street, Suite 3200
     Houston, TX 77002
     Telephone: (713) 225-9580
     Facsimile: (713) 225-9588
     E-mail: jbaumgartner@stout.com

                          About RWDY Inc.

RWDY, Inc. -- http://www.rwdyinc.com/-- is an internationally
recognized provider of oil field consultants. The Company's
personnel have successfully supported offshore drilling operations
in Australia, Brazil, Cameroon, New Zealand, Nigeria, Qatar, New
Zealand, United Arab Emirates and Venezuela. The Company's
consultants include: project managers; drilling/completion
engineers; drilling/completion foreman; mud engineers; HSE
advisors/SEMS advisors/HSE consultants; rig clerks/logistics
coordinators; shore base dispatchers/materials coordinators; rig
commissioning managers; and cement specialists.

RWDY Inc. filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 20-10616) on June
22, 2020.  In the petition signed by Brian T. Owen, president, the
Debtor was estimated to have up to $50,000 in assets and $10
million to $50 million in liabilities. Judge John S. Hodge oversees
the case. Robert W. Raley, Esq., represents the Debtor.

On July 15, 2020, the Acting United States Trustee for Region 5
appointed the official committee of unsecured creditors in this
chapter 11 case. The committee tapped Stout Risius Ross, LLC as
financial advisor.

SILVER HERITAGE: DFNN Unit Wins Nod to Acquire Casino Operator
--------------------------------------------------------------
BusinessWorld Online reports that a subsidiary of gaming and
technology firm DFNN, Inc. has received a letter of no objection
from the Foreign Investment Review Board (FIRB) of Australia on its
planned acquisition of Silver Heritage Group Ltd, a casino operator
listed on the Australian Stock Exchange.

BusinessWorld relates that in a disclosure to the stock exchange on
Nov. 4, DFNN said HatchAsia, Inc.'s letter from Australia's FIRB
removes the obstacle regarding government regulatory procedures on
foreign investments and contributes to the company's plan to
acquire 92% interest in Silver Heritage Group Ltd.

According to the report, DFNN said the FIRB letter is an important
step under HatchAsia's recapitalization under the Deed of Company
Arrangement as permitted by the Australian Stock Exchange, and is
subject to the approval of Silver Heritage shareholders.

The transaction will take effect through the acquisition of shares
amounting to 92% of the issued share capital of Silver Heritage via
the consolidation of shares of existing shareholders and the new
issuance of ordinary shares to HatchAsia subsidiary Hatch Australia
Holdings Pty Ltd, the report relays.

"The successful conclusion would eventually result in the HatchAsia
shareholder-controlled entity being listed on the Australian Stock
Exchange and DFNN owning part of the listed entity," the
disclosure, as cited by BusinessWorld, said.

In September, DFNN said the transaction was worth PHP18.74 million
or some AUD530,000 in cash and 3% of the issued shares in Silver
Heritage, BusinessWorld discloses.

                        About Silver Heritage

Silver Heritage Group Limited -- http://www.silverheritage.com.au/
-- is engaged in the operation and management of casinos in Nepal
and Vietnam, and management of electronic gaming operations in
casinos in Laos and Cambodia. The Company's business is divided in
two business lines: Operation of casinos, and Provision and
operation of electronic gaming machines (EGMs). The Company
operates The Millionaire's Club & Casino (TMC) in Kathmandu, Nepal,
under its own license, and provides management services to the
Phoenix International Club casino (the Phoenix International Club)
in Bac Ninh, Vietnam. It provides EGMs to casinos and licensed
gaming clubs in Laos and Cambodia. The Company's geographic
segments include Laos, Vietnam, Nepal, Cambodia, Macau, Tinian and
Other.

Silver Heritage Group Ltd on May 20, 2020, said its main lender --
identified as OCP Asia -- had appointed John Park and Joseph
Hansell of business advisory firm FTI Consulting as receivers and
managers.

Amanda Coneyworth and Ryan Eagle of KPMG were appointed as
administrators of Silver Heritage on May 18, 2020.



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CHINA ZHENGTONG: Moody's Withdraws Caa3 CFR due to Inadequate Info
------------------------------------------------------------------
Moody's Investors Service withdrawn the Caa3 corporate family and
senior unsecured debt ratings of China ZhengTong Auto Services
Holdings Ltd., as well as the negative outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Incorporated in 1999, China ZhengTong Auto Services Holdings Ltd.
(ZhengTong) is one of the players in the luxury car dealership
market in China. ZhengTong's shares were listed on the Hong Kong
Stock Exchange in December 2010.

CIFI HOLDINGS: Fitch Assigns BB Rating to New USD Bonds
-------------------------------------------------------
Fitch Ratings has assigned CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) proposed US dollar bonds a rating of 'BB'. The proposed
notes are rated at the same level as CIFI's senior unsecured rating
because they constitute its direct and senior unsecured
obligations.

CIFI's Issuer Default Rating reflects its stable financial profile
as the China-based property developer continues its nationwide
expansion. Fitch expects leverage - measured by net debt/adjusted
inventory after proportionately consolidating joint ventures (JV) -
to remain at around 45% due mainly to pressure on the company to
restock its land bank. CIFI's large exposure to JVs and reliance on
non-controlling interests' capital contribution also complicate the
leverage outlook. The two factors constrain CIFI at the current
rating.

KEY RATING DRIVERS

Lower Leverage, Limited Headroom: CIFI's leverage dropped to around
45% by end-1H20, from 48% in 2018, on strong sales cash collection,
lower leverage on the JV level, an increase in trade and
project-related payables and continued capital contribution from
non-controlling interests. Still, the headroom to deleverage will
be limited due to continued land replenishment and high reliance on
capital from non-controlling interests, whereas homebuilders with
fewer of these interests can dispose of stakes in projects to
reduce leverage.

Land Replenishment Pressure: Fitch believes that land-bank pressure
will continue to be one of the key risks for CIFI to sustain growth
momentum. A company of CIFI's size would usually have land bank
enough for three years of sales to be resilient in business cycles,
in Fitch's view. However, CIFI had an attributable land bank of
27.7 million sq m at end-1H20, and Fitch estimates the
available-for-sale portion is around 21 million sq m, equivalent to
less than three years of sales, in light of CIFI's aim to increase
sales by 15% in 2020.

Management budgeted 40% of contracted sales for land acquisitions
in 2020. CIFI spent 57% of total cash revenue from sales proceeds
and the non-development property segment, or CNY55 billion, on land
acquisitions in 2019, compared with 68% in 2018.

Large Scale, Rising Sales: CIFI's total sales rose by 32% to CNY201
billion in 2019, while the average selling price increased by 5% to
CNY16,700/sq m after falling by 4% in 2018. CIFI's attributable
sales, which accounted for 50% of total sales, rose by 32% to
CNY100 billion in 2019, according to management. CIFI aims to
increase its attributable sales as a percentage of total sales to
55% in 2020 and 60% in 2021, to increase profit attributable to
shareholders.

It aims to achieve CNY230 billion in total sales in 2020, a 15%
increase on 2019, with CNY380 billion of saleable resources. CIFI's
sales increased by 13% to CNY154.4 billion in January-September
2020 from a year earlier, reflecting a gradual recovery from the
impact of the coronavirus pandemic.

Margin to be Maintained: Fitch believes CIFI's diversified project
portfolio across cities of different tiers allows the company to
maintain a fast-churn strategy without sacrificing overall project
margins. CIFI's EBITDA margin, after adding back capitalised
interest, increased slightly to around 24% in 1H20 and 2019 from
21.6% in 2018. The EBITDA margin was higher after adjusting for
acquisition revaluation, at 26.6% in 1H20, 29% in 2019 and 31% in
2018. The acquisition revaluations are likely to continue and
margins appear more volatile, as M&A is an important channel for
CIFI's land acquisition plans.

DERIVATION SUMMARY

CIFI's attributable sales of CNY100 billion in 2019 are higher than
that of Sino-Ocean Group Holding Limited (BBB-/Stable, Standalone
Credit Profile: bb+) and most peers rated 'BB-', including KWG
Group Holdings Limited (BB-/Stable), Times China Holdings Limited
(BB-/Stable) and Yuzhou Group Holdings Company Limited
(BB-/Stable).

Sino-Ocean continued its geographical focus on Chinese Tier 1 and
affluent Tier 2 cities, while CIFI increased its focus on Tier 2
and 3 cities in 2018-2019. CIFI's leverage of around 44% at
end-2019 is higher than Sino-Ocean's 40%. Sino-Ocean also has
recurring EBITDA interest coverage from quality investment
properties, which was at 0.4x in 2019.

CIFI's leverage is higher than that of KWG, Times China and Yuzhou,
but CIFI has a stronger business profile with better geographical
diversification and nationwide presence.

KEY ASSUMPTIONS

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

  - Attributable contracted sales flat at CNY100 billion in
2020-2021.

  - Attributable land purchases and construction cash costs at
around 60% and 25%, respectively, of contracted sales proceeds in
2020-2021.

  - Property-development gross profit margin (excluding capitalised
interests) at 25%-28% in 2020-2021.

  - JV management fee and rental revenue to increase to CNY5
billion in 2020 and CNY5.5 billion in 2021.

RATING SENSITIVITIES

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

  - Leverage - measured by net debt/adjusted inventory including JV
proportionate consolidation - sustained at below 35%

  - Maintaining high cash flow turnover despite the JV business
model and consolidated contracted sales/debt at over 1.2x

  - Land bank sufficient for three years of sales

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

  - Substantial decrease in contracted sales

  - Net debt/adjusted inventory including JV proportionate
consolidation above 45% for a sustained period

  - EBITDA margin (excluding acquisition revaluation gain) at below
25% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity, Low Funding Cost: CIFI had unrestricted cash of
around CNY45 billion at end-1H20, enough to cover short-term debt
of CNY25 billion. CIFI's average funding cost remained stable at
5.6% in 1H20 (2019: 6%), and should stay low due to its diversified
onshore and offshore funding channels, as well as its active
capital-structure management.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

IONIX TECHNOLOGY: Board Accepts Resignation of Two Directors
------------------------------------------------------------
The Board of Directors of Ionix Technology, Inc., accepted the
resignation of the following directors: (i) Mr. Qinghua Shi, as
independent director and member of the Compensation Committee and
Nominating and Corporate Governance Committee, and (ii) Anthony
Saviano, as independent director and member of the Audit Committee.
The resignations of Mr. Shi and Mr. Saviano were not the result of
any disagreement with the Company on any matter relating to the
Company's operations, policies, or practices.

In connection with Mr. Saviano's resignation the following
agreements between the Company and Mr. Saviano, were terminated:
(1) the Consulting Agreement, dated July 29, 2019, and (2) the
Independent Director Agreement, dated July 29, 2019.

                       Director Appointments

On Oct. 27, 2020, effective upon Mr. Shi's resignation, Ms. Xiaolin
Wei was appointed to serve as a member of the Board of Directors of
the Company and member of each of the Compensation Committee and
Nominating and Corporate Governance Committee of the Company; and
Ms. Wei has accepted such appointment.

On Oct. 27, 2020, effective upon Mr. Saviano's resignation, Ms.
Yanli Wang was appointed to serve as a member of the Board of
Directors of the Company and as a member of the Audit Committee of
the Company; and Ms. Wang has accepted such appointment.  
  
Ms. Xiaolin Wei, 30, is originally from Dalian, Liaoning Province,
China.  Ms. Wei received a Bachelor degree in Advertising and
Marketing in 2014 from the British Columbia Institute of Technology
(BCIT) in Canada.  From 2015 to present, Ms. Wei has acted as the
General Manager of Shenzhen Hongbo Fund Management, where she has
participated in angel round investments and subsequent stage
financing of domestic projects.  Ms. Wei has valuable practical
experience in the capital market.

Ms. Yanli Wang, 49, graduated from Dongbei University of Finance
and Economics majoring in accounting, and has been a senior
accountant and senior economic analyst.  From October 2012 to
present, Wang has worked as Financial Director, Audit Manager, and
Manager of audit and supervision department, of the Dalian Branch
of China Ping An Life Insurance Co., Ltd.  From November 1993 to
September 1995, Wang worked at Jiamusi Plastic No. 8 Factory as a
cashier.  From October 1995 to August 1999, she worked at Jiamusi
Great Wall Company as a cost accountant.  From April 2000 to
October 2012, Wang worked at Shanghai Jiaji Express Co., Ltd. as a
financial manager.

Ms. Wang and Ms. Wei are not related to any officer or Director of
the Company.

                            About Ionix

Headquartered in Liaoning Province, China, Ionix Technology, Inc.
-- http://www.iinx-tech.com-- is a holding company that is
principally engaged in the photoelectric display and smart energy
industries.  The company has four operating subsidiaries: Changchun
Fangguan Photoelectric Display Technology Co., Ltd, a company which
specializes in developing, designing, producing, and selling TN and
STN LCD, STN, CSTN, and TFT LCD modules as well as other related
products; Shenzhen Baileqi Electronic Technology Co., Ltd, a
company which specializes in LCD slicing, filling, researching and
designing, manufacturing and selling of LCD Modules (LCM) and PCBs;
Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged
in the production of intelligent electronic devices; and Dalian
Shizhe New Energy Technology Co., Ltd., a company engaged in
photo-voltaic power generation, electric vehicles and charging
piles with corresponding operation and maintenance and three
dimensional parking.

Ionix reported a net loss of $277,668 for the year ended June 30,
2020, compared to net income of $397,047 for the year ended June
30, 2019.  As of June 30, 2020, the Company had $17.18 million in
total assets, $7.58 million in total liabilities, and $9.60 million
in total stockholders' equity.

                            *   *   *

This concludes the Troubled Company Reporter's coverage of Ionix
Technology until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.

JIANGSU NANTONG: Moody's Upgrades CFR to Caa1, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has upgraded Jiangsu Nantong Sanjian
Construction Group Co., Ltd.'s (JNTC) corporate family rating to
Caa1 from Caa2.

The ratings outlook remains negative.

The rating action follows the announcement of JNTC's settlement of
the exchange offer on October 12 and USD bond redemption on October
27. The company has issued USD181 million in senior bonds due 2022
and redeemed all of outstanding 2020 USD bonds.

"The upgrade reflects the reduced immediate refinancing risks, and
JNTC's demonstrated ability to meet financial obligations and
improve its capital structure even in stressed circumstances," says
Roy Zhang, a Moody's Vice President and Senior Analyst.

JNTC has demonstrated its ability to monetize its short-term assets
to supplement its otherwise inadequate liquidity, as well as its
ability to access funding even in a distressed situation.

RATINGS RATIONALE

JNTC's Caa1 CFR reflects the continued high refinancing pressure
and its reliance on substantial external financing to cover its
funding needs. It has insufficient cash on hand and operating cash
flow to cover its repayments coming due over the next 12 to 18
months.

The company's weak liquidity profile is balanced by its established
market position, operational track record, good revenue visibility,
stable margins, diversified client base, proven relationships with
financial institutions, and proven ability to monetize short-term
assets.

From a governance perspective, the ratings factor in (1) the
company's concentrated ownership in Nantong Sanjian Holdings, which
held a 73.05% stake at the end of December 2019; (2) JNTC's weak
reporting and disclosure requirements; (3) the presence of sizeable
transactions and intercompany borrowings; and (4) JNTC's weak
financial management.

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

The negative ratings outlook mainly reflects JNTC's high
refinancing risk in the next 12 to 18 months.

Moody's could upgrade JNTC's ratings if the company's refinancing
risk is reduced.

Moody's could downgrade the ratings if JNTC fails to meet its
payment obligations.

The principal methodology used in this rating was Construction
Industry published in March 2017.

Jiangsu Nantong Sanjian Construction Group Co., Ltd. (JNTC),
headquartered in Haimen, Jiangsu Province, is a privately-owned
engineering contractor in eastern China. The company's revenue for
2019 was around RMB24.8 billion.

As of the end of December 2019, the company was 73.05% owned by
Nantong Sanjian Holdings, which is in turn majority owned by its
founders and 13.22% owned by Haimen City Development and
Construction Co., Ltd., under the Haimen State-Owned Assets
Supervision and Administration Commission.



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

AMBICA COTSEEDS: CRISIL Assigns B+ Rating to INR20cr Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Ambica Cotseeds Limited (ACL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing
   Credit                 20        CRISIL B+/Stable (Assigned)

The rating reflects the company's low operating margin due to
intense competition and average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoters in the textile industry.

Analytical Approach
Unsecured loans from the promoters have been treated as neither
debt nor equity as the loans are subordinate to bank debt and will
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Low operating margin amid intense competition: Operating margin
was at 0.74% in fiscal 2020, and is expected to remain stable over
the medium term. ACL faces competition from many players due to low
entry barriers to the cotton ginning and cotton bales trading
industry.

* Average financial risk profile: Gearing is high, estimated at
3.23 times as on March 31, 2020, on account of short-term loans,
and capital base is modest at INR5.94 crore as on March 31, 2020.
Going ahead, the capital structure is likely to remain leveraged.
Debt protection metrics are subdued, with interest coverage and net
cash accrual to total debt ratios estimated at 1.32 times and 0.06
time, respectively, in fiscal 2020.

Strength

* Extensive experience of the promoters in the textile industry:
The two-decade-long experience of the promoters in the cotton
industry and their healthy relationships with customers and
suppliers will continue to support the business. This is reflected
in turnover of INR528 crore in fiscal 2020.

Liquidity Stretched
Liquidity is likely to remain stretched over the medium term, with
cash accrual expected over INR80-90 lakh per fiscal. Leveraged
capital structure, with gearing estimated at 3.23 times as on March
31, 2020, restricts the financial flexibility. Fund-based limit
utilization averaged 40-50% during the 12 months through August
2020. Current ratio was 1.38 times as on March 31, 2020.

Outlook: Stable

CRISIL believes ACL will continue to benefit from the extensive
experience of the promoters in the textile industry.

Rating Sensitivity Factors

Upward factors
* Increase in interest coverage ratio to above 1.5 times
* Sustenance of revenue and operating profitability.

Downward factors
* Increase in gross current assets to over 70 days
* Significant decline in accrual.

Incorporated in 2012, ACL is promoted and managed by Mr. Bharat
Patel, Mr. Vishnu Patel and family members. The company is engaged
in cotton ginning and trades in cotton bales. Its manufacturing
facility is located in Kadi, Gujarat.

ANANTHA LAKSHMI: CRISIL Withdraws B Rating on INR50cr Loans
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Sri
Anantha Lakshmi Spinning Mills Private Limited (SALSM) on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           20        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan         7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Pledge Loan           10        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    13        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SALSM for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SALSM. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SALSM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SALSM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

SALSM, incorporated in 2004, manufactures cotton yarn at its
facilities at Boyapalem in Guntur, Andhra Pradesh. The company is
promoted by Mr. S Koteswara Rao and his family members.


ASHARFI GRAMODHYOG: CRISIL Assigns B Rating to INR10cr Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Asharfi Gramodhyog Sansthan (AGS).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           .4         CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits     .6         CRISIL B/Stable (Assigned)

The rating reflect  small scale and not-for-profit nature of
operations, constrained financial flexibility marked by modest net
worth and high dependence on government authorities for contracts.
These weaknesses are partially offset by its established network
and track record of successful contract execution in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale and not-for-profit nature of operations: AGS is
organized as a not-for-profit society. The primary purpose of AGS
is to promote the mid-day meal scheme and provide free nutritional
food to old-age home, schools and other welfare programme, etc.

Owing to low-value government social projects in limited Tier-2 and
3 cities, AGS's operations have remained small with an annual
turnover of around INR 6.73 crore reported in 2019-20. Revenue is
expected to decline in FY21 owing to COVID-19 pandemic. CRISIL
believes that AGS's scale of operations will remain a key rating
sensitivity factor over the medium term.

* Constrained financial flexibility marked by modest net worth: The
society's modest net worth of INR0.60 crore as on 31st March 2020
with total outside liabilities to total networth of 5.59 times as
on 31st March 2002. This constrains overall financial flexibility
to raise addition debt in case of adverse times.

* High dependence on government authorities for contracts: Work
order is received from the authority on an annual basis. Societies
and NGOs need license that is renewed yearly.  AGS also provides
free meals to selected Kastoorba Gandhi schools which are
government schools and contracts are received by the local district
office. Apart from the above two revenue drivers, the society
provides meals under various schemes like Anganwadi and KSY which
are also mandated by the government. CRISIL believes that AGS will
continue to remain heavily dependent on government authorities for
sustenance of its business risk profile.

Strength:

* Established network and track record of successful contract
execution in the past: The society has extensive network coverage
in 5 districts of Uttar Pradesh from past 25 years. The society
caters mostly the weaker sections of the rural and urban areas and
also planning to provide more benefits under various govt. schemes
which are also mandated by the GOI.

Liquidity Poor

The bank limits are fully utilized. The net cash accruals are
modest at INR1-2 lakhs in FY21 against no repayment obligations.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors
* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in financial risk profile, particularly networth

Downward factors
* Decline in profitability by more than 100 basis points leading to
negative cash profits
* Large debt-funded capital expenditure weakens capital structure

                         About the Society

AGS is based in Charra town-ship of district Aligarh in Uttar
Pradesh and registered under society act XXI of 1860. It was set up
in 1993 as not-for-profit society and managed by Mr. Hari Kishan as
(President), Mr. Asarfi Lal as (Secretory) and other 5 members. The
society provides free meals under mid-day meal scheme, old-age
welfare programme and various other government mandated schemes.

CRYSTAL KNITTERS: CRISIL Cuts Rating on INR8.50cr Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Crystal
Knitters Private Limited (CKPL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       .15         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit         8.50         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration in business risk profile
and stretch in the working capital cycle. Revenue declined to an
estimated INR20 crore in fiscal 2020 from INR30 crore in fiscal
2018 with a modest operating margin estimated at 5%. Revenue and
margin will further remain subdued in fiscal 2021 due to the
operations being impacted due to COVID-19. Consequently, the
accruals will remain modest. Furthermore, working capital
requirement increased to over 450 days as on March 31, 2020 and is
estimated to remain stretched.

The rating also reflects the company's exposure to risks related to
volatile raw material prices and intense competition, modest scale,
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of the promoters in
the textile industry and the company's moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to volatile raw material prices and intense competition:
The company maintains a stock of key raw material for timely
delivery of finished garments. Fluctuations in raw materials prices
due to variation in output every year have led to volatile
operating margin over the past few years. Intense competition
constrains the pricing flexibility to pass on increase in raw
materials prices.

* Modest scale and large working capital requirement: Scale of
operations is modest: revenue is estimated at INR19.5 crore in
fiscal 2020. Intense competition and modest scale limit bargaining
power with customers and constrain the company from achieving
benefits associated with economies of scale. Operations are working
capital-intensive: gross current assets estimated at over 450 days
as on March 31, 2020, driven by inventory and receivables of 250
and 45 days, respectively. The company usually extends a credit
period of around two months to customers and maintains an inventory
of around four months; however, year-end holding is high due to
increase in inventory. Credit received is 120-150 days, supported
by strong relationships with the suppliers.

Strengths

* Extensive experience of the promoters: Benefits from the
two-decade-long experience of the promoters in the textile industry
and healthy relationships with customers and suppliers should
continue to support the business.

* Moderate financial risk profile: Financial risk profile is
moderate gearing is estimated at 1.30 times and networth at INR6.8
crore as on March 31, 2020. Debt protection metrics are average,
with interest coverage and net cash accrual to adjusted debt ratios
estimated at 1.43 times and 0.03 time, respectively, in fiscal
2020.

Liquidity Stretched

Liquidity is stretched. Accruals are estimated at around INR0.12
crore in fiscal 2021 against nil term debt obligations. In fiscal
2022 the company is likely to generate accruals of over INR0.50
crore which will be adequate against which it has a repayment
obligation of INR0.25 crore. Sanctioned bank limits of INR8.50
crores were utilised on an average at 85-90% over the past 12
months through September 2020.

Outlook: Stable

CRISIL believes CKPL will continue to benefit from the promoters'
extensive experience.

Rating Sensitivity factors

Upward factors:
* Increase in revenue by more than 25% leading to better than
expected accruals
* Sustained improvement in working capital management

Downward factors:
* Decline in revenue or profitability leading to accruals of less
than INR0.10 crore
* Further stretch in working capital requirement deteriorating the
financial risk profile especially liquidity

Incorporated in 1996, Chennai-based CKPL manufactures readymade
garments. Mr.S. Venkatapathy and his family members are the
promoters.

ETA POWERGEN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of ETA Powergen Private
Limited (ETA) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       18.88       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   11.34       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       1.78       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with ETA for obtaining
information through letters and emails dated May 4, 2020 and
September 30, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ETA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ETA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ETA
continues to be 'CRISIL D Issuer Not Cooperating'.

ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was
incorporated in 1999 and is part of the Dubai-based ETA group. ETA
Powergen owned and operated a 10-megawatt (MW) biomass power plant
in Tamil Nadu. The plant, which commenced operations in May 2009,
used juliflora as biomass fuel. The company had short-term
agreements with industrial customers for sale of power. The plant
ceased operations in July 2015.

G. RAJAM: CRISIL Withdraws B Rating on INR8CR Cash Loan
-------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of G. Rajam Chetty and Sons
Jewellers (GRCSJ) to 'CRISIL B/Stable Issuer Not Cooperating'.
CRISIL has withdrawn its rating on bank facilities of GRCSJ
following a request from the firm and on receipt of a 'no due
certificate' from the bankers.  Consequently, CRISIL is migrating
the ratings on bank facilities of GRCSJ, from 'CRISIL B/Stable
Issuer Not Cooperating' to 'CRISIL B/Stable'. The rating action is
in line with CRISIL's policy on withdrawal of bank loan ratings.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8        CRISIL B/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

GRCSJ, established in 1964, is currently owned by Mr. G Udayakumar
and his family members. The firm manufactures and retails
jewellery.

JHARKHAND ROAD: CRISIL Reaffirms C Rating on Various NCDs
---------------------------------------------------------
CRISIL has reaffirmed its rating on the non-convertible debentures
(NCDs) of Jharkhand Road Projects Implementation Company Limited
(JRPICL) at 'CRISIL C'.

CRISIL has withdrawn its rating on the INR18.99 crore NCDs on
receipt of repayment confirmation from the trustee. The rating
action is in line with CRISIL's policy on withdrawal of ratings.

CRISIL understands from JRPICL that operational issues led to a
delay of one day in meeting the interest and principal obligations
on the NCDs, due on October 20, 2020. The entire payment was made
on October 21, 2020, as confirmed by the debenture trustee.

Adequate liquidity was available on October 20, 2020, as indicated
by cash and bank balance of around INR90 crore as against the
scheduled debt obligation of INR73 crore. CRISIL believes the delay
was purely due to operational reasons and does not reflect
financial inability or unwillingness of the company to service its
debt on time. Hence, in CRISIL's opinion, the incident does not
indicate any change in JRPICL's inherent credit quality.

However, the company's liquidity has weakened over the past several
months. The company has not been receiving scheduled annuity
payments since February 2020 and had receivables of INR286 crore as
on October 22, 2020. The company has utilised its debt service
reserve account (DSRA) and major maintenance reserve (MMR) towards
debt servicing in the past three quarters. As on October 25, 2020,
JRPICL had cash and bank balance of only INR15.59 crore, which
would be inadequate to meet principal obligation of INR41.31 crore
and INR31.15 crore due in January and April 2021, respectively.
Timely receipt of annuities is therefore a crucial monitorable.

The rating continues to reflect JRPICL's weak financial risk
profile, exposure to risks related to operations and maintenance
(O&M) and major maintenance and to legal risks. A stable revenue
profile, given the annuity-based model, mitigates these
weaknesses.

Key Rating Drivers & Detailed Description

Strengths
* Stable revenue profile, given annuity-based model: JRPICL
benefits from the annuity nature of its ongoing
build-operate-transfer project. Dependence on any single annuity
payment is low as the company is receiving 10 semi-annual annuities
for 5 projects across 8 months. While annuity receipts were timely
in the past, the Covid-19 pandemic has impacted state finances and
JRPICL has not received annuities since February 2020.

Weaknesses
* Weak financial risk profile: JRPICL's financial risk profile has
weakened after debt was restructured to include repayment of
unsecured loans. During the National Company Law Appellate Tribunal
(NCLAT) proceedings last year, JRPICL was reclassified as a 'Green'
entity from 'Amber' after terms on its senior-secured NCDs were
restructured and coupon rate reduced. The average yearly debt
obligation increased to INR300 crore (from INR224 crore on
senior-secured NCDs) and average debt service coverage ratio (DSCR;
including unsecured and subordinated loans) is expected to remain
below 1 time, with the shortfall likely to be met through the DSRA
and existing cash.

* Exposure to O&M risk: If JRPICL does not meet the prescribed O&M
standards, it faces the risk of reduction in annuity payments from
the government of Jharkhand (GoJ). Frequent material breaches in
the O&M may also lead to termination of the contract by the state
government. Both the O&M and major maintenance are being carried
out by ITNL, which is undergoing resolution under NCLAT, being a
part of the IL&FS group. Therefore, ITNL's ability to adequately
perform its obligations under the fixed price contract is a key
risk. Additionally, the MMR, as per the revised lenders' agreement,
is substantially lower than the earlier provision. This is
mitigated by the routine, low-cost nature of O&M.

Major maintenance on three of the company's five stretches has been
completed in fiscal 2021. It has been deferred for the remaining
two stretches, with MMR utilised for debt servicing. Timely
completion of the major maintenance remains a key monitorable.  
* Continued susceptibility to legal risks: In a letter to the
trustee, JRPICL stated that the NCLAT stay order given to the IL&FS
group encompasses normal debt servicing as well. As a result,
despite having adequate funds, the company defaulted on payments to
senior secured NCD holders. Though the debt has been restructured
and JRPICL reclassified 'Green' by NCLAT, legal risk persists given
the ongoing resolution at the IL&FS group.

Liquidity Poor
The liquidity position is poor in the absence of annuity receipts
from GoJ since February 2020 and utilisation of DSRA and MMR
towards debt servicing so far in fiscal 2021. As on October 25,
2020, the company had surplus cash and bank balance of just
INR15.59 crore in permitted investments as per the debenture trust
deed (DTD). Any further delay in receipt of annuities can affect
ability to meet the principal obligation of INR41.31 crore and
INR31.15 crore due in January and April 2021, respectively.

Rating sensitivity factors:

Upward factors
* Timely receipt of annuities leading to a build-up of one quarter
of DSRA
* Reduction in debt leading to increase in DSCR above 1 time on
NCDs

Downward factors
* Delay in receipt of annuities beyond the next debt repayment
date
* Further delay in completion of major maintenance on remaining two
stretches

JRPICL is a special purpose vehicle set up to develop five road
stretches under Jharkhand Accelerated Road Development Programme
(JARDP). These are the Ranchi Patratu-Dam Road, the Patratu
Dam-Ramgarh Road, the Ranchi ring road, the Chaibasa Kandra-Chowka
Road, and the Adityapur Kandra Road. All the projects have begun
commercial operations, and have been receiving annuity payments.
ITNL and IL&FS hold 93.43% and 6.57%, respectively, in JRPICL

                             About ITNL

ITNL was incorporated in 2000 by IL&FS to consolidate its road
infrastructure projects and pursue new ones in surface
transportation infrastructure through public-private partnership.
ITNL is primarily engaged in development, operation and maintenance
of national and state highways. ITNL has diversified into other
segments such as mass rapid transport system, urban transportation
infra system, car parking and border check-post.

                            About IL&FS

IL&FS is one of India's leading infrastructure development and
finance companies. It was promoted by the Central Bank of India
('CRISIL A+/CRISIL A/Stable'), Housing Development Finance
Corporation Ltd ('CRISIL AAA/FAAA/Stable/CRISIL A1+') and Unit
Trust of India. Over the years, IL&FS has broad-based its
shareholding and inducted institutional shareholders, including
State Bank of India ('CRISIL AAA/CRISIL AA+/FAAA/Stable/CRISIL
A1+'), Life Insurance Corporation of India, ORIX Corporation '
Japan, and Abu Dhabi Investment Authority.

IL&FS and its group companies (including ITNL) are going through
severe financial stress and have defaulted on some debt since
August 2018. The Government of India had, on October 1, 2018,
replaced the board of directors at IL&FS to turn around the group
and restore the confidence of financial markets after its default.

Key features of the NCD
* Tenure of up to 9 years
* Quarterly payment of interest
* Quarterly repayment of principal till January 2027, and
semi-annual subsequently
* Backed by an escrow mechanism with payment waterfall clearly
defining priority
* Quarterly appropriation to the reserve for each major maintenance
expenditure

Status of non cooperation with previous CRA
JRPICL has not cooperated with Credit Analysis & Research Ltd.
which has classified it as issuer not cooperative vide release
dated October 27, 2020. The reason provided by Credit Analysis &
Research Ltd. is non-payment of the surveillance fees for the
rating exercise as agreed to in its Rating Agreement.

LAKSHMI MOUNICA: CRISIL Migrates B Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri lakshmi
Mounica Rice Industries (SLMRI) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          11.15      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.85      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Rupee Term Loan       3.00      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SLMRI for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 and October 14, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SLMRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SLMRI is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SLMRI to
'CRISIL B/Stable Issuer not cooperating'.

Based in Nellore (Andhra Pradesh) and established in 2007 by Mr.
Balamurali Reddy, SLMRI is a proprietorship firm which process
paddy into rice; it also generates by-products such as broken rice,
bran, and husk.

MEWAR SPICES: CRISIL Migrates B+ Debt Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its rating on
the bank facilities of Mewar Spices (MS)) to 'CRISIL B+/Stable
issuer not cooperating'. However, the management has subsequently
started sharing the requisite information for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the long-term bank facilities to 'CRISIL
B+/Stable' from 'CRISIL B+/Stable; Issuer not cooperating'.

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

   Long Term Loan       3         CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable; ISSUER NOT
                                  COOPERATING')

   Proposed Long Term   0.69      CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B+/Stable; ISSUER NOT
                                  COOPERATING')

The rating continues to reflect the firm's modest scale of
operations, average financial risk profile and susceptibility of
its profitability to volatility in raw material prices and to the
extent of rainfall. These weaknesses are partially offset by the
extensive experience of the partners in the agricultural products
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility of operating margin to volatility in raw material
prices: The firm processes commodities such as spices, methi,
tulsibeej, isabgol, khas and trades in wheat, soyabean, mustard and
jowar. The prices of these commodities are volatile as they are
seasonal. Raw material prices also depend on inflation trends and
the extent of monsoon.

* Modest scale of operations: The firm's modest scale is reflected
in estimated revenue of INR44.45 crore in fiscal 2020. The
agricultural commodities segment is highly fragmented and
competitive, and hence, small players such as MS have low
bargaining power with suppliers and customers.

* Average financial risk profile: The financial risk profile is
constrained by small networth of INR 1.46 crore as on March 31,
2020 and leveraged capital structure marked by high gearing and
high total outside liabilities to tangible networth ratio, at 4.41
and 7.13 times, respectively, as on March 31, 2020. The leveraged
capital structure is mainly on account of higher reliance on
external debt. The debt protection metrics are also average as
reflected in interest coverage ratio and net cash accruals to total
debt of 1.57 and 0.07 times respectively for fiscal 2020.

Strengths:

* Extensive industry experience of the partners, and established
relationships with customers: The partners, Ms Shalini Devi, Ms
Sapna Jain, and Mr. Shubham Maru, have extensive experience in the
agricultural products trading business. Their family members have
been trading in these products for over three decades and have
shops in the main mandi in Nimbahera, Rajasthan. The long track
record in the industry has enabled the partners to establish
relationships with customers and key suppliers.

Liquidity Stretched
Liquidity remains stretched, marked by cash accrual expected to be
around INR 0.34-0.89 crore per fiscal (Rs. 0.34 crore in fiscal
2020) should be tightly matched against the repayment obligations
of INR0.54-0.6 crore per annum. Stretched working capital cycle has
led to higher reliance on bank debt. Bank limit utilisation was
moderate, averaging around 70% for the 12 months through September
2020.

Outlook: Stable

CRISIL believes MS will continue to benefit from the extensive
experience of the partners.

Rating Sensitivity factors

Upward factors
* Significant growth in revenue and improved profitability, leading
to net cash accrual of over INR1 crore
* Improvement in the capital structure

Downward factors
* Decline in profitability, leading to cash accrual below INR0.25
crore
* Weakening in the financial risk profile and liquidity

MS was established in 2015 as a partnership firm in Nimbahera, and
commercial operations began in 2016. The firm undertakes
processing, cleaning, sorting and grading of spices, grains and
pulses. It has set up a warehouse with a sortex machine in
Nimbahera and has capacity of 4,000 tonne per annum.

MULKANOOR COOPERATIVE: CRISIL Cuts Rating on INR180cr Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of The Mulkanoor
Cooperative Rural Bank and Marketing Society Limited (MCRBAMS) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash         180        CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MCRBAMS for
obtaining information through letters and emails dated May 4, 2020
and September 30, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MCRBAMS, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on MCRBAMS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
MCRBAMS Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

MCRBAMS, established in 1956, was registered under the Hyderabad
Cooperative Societies Act, 1952; it has also been deemed to be
listed under the Andhra Pradesh Cooperative Societies Act of 1964.
This society was formed to address the various issues faced by the
farmers such as lack of irrigational facilities, dearth of finance,
and higher borrowing cost.


NAGMATI PAPERS: CRISIL Hikes Rating on INR13.50cr LT Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Nagmati Papers LLP (NPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and assigning its rating on the short-term bank
facilities at 'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.20       CRISIL A4 (Assigned)

   Cash Credit           7.30       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan       13.50       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects an improvement in NPL's business risk
profiles. Company achieved revenue of INR24.57 in fiscal 2020
backed by timely completion of projects, successful ramp up of
operations and healthy domestic and export demand. The growth
momentum continued during H1FY21 as reflected in estimated revenue
of INR92 crore. With accretion of accruals into networth, gearing
is expected to improve below 1.20 times over the medium term.
Liquidity has also been comfortable, in absence of any large,
debt-funded capital expenditure and significant capital
withdrawals.

The ratings reflects modest scale of operations in a highly
fragmented industry, working capital intensive operations and
operating margin susceptible to volatile raw materials prices.
These rating weaknesses are partially offset by extensive
experience of promoters and average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate scale of operation and working capital intensive
operation: Although the operation of the company has stabilized,
but remain moderate at INR24.57 crore in FY20 and INR92 crore in
H1FY21. Intense competition and moderate scale of operation may
continue to constrain pricing power and profitability. The
operations are moderately working capital intensive as reflected in
gross current assets of 285 days in fiscal year 2020, because of
inventory of 96 days and receivables of 82 days. Over the medium
term, GCA days is estimated in range of 110-140 days.

* Operating margin susceptible to volatile raw materials prices:
The operating margin is susceptible to fluctuations in the price of
kraft paper. The packaging industry is fragmented because of low
entry barriers, such as limited capital and technology
requirements, small gestation period, and easy availability of raw
materials. This restricts substantial ramp-up of operations and
exerts pricing pressure on players.

Strengths

* Extensive experience of the promoters: The partners have
extensive experience in industrial paper industry. This has given
them an understanding of the dynamics of the market, and enabled
them to establish relationships with suppliers and customers.

* Average financials risk profile: The financial risk profile
remain average with gearing of 1.33 times and networth of INR14.41
crore as March 31, 2020. The debt protection metrics as reflected
in interest coverage were satisfactory at 2.04 times in FY20 and is
expected to improve further in the absence of large debt-funded
capex.

Liquidity Stretched

Liquidity is stretched, with modest cash accrual over INR3.5 crore
against term debt repayment of INR2-2.5 crore. The bank lines of
INR7.3 crore were highly utilised at around 85% during the six
months through September 2020. Current ratio were 1.24 times as on
March 31, 2020.

Outlook: Stable

CRISIL believes the firm will continue to benefit from the
extensive experience of its partner.

Rating Sensitivity factors

Upward factors
* Significant growth in revenue as envisaged along with sustained
operating margin over 5%
* Improvement in TOL/ANW

Downward factors
* Decline in NCA to below INR2.5 crore
* Stretch in working capital cycle

Set up in September 2018, NPL is a partnership firm currently
setting up a kraft paper unit in Morbi, Gujarat. The plant is cted
to be commissioned in October 2019. Mr. Gajendra Lalji Fefar, Mr.
Hitesh Bhogilal Kanabar, and Mr. Ravi Mavji Gami are the partners.


NAYAK INFRA: CRISIL Lowers Rating on INR135cr Bank Loan to D
------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Nayak
Infrastructure Private Limited (NRM) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'. The downgrade reflects non-payment of dues and
invocation of bank guarantees for more than 30 days.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       135        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Cash Credit           39.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    53        CRISIL D (ISSUER NOT  
   Bank Loan Facility              COOPERATING; Downgraded from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with NRM for obtaining
information through letters and emails dated February 4, 2020 and
February 10, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the credit
quality. CRISIL believes information available is consistent with
'Scenario 1' outlined in the Framework for Assessing Consistency of
Information with 'CRISIL BB' category or lower'.

Based on the last available information and lack of management
cooperation coupled with adverse information from bankers, CRISIL
has downgraded the ratings on the bank facilities of NRM to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL
A4+ Issuer Not Cooperating'.

The downgrade reflects non-payment of dues and invocation of bank
guarantees for more than 30 days.

Incorporated in December 2007 by reconstituting a partnership firm
as a private limited company, NIPL is a Class I contractor for NEFR
and constructs bridges and tunnels, undertakes earthwork, cuts
hills, and designs layout of railway tracks in Northeast India.

PARANJAPE SCHEMES: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Paranjape Schemes
(Construction) Limited (PSCL) continue to be 'CRISIL C/FC Issuer
Not Cooperative'.

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

   Proposed Long Term     7         CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             30         CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PSCL for obtaining
information through letters and emails dated April 3, 2020, April
7, 2020, October 7, 2020, October 8, 2020 and October 9, 2020 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive critical information on either the financial
performance or strategic intent of PSCL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PSCL is consistent
with 'Assessing Information Adequacy Risk'.

As per the terms of the debentures and the subsequent extension
approved by the debenture trustee, the interest from 1st January,
2017 till 30th September, 2017 and 1st October 2017 till 31st March
2018 had to be paid by PSCL on or before 08th October, 2020.

However company had made request to investor for extension of the
said interest which was approved by investors before the due date
and due date for payment of interest was initially extended to 22nd
October, 2020 and subsequently as per fifth supplemental Debenture
Trust Deed (DTD) dated 22nd October 2020; now the debentures shall
be redeemed by repaying the entire debenture subscription amount
along with all outstanding coupon and all other amounts due on or
before April 30, 2021.

Based on the last available information, the ratings on bank
facilities of PSCL continues to be 'CRISIL C/FC Issuer Not
Cooperative'.

PSCL was incorporated in 1987 by brothers Mr. Shashank Paranjape
and Mr. Shrikant Paranjape as a private limited company, and was
reconstituted as a public limited company in 2005.

RAMACHANDRAPURAM EDUCATION: CRISIL Cuts INR9cr Loan Rating to D
---------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of The
Ramachandrapuram Education Society (TRES) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       4.79        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft            4.00        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term
   Bank Loan Facility    .21        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with TRES for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TRES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TRES is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TRES
downgraded to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

The downgrade reflects delays in debt servicing for more than 30
days, because of its stretched liquidity position.

TRES was established in 1965 and offers polytechnic, degree,
engineering and post-graduation courses. The engineering college,
VSM College of Engineering, started operations in 2009. Operations
are managed by Mr. Narayanamurthy (President) along with other
members.

SHAH MOTILAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shah Motilal Foods
Limited (SMFL) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Long Term Loan         7.67      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.33      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SMFL for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Hyderabad (Telangana) and set up in April 2012, SMFL is
engaged in processing and trading of milk and milk products. The
day-to-day operations of SMFL are managed by Mr. Rajesh Gandhi.

SHRIDEVI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Shridevi
Charitable Trust (SSCT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           70       CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSCT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SSCT is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SSCT
continues to be 'CRISIL D Issuer Not Cooperating'.

SSCT (previously known as Sri Shridevi Charitable Trust (R.)),
established in 1992, provides education from primary school to
graduation in engineering; it also has a medical college which
became operational in 2013-14 (refers to financial year, April 1 to
March 31). The trust's operations are managed by its managing
trustee, Dr. M R Hulinaykar.

SOCIETY FOR THE WATER: CRISIL Assigns B+ Rating to INR1cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Society for the Water (SFTW).

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

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

Key Rating Drivers & Detailed Description

Weaknesses:

* High dependence on government authorities for contracts: SFTW
undertakes skill development projects issued by state and central
Govt. SFTW operates in UP, MP and other nearby scales. Work order
for scheme is received from the various authority via tenders.

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

Strength:

* Extensive industry experience of the management: The management
have an experience of over 26 years in Social Services. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Poor
There are not debt obligation for the trust in the medium term.

Outlook: Stable

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

Rating Sensitivity factors

Upward factor
* Increase in revenue by 25%
* Decline in dependence on government.

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

Set in 1996, contracts: SFTW undertakes skill development projects
issued by state and central Govt. SFTW operates in UP, MP and other
nearby scales. SFTW is currently managed by Mr. Shressh Chandra
Srivastava.

TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on the bank facilities and commercial paper
of Tecpro Systems Limited (TSL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       1,650       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            950       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit     1,650       CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

CRISIL has been consistently following up with TSL for obtaining
information through letters and e-mails dated April 30, 2020, and
September 30, 2020, apart from telephonic communication. However,
the issuer has remained non-cooperative.

'Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating', as these ratings are
arrived at without any interaction with the management and are
based on best available, limited or dated information regarding the
company. Such non co-operation by a rated entity may be a result of
weakening of its credit risk profile. The ratings with the 'issuer
not cooperating' suffix lack a forward-looking component'.

Detailed Rationale

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

Based on the last available information, the ratings on the bank
facilities and commercial paper of TSL continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'. Also, the company has been
under the liquidation process since January 2020.

TSL, incorporated in 1990, provides material handling (MH)
solutions on a turnkey basis for power, cement, coal storage, steel
and other metallurgical plants. Its projects involve designing,
engineering, manufacturing, supplying, erection and commissioning
of MH systems.

TRAVANCORE EARTH: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Travancore
Earth Moving Company (TEMC) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.65       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

   Proposed Fund-        4.35       CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TEMC for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 and October 14, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TEMC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TEMC is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of TEMC to
'CRISIL D/CRISIL D Issuer not cooperating'.

TEMC was established in 2008 and is promoted Mr. Joseph. The firm
is engaged in road construction and civil works through contract by
PWD in the state of Kerala.

VALIA IMPEX: CRISIL Lowers Rating on INR33.15cr Loan to B
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Valia Impex LLP (VIL) to 'CRISIL B/Stable' from 'CRISIL B+/Stable',
while reaffirming the rating on the short-term facility at 'CRISIL
A4'.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)

   Bill Discounting      33.15      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Channel Financing      8         CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Drop Line              3         CRISIL B/Stable (Downgraded
   Overdraft Facility               from 'CRISIL B+/Stable')

   Proposed Fund-         6         CRISIL B/Stable (Downgraded
   Based Bank Limits                from 'CRISIL B+/Stable')

The downgrade factors in deterioration in the firm's business risk
profile with decline in revenues to INR1.12 crore in fiscal 2020
from INR4.43 crore in fiscal 2019. This was mainly on account of
slowdown in demand and delay in the renewal of the contract with
the key supplier Reliance Industries Ltd (RIL).  Improvement in
revenues will remain key monitorable over the medium term.

The ratings continue to reflect the firm's small scale of
operations, below-average financial risk profile, exposure to
intense competition and high customer concentration in revenue.
These weaknesses are partially offset by the extensive experience
of the partners.

Analytical Approach
CRISIL has treated unsecured loan of INR11.77 crore extended by the
partners as on March 31, 2020, as neither debt nor equity as the
loan is expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operation: The firm's scale has remained modest as
reflected in revenue to INR1.12 crore in fiscal 2020, declined from
INR4.43 crore in fiscal 2019. The del credere agency business
remains intensely competitive with presence of multiple players,
both organised and unorganised, driven by low capital requirement.
This limits negotiating power with suppliers and customers and
restricts profitability. Timely renewal of agreements and increase
in orders will remain rating sensitivity factors.

* Below-average financial risk profile: Networth was modest at
INR17.35 crore as on March 31, 2020. Debt protection metrics were
subdued, with interest coverage at 1.42 time in fiscal 2020. Large
working capital debt should keep the financial risk profile below
average over the medium term.

* High customer concentration in revenue: VIL derives 45%
proportion of its revenue from the top five customers. Thus, the
change in the sourcing policy of its key customer and slowdown in
its business, has impacted the overall business risk profile of the
firm in fiscal 2020 and shall continue to remain constrained over
the near term.

Strength:

* Partners' extensive experience: The partners' extensive
experience of more than 3 decades in dealing in polymers and
related commodities. This should continue to support the business
risk profile.

Liquidity Poor
Cash accrual is expected over INR2-2.5 crore against term debt
obligation of INR0.34 crore annually over the medium term. Bank
limit remained unutilized till May, 2020. The limit was closed in
June 2020. The partners and family members have extended support in
the form of unsecured loans of INR11 crore as on March 31, 2020.
Cash and bank balance stood at INR0.30 crore as on March 31, 2020.

Outlook: Stable

CRISIL believes VIL will continue to benefit from the partners'
extensive industry experience and longstanding relationships with
the customers.

Rating sensitivity factors

Upward factors
* Sustained revenue growth and improvement in profitability, with
timely renewal of contracts, leading to cash accruals of above INR
2 crores
* Improvement in the working capital cycle leading to a better
financial risk profile

Downward factors:
* Stagnant business due to weak demand leading to low revenues and
profitability leading to weak accruals of less than INR 0.50 crore
* Stretch in receivables or pile-up of inventory adversely
affecting financial risk profile and liquidity

Incorporated in 1989 as a private limited company, VIL was
reconstituted as a limited liability partnership firm in September
2015. VIL is a del credere agent for RIL. Mr. Balkrishna Valia and
his family members are the partners.

VENGADALAKSHMI SPINNERS: CRISIL Moves D Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sre
Vengadalakshmi Spinners (SVS) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Term Loan        2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Open Cash Credit      2.2       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital       8.8       CRISIL D (ISSUER NOT
   Demand Loan                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SVS for obtaining
information through letters and emails dated August 29, 2020,
October 9, 2020 and October 14, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SVS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SVS is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SVS to 'CRISIL
D Issuer not cooperating'.

SVS was established in 1999 by Ms R Pushpa as a proprietorship
concern. It manufactures cotton yarn of 30-40 counts at its unit
near Coimbatore, Tamil Nadu, with an installed capacity of 25,000
spindles. The firm sells its cotton yarn in domestic market alone.

VIJAY STEEL: CRISIL Assigns B+ Rating to INR8cr Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vijay Steel Industries (VSI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    6.5        CRISIL B+/Stable (Assigned)

The rating reflects VSI's modest scale of operations, low operating
margin due to trading business and susceptible to steel prices,
below average financial risk profile. These weaknesses are
partially offset by the extensive experience of the partners in
steel trading industry, and moderate working capital cycle.

Analytical Approach
Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Business profile is constrained by
the modest scale of operations in the intensely competitive steel
trading business.  The small scale restricts bargaining power with
customers and supplies. Furthermore, business is likely to remain
constrained in the near term owing to the economic slowdown due to
the spread of Covid-19 pandemic.

* Low operating margin due to the trading nature of business: The
small initial investment and low complexity of operations have
resulted in the existence of innumerable entities, much smaller in
size, leading to significant fragmentation and low operation
margin. Operating performance will remain susceptible to volatility
in raw material prices, and offtake by key user sectors.

* Below average financial risk profile: The firm's networth was low
at INR1.63 crore, with total outside liabilities to adjusted
networth (TOLANW) ratio at 3.5 times, as on March 31, 2020. This
was on account of low accretion to reserves. Interest coverage is
average at 2.05 times for fiscal 2020. The financial risk profile
is expected to remain at similar level over the medium term.

Strengths:

* Extensive experience of the partners: The partners' more than
three decades of experience, strong industry insight and healthy
relationships with suppliers and customers should continue to
support the business.

* Modest working capital cycle: Gross current assets were at 77
days as on March 31, 2020, driven by moderate debtors and low
inventory, due to moderate credit and order backed purchases.
Working capital cycle is expected to remain efficient over the
medium term.

Liquidity Poor
Cash accrual is low expected at INR0.10-0.20 crore per annum over
the medium term. Bank lines were utilised at 90% on average in the
12 months through September 2020. Cash and bank balance stood at
INR1.53 crore as on March 31, 2020.

Outlook: Stable

CRISIL believes VSI will continue to benefit from its experience of
the management.

Rating Sensitivity Factors

Upward Factors
* Sustainable revenue growth and improvement in profitability
leading to cash accrual of more than INR1 crore
* Better financial risk profile with improvement in capital
structure and debt protection metrics

Downward Factors
* Stagnancy in business due to weak demand or a stretch in
receivables and pile-up of inventory adversely affects liquidity
* Substantial increase in debt weakens the financial risk profile
with TOLANW increasing to above 5 times.

Established in 1985, VSI is a partnership concern based in Mumbai,
set-up by Mr. Vijay Jha, Mrs Niranjhana Jha and Mr. Rahul Jha. VSI
trades in various steel products such as, steel utensils, cookware,
TMT bars and rolls, mild steel angles, channels and flats.

VIKAS COTEX: CRISIL Migrates B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vikas Cotex
(Vikas) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          12.35      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    2.18      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Vikas for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2013, Vikas a proprietorship concern of Mr. Mathakiya,
gins and presses raw cotton and sells lint cotton and cotton seeds.
The manufacturing unit, at Lalpar, Gujarat, commenced operations in
February 2014.

VITSON STEEL: CRISIL Lowers Rating on INR26.5cr Cash Loan to B
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Vitson Steel
Corp Private Limited (VSCPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           26.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing     10.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with VSCPL for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VSCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VSCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VSCPL
revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

Incorporated in 2012 and promoted by Cochin-based Prabhu family,
VSCPL is an authorised distributor in Kerala for JSW.

VRAJ PSYLLIUM: CRISIL Migrates Rating INR4.8cr Loan to B-
---------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
bank facilities of Vraj Psyllium (VP) to 'CRISIL B/Stable Issuer
Not Cooperating'. However, the management has subsequently started
sharing the requisite information for carrying out a comprehensive
review. Consequently, CRISIL is migrating the rating to 'CRISIL
B-/Stable' from 'CRISIL B/Stable Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         2.3        CRISIL B-/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Fund-      4.6        CRISIL B-/Stable (Migrated from
   Based Bank Limits              'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Rupee Term Loan     4.8        CRISIL B-/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects firm's modest scale of operations, average
financial risk profile, and vulnerability to fluctuations in raw
material prices. These weaknesses are partially offset by proximity
to the psyllium seed-growing belts in Gujarat, and the partners'
extensive experience in the industry.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
extended to VP by the partners and their family members as on March
31, 2020, as 75% equity, as the loans are likely to remain in the
business over the medium term

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: VP's revenue
remain moderate, as reflected in revenue of INR24.36 crore in FY20
against INR26.75 crore in FY19. Low entry barriers result in high
competition, constraining the profitability of players.

* Average financial risk profile: The financial risk profile remain
average with adjusted networth of INR4.3 crore and gearing of 2.42
times as on March 31, 2020. In absence of large debt funded capex,
it is expected to improve over the medium term.

* Vulnerability to raw material price fluctuation: Operating margin
is susceptible to any sharp volatility in the cost of psyllium
seeds, a key raw material which accounts for a significant
proportion of production cost. Availability of psyllium seeds is
seasonal (March to June), necessitating considerable inventory, and
the company is susceptible to adverse movements in isabgol seed
prices, which may affect profitability. Adverse climatic conditions
can also affect revenue and profitability.

Strengths:

* Healthy demand prospects and advantageous location in terms of
raw material supply: Psyllium husk is herbal supplement. India
accounts for 80% of the global psyllium production. Also, Gujarat,
where the firm's manufacturing facility is located, and neighboring
state Rajasthan, are the major hubs for psyllium production in the
country. The advantageous location ensures adequate supply of raw
material at low transportation cost.

* Partners' extensive industry experience: The key partners'
experience of over a decade and knowledge of the industry should
help the firm scale up operations and establish healthy
relationships with customers in India and abroad.

Liquidity Stretched
Liquidity is stretched, with modest cash accrual against term debt
repayment of INR0.25 crore. The bank lines of INR4 crore were
highly utilised at around 95-99% during the 12 months through
September 2020. Liquidity is supported by partner support in form
of USL amounting INR7.44 crore as on March 31, 2020. Current ratio
were 1.30 times as on March 31, 2020.


Outlook: Stable

CRISIL believes the firm will continue to benefit from the
extensive experience of its partners and its funding support.

Rating Sensitivity factors

Upward factors
* Significant growth in revenue along with sustained operating
margin over 6.5%
* Improvement in working capital cycle

Downward factors
* Increase in working capital cycle over 250 days
* Large capital withdrawal weakens adjusted gearing

Vraj was established in 2011 as a partnership firm promoted by the
Patel and Sandesara families. The firm processes psyllium seed
(popularly known as isabgol). Its major products include psyllium
husk and powder, organic psyllium, and psyllium cattle feed. Its
manufacturing unit is at Patan, Gujarat.

VSSN KALLUR: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of VSSN Kallur (Kallur
Society) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VSSN Kallur (Kallur
Society) for obtaining information through letters and emails dated
March 31, 2020 and September 30, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kallur Society, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Kallur
Society is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Kallur Society continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

Kallur Society is a primary agricultural society established in
1976, sponsored by State Bank of India (earlier sponsored by State
Bank of Hyderabad) since its inception. The society is registered
with the Registrar of Cooperative Societies, Karnataka. It operates
in six villages in the Raichur district. The society extends crop
loans to its members.

VSSN RAJALABANDA: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of VSSN Rajalabanda
(Rajalabanda Society) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

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

CRISIL has been consistently following up with VSSN Rajalabanda
(Rajalabanda Society) for obtaining information through letters and
emails dated March 31, 2020 and September 30, 2020 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rajalabanda Society, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes that rating action on
Rajalabanda Society is consistent with 'Assessing Information
Adequacy Risk'. Based on the last available information, the
ratings on bank facilities of Rajalabanda Society continues to be
'CRISIL B-/Stable Issuer Not Cooperating'.

Rajalabanda Society is a primary agricultural society established
on October 27, 1976, sponsored by State Bank of India (earlier
sponsored by State Bank of Hyderabad) since its inception. It is
registered with the Registrar of Cooperative Societies, Karnataka.
The society operates in six villages in the Raichur district. It
extends crop loans to its members.

WELPACK PPOLYMERS: CRISIL Assigns B+ Rating to INR6.72cr Loan
-------------------------------------------------------------
CRISIL has assigned its rating 'CRISIL B+/Stable' to the long term
bank loan facilities of Welpack Ppolymers Limited (WPL)

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Working Capital
   Demand Loan            1.73      CRISIL B+/Stable (Assigned)

   Term Loan              6.72      CRISIL B+/Stable (Assigned)

   Cash Credit            2.25      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     0.30      CRISIL B+/Stable (Assigned)

The rating reflects WPL's modest scale of operations and average
financial risk profile. These rating weaknesses are partially
offset by experience of promoters and their understanding of market
dynamics.

CRISIL has taken into cognizance, moratorium granted by the banker
in debt servicing, up to August 31, 2020, as permitted by the
Reserve Bank of India (RBI).

Analytical Approach
Of Unsecured loans amounting to INR5.68 crore as on March 31, 2020,
INR5 crore have been treated as neither debt nor equity, as these
loans are from promoters & related parties, and will remain in the
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations is modest
indicated by operating income of INR20.9 crore for FY 20.
Commercial operations commenced in FY 19. Modest scale of
operations in intense competition limits the bargaining power with
customers and thus constrains revenues and profitability. Although
scale of operations is expected to improve with addition of
customers and increase in utilization, it is expected to remain
modest in the medium term.

* Average financial risk profile: Adjusted net worth and total
outside liabilities to adjusted net worth ratio stood at INR7.54
crore and 1.7 times respectively as on March 31, 2020. Debt
protection metrics are average with interest cover of 1.6 times and
net cash accruals to adjusted debt ratio of 0.18 time for as on
March 31, 2020. Financial risk profile is expected to remain
average in the medium term due to modest accruals.

Strength
* Experienced promoters: WPL's promoters have experience of more
than a decade in the business which has enabled them in
understanding dynamics of the market and establishing relationships
with the customers and the suppliers. Experience of promoters is
expected to support the business risk profile of WPL in the medium
term.

Liquidity Stretched
Net Cash Accruals (NCA) are expected at INR0.9 crore and INR1.7
crore for FY 21 and FY 22 respectively, against repayment
obligations of around INR0.7 crore and 1.6 crore respectively.
Company had minimal unencumbered cash and bank balance as on March
31, 2020. Bank limit (Rs 2.25 crore of cash credit facility) is
fully utilized for 12 months ending August 2020. No major capex is
planned in medium term. Liquidity is supported by unsecured loans
from promoters (Rs 5.68 crore as on March 31, 2020) and emergency
Covid loans of INR1.72 crore.

Outlook: Stable

CRISIL believes that WPL will continue to benefit from the
extensive experience of the promoters

Rating Sensitivity factors

Upward factors
* Sustained increase in NCA to above INR2 crore per annum
* Improvement in financial risk profile especially liquidity
profile

Downward factors
* Lower than anticipated revenue growth or operating margin less
than 10%, resulting in lower than expected NCA
* Large debt funded capex or stretch in working capital cycle
resulting in deterioration in financial risk profile

Incorporated in 2017, WPL is engaged in manufacturing of
Polypropylene (PP) woven bags used in the packaging industry.
Company and its manufacturing facility are based in Bharuch,
Gujarat.



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

AIRASIA: Unit Classifies Malaysia Airports as Secured Creditor
--------------------------------------------------------------
Greg Waldron at FlightGlobal reports that AirAsia X (AAX) has
agreed to classify Malaysia Airports as a secured creditor, as it
seeks to expedite its massive debt restructuring programme.

"After consultation, AirAsia X has accommodated [Malaysia Airports]
and made certain clarifications and revised the scheme under two
separate classes 'A' and 'B'," the carrier said in a statement,
FlightGlobal relays.  "Class A shall consist of creditors who are
considered critical or essential and who may have secured and/or
other rights. Class B shall consist of creditors who do not fall
within Class A."

In a separate stock exchange filing, AAX stated that Malaysia
Airports' legal challenge contended that as a secured creditor it
has the right to detain aircraft, parts, accessories, vehicles, and
other equipment, FlightGlobal relates.

AAX added that it makes the status change "in the interest of
time," a reference that it hopes to come to an agreement with
creditors in the first quarter of 2021. Announced on October 6,
AAX's proposal calls for restructuring MYR63.5 billion into an
"acknowledgement of indebtedness" for up to MYR200 million payable
over the next five years at a 2% interest rate.

Following the airline's proposed debt restructuring on October  6,
Malaysia Airports filed a legal challenge protesting its being
lumped in with unsecured creditors, FlightGlobal recalls. Malaysia
Airports is also suing AAX for MYR78.2 million ($19 million) in
unpaid passenger service charges (PSC) – the subject of a
long-running dispute between the two parties.

FlightGlobal relates that the airline also noted that Malaysia
Airports has threatened to take legal action against its directors
in their personal capacity over the PSC issue, which it claims is
"intimidatory in nature."

"AirAsia X also wishes to report that major creditors have all
demonstrated great maturity, professionalism, constructive
engagement and commercial realism in dealing with the debt
restructuring exercise," the airline, as cited by FlightGlobal,
said.

"Though the process is on-going and a common consensus remains to
be reached, AirAsia X looks forward to being able to present the
revised scheme for all creditors to vote on early in the first
quarter of 2021."

Assuming 75% of creditors go along with AirAsia X's proposal and
other approvals are obtained, AirAsia X basically aims to start
afresh in 2021, initially operating a pair of A330s, and working up
to a full network by the end of next year.

FlightGlobal says creditor BOC Aviation has also opposed the
restructuring via legal means, with a challenge in the High Court
of Malaya on 14 October. In September, before AAX announced its
restructuring, the lessor filed a claim against the carrier for
nearly $23 million in a London court.

AAX, lossmaking even before 2020's coronavirus pandemic, faces an
existential crisis owing to the collapse in international air
traffic to and from Malaysia this year. In the second quarter,
operating losses widened to MYR323 million on revenues of MYR91.4
million, which were down 91% from a year earlier. Its cash and cash
equivalents at June 30 stood at MYR212 million, down 31% from three
months earlier, the report discloses.

                           About AirAsia

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

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



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

THAI AIRWAYS: Puts 34 Passenger Planes Up for Sale
--------------------------------------------------
Bangkok Post reports that bankrupt Thai Airways International has
put 34 passenger aircraft from its fleet up for sale, hoping to
find buyers by Nov. 13.

According to the report, aircraft listed on the sale notice posted
on its website include 10 Boeing 747-400s manufactured between
1993-2003, six Boeing 777-200s built in 1996-1998, and six Boeing
777-300s manufactured from 1998-2000.

Others are six Airbus A340-600s built from 2005-2008, three
A340-500s that left the production line in 2005-2007, two Boeing
737-400s made in 1992-1993, and one Airbus A300-600 built in 1993.

Bangkok Post relates that the airline said it expected to deliver
the planes to buyers by the second quarter of next year. The
deadline for those interested in buying the aircraft is Nov. 13.

THAI did not provide other details, the report notes.  The sale is
believed to be part of a plan to modernise the fleet.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus 18.1
billion baht ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asian Review.


                           *********


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

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

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

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

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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.



                *** End of Transmission ***