/raid1/www/Hosts/bankrupt/TCRAP_Public/201116.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, November 16, 2020, Vol. 23, No. 229

                           Headlines



A U S T R A L I A

GARROWS CLOSE: Second Creditors' Meeting Set for Nov. 23
PROPERTY DISPLAY: First Creditors' Meeting Set for Nov. 23
SIZZLER AUSTRALIA: Shuts Final 9 Shops in Australia
SUPREME STONE: First Creditors' Meeting Set for Nov. 23
VIRGIN AUSTRALIA: Court Approves Share Transfer to Bain Capital



C H I N A

CHINA AOYUAN: Fitch Assigns BB Rating to New USD Sr. Notes
WEIHAI WENDENG: Moody's Assigns Ba2 CFR, Outlook Stable
XINHU ZHONGBAO: S&P Alters Outlook to Stable & Affirms 'B' ICR
YONGCHENG COAL: Pays $4.9MM of Interest on Defaulted $151MM Debt


I N D I A

ABDOS LAMITUBES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ACE AUTOCARS: CRISIL Keeps B- on INR10cr Loans in Not Cooperating
ACME BUILDERS: CRISIL Keeps D on INR50cr Debt in Not Cooperating
AL NAFEES: CRISIL Keeps D Debt Ratings in Not Cooperating
AL-NAFEES PROTEINS: CRISIL Keeps D Ratings in Not Cooperating

ALECTRA CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
AMAYA HOTELS: CRISIL Keeps B+ on INR10cr Loans in Not Cooperating
AMUL BOARDS: CRISIL Keeps B+ on INR12.5 Loans in Not Cooperating
APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
ATRIA POWER: CRISIL Keeps B+ on INR22cr Loans in Not Cooperating

B.P. PACKAGINGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BANSHI AIRGASES: CRISIL Keeps B+ on INR6cr Loans in Not Cooperating
BAYIR EXTRACTS: CRISIL Keeps B+ on INR3.5cr Debt in Not Cooperating
BHARUCH JILLA: CRISIL Keeps D on INR8.7cr Loan in Not Cooperating
BHOOMEE LAND: CRISIL Keeps B+ on INR9.25cr Debt in Not Cooperating

BHUVAN WHEELS: CRISIL Keeps B- Debt Rating in Not Cooperating
BIHANI ENTERPRISES: CRISIL Cuts Rating on INR11cr Cash Loan to B
BRISTOL TOURIST: CRISIL Keeps D on INR50cr Loan in Not Cooperating
BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
C.R. AULUCK: CRISIL Keeps B+ on INR5cr Debt in Not Cooperating

CENTECH ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating
CROSS DISTRIBUTORS: CRISIL Cuts Rating on INR10cr Loan to B
DEEPJYOT ENGINEERS: CRISIL Lowers Rating on INR2cr Cash Loan to B
DHIREN DIAMONDS: CRISIL Keeps B+ on INR16cr Debt in Not Cooperating

DURGA POLYSTERS: CRISIL Lowers Rating on INR38cr Term Loan to B
HUNDEKARI MOTORS: CRISIL Withdraws B Ratings on INR11cr Loans
KAMLESH AUTOWHEELS: CRISIL Withdraws B+ Rating on INR11.1cr Loans
NBCC (INDIA): Board Approves Dissolution of Two Subsidiaries
PRADIP OVERSEAS: Insolvency Resolution Process Case Summary

RENEW POWER: Fitch Assigns BB- Rating to $325MM Sr. Sec. Notes
RKS STEEL: CRISIL Lowers Rating on INR19.4cr LT Loan to B+
SANDEEP GILHOTRA: CRISIL Moves B Debt Rating From Not Cooperating
SEMBMARINE KAKINADA: Faces Liquidation as No Offers Were Received


I N D O N E S I A

INDOSURYA INTI: Fitch Downgrades National LT Rating to CCC-(ind)


N E W   Z E A L A N D

VIJAY HOLDINGS: Nido-link Building Firm Placed in Liquidation


S I N G A P O R E

HYFLUX LTD: Backs Strategic Growth Investments' Rescue Deal

                           - - - - -


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

GARROWS CLOSE: Second Creditors' Meeting Set for Nov. 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Garrows Close
Pty Ltd in its own right and as the Bare Trustee Managing Entity of
the Joint Venture for the development of property, being the land
in Certificate of Title Volume 11525 Folio 209 and Certificate of
Title Volume 11525 Folio 210, has been set for Nov. 23, 2020, at
10:30 a.m. via online video conferencing.

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. 20, 2020, at 4:00 p.m.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of Garrows Close on Oct. 19, 2020.


PROPERTY DISPLAY: First Creditors' Meeting Set for Nov. 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Property
Display Pty Ltd, Ivisua, will be held on Nov. 23, 2020, at 11:00
a.m. at the offices of Joubert Rubinstein, Suite 206, Level 2,
410 Elizabeth Street, in Surry Hills, NSW.

Scott Turner of Joubert Rubinstein was appointed as administrator
of Property Display on Nov. 12, 2020.


SIZZLER AUSTRALIA: Shuts Final 9 Shops in Australia
---------------------------------------------------
7News reports that after decades serving up all-you-can-eat salad,
pasta and desserts, Sizzler is shutting up shop in Australia.

The final nine sites across Queensland, New South Wales and Western
Australia will shut their doors on November 15, the report says.

According to 7News, the restaurants have been underperforming for
seven years, with Australia's first Sizzler in the Brisbane suburb
of Annerley converted to a Taco Bell in 2017.


SUPREME STONE: First Creditors' Meeting Set for Nov. 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Supreme
Stone Works (Australia) Pty Ltd will be held on Nov. 23, 2020, at
10:00 a.m. via teleconference.

James S McPherson and Austin R M Taylor of Meertens were appointed
as administrators of Supreme Stone on Nov. 11, 2020.


VIRGIN AUSTRALIA: Court Approves Share Transfer to Bain Capital
---------------------------------------------------------------
Travel Weekly reports that Bain Capital is one step closer to
officially taking over Virgin Australia, with the transfer of the
beleaguered airline's shares to the private equity firm approved by
the federal court.

Travel Weekly says the share transfer application was made by
Virgin's administrators, who argued that there would be "no unfair
prejudice to the major shareholders or the residual shareholders"
upon its completion.

Virgin's five major shareholders are Etihad Airways, Singapore
Airlines, Nanshan Group, HNA Group, and Virgin Group, who
collectively own approximately 90% of the company's equity, the
report discloses.

According to the report, the matter was heard in court on Nov. 10
by Justice John Middleton, who made the orders granting leave for
the administrators to transfer all the shares in Virgin Australia
Holdings from the current shareholders to Bain or their nominee.

The private equity firm's takeover of Virgin via a deed of company
arrangement (DOCA) "remains subject to further conditions
precedent, which will be satisfied on or before completion of the
transaction", according to an ASX update issued on behalf of the
airline by its administrators, Travel Weekly relays.

"The deed administrators expect the completion of the VAH DOCA (and
transfer of all the shares to Bain Capital or its nominee to occur
on Tuesday November 17, 2020).

"A further update will be provided in due course."

Virgin's executive team is set to have a whole new look
post-administration, with the airline confirming a number of
departures following the resignation of CEO and managing director
Paul Scurrah, adds Travel Weekly.

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic.  The airline
carrier collapsed into voluntary administration in April 2020.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20.  The administrators were tasked to restructure
and find new owners for the airline.  The airline's frequent flyer
program is a separate company and is not in administration.

At the time of its collapse, Virgin Australia continued to operate
some flights for essential workers, freight and the repatriation of
Australians.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, Virgin Australia and more than 30 of its
affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York.  Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore
Algeri were tapped as foreign representatives.  Renee M. Dailey,
Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the
Foreign Representatives.

In June 2020, administrator Deloitte agreed to sell the airline
carrier to American private equity giant Bain Capital.  The size of
the bid for the airline has not been revealed.

In September 2020, the creditors of Virgin Australia voted to
accept the sale of the stricken airline to Bain Capital.




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

CHINA AOYUAN: Fitch Assigns BB Rating to New USD Sr. Notes
----------------------------------------------------------
Fitch Ratings has assigned property developer China Aoyuan Group
Limited's (BB/Stable) proposed US-dollar senior notes a 'BB'
rating.

The proposed notes are rated at the same level as Aoyuan's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Aoyuan intends to use the net proceeds from
the issue to refinance its existing debt.

Aoyuan has maintained a healthy financial profile and has improved
its geographic diversification and enlarged its operating scale to
be comparable with 'BB' rated peers. Aoyuan has been financially
disciplined during its expansion, aided by a fast-churn business
model. As a result, its proportionate consolidated leverage remains
below 40%.

Aoyaun has meaningful exposure to lower-tier cities, where housing
demand is more uncertain in an industry slowdown. Significant
non-controlling interest (NCI) and the rapid increase in guarantees
to joint ventures and associates could increase the volatility of
the company's financial profile, and constraint its ratings.

KEY RATING DRIVERS

Larger Scale: Aoyuan had one of the fastest-growing contracted
sales among peers in 2016-2019 as a result of its fast-churn model.
Aoyuan's scale is now comparable with that of 'BB' rated peers,
such as CIFI Holdings (Group) Co. Ltd. (BB/Stable) and Logan Group
Company Limited (BB/Stable). Aoyuan had 320 projects in 90 cities
across China and overseas at end-1H20. Fitch expects Aoyuan's
revenue to rise by around 40% in 2020. This followed strong
attributable contracted-sales growth of 26% to CNY98 billion in
2019, which resulted in a CAGR of 62% in 2016-2019.

Controlled Leverage: Fitch expects Aoyuan's leverage - measured as
net debt/adjusted inventory on a proportionate consolidation basis
- to stay below 40% in 2020-2023. Cash collection from contracted
sales worsened slightly in 1H20, but was partly offset by cash from
project disposals. Aoyuan's NCI rose to 64% of total equity in
1H20, from 59% in 2019, which also helped it control leverage.
Aoyuan's land-bank life was short, at 2.5 years (excluding urban
renewal projects (URP)), at end-1H20, which may limit further
deleveraging. Fitch believes the Kinghand Group acquisition will
not significantly affect leverage.

Increasing Diversification: Aoyuan has improved the geographical
diversification of its land bank and reduced its reliance on
lower-tier cities over the past few years. Southern China, its
largest market, accounted for 40% of land bank by gross floor area
in 1H20, compared with 48% in 2018. In addition, Fitch expects
Aoyuan's URPs, located in higher-tier Chinese cities, to bear fruit
in 2020-2023, which will improve land-bank quality. This should
allow Aoyuan to sustain sales growth and mitigate the impact of
city-specific austerity policies.

Healthy Profitability: Fitch expects Aoyuan's EBITDA margin, after
adding back capitalised interest in cost of goods sold, to stay at
above 25% in the short to medium term. The company's unbooked
revenue carried a healthy gross profit margin of more than 25% as
of end-1H20, which will support profitability for the next two
years. Average land-bank costs at end-1H20 were low, at
CNY2,727/square metre (sq m), or 28% of Fitch-estimated average
selling prices, as the company replenishes land mainly through
cost-friendly M&A, which accounted for 63% of newly acquired land
in 1H20.

Minority Shareholders: Aoyuan's exposure to NCI, at 64% of total
equity at end-1H20, is higher than for 'BB' rated peers. This
reflects its reliance on capital contributions from non-controlling
shareholders, which are mostly developers and URP fund unitholders,
to finance its expansion. This lowers Aoyuan's need for debt
funding, but creates the potential for cash leakage.

About one-third of the company's NCI is attributable to private
funds set up by Aoyuan to gather capital for the URPs it started
prior to 2018. Fitch does not treat this as debt, as there is a
loss-sharing provision and no fixed return on investment. There may
be cash outflow to buy out minority investors of the URPs as they
mature, but Fitch believes the amount should be lower than the cost
of acquiring land bank in the open market. Fitch expects NCI as a
share of Aoyuan's equity to edge down in the medium-term when the
URPs are gradually completed.

More Volatile End Markets: Aoyuan is more exposed to industry
downside risk due to the meaningful penetration into lower-tier
cities and higher commercial-property exposure than for 'BB' peers.
Its contracted average selling price of around CNY10,022/sq m is
lower than the CNY13,500-17,000/sq m of peers, including CIFI and
Logan. This is mitigated by the fact that 55% of its land in
lower-tier cities was in southern China and the Yangtze River Delta
at end-9M20, areas Fitch believes are more resilient than other
regions.

Fitch believes Aoyuan's modest exposure to commercial-property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Commercial property from its
integrated-development projects made up 16% of Aoyuan's contracted
sales in 1H20. Fitch expects the product mix to remain stable in
the short term, with commercial products accounting for 23% of
saleable resources in 2020.

DERIVATION SUMMARY

Aoyuan's scale and diversification is comparable with that of CIFI,
but Aoyuan has slightly lower leverage, while CIFI has better
land-bank quality. The majority of CIFI's land is in tier one and
two cities and the company is focused in the Yangtze River Delta,
where the economy is more robust than in the rest of China.
Aoyuan's land bank is spread over 90 cities, while CIFI's is spread
over 60 cities. Aoyuan's lower economies of scale mean its selling,
general and administrative (SG&A) expenses are higher than that of
CIFI. Aoyuan has faster growth due to the rapidly expanding Greater
Bay Area. It operates a fast-churn model while keeping leverage at
35%-40%, lower than CIFI's around 45%. Aoyuan also has a higher
EBITDA margin.

Both Aoyuan and Logan focus on Guangdong province, but Logan has
better land-bank quality, with an average selling price of
CNY13,876/sq m, as it has more exposure in Shenzhen rather than the
lower-tier cities of Aoyuan. However, Aoyuan's land bank is more
diversified across China. Fitch forecasts leverage at both
companies at 35%-40% in 2020-2023. Logan has more land to support
its growth and provide more room for deleveraging and its EBITDA
margin is also higher at above 30%.

Aoyuan and Risesun Real Estate Development Co.,Ltd. (BB-/Stable)
have a similar scale, but Aoyuan has a much longer history of
keeping leverage at below 38%. Risesun's land bank is more
concentrated, with 57% of the gross floor area in the
Beijing-Tianjin-Hebei area, which is under stricter scrutiny than
other regions. In comparison, 40% of Aoyuan's land bank is in
southern China, which has stronger economic prospects. Risesun's
available cash/short-term debt ratio was below 1.0x in 2019, which
is lower than that of Aoyuan. These factors explain the one-notch
difference in their ratings.

Aoyuan's contracted sales are larger than the CNY40 billion-60
billion (on an attributable basis) of 'BB-' peers, including Yuzhou
Group Holdings Company Limited (BB-/Stable), Times China Holdings
Limited (BB-/Stable) and KWG Group Holdings Limited (BB-/Stable).
Aoyuan's land bank is more geographically diversified and larger
than that of the three peers, which are more regionally based and
have operations in fewer than 40 cities. Aoyuan's 2019
proportionate consolidated leverage is lower than Times's 40%-45%
and both have similar profitability of 25%-30%. Aoyuan's better
business and financial profile is sufficient to support a one-notch
higher rating.

KEY ASSUMPTIONS

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

CNY100 billion-103 billion of attributable sales in 2020-2023

Land premium accounting for 40%-50% of contracted sales each year
on a cash flow basis during 2020-2021

Unsold land bank life maintained at around 2.5 years (excluding
URPs)

Cost of newly acquired land at below CNY3,600/sq m in 2020-2023,
which is around 32% of the average selling price

SG&A expenses at 8%-10% of revenue

RATING SENSITIVITIES

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

  - enhancement of Aoyuan's market position in its core market, or
material improvement in its business or geographic diversification

  - net debt/adjusted inventory sustained below 30%

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

  - net debt/adjusted inventory above 40% for a sustained period

  - continued decrease in contracted sales

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Aoyuan had CNY53.8 billion in available cash on
hand at end-1H20, sufficient to cover short-term debt of CNY47.5
billion. Excluding the short-term debt that is backed by restricted
cash, the group's ratio of available cash, excluding restricted and
pledged cash deposits/short-term debt was 1.5x. The company has
multiple funding channels, including onshore and offshore bank
loans, and private and public bond issuances.

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.

WEIHAI WENDENG: Moody's Assigns Ba2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating (CFR) to Weihai Wendeng District Bluesea Investment
and Development Co., Ltd. (Bluesea).

The outlook on the rating is stable.

RATINGS RATIONALE

Bluesea's Ba2 CFR considers (1) the Wendeng government's
governmental capacity to support (GCS) score of baa2; and (2)
Moody's assessment of how the company's characteristics affect the
Wendeng government's propensity to support, which results in a
three-notch downward adjustment.

Moody's assessment of Wendeng's GCS score reflects (1) its status
as a district-level government and its position on one of the lower
administrative levels in Moody's assessment of the hierarchy of
China's regional and local governments (RLGs); (2) the fact that it
is a district in Weihai, a city in Shandong Province, which has a
strong economy; and (3) its relatively weak financial performance
with pressure on its general budgetary revenue.

Bluesea's Ba2 rating also reflects the Wendeng government's
propensity to support Bluesea, given the company's (1) 100%
ownership by the district government; (2) status as the largest
state-owned enterprise (SOE) by asset size and as a dominant
platform engaged in infrastructure construction and affordable
housing in Wendeng; and (3) track record of receiving government
cash payments in the form of buybacks, operating subsidies and
capital injections, which total around RMB15 billion in 2017-2019.

However, the three-notch downward adjustment from the Wendeng
government's GCS score reflects Bluesea's (1) fast debt growth
because of large investments in infrastructure projects with long
buyback periods, resulting in an 18% increase in its reported debt
in 2019, which far outpaces the 6% growth of the local economy; (2)
medium exposure to contingent risks arising from external
guarantees and other receivables, with counterparties mainly
representing SOEs in Weihai and Wendeng, which accounted for around
34% of the company's equity; and (3) weak access to domestic
funding compared with similarly rated peers, as it lacks a track
record of issuing domestic public bonds over the past three years.

Bluesea's rating also considers the following environmental, social
and governance (ESG) factors.

The company faces high social risks as it implements public-policy
initiatives by building public infrastructure in Wendeng.
Demographic changes, public awareness and social priorities shape
Bluesea's development targets and ultimately affect the Wendeng
government's propensity to support the company.

As for governance considerations, Bluesea is subject to oversight
by the Wendeng government and thus has to meet several reporting
requirements, reflecting its public-policy role and status as a
government-owned entity.

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

The stable outlook reflects (1) the stable outlook on China's A1
sovereign rating; (2) Moody's expectation that the Wendeng
government's GCS will remain stable; and (3) Moody's view that the
Wendeng government's control and oversight of Bluesea will remain
largely unchanged over the next 12-18 months.

Moody's could upgrade Bluesea's rating if (1) China's sovereign
rating is upgraded or Wendeng's GCS score strengthens, as a result
of significant improvements in the district government's economic
or financial profile or its ability to coordinate timely support
for Bluesea when needed; or (2) the Wendeng government's propensity
to support Bluesea increases as a result of the following changes
in the company's fundamentals:

  - It becomes more strategically important to the Wendeng
government through a significant increase in its share of
public-policy projects

  - It significantly improves its access to funding, with a track
record of issuing domestic public bonds

  - It receives more government payments more consistently, such
that dedicated fiscal budget allocations and transfers from
higher-tier governments can consistently cover a large share of its
operational and debt-servicing needs

Conversely, Moody's could downgrade Bluesea's rating if (1) China's
sovereign rating is downgraded or Wendeng's GCS score weakens, as a
result of a significant deterioration in the district government's
economic or financial profile or in its ability to coordinate
timely support for Bluesea when needed; (2) changes in Chinese
government policies prevent RLGs from providing financial support
to LGFVs; or (3) the Wendeng government's propensity to support
Bluesea weakens as a result of the following changes in the
company's fundamentals:

  - Bluesea's core businesses undergo material changes, including a
substantial expansion into commercial activities that result in
substantial losses or at the cost of public services

  - Its debt and leverage rapidly increase without a corresponding
rise in government payments, leaving the company reliant on
high-cost financing, including through non-standard channels

  - Its loans, guarantees or other credit exposures to external
parties materially increase from current levels

The principal methodology used in this rating was Local Government
Financing Vehicles in China Methodology published in July 2020.

Weihai Wendeng District Bluesea Investment and Development Co.,
Ltd. (Bluesea) is the largest LGFV in terms of asset size in
Wendeng district in the city of Weihai, Shangdong Province. It is
mainly engaged in infrastructure construction and affordable
housing projects in Wendeng district. Other businesses include
project construction management, leasing of sea area use rights,
pipeline leasing and sales of water.


XINHU ZHONGBAO: S&P Alters Outlook to Stable & Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings, on Nov. 12, 2020, revised its outlook on Xinhu
Zhongbao Co. Ltd. to stable from negative. At the same time, S&P
affirmed its 'B' long-term issuer credit rating on the company and
the 'B-' long-term issue rating on its guaranteed senior unsecured
notes.

S&P said, "The stable outlook reflects our view that Xinhu will
achieve stable contracted sales growth, maintain prudent financial
management, and refinance its large offshore maturities in the next
12-24 months.

"We revised the outlook to stable to reflect our view that Xinhu
will gradually improve its liquidity and lower its leverage through
disciplined debt-funded growth, supplemented by monetization of
financial assets. This is in light of the company's intention to
reduce debt by gradually reducing land investment, lowering costs
related to urban redevelopment, and being prudent in new financial
investments.

"In our view, Xinhu's financial position will gradually improve
over the next two to three years. We expect the company's cash
outflow for property development to decrease because its
investments in two major urban renewal projects in Shanghai are
likely to be 90% completed by the end of 2020. In addition, Xinhu
already has enough high-quality land reserves for at least five
years of development. Hence, we don't expect the company to make
aggressive debt-funded land acquisitions. It is instead likely to
seek to monetize its property development projects by partnering
with other property developers.

"In our view, Xinhu's disposal of 50% of its Shanghai Yalong
project and 35% of its Wenzhou Qianwan project to Sunac will reduce
the company's attributable debt and capital expenditure burden. We
expect Xinhu's consolidated leverage, as measured by the
debt-to-EBITDA ratio, to improve to 9.3x-9.6x in 2020 and to
8.6x-8.9x in 2021, from 12.4x in 2019. Even after proportionally
consolidating the company's debt in joint venture and associates
(JCEs) after the asset disposal, we expect the look-through
leverage to be 9.5x-10.0x over the forecast years, below our
downgrade trigger of 10.0x. That said, the increase in off-balance
sheet debt may lower financial transparency because such JCEs
disclose limited data. In addition, Xinhu may face greater
execution risk if it continues to sell its valuable assets in prime
locations.

"Xinhu's weak sales execution will remain a credit constraint, in
our opinion. We believe the company is at risk of missing its 2020
sales target. About half of its total saleable resource of Chinese
renminbi (RMB) 38 billion will be launched in the fourth quarter of
2020, which could result in a lower sell-through ratio given a
short sales window. As of end September 2020, Xinhu had total sales
of RMB9.5 billion (excluding value-added tax) in the year,
equivalent to only around 42% of its target, representing a
decrease of 5% over the same period last year.

"We expect Xinhu's contracted sales to rise 5%-10% in 2020,
compared with management's expectation of a 38% increase. That's
considering the company's three key projects to be launched in the
fourth quarter (one in Hangzhou and two in Shanghai) are in prime
urban areas. Our estimate takes into account potential delays in
obtaining sales permits for the Shanghai projects because the
negotiation process for price caps with local governments could be
longer than the company's expectation.

"In our view, Xinhu's liquidity improvement relies on stable
operations of its property development business, and monetization
of its investment portfolio. The company still has a significant
amount of short-term-debt. As of Sept. 30, 2020, it had an
unrestricted cash balance of RMB11.9 billion, which covers 53% of
its short-term debt (including all puttable U.S. dollar bonds).
Even though operating cash flow from Xinhu's property development
business could be weaker than its expectation, we anticipate the
company's liquidity sources will still be 1.2X its liquidity uses.
This is because Xinhu has a sizable liquid investments of about
RMB3.0 billion that could be monetized for debt repayment if
needed. It also has cash proceeds of about RMB4.9 billion to be
received in the next 12 months from the recent asset sale to
Sunac.

"We do not see imminent refinancing risk for Xinhu over the next 12
months. The company has US$658 million in senior notes puttable by
the end of 2021. Of this, holders of US$225 million of its US$240
million notes puttable in December 2020 have confirmed that they
will not exercise the put option. Although we believe Xinhu has
enough offshore cash balance to repay the remaining U.S. dollar
notes, we expect the company to choose to refinance them over the
next 12 months.

"Xinhu has a much larger investment portfolio than similar property
developers in China, with a focus on financial institutions and
technology companies. We estimate the company's liquid investment
portfolio has a fair value of about RMB22 billion. After netting
off these investments, Xinhu's debt-to-EBITDA ratio could improve
by 3.1x. Furthermore, the company's weighted average cost of debt
of 6.5% is lower than its peers'. This is because of Xinhu's lower
portion of alternative financing (9% of total debt) as well as some
low-cost and long-tenor club loans related to its Shanghai
projects. We capture these factors in a one-notch uplift in the
comparable rating analysis.

"The stable outlook reflects our view that Xinhu will maintain
disciplined spending and a mild growth appetite, such that it will
gradually deleverage over the next 12-24 months. We also believe
the company has viable plans to refinance its short-term debt,
backed by its stable property development business and its sizable
liquid investments.

"We could lower the rating if Xinhu's land spending or investment
spending is higher than we expect, such that its debt-to-EBITDA
ratio is above 10x.

"We could also lower the rating if Xinhu's liquidity deteriorates.
This could be indicated by weak or delayed sales, or an inability
to refinance with longer-dated debt. A ratio of projected liquidity
sources to liquidity uses of less than 1.2x would point to such a
scenario.

"The rating upside is limited in the next 12 months. We could
upgrade Xinhu if the company's scale improves significantly, and
its debt-to-EBITDA ratio stays below 5x on a sustainable basis."


YONGCHENG COAL: Pays $4.9MM of Interest on Defaulted $151MM Debt
----------------------------------------------------------------
Caixin Global reports that Yongcheng Coal and Electricity Holding
Group Co. Ltd. paid CNY32.4 million (US$4.9 million) of overdue
interest three days after it defaulted on a CNY1 billion
ultra-short-term bond and said it's raising money to repay the
principal.

Caixin relates that the state-owned coal mining company in central
China's Henan province made the payment following mediation by the
National Association of Financial Market Institutional Investors
(NAFMII), China's interbank bond market regulator. The agency
initiated a "self-disciplinary" investigation Nov. 12 into
Yongcheng Coal and intermediary institutions in relation to the
default.

Caixin says the surprise bond default on Nov. 10 set off a chain
reaction affecting other coal mining companies and local government
financing vehicles in other provinces. Coal mining enterprises in
Shanxi and Hebei provinces either canceled bond issuance plans or
slashed fundraising targets, the report notes. Traded coal bonds
plunged across China. The coal industry has been hammered amid the
Covid-19 pandemic as demand weakened.

Yongcheng Coal & Electricity Holding Group Co. Ltd. mines and
distributes coal products. The Company produces brown coal
products, bituminous coal products, hard coal products, coking coal
products, and other related products. Yongcheng Coal & Electricity
Holding Group also provides electric generation, apparel
processing, trade, and other related services.




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

ABDOS LAMITUBES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Abdos Lamitubes
Private Limited (ALPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   External Commercial    32        CRISIL B+/Stable (ISSUER NOT
   Borrowings                       COOPERATING)

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

CRISIL has been consistently following up with ALPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 ALPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ALPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ALPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Issuer not coopeIncorporated in 2004 in Guwahati and promoted by Mr
Rajesh Agarwal and his brother, Mr Sanjay Agarwal, ALPL
manufactures multilayer laminated tubes mainly for Hindustan
Unilever Ltd products such as Pepsodent, Close-Up, and Fair &
Lovely. ALPL has annual production capacity of around 728 million
tubes.


ACE AUTOCARS: CRISIL Keeps B- on INR10cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of ACE Autocars Private
Limited (AAPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer       8         CRISIL B-/Stable (ISSUER NOT
   Financing Scheme                  COOPERATING)
   (e-DFS)                 

   Proposed Fund-          2         CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING)

CRISIL has been consistently following up with AAPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 AAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AAPL
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Set up in 2008 by Mr. Dharmaditya Pattanaik, his wife, Ms. Sanjana
Sanghamitra Das, and Mr. Divyaloka Pattanaik, AAPL is an exclusive
dealer of TML's passenger cars and has a showroom-cum-workshop near
Cuttack.

ACME BUILDERS: CRISIL Keeps D on INR50cr Debt in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Acme Builders Private
Limited (ABPL) continues to be 'CRISIL D Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           50       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 ABPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ABPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ABPL
continues to be 'CRISIL D Issuer Not Cooperating'.

ABPL, incorporated in 2010, is promoted by Mr. Harsh Kohli, Mr.
Jogesh Kohli, Mr. Ashween Singh, Mr. Mohinder Paul Singh Grewal and
Mr. Sukhwant Singh. The company has two ongoing residential
projects, Acme Floors and Acme Eden Court in Mohali (SAS Nagar),
Punjab.

AL NAFEES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Al Nafees Frozen Food
Exports Private Limited (ANFF) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           233        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Bill           50        CRISIL D (ISSUER NOT
   Discounting                      COOPERATING)

   Letter of Credit        7        CRISIL D (ISSUER NOT
   Bill Discounting                 COOPERATING)

   Proposed Long Term     60        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ANFF for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 ANFF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ANFF is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ANFF
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.


AL-NAFEES PROTEINS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Al-Nafees Proteins
Private Limited (ANP; part of the Al Nafees group) continue to be
'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Proposed Long Term    40.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ANP for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 ANP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ANP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ANP
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ANFF and group entities, Al Nafees
Proteins Pvt Ltd (ANP), Al Tamash Exports Pvt Ltd (ATE) and
Prestige Food Exports (PF). This is because these entities,
collectively referred to as the Al Nafees group, have operational
and financial linkages. Furthermore, ANP is a 72 per cent
subsidiary of ANFF, and ANFF has provided corporate guarantee to
the bank facilities of ANP and ATE in the past.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.

ANP, ATE, and PF are in the same business. ANP, a subsidiary of
ANFF, processes meat of sheep, goat, and buffalo; ATE has a cold
storage where the group stores its products.


ALECTRA CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Alectra Construction
Limited (ACL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        17.4       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Standby Line           0.6       CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with ACL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 ACL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ACL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ACL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

ACL was formed as a closely-held public limited company by
promoters, Mr Anil Kumar Singh and his son Mr Dhananjay Singh in
2004, to take over business of the partnership firm, Alectra
Construction. The company undertakes civil construction works in
Bihar and Uttar Pradesh, and has been engaged in road projects
since 1982. It has executed several projects for government
authorities such as the National Highway Authority of India (NHAI)
and RCD (Road Construction Dept.) ' Bihar, and for private
companies like Larsen & Toubro. It also undertakes sub-contracting
mainly for NHAI.


AMAYA HOTELS: CRISIL Keeps B+ on INR10cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amaya Hotels (AH)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     3         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with AH for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 AH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AH is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AH
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

AH was set up as a partnership concern was taken over in 2017 by
Mr. Sanjay Sharma. The firm is setting up a hotel namely AMAYA
HOTELS in Lohiya Vihar, Bareilly.  The hotel is expected to fully
start its operations by October-November 2018.


AMUL BOARDS: CRISIL Keeps B+ on INR12.5 Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amul Boards Private
Limited (ABPL; part of the Purbanchal group {PG}) continue to be
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)
   Letter of Credit     10.0        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 ABPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ABPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ABPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PLP, Purbanchal Lumbers Private Limited
(PLPL), Purbanchal Veneers (PV), Salasar Plywood Pvt Ltd (SPPL),
Landmark Veneers Pvt Ltd (LVPL) and Amul Boards Pvt Ltd (ABPL). The
six companies, together referred to as the Purbanchal group (PG),
are in the same line of business, and have common promoters and
management.

PG is promoted by Mr. Rakesh Agarwal, Mr. Mukesh Agarwal and Mr.
Omprakash Agarwal, The group is engaged across the value chain of
timber processing-i.e. trading to further manufacturing of
plywood/laminates at its facilities located at Gandhidham, Gujarat.

APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Apindia Biotech
Limited (ABPL; part of the MB group) continue to be 'CRISIL C
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    7.3        CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             1.2        CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 ABPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ABPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ABPL
continues to be 'CRISIL C Issuer Not Cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of APBPL and Madhya Bharat Phospate Pvt Ltd
(MBPPL). This is because the two companies together referred to as
the MB group, have strong business linkages as they are engaged in
the same line of businesses; APBPL has been supplying raw material
(rock phosphate) to MBPPL since July 2012. Furthermore, MBPPL has a
shareholding of 99.99 per cent in APBPL and has provided loans and
advances of Rs.52 million to the company to support its working
capital requirements.

MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilisers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).

APIndia Biotech Pvt Ltd is the raw material supplier for MBPPL.


ATRIA POWER: CRISIL Keeps B+ on INR22cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Atria Power
Corporation Private Limited (APCPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              22        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with APCPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 APCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on APCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of APCPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 1995, APCPL is a power generating company. Its
plants, located on River Shimsha in Mandya (Karnataka), have a
combined capacity of 24 megawatt (MW). The company also has a
solar-thermal power plant with capacity of 3 MW.


B.P. PACKAGINGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of B.P. Packagings
Private Limited (BPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.15       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.60       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             1.40       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BPPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 BPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BPPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 1991 in Shikohabad, Uttar Pradesh, and promoted by
Tikmani family, BPPL manufactures corrugated rolls and boxes.


BANSHI AIRGASES: CRISIL Keeps B+ on INR6cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Banshi Airgases
Private Limited (BAPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.9        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             5.85       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BAPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 BAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BAPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in April 2008, BAPL manufactures and supplies
industrial and medical gases. The manufacturing facility is located
in Fatuha Industrial Area, Patna. Daily operations are managed by
the promoter, Mr. Gaurav Kumar.


BAYIR EXTRACTS: CRISIL Keeps B+ on INR3.5cr Debt in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Bayir Extracts Private
Limited (BEPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BEPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 BEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BEPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

BEPL is a 100 per cent (export orientated unit) EOU and is engaged
in manufacturing of herbal products from plant extracts having its
application in various industries like formulation, cosmetics, end
consumption by humans, Ayurveda medicines etc.  BEPL has only one
manufacturing facility which has a capacity of 50 tonnes per
month.


BHARUCH JILLA: CRISIL Keeps D on INR8.7cr Loan in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Bharuch Jilla Kaival
Kelavani Mandal (BJKKM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            8.74        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BJKKM for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 BJKKM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BJKKM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BJKKM
continues to be 'CRISIL D Issuer Not Cooperating'.

BJKKM is an Kheda, Gujarat based trust which is establishing a
non-granted school named 'My Shannen School' and is promoted by Mr.
Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr. Dharmesh
Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr. Mahendrabhai
Maganbhai Patel, Mrs. Lataben Naginbhai Patel and Mrs. Ushabahen
Patel with the capacity of approximately 3138 students in both
English and Gujarati Medium in the general and science stream from
K.G. to Std. 12.


BHOOMEE LAND: CRISIL Keeps B+ on INR9.25cr Debt in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Bhoomee Land
Developers and Builders (BLDB) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             9.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BLDB for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 BLDB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BLDB is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BLDB
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2003 as a partnership firm by Mr. Arvinder Singh
Bhullar and his brother, Mr. Parvinder Singh Bhullar, BLDB leases
out commercial properties in Amritsar.


BHUVAN WHEELS: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Bhuvan Wheels Private
Limited (BWPL) 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 BWPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 BWPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BWPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BWPL
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

BWPL was incorporated in 2013, promoted by Mr Subhash Zambad and
his family. It is an authorised dealer of Hyundai passenger cars in
Aurangabad. The company currently operates one showroom and a
workshop each, in Aurangabad and Jalna.


BIHANI ENTERPRISES: CRISIL Cuts Rating on INR11cr Cash Loan to B
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bihani
Enterprises (BE) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Term           0.5      CRISIL B/Stable (ISSUER NOT
   Loan                             COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              1.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BE for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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.'

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

Set up in 1992 in Jaipur, the Bihani group comprises BE, VTPL,
TVIPL, and BIPL, which are authorised dealers of products
manufactured by Tata Steel Ltd across Rajasthan and Uttarakhand.


BRISTOL TOURIST: CRISIL Keeps D on INR50cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Bristol Tourist
Complex (BTC) continues to be 'CRISIL D Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan         50         CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with BTC for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 BTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BTC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of BTC
continues to be 'CRISIL D Issuer Not Cooperating'.

BTC was set up by Mr. Gurpreet Singh and his mother, Ms Sharanjit
Kaur. The firm operates a five-star hotel in Zirakpur, a satellite
town near Chandigarh. BTC has tied up with Park Plaza to manage its
hotel.


BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Buland Construction
(Buland) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        6.75       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft             2          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    3.75       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with Buland for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 Buland, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Buland is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of Buland
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Setup in 2011, Buland is a partnership firm, started by Mr. Rakesh
Sharma and Mr. Sandeep Sharma. Buland is engaged in civil
construction industry and caters to private as well as Government
customers.


C.R. AULUCK: CRISIL Keeps B+ on INR5cr Debt in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of C.R. Auluck and Sons
Private Limited (CRAKSPL) continue to be 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

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

   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CRAKSPL for
obtaining information through letters and emails dated April 18,
2020 and October 17, 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 CRAKSPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on CRAKSPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
CRAKSPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

CRAKSPL, based in Ludhiana, Punjab, was established in 1950 by the
Auluck family. It currently has three directors: Mr AC Auluck, Mr
Anil Auluck, and Mr Sunil Auluck. The company manufactures
different types of sewing machines. Most of its sales are to USHA
International and the rest are sold under its own brand, LUXMI
Sewing Machines. The company's manufacturing facility is in
Ludhiana.


CENTECH ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Centech Engineers
Private Limited (CEPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.75       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           8.50       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      2          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.22       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line          1.25       CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

   Term Loan             1.28       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CEPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 CEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CEPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

CEPL was incorporated in 2006-07 (refers to financial year, April 1
to March 31) as Contec Airflow Engineers Pvt Ltd by Mr. C Rama
Krishna. Centech designs, consults, and commissions HVAC and
mechanical, electrical, and plumbing projects. Its operations are
currently managed by Mr. C Rama Krishna's son Mr. Pawan Kumar.


CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Chemmarathil Cashew
Company (CCC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         1        CRISIL D (ISSUER NOT COOPERATING)
   Packing Credit     23        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with CCC for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CCC, set up in 2008 and based in Kollam (Kerala), processes and
trades in cashew nuts. Its operations are managed by partners Mr.
Sam C K and Mr. Syam C K.


CROSS DISTRIBUTORS: CRISIL Cuts Rating on INR10cr Loan to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Cross
Distributors (CD) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

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

CRISIL has been consistently following up with CD for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 CD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CD is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CD Revised
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

CD was incorporated in 2017 and the firm is a distributor of home
appliances such as TVs, refrigerators, washing machines and
air-conditioners. The partners are Mr.Paul Durai Prince and
Ms.Jeroline Benit Karan.


DEEPJYOT ENGINEERS: CRISIL Lowers Rating on INR2cr Cash Loan to B
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Deepjyot
Engineers Private Limited (DEPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1.4       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              2.2       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with DEPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 DEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DEPL
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

DEPL was set up in April 2013, by the promoters, Mr. Ashvin
Chakubhai Boda and Mr. Umesh Chakubhai Boda. The company has set up
a unit to manufacture pre-engineered buildings structures, to be
used primarily for warehouses and manufacturing facilities.
Commercial operations started from November 2014.


DHIREN DIAMONDS: CRISIL Keeps B+ on INR16cr Debt in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Dhiren Diamonds (DD)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         16        CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

CRISIL has been consistently following up with DD for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 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 DD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DD is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DD
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

DD was set up in 1992 by Mr Dahyabhyai M Dhamelia and his friends
as a partnership firm. The current partners of the firm are Mr
Dahyabhyai M Dhamelia, Mr Arvindbhai Dhamelia, Mr Hitendra
Dhamelia, Mr Chintan Dhamelia, Mr Kishan Dhamelia, and Mr Rasikbhai
Dhamelia.

The firm manufactures large diamonds, and specialises in certified
and non-certified polished diamonds of 20 cents to 5 carats. Its
head-office is in Mumbai and manufacturing unit is at Surat,
Gujarat.


DURGA POLYSTERS: CRISIL Lowers Rating on INR38cr Term Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Durga
Polysters Private Limited (DPPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           12         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    11         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Short Term    2         CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Term Loan             38         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with DPPL for obtaining
information through letters and emails dated June 29, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DPPL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 1997, DPPL is promoted by Mr Kunj Bihari Sultania
and Mr. Vipul Desai. It undertakes jobwork for dyeing and printing
of synthetic fabrics. It has dying and printing capacity of 1004
lakh meters per annum at its facility in Surat.


HUNDEKARI MOTORS: CRISIL Withdraws B Ratings on INR11cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its rating on the long term bank facilities of
Hundekari Motors Private Limited (HMPL) 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           5.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan             5.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with HMPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 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 HMPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on HMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of HMPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the long term bank facilities of
HMPL 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.

Incorporated in 2002 and promoted by Mr. Abdul Karim Sayyad and Mr.
Afroz Abdul Karim Sayed, HMPL is an authorised dealer of TML
passenger vehicles in Ahmednagar, Maharashtra.


KAMLESH AUTOWHEELS: CRISIL Withdraws B+ Rating on INR11.1cr Loans
-----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Kamlesh
Autowheels Private Limited (KAPL) 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           11        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Rupee Term Loan        1.85     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with KAPL for obtaining
information through letters and emails dated May 20, 2019, June 26,
2019 and April 18, 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 KAPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of KAPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of KAPL 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.

Incorporated in 2013, Uttar Pradesh-based KAPL, has the sole
dealership for sales, service and spares of M&M for Etah, Ferozabad
and Kasganj for commercial as well as passenger vehicles. Mr.
Saurab Kumar, Mr. Ankit Agarwal and Mr. Sudesh Kumar manage the
operations.


NBCC (INDIA): Board Approves Dissolution of Two Subsidiaries
------------------------------------------------------------
Business Standard reports that the board of NBCC (India) Limited at
its meeting held on Nov. 11, 2020, decided to close NBCC
Engineering & Consultancy, a wholly-owned subsidiary company of
NBCC, through Winding-up and to close NBCC Gulf LLC, a foreign
Subsidiary Company of NBCC through liquidation.

NBCC (India) Limited, formerly National Buildings Construction
Corporation Ltd., provides civil engineering construction services.
The Company operates through three segments: Project Management
Consultancy (PMC), Real Estate Development, and Engineering,
Procurement and Construction (EPC). The PMC segment offers
management and consultancy services for civil construction
projects, including residential and commercial complexes,
re-development of government colonies, education and medical
institutions, infrastructure project roads, water supply systems,
storm water systems and water storage solutions. The Real Estate
Development segment focuses on residential and commercial projects,
such as corporate office buildings and commercial complexes. The
EPC Contracting segment covers chimneys, cooling towers, roads,
border fencing, water and sewage treatment plants, and solid waste
management systems. The Company provides services from concept to
commissioning.


PRADIP OVERSEAS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Pradip Overseas Limited

        Registered office:
        104, 105, 106, Chancharwadi
        Vasna, Opp. Zydus Cadila
        Sarkhej-Bavla Highway
        Tal. Sanand
        Ahmedabad 382213
        Gujarat

        Corporate office:
        A/601, Narnarayan Complex
        Swastik Cross Road
        Navrangpura
        Ahmedabad 380009
        Gujarat

Insolvency Commencement Date: November 9, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 7, 2021

Insolvency professional: Mr. Ravi Kapoor

Interim Resolution
Professional:            Mr. Ravi Kapoor
                         402, 4th Floor, Shaival Plaza
                         Gujarat College Road
                         Ellisbridge
                         Ahmedabad 380006
                         E-mail: ravi@ravics.com
                                 ippradipoverseas@ravics.com

Last date for
submission of claims:    November 22, 2020


RENEW POWER: Fitch Assigns BB- Rating to $325MM Sr. Sec. Notes
--------------------------------------------------------------
Fitch Ratings has assigned ReNew Power Private Limited Restricted
Group 3's (ReNew RG3) USD325 million senior secured notes due 2024
a final rating of 'BB-'. The Outlook is Stable.

RATING RATIONALE

The 3.5-year bullet US-dollar notes are issued by India Green
Energy Holdings (IGEH), a financing vehicle that has no linkage
with ReNew Power Private Limited (ReNew, BB-/Stable); ReNew RG3's
parent. IGEH will use the note proceeds to subscribe to
Indian-rupee non-convertible debentures (NCD) issued by ReNew RG3.
The NCDs benefit from a full-tenor guarantee from ReNew as the
parent guarantor. ReNew RG3 will use the NCD proceeds to refinance
senior debt and upstream a portion to ReNew, which took out the
initial parent guarantor loan.

Prior to the US-dollar bond maturity, ReNew will repay the initial
parent guarantor loan, which ReNew RG3 will use to partially redeem
the US-dollar bond while refinancing the outstanding amount. ReNew
RG3 will not be able to fully amortise its refinanced debt over the
refinancing period if ReNew does not repay the initial parent
guarantor loan under Fitch's rating case. A failure by ReNew to
repay the initial parent guarantor loan would result in an event of
default; as such, the note rating relies on ReNew's credit quality
and, hence, Fitch rates the notes in line with ReNew.

The rating also reflects ReNew RG3's contracted revenue with state
distribution companies (discoms) under long-term fixed-price
power-purchase agreements (PPA) for its total capacity of 324MW.
ReNew RG3 uses commercially proven wind and solar technology and
all projects are commissioned with a two- to seven-year operating
record. The restricted group has moderate variability between its
P50 and one-year P90 forecasts. Its generation performance in 2019
was in line with its one-year P90 forecast.

ReNew Solar Energy Private Limited (RSEPL), a wholly owned
subsidiary of ReNew that operates 38MW of rooftop solar capacity,
is not a co-issuer within the restricted group, but will invest the
free cash flow generated from its rooftop solar projects as equity
or lend it as a subordinated loan to the co-issuers. These
projects, while not part of the security package, will have
negative liens to not incur additional debt. This provides extra
cash flow to the restricted group, but is untested.

Fitch applies a criteria variation with respect to the counterparty
risk related to the state discoms and captive/third-party
customers. Fitch does not rate the off-takers, but Fitch does not
think that a default by one of them would necessarily lead to a
default of the transaction. However, Fitch believes it is prudent
to apply the merchant project threshold to revenue; Fitch applies a
revenue-based weighted average of the wind and solar merchant
project threshold to determine the rating.

KEY RATING DRIVERS

Short-Term O&M Contracts; Proven Technology: Operation Risk −
Midrange

ReNew RG3 consists of 282MW wind projects and 138MW solar projects,
including 38MW rooftop solar projects operated by non-restricted
RSEPL, with an operating history of three years on a capacity
weighted-average basis. Fitch considers the technologies deployed
in this project as proven. Solar modules are sourced from
internationally known suppliers, while wind turbines are procured
from some of the world's largest manufacturers. Operation and
maintenance (O&M) for the utility-scale solar projects is carried
out by an affiliate company, ReNew Power Services Private Limited,
under five-year fixed-price contracts with a 4% annual price
escalation. Meanwhile, O&M for the wind projects is carried out by
the original equipment manufacturers under long-term contracts. The
operation risk assessment is constrained to 'Midrange', given that
the restricted group's operating-cost forecast is not validated by
an independent technical advisor and the absence of a maintenance
reserve account.

Operating Record Shows Moderate Variability: Revenue Risk (Volume)
− Midrange

The energy yield forecast produced by third-party consultants
indicates an overall P50/one-year P90 spread of between 6% and 16%,
leading to a 'Midrange' assessment for volume risk. All projects
have an operating history of more than two years. Since
commissioning, generation for most project has been in line with
P90 forecasts. Curtailment risk is limited in light of the must-run
status of Indian renewable energy plants.

Contract Renewal Risk Mitigated: Revenue Risk (Price) − Midrange

ReNew RG3 contracts 77% of its total capacity with state discoms
under long-term fixed-price PPA, which protect the portfolio from
merchant price volatility. PPAs with private customers have
contract terms that generally range from 10 to 25 years. The
restricted group has a capacity weighted-average remaining tenor of
19 years. Tariffs are fixed for most projects, except for
captive/third-party wind projects, whose tariffs are adjusted for
changes in grid tariffs. PPAs for captive/third-party solar
projects are close to expiry, with two to five years of remaining
tenor, and are subject to contract renewal risk. Price risk related
to contract renewal is mitigated by rising grid tariffs and strong
energy demand in India. In addition, captive/third-party solar
projects account for only 14% of total capacity. Fitch assesses
price risk as 'Midrange'.

Significant Refinancing Risk; Reliance on Parent's Repayment: Debt
Structure - Midrange

IGEH will use the proceeds from the US-dollar bond to subscribe to
the Indian-rupee NCDs issued by ReNew RG3. IGEH is a
Mauritius-based SPV held by a trust that does not have linkages to
ReNew. It will not undertake any business activity other than
investing in the Indian-rupee NCDs.

The NCDs are guaranteed by ReNew and benefit from the usual
protective structural features, including distribution lockup at
1.30x of the 12-month backward-looking interest service coverage
ratio. ReNew RG3 does not maintain debt service or major
maintenance reserve accounts. However, refinancing risk is
mitigated by the cash-trap requirement in the last six months of
the notes. RSEPL will invest the free cash flow generated from its
rooftop solar projects as equity or lend it as a subordinated loan
to the co-issuers. The rooftop solar projects will not form part of
the security package, but are covenanted to not incur additional
debt.

The US-dollar bond benefits from IGEH's 100% share pledge and a
charge over all of IGEH's assets. Meanwhile, the NCDs include a
standard security package, such as a charge over movable and
immovable assets, and a share pledge of the restricted entities.
This provides US-dollar noteholders with indirect access to the
NCD's security package and is a common issuance structure adopted
by several other Fitch-rated transactions.

PEER GROUP

Fitch regards ReNew RG3 as comparable with Azure Power Solar Energy
Private Limited (APSEPL, senior secured: BB/Stable). Both projects
benefit from long-term fixed-price PPAs. APSEPL contracts with
sovereign-backed off-takers and unrated state discoms, while ReNew
RG3 contracts with unrated state discoms and private customers.

The expiring PPAs with private customers expose ReNew RG3 to
contract renewal risk. ReNew RG3's wind projects have higher
energy-generation variation than its solar projects, while APSEPL
has only solar projects. Both groups have US-dollar bullet bonds.
The average annual debt service coverage ratio (DSCR) metric for
ReNew RG3 is higher than for APSEPL. Fitch applies a blended
merchant threshold for both ReNew RG3 and APSEPL to determine their
ratings, given the unrated off-takers; the threshold for ReNew RG3
is higher, as it is calculated on a revenue-based weighted average
of its wind and solar merchant projects.

RATING SENSITIVITIES

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

An upgrade of the parent guarantor to above 'BB-'.

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

A downgrade of the parent guarantor to below 'BB-.

TRANSACTION SUMMARY

ReNew RG3 is a restricted group consisting of 11 SPVs under ReNew,
with total capacity of 382MW, mainly in Karnataka and Andhra
Pradesh. RSEPL, a subsidiary of ReNew, operates 38MW of rooftop
solar capacity; it is not a restricted entity within the restricted
group, but will invest the free cash flow generated from its
rooftop solar projects as equity or lend it as subordinated loans
to the co-issuers. The rooftop solar projects will not form part of
the security package, but are covenanted to not incur additional
debt. This provides extra cash flow to the restricted group, but is
untested.

IGEH is a Mauritius-based SPV that will issue the US-dollar bullet
bond and use the proceed to subscribe to the Indian-rupee NCDs
issued by ReNew RG3.

The NCD proceeds will be used to repay the debt of the restricted
group, for capital expenditure, for distribution to shareholders
and other corporate uses as permitted under the end-use guidance.
The bonds benefits from a full-term guarantee by ReNew.

FINANCIAL ANALYSIS

Fitch assumes ReNew will repay the initial parent guarantor loan
and ReNew RG3 will use the repayment to partially redeem the
US-dollar bond at the end of the bond maturity. Fitch further
assumes that the outstanding US-dollar bond at maturity will be
refinanced by another debt that will amortise across the remaining
PPA terms or the projects' useful life, whichever is longer. Fitch
will focus on the average annual DSCR over the refinancing period
until the end of the PPA terms for projects contracted with state
discoms and the end of the asset useful life for projects
contracted with captive/third-party off-takers, given the bond's
bullet structure. Fitch's base case assumes P50 generation, a 7%
production haircut and a 13% refinancing interest rate, which
results in an average annual DSCR of 2.21x during the refinancing
period.

Fitch's rating case assumes one-year P90 generation and a 7%
production haircut. For wind projects contracted with
captive/third-party customers, Fitch assumes a tariff of
INR5.5/kwh, which is equal to the lowest price in the India Energy
Exchange in the past 10 years plus additional surcharges, after the
expiry of the existing PPAs. Fitch also applies a 15% stress on
management's operating expense forecast and a 13% refinancing
interest rate. Its rating case results in an average annual DSCR of
1.49x.

CRITERIA VARIATION

Fitch applied a variation to the Renewable Energy Project Rating
Criteria with respect to the counterparty risk related to the state
discoms and private customers. Fitch does not rate the state
discoms or private customers that purchase power from ReNew RG3
under PPAs, but Fitch does not believe a default by one of the
companies would necessarily lead to a default of the transaction.
However, Fitch sees it as prudent to apply the merchant project
threshold for the revenue from these off-takers. Therefore, Fitch
applies a revenue-based weighted-average threshold to determine the
rating, while cash flow is evaluated based on contracted prices.

RKS STEEL: CRISIL Lowers Rating on INR19.4cr LT Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of RKS Steel
Industries Pvt Ltd (RKS) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           17         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Long Term Loan        19.4       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening of RKS' credit risk
profile, owing to subdued operating performance. During fiscal
2020, the company moved to its own manufacturing facility from a
rented space, and incurred losses as operations were disrupted for
few months. Performance may remain weak in fiscal 2021 too, amidst
the Covid-19 pandemic and the ensuing nationwide lockdown in the
first quarter. With likely subdued operating performance, losses
are expected against debt repayment obligations. Also funding
support from promoters will remain critical amid suppressed cash
accrual. Revival in performance over the second half of fiscal 2021
and through fiscal 2022 remains critical.

The ratings reflect the company's below-average financial risk
profile, and modest scale of operations and profitability.These
weaknesses are partially offset by the extensive experience of the
promoter in the steel wire industry and his funding support.

Analytical Approach
CRISIL has treated unsecured loan (outstanding at INR2.92 crore as
on March 31, 2020) extended by RKS' promoter, as 75% equity and 25%
debt. That is because the loan is subordinated to bank debt and
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and profitability: Revenue declined to
INR43.2 crore in fiscal 2020, from INR84.47 crore in fiscal 2019,
as the company moved to its own facilities and hence, was not
operational for few months. Operating margin too was a negative 4%
in fiscal 2020, impacted by lower revenue. Further, in fiscal 2021,
revenue was subdued amidst the nationwide lockdown in the first
quarter. However, post completion of capex towards the own
manufacturing unit in fiscal 2020, operating performance should
improve gradually over the medium term.

* Below-average financial risk profile: Financial risk profile was
marked by an average networth of INR13.18 crore and high gearing of
2.57 times, respectively, estimated as on March 31, 2020. Debt
protection metrics were weak, with interest coverage and net cash
accrual to total debt ratios of below 1 time and a negative 0.13
time, respectively, in fiscal 2020.

Strengths

* Extensive experience of the promoter and funding support:
Benefits from the promoter's experience of over three decades in
the steel industry, his strong understanding of local market
dynamics, and healthy relationships with customers and suppliers
should continue to support the business.

Need-based funding support from the promoter (outstanding at
INR2.72 crore as on March 31, 2020) is expected to continue over
the medium term. Unsecured loans of INR15.5 crore were converted
into equity in fiscal 2020.

Liquidity Stretched

Liquidity remains stretched owing to low cash accrual and moderate
bank limit utilisation. Expected cash accrual may be insufficient
against term debt obligation over the medium term. Liquidity is
partly supported by need-based funds from the promoter. Bank limit
utilisation averaged around 85% in the 12 months ended June 30,
2020. The promoter may further extend support via equity and
unsecured loans to cover the working capital expenses and debt
obligation.

Outlook: Stable

CRISIL believes RKS will continue to benefit from the extensive
experience of its promoter in the steel industry.

Rating Sensitivity factors

Upward factors

* Sustainable growth in revenue and profitability, resulting in net
cash accrual to repayment obligation ratio of over 1.3 times

* Improvement in financial risk profile

Downward factors

* Steep decline in revenue and profitability, resulting in
continuous negative cash accrual

* Further weakening of debt protection metrics with interest
coverage of below 1 time.

RKS was formed as a proprietary concern of Mr Rakesh Mahajan in
2007, and reconstituted as a private limited company in 2018. The
firm manufactures steel, wires, galvanised iron wires, chain spring
wires, and hard bright wires at its facility in Bhiwadi.


SANDEEP GILHOTRA: CRISIL Moves B Debt Rating From Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Sandeep Gilhotra Ranjana
Gilhotra Godowns (SGRGG) to 'CRISIL B/Stable Issuer not
cooperating'. CRISIL has withdrawn its rating on bank facility of
SGRGG following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of SGRGG from 'CRISIL
B/Stable Issuer Not Cooperating' to 'CRISIL B/Stable'. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Term Loan           12        CRISIL B/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

SGRGG was established in 2011 as a proprietorship by Ms Ranjana
Gilhotras. The firm leases warehouse space for agricultural
products to FCI. It has a single warehouse with a capacity 14,300
tonne in Fazilka, Punjab.


SEMBMARINE KAKINADA: Faces Liquidation as No Offers Were Received
-----------------------------------------------------------------
The Hindu BusinessLine reports that attempts to revive Sembmarine
Kakinada Ltd, the bankrupt ship repair and fabrication facility,
have hit a dead end with no responses to the call for Expressions
of Interest (EoI).  The deadline ended on October 30.

Kolkata-based defence PSU Garden Reach Shipbuilders & Engineers Ltd
(GRSE) and Chowgule and Company Pvt Ltd had shown preliminary
interest but did not submit EoI, multiple sources said, the report
relates.

Sembmarine Kakinada is a joint venture between Sembcorp Marine
Repairs & Upgrade Pte Ltd holding 36 per cent stake, Kakinada
Infrastructure Holding Pvt Ltd (38 per cent) and India
Infrastructure Pte Ltd (26 per cent), the Hindu BusinessLine
discloses.

Sembcorp Marine Repairs is a unit of Singapore-listed Sembcorp
Marine Ltd, one of the world's top oil rig builders.

Sembmarine started operations in 2009 from the premises of Kakinada
Deepwater Port run by Kakinada Infrastructure Holding.

According to the report, a bankruptcy court in Amaravati, Andhra
Pradesh, initiated insolvency proceedings against Sembmarine
Kakinada after Axis Bank filed a petition seeking to recover dues
of INR491.57 crore. The ship repairer and fabricator owed INR897.50
crore to a clutch of financial creditors that includes Bank of
India, Indian Overseas Bank, Union Bank of India and Standard
Chartered Bank, the report discloses.

The Hindu BusinessLine says the yard sought to tap the market for
offshore structure work given its strategic location on the east
coast, about 100 nautical miles from the KG Basin area. It has a
12-metre draft approach channel compared to 4-9 metres in other
shipyard locations. Its Floating Dry Dock has a lifting capacity of
13,500 tonnes to accommodate vessels up to 54,000 dead weight
tonnes (DWT).

Sembmarine Kakinada would become the third private yard, after ABG
Shipyard Ltd and Bharat Defence and Infrastructure Ltd, to go down
under the weight of huge debt in the past two years, the report
notes. The corporate insolvency resolution process of Reliance
Naval and Engineering Ltd (RNAVAL) is underway.



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

INDOSURYA INTI: Fitch Downgrades National LT Rating to CCC-(ind)
----------------------------------------------------------------
Fitch Ratings Indonesia has downgraded PT Indosurya Inti Finance's
National Long-Term Rating to 'CCC-(idn)' from 'B+(idn)', and
removed the rating from Rating Watch Negative (RWN).

The downgrade reflects Indosurya's heightened liquidity risk due to
a sharp reduction in collections from its customers stemming from
the economic impact of the coronavirus pandemic. A restructuring of
almost all of its funding facilities in June 2020 deferred
principal repayments for at least six months but, with most of
these facilities reverting to an amortisation schedule from
December 2020, Fitch believes that further forbearance from its
lenders or other sources of liquidity may be necessary to avoid a
liquidity crisis in early 2021.

Fitch believes the restructuring of Indosurya's funding facilities
may have avoided a default. However, as in other jurisdictions,
Fitch does not believe that the company's participation in
Indonesia's system-wide restructuring initiative to assist
borrowers affected by the coronavirus pandemic constitutes an event
of default or failure.

'CCC' National Long-Term Ratings denote a very high level of
default risk relative to other issuers or obligations in the same
country or monetary union.

KEY RATING DRIVERS

Indosurya's rating is based on Fitch's assessment of the company's
significantly weakened standalone credit profile and reflects an
unstable funding and liquidity profile that is highly vulnerable to
lender confidence. The rating also takes into consideration the
company's small franchise with a limited record of operation,
heightened governance risks following a suspected fraud-related
default at sister company Indosurya Cooperative, and a financial
profile that has sharply deteriorated due to the coronavirus
pandemic.

Fitch believes Indosurya's access to funding is unstable under
prevailing stressed conditions. Inflows from customer collections
have fallen 40%-50% below scheduled amounts as the company's mostly
SME borrowers continue to suffer from severely reduced repayment
capacity since the outbreak of the coronavirus pandemic. Funding
facilities amounting to around 80% of Indosurya's total that are
currently paying interest only will revert to payments of both
principal and interest from December. This will stress Indosurya's
fragile liquidity position. Its base-case forecasts indicate that
current liquidity levels are likely to be sufficient until February
2021, after which a further restructuring by lenders or new sources
of liquidity are likely to be required. The company has limited
funding flexibility, as reflected in its ratio of unsecured
debt/total debt of 0% at end-9M20 (2019: 0.5%).

Stress on Indosurya's financial profile is reflected in the portion
of non-performing receivables - which rose to 21.0% of the
company's total receivables by end-9M20, from just 1.7% at end-2019
- and a net loss of IDR187 billion (around USD13 million) in 9M20.
Pressure on borrower repayment capacity is also evident in the 61%
of Indosurya's receivables that had been restructured by end-9M20,
much higher than the industry average of around 30%. Borrowers have
struggled in some cases to continue to pay interest, pressuring
Indosurya's net interest margin, which fell to 6.8% by end-9M20
(2019: 13.2%).

Credit losses have spiked due to very weak asset quality. Provision
and other credit expenses rose to IDR193 billion (2019: IDR29
billion) but cover for non-performing receivables remained weak at
about 29% (2019: 74%). Pretax profit to average assets fell to
-5.8% from +5.0% in 2019. Capitalisation and leverage were
relatively stable despite the net loss in 9M20, reflected in its
debt-to-tangible equity ratio of 1.8x (2019: 1.6x).

Indosurya, established in 2011, is a privately owned finance
company that primarily extends financing to SMEs. Indosurya's small
franchise has expanded rapidly since establishment, with net
managed receivables of IDR3.1 trillion at end-9M20, accounting for
an industry share of around 0.5%. This is one of the lowest shares
among Fitch-rated Indonesian multi-finance companies. Advances are
typically secured on property and are mainly used for business
expansion or acquisition of capital goods, with average tenors of
five years.

RATING SENSITIVITIES

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

Failure to adequately address its near-term debt servicing
requirements would lead to a downgrade, including the possibility
of a multi-notch downgrade.

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

Meaningful improvement in Indosurya's liquidity position, such that
it is able to meet debt-servicing requirements and operating costs
over a rolling 12-month period, may result in positive rating
action. A reduction in asset-quality risks, likely to be reflected
in a significant improvement in customer collections, would also be
credit positive. This may arise from substantial near-term
improvement in the operating environment for SMEs -- Indosurya's
primary customer base -- although this is not Fitch's base case.



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

VIJAY HOLDINGS: Nido-link Building Firm Placed in Liquidation
-------------------------------------------------------------
The New Zealand Herald reports that the founder and developer of
New Zealand's biggest furniture store has told suppliers that his
building company cannot pay them, is seeking to refinance, and
begging them not to sue.

The Herald relates that Vinod Kumar, a director of Vijay Holdings
which built the new Nido store in Henderson, sent a letter to
creditors saying he had financial issues and "we won't be able to
pay the balance promptly but over time that is certainly the
intention".

Daran Nair and Heiko Draht of Greenlane Chartered Accountants were
appointed liquidators of Vijay Holdings at the request of
shareholders on November 6, the report discloses.

Mr. Kumar told the Herald on Nov. 11: "The construction company has
existed for 22 years and done NZD122 million of work. It's so
disappointing for us."

Vijay is no longer in a position to pay creditors until it
refinanced and one attempt had already failed, Mr. Kumar told
creditors in the letter.

"By taking any legal steps currently jeopardises our refinancing,"
he added.

"We also have NZD3 million work to complete the carpark and
remaining works on the building. We would appreciate your kindness
once more and in true Kiwi spirit, seek your extended support so
that we can complete the project and proudly call it our own,
home-grown world-class shopping experience. I know you may feel
angry and let down. But trust me, I have not taken on this project
to come this far and give up," he wrote.

Creditors complained to the Herald on Nov. 11 they were owed
NZD300,000 for construction and scaffolding work. They had staff to
pay and had families to take care of and were desperate for the
money, they said.

They had been waiting weeks and were initially told money would be
partly paid but instead liquidation was suddenly announced which
shocked and surprised them.

Mr. Kumar said Nov. 11: "It's like any other construction company.
It was getting tougher with delays and rising costs. My heart is
saying one day it will look good. It's just the timing. It's not
good on me or my family."

Asked if the Nido retail business was in any financial peril or at
risk, he said: "I'm not an accountant but if what we are talking
about comes off, it's not."

According to the Herald, Mr. Kumar refused to say how much Vijay
owed creditors or how many creditors were owed money but did reveal
he had called in the liquidators Greenlane Chartered Accountants
and their appointment was not made by a creditor.

Nair declined to supply any details of the liquidation, saying it
would be in his first report, yet to be issued, the Herald adds.




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

HYFLUX LTD: Backs Strategic Growth Investments' Rescue Deal
-----------------------------------------------------------
The Business Times reports that three days before the Hyflux
judicial management order application is due to be heard in Court,
the water-treatment firm on Nov. 13 shared in-depth details of the
term sheet of Strategic Growth Investments (SGI), and backed its
proposal, calling it "comprehensive" and saying it "appears to
address the key concerns raised by the various stakeholders".

The term sheet from SGI, the fourth white knight in the
long-running saga in the attempted rescue of the firm, was filed to
the Singapore Exchange on Nov. 14, BT relates.  It showed SGI's
proposal to acquire and privatise Hyflux, including all its
subsidiaries, as well as its ownership interests in plants and
other businesses.

According to BT, the deal will be structured as an approximately
SGD208 million cash purchase of newly issued Class A common equity
and convertible securities, which can be converted to Class B
common equity upon meeting of performance hurdles.

Class B common equity is non-voting, and on a fully diluted, fully
converted basis, will not make up more than 16 per cent of the
total common equity.

Hyflux agreed to conduct exclusive negotiations with SGI for a
period of 60 days starting Nov 10; during this period, it will not
negotiate with new investors other than those it is already in
talks with, the report says.

BT Relates that SGI said it will make a "good-faith effort" to
consummate the transaction as soon as commercially possible,
although the Covid-19 pandemic may likely cause unexpected delays.

On issuance of the Class A shares and convertible shares, about
SGD155 million will be paid to the creditors, about SGD53 million
will be placed in an account under Hyflux's control for the benefit
of contingent claimants, and SGD60 million will be injected into
the company as working capital, BT discloses.

Of the SGD208 million, perpetual capital securities and preference
share holders will get SGD41.3 million; MTN holders will get
SGD26.2 million; banks and facilities will get SGD56.8 million;
other creditors will get SGD14.8 million; contingent claimants will
get SGD53 million, and trade creditors, SGD15.8 million, the report
discloses.

If the deal happens, SGI will look to "augment" the executive
leadership and replace the entire board. Hyflux's executive
chairman Olivia Lum will transition to being a non-executive
chairman of the advisory board, and a new chief executive will
oversee the restructuring plan, BT relays.

In his letter, Michael Hong, chief investment officer of SGI, said:
"We have observed that previous letters of intent (LOI) by other
Hyflux suitors more closely resembled expressions of interest that
lacked specifics. In our opinion, those previous letters did not
indicate serious intent and are fundamentally different from our
LOI," BT relays.

But SGI said it will not continue with the transaction if Hyflux
enters into judicial management (JM), because a JM process will
likely result in a prolonged timeline; it is unwilling to spend
additional time and resources and incur additional advisory fees in
a protracted transaction process, according to BT.

Moreover, a JM process will also likely result in increased
hostilities among stakeholders, leading to bad publicity and other
complications, it said, BT relays. There will also be uncertainty
regarding the continuity of existing management, whereas its plan
requires the continuity of key management, especially for
business-development purposes, and for the management to work with
the new CEO that SGI will bring in.

BT adds that Hyflux threw its weight behind the deal, saying: "In
particular, it offers single-payment cash recovery upon completion
of the transaction and participation in the company's future
growth.

"The company supports the restructuring proposal that is set out in
the SGI term sheet and will use its best endeavours to work with
SGI as the preferred investor to facilitate the adoption and
implementation of the proposal by the various stakeholders on a
timely basis."

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, 2019, WongPartnership applied to discharge themselves due
to difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to
Reuters.



                           *********


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
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Information contained herein is obtained from sources believed
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