/raid1/www/Hosts/bankrupt/TCRAP_Public/201118.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

          Wednesday, November 18, 2020, Vol. 23, No. 231

                           Headlines



A U S T R A L I A

BITCONNECT LTD: Former Promoter John Bigatton Charged
BLUESTAR COLD: Second Creditors' Meeting Set for Nov. 25
CONTINENTAL DEVELOPMENT: First Creditors' Meeting Set for Nov. 24
FUZORTINN PTY: First Creditors' Meeting Set for Nov. 25
ONE TWENTY CLOTHING: Second Creditors' Meeting Set for Nov. 25

REGATTA ROSE: Second Creditors' Meeting Set for Nov. 24


C H I N A

TIANQI LITHIUM: May Be Unable to Repay US$1.88 Billion Loan
TSINGHUA UNIGROUP: Defaults on CNY1.3 Billion Bond


I N D I A

AAA VEHICLEADES: CARE Lowers Rating on INR94cr LT Loan to D
AAURAA INT'L: CRISIL Cuts Rating on INR3cr Loan to B
ADITYA CAR: CRISIL Lowers Rating on INR22cr Loan to B
AGSONS AGENCIES: CRISIL Lowers Rating on INR15cr Loan to B
AMALESWARI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating

B. K. POLYTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
B.B. STYRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BALAJI TECH: CARE Lowers Rating on INR10.40cr LT Loan to D
BHAGAVATI RUBBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BHOLA NATH: CRISIL Keeps B on INR6.02cr Debt in Not Cooperating

DEOGHAR INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
DIAMOND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
DOLLFINE DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
ELLENABAD STEEL: CARE Keeps D on INR9.5cr Loans in Not Cooperating
FEPL ENGINEERING: CARE Keeps D on INR5.5cr Loans in Not Cooperating

FORTUNE SPIRIT: CARE Lowers Rating on INR15cr LT Loans to D
GENGA MILLS: CARE Assigns D Rating to INR6.27cr LT Loan
HOSPITALITY EDUCATION: CARE Lowers Rating on INR11.50cr Loan to D
HYQUIP TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
JASMINE BUILDMART: Insolvency Resolution Process Case Summary

K.G. CORPORATION: Insolvency Resolution Process Case Summary
KAMAL IDEAL: CARE Keeps D on INR0.79 Loans in Not Cooperating
LMJ INT'L: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
MACROTECH DEVELOPERS: Moody's Alters Outlook on Caa1 CFR to Stable
MAGADH PRECISION: CARE Keeps D on INR45cr Loans in Not Cooperating

NIIL INFRASTRUCTURES: NCLT Approves INR103 crore Resolution Plan
OSCAR INVESTMENTS: Ind-Ra Lowers Term Loan Rating to 'D'
R. N. KAPOOR: CRISIL Hikes Rating on INR4.9cr Loan to B
RHC HOLDING: Ind-Ra Keeps 'D' Debt Rating in Non-Cooperating
RV REALTY: CARE Keeps D on INR9.5cr Loans in Not Cooperating

SHRIKRISHNA AVDHOOT: CARE Moves D Debt Rating to Not Cooperating
THANGAVEL FABRICS: CARE Lowers Rating on INR17.30cr Loan to D
VEENDEEP OILTEK: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
VENKATESWARA EDUCATIONAL: CRISIL Cuts INR7.5cr Loan Rating to D
VINAY STEEL: CARE Lowers Rating on INR10cr LT Loan to D



N E W   Z E A L A N D

BELLA VISTA: Director Successfully Sued for NZD1MM by Carters
DEANE APPAREL: Expected to Close in December; 67 Jobs At Risk
WHYTE WATERS: Placed Up for Sale in Liquidation Process
ZANY ZEUS: Former Owner Goes Into Liquidation


S I N G A P O R E

CDL HOSPITALITY: Fitch Lowers LT IDR to BB+, Outlook Stable
KRISENERGY: Court OKs Scheme Meeting, Extends Debt Stay to January

                           - - - - -


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

BITCONNECT LTD: Former Promoter John Bigatton Charged
-----------------------------------------------------
Australian Securities and Investments Commission said former
BitConnect Australian national promoter, John Louis Anthony
Bigatton, of Carss Park, New South Wales, has been charged
following an ASIC investigation.

Mr. Bigatton promoted the online cryptocurrency platform,
BitConnect, before its collapse in early 2018. It is estimated that
BitConnect had a market capitalisation of over US$2.5 billion in
December 2017.

Mr. Bigatton has been charged with the following:

   - One count of operating an unregistered managed investment
     scheme (maximum penalty of 5 years imprisonment and/or a
     fine of AUD42,000);

   - One count of providing unlicensed financial services on
     behalf of another person (maximum penalty of 2 years
     imprisonment and/or a fine of AUD42,000);

   - Four counts of making a false or misleading statement
     affecting market participation (a maximum penalty for each
     charge of 10 years imprisonment and/or a fine of AUD945,000,
     or a fine of 3 times the proceeds derived from the
     commission of the offence).

ASIC alleges that Mr. Bigatton was the Australian national promoter
of Bitconnect from around Aug. 14, 2017 to Jan. 18, 2018.

ASIC alleges Mr. Bigatton operated an unregistered managed
investment scheme known as the BitConnect Lending Platform in
Australia and that he provided unlicensed financial advice on
behalf of another person in, amongst other things, seminars he
conducted at various locations around Australia.

ASIC further alleges that during four seminars conducted by Mr
Bigatton, he made false or misleading statements which were likely
to induce investors to apply for, or acquire, interests in the
BitConnect Lending Platform.

The matter was first mentioned in the Downing Centre Local Court on
Nov. 17, 2020, at which time the matter was adjourned for further
mention on Feb. 2, 2021.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions after a referral from ASIC.

ASIC acknowledges the assistance of our domestic and international
law enforcement counterparts in progressing its investigation,
including the Federal Bureau of Investigation.

On Sept. 1, 2020, ASIC banned Mr. Bigatton from providing financial
services for seven years.

In May 2019, ASIC updated Information Sheet 225 Initial coin
offerings and crypto-assets (INFO 225) to help businesses involved
with initial coin offerings (ICOs) and crypto-assets to consider
their legal obligations and satisfy themselves they are operating
lawfully.

Moneysmart.gov.au has information for investors on the risks of
investing in initial coin offerings and cryptocurrencies.

ASIC recently issued a Scam Alert after observing a rise in
crypto-asset (or cryptocurrency) scams during COVID-19: Scam alert:
ASIC sees a rise in crypto scams.


BLUESTAR COLD: Second Creditors' Meeting Set for Nov. 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of Bluestar Cold
Storage and Logistics Pty Ltd has been set for Nov. 25, 2020, at  
10:30 a.m. via video conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 24, 2020, at 10:00 a.m.

Mathew Gollant of CJG Advisory was appointed as administrator of
Bluestar Cold on Oct. 20, 2020.



CONTINENTAL DEVELOPMENT: First Creditors' Meeting Set for Nov. 24
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Continental
Development Pty Ltd ATF The Continental Development Unit Trust will
be held on Nov. 24, 2020, at 11:00 a.m. via teleconference.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Continental Development on Nov. 13, 2020.


FUZORTINN PTY: First Creditors' Meeting Set for Nov. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Fuzortinn
Pty Ltd will be held on Nov. 25, 2020, at 9:30 a.m. via Zoom.

Anthony Elkerton of DW Advisory was appointed as administrator of
Fuzortinn Pty on Nov. 16, 2020.


ONE TWENTY CLOTHING: Second Creditors' Meeting Set for Nov. 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of One Twenty
Clothing Company Pty Limited has been set for Nov. 25, 2020, at
10:00 a.m. via Teleconference Only.

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. 24, 2020, at 5:00 p.m.
Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of One Twenty on Oct. 30, 2020.


REGATTA ROSE: Second Creditors' Meeting Set for Nov. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of Regatta Rose
Bay Pty Ltd, trading as Regatta Restaurant & Bar Rose Bay and
Regatta Dinning, has been set for Nov. 24, 2020, at 11:00 a.m. by
electronic facilities via telephone or video conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 23, 2020, at 4:00 p.m.

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




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

TIANQI LITHIUM: May Be Unable to Repay US$1.88 Billion Loan
-----------------------------------------------------------
South China Morning Post reports that Tianqi Lithium's shares
plunged in Shenzhen after the leading Chinese lithium producer
warned it may not have enough cash to repay a US$1.88 billion loan
this month in yet another misstep since it was downgraded to junk
in June last year.

The stock fell as much as 10 per cent to CNY22.16 on Nov. 16,
before closing 7.7 per cent lower at CNY22.69, the Post discloses.
It was the biggest one-day drop since an 8.2 per cent setback on
July 21, bringing this year's decline to 25 per cent. The company's
sole dollar bonds were indicated near a five-month low.

According to the report, the Sichuan-based company said it may not
be able to repay the loan to a consortium led by China Citic Bank.
The size of the loans is equivalent to 179.4 per cent of the
company's most recent audited net assets, it said in an exchange
filing on Nov. 14.

The company has asked lenders to adjust the term structure and its
application was still being processed, it added, the report
relays.

The company's troubles continue to offer a reminder to investors
that Chinese companies are still paying the price from their
unbridled mergers and acquisitions (M&As) over the past decade, the
Post notes. That debt-fuelled expansion strategy has tripped up
bigger names such as Anbang Insurance and the sprawling HNA Group.

Tianqi's main indebtedness came from the loan that helped fund its
US$4.1 billion acquisition of a 23.8 per cent stake in SQM, a major
Chilean lithium and potassium producer in May 2018, at the height
of the commodity boom, according to the Post. The company put up
US$726 million of its own capital and borrowed US$3.5 billion to
buy SQM.

Lithium prices have plunged by about 60 per cent to US$116.23 per
metric tonne from a peak of US$296 in May 2018, the Post notes
citing Bloomberg data. Demand has suffered during the coronavirus
pandemic, and the company's revenue fell 27.4 per cent year on year
to CNY1.88 billion in the first half this year, it said.

                        About Tianqi Lithium

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.  The
company owns a 51% stake in the Greenbushes lithium mine in Western
Australia. It also owns a 25.9% stake in Chilean chemical producer,
Sociedad Quimica y Minera de Chile S.A.

As reported in the Troubled Company Reporter-Asia Pacific on March
30, 2020, Moody's Investors Service downgraded to Caa1 from B2
Tianqi Lithium Corporation's corporate family rating. Moody's has
also downgraded the senior unsecured rating on the bonds issued by
Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium to Caa2 from
B2.  The ratings outlook remains negative.


TSINGHUA UNIGROUP: Defaults on CNY1.3 Billion Bond
--------------------------------------------------
Reuters reports that Tsinghua Unigroup, a major government-backed
player in China's technology race, has defaulted on a CNY1.3
billion (US$197.96 million) bond, three sources said, as several
high-profile delinquencies by state firms rattled the country's
bond market.

Reuters relates that the default by Tsinghua Unigroup, a
wholly-owned division of the prestigious Tsinghua University in
Beijing, on Nov. 16 immediately triggered a credit rating downgrade
that is expected to weaken the company's financial health.

According to Reuters, the semiconductor conglomerate has been a
major driving force in Beijing's campaign to boost its chip
industry amid an ongoing spat over trade and technology with
Washington, which has drawn attention to China's reliance on key
imported components.

Tsinghua Unigroup defaulted after its proposal to extend a
repayment deadline failed to gain support from bondholders, sources
said, Reuters relays.

Tsinghua Unigroup's credit rating was slashed to BBB from AA on
Nov. 16 by China Chengxin International Credit Rating Co., Reuters
discloses. The rating agency said the event could trigger
cross-defaults, potentially strangling its funding and squeezing
its liquidity.

Reuters notes that Tsinghua Unigroup's default follows other state
borrowers, including coal miner Yongcheng Coal & Electricity
Holding Group and automaker Huachen Automotive Group, which have
failed to service debts on time, triggering a sell-off in some
corners of the corporate bond market.

Even before the default, Tsinghua Unigroup's bond prices had
already plunged after the company said it would not exercise its
option to redeem a perpetual bond, Reuters says.

On Nov. 17, the price on a corporate bond issued by Unigroup's
parent, Tsinghua Holdings, tumbled more than 14%, making it the
worst performing bond on the Shanghai Stock Exchange, adds
Reuters.

Tsinghua Unigroup Co., Ltd manufactures computer products. The
Company produces computer softwares, computer hardwares, computer
auxiliary equipment, and other products. Tsinghua Unigroup also
produces electronic components, chemicals, and other products.




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

AAA VEHICLEADES: CARE Lowers Rating on INR94cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of AAA
Vehicleades Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       94.00      CARE D Revised from CARE BB;
   Facilities                      Stable

   Short Term Bank
   Facilities           17.00      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of AAA
Vehicleades Private Limited factors in the likelihood of default in
the working capital limits availed by the company, in the light of
delays reported in the servicing of the term loan obligations (not
rate by CARE) and instances of overdrawls in the cash credit limit
(settled within 30 days), owing to the tight liquidity position of
the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Likelihood of default owing to the tight liquidity position:
There have been delays reported in the term debt obligations of the
company while there have also been instances of overdrawls in the
cash credit limit (settled within 30 days). This indicates a tight
liquidity position of the company which increases the likelihood of
default in the working capital limits availed by the company.

AAA Vehicleades Private Limited was incorporated as a private
limited company in 2008. It is a part of the Vehicleades Group of
Jammu & Kashmir, promoted by Mr. Devender Rana and Mrs. Gunjan
Rana. AVPL is an authorized dealer for the sale of passenger
vehicles of Maruti Suzuki India Ltd. The company is engaged in the
sale of passenger vehicles, servicing of vehicles, sale of spare
parts and sale of pre-owned cars, having its showrooms across Delhi
region. The group concerns of the company include Pathankot
Vehicleades Private Limited (CARE BB+; Stable/CARE A4+), J&K
Vehicleades Private Limited (CARE BB+; Stable/ CARE A4+;
Unaccepted), Jamkash Vehicleades Private Limited (CARE BBB-;
Stable/CARE A3), Jamkash Vehicleades (Kashmir) Private Limited and
Kangra Vehicleades all of which are engaged in the dealership of
passenger and commercial vehicles of MSIL.


AAURAA INT'L: CRISIL Cuts Rating on INR3cr Loan to B
----------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aauraa
International (AI) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         6         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Working       3         CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

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

AI, a proprietorship unit set up by Ms Revathi Easwaramoorthy in
2001, manufactures and exports textile fabrics and home furnishing
products such as pillows, cushion covers, kitchen towels, microwave
gloves, table cloth, curtains, and aprons. The facility at Karur
(Tamil Nadu) has capacities for cutting, sewing, printing, and
embroidery of fabric, while dyeing and weaving are outsourced.


ADITYA CAR: CRISIL Lowers Rating on INR22cr Loan to B
-----------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aditya Car
Care Private Limited (ACCPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Inventory Funding       22         CRISIL B/Stable (ISSUER NOT
   Facility                           COOPERATING; Revised from
                                      'CRISIL BB-/Stable ISSUER
                                      NOT COOPERATING')

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

ACCPL, promoted by Mr. Padma Charan Patra and Mr. Aditya Patra, is
a dealer of HMIL vehicles in Odisha, since November 2011. It has a
showroom and service centre in Tamando, and rural sales outlets in
Puri and Nayagarh.


AGSONS AGENCIES: CRISIL Lowers Rating on INR15cr Loan to B
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Agsons
Agencies India Private Limited (Agsons) to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       70        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Letter of Credit       15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

Agsons imports and trades in various non-ferrous metals such as
nickel, aluminium, copper, lead, tin, and zinc. The company,
promoted by Mr. RC Agarwal, has its registered office at Delhi.


AMALESWARI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amaleswari
Constructions (AC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Established as a partnership firm in 1988 by P. Venkata Rami Reddy,
ACS undertakes civil construction projects for government
departments. The firm is based in Hyderabad.


B. K. POLYTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of B. K. Polytech
Private Limited (BKPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.42        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       7.08        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in July 2013 and promoted by Mr. Binod Gupta, Mr.
Rohit Gupta, and Mr. Rahul Gupta, BKPPL is setting up a unit to
manufacture polypropylene and high density polyethylene woven sacks
and fabrics. Commercial operations are expected to commence from
March 2017.


B.B. STYRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of B.B. Styro Extrusion
Private Limited (BBSEPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .67        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          2.33        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Inland/Import        4           CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Term Loan            3           CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

BBSEPL was incorporated by Mr. Kishan Goyal and Mr. Rohit Goyal in
2009 in Howrah, West Bengal. The company manufactures disposable
polystyrene plates, trays, donas, and bowls. BBSEPL's plant is at
Domjur in Howrah, which is 25 kilometre from central Kolkata. The
plant has installed capacity of 1500 tonne per annum. The company
recently started manufacturing polyethylene foam sheet mattresses.


BALAJI TECH: CARE Lowers Rating on INR10.40cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Balaji Tech (SBT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.40      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING

   Long Term/Short       2.00      CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4; ISSUER
                                   NOT COOPERATING

   Short Term Bank       1.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 20, 2019, placed the
rating(s) of SBT under the 'Issuer noncooperating' category as SBT
had failed to provide information for monitoring of the rating. SBT
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated October 6, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of Sri
Balaji Tech takes into account of ongoing delays in the servicing
of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays: The firm is unable to generate sufficient cash
flows leading to strained liquidity position resulting in on-going
delays in meeting its debt obligations.

Key rating strengths

* Vast experience of the partners in the casting industry: Mr. R.
Sriram has about 18 years of experience in the field. He has been
associated with SBT since his takeover from Mr. Ramanthan and looks
after the production operations. Mr. K. Suresh Kumar has about two
decades of experience. Prior to joining SBT, he was working with
Alekton Pumps since 1991. He also holds a master degree in
Metallurgy and looks after the marketing and sales operations. Mr.
B. Srinivasan became a partner of the entity in 2014, and prior to
that he was working as a banker for about 40 years. He looks after
the accounting activities of the firm. Also the firm is ISO
9001:2008 certified by Indian Register Quality Systems (IRQS).

Sri Balaji Tech (SBT) was established as a proprietorship concern
by Mr.Ramanthan in 1978. Later after the demise of Mr.Ramanathan,
Mr.Sriram took over the concern. Later in the year 1996, Mr. K.
Suresh Kumar joined and the entity was reconstituted as a
partnership concern. Presently the firm has three partners namely,
Mr. R. Sriram, Mr.K. Suresh Kumar and Mr. B. Srinivasan with the
profit sharing ratio of 2:4:4 respectively. SBT is into
manufacturing of ferrous and non-ferrous based castings and forged
valves and pumps. The raw material is first checked for quality
before processing. The raw material undergoes various stages like
melting, moulding and cutting. One cycle takes about 45 days
without third party check and 120 days with third party check. SBT
exports around 35% of its produce to UK, USA and Gulf countries.
SBT has its registered office at Ambattur, Chennai, and Tamil Nadu.



BHAGAVATI RUBBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhagavati Rubber
Product Industries (BRPI) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

   Proposed Long Term     4         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Incorporated in 1982 as proprietorship, BRPI supplies products
rubber flaps to OEMs in domestic market majorly. The company
supplies to leading tyre manufacturers such as Apollo Tyres Ltd
(Apollo), B. K Tyres Birla Tyres Limited, Michellin and Goodyear
India Ltd (Goodyear India).


BHOLA NATH: CRISIL Keeps B on INR6.02cr Debt in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Bhola Nath Rakesh
Kumar (BNRK; part of the Harshna group) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.02       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

The Harshna group was established in 1993 by Mr. Rakesh Bhola Nath
Kohli and Mr. Naresh Bhola Nath Kohli, with the establishment of
BNRK and BNNK. Both the firms are commission agents for trading in
apples in Delhi's Azadpur mandi. In 1999, the group decided to
establish its own cold storage facility in Sonipat (Haryana), for
which it set up HICS in the same year. HICS currently has a
multi-product cold-storage facility, with capacity of 11,500 tonne,
along with ripening chambers. In 2004, the group set up HF, which
supplies fruits to retail stores.


DEOGHAR INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Deoghar Industries
Private Limited (DIPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Term Loan             8.45       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

DIPL was incorporated in 2016 by Mr. Jaishankar Kumar and his
brother Mr. Vikash Kumar. It is setting up a rice mill with
capacity of 8 metric tonnes per hour in Jamui, Bihar. It is
expected to commence operations from July 2018.


DIAMOND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Diamond Engineering
(Chennai) Private Limited (DECPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          40.79       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          20.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest
   Term Loan            15.71       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit
   & Bank Guarantee     15          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       15          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            18.83       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital
   Term Loan           126.44       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

DECPL, established in 1987, is one of the larger players operating
in the light engineering and steel structural fabrication business.
The company fabricates steel components based on the engineering
designs and requirements of its customers in the construction,
cement, power, sugar, and automotive components industries.
Products include structural steel, bulk material handling
equipment, and industrial process equipment for domestic and
overseas projects of international original equipment manufacturers
and engineering, procurement, and construction companies. Services
offered include heavy machining, surface finishing, packing, and
forwarding.


DOLLFINE DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of DollFine Developers
(DD) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       15       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                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'.

Set up as a partnership entity, DD is involved in the construction
and sale of residential apartments in Hyderabad. The firm is
promoted by Mr. G. Babu Rao along with his friends and family.


ELLENABAD STEEL: CARE Keeps D on INR9.5cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ellenabad
Steel Private Limited (ESPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed description of the key rating drivers

CARE had, vide its press release dated August 14, 2019, placed the
rating ESPL under the 'issuer non-cooperating' category as ESPL had
failed to provide information for monitoring of the rating. ESPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 19, 2020, July
14, 2020 and October 8, 2020 and October 13, 2020, and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

At the time of last rating on August 14, 2020, the following were
the rating strengths and weaknesses (updated for financials
available from Ministry of Corporate Affairs)

Key Rating Weakness

* Delay in debt servicing obligations: As per the interaction with
the banker during the review dated March 5, 2018, bank facilities
of ESPL was classified as NPA. Further, as per last discussion with
the banker dated August 1, 2019, the bank facility of ESPL has been
restructured. However, sufficient information regarding the current
classification of account is not available with CARE Ratings.

ESPL an ISO 9001:2008 certified company was incorporated on July
27, 1994 by Mr ShravanGarg and MrLalitJalan. The company is engaged
in manufacturing of Thermo Mechanical Treatment (TMT) bars, Mild
Steel angles, flats, Cold Twisted Bars (CTD) bars, round bars and
such other steel rolled products and markets under the brand name
of 'Om Durga'.


FEPL ENGINEERING: CARE Keeps D on INR5.5cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of FEPL
Engineering Private Limited (FEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long-term/Short-     3.50       CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 9, 2019, placed
the rating(s) of FEPL under the 'issuer non-cooperating' category
as FEPL had failed to provide information for monitoring of the
rating. FEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated October 28, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Rating takes into account the default in debt servicing.

Detailed Description of the Key Rating Drivers

At the time of last rating on September 9, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Default in debt servicing: As per last interaction held with the
banker, the account has been classified as SMA-2 by the bank.

Incorporated in 2004, FEPL is engaged in SI (System Integration) of
SPV (Solar Photovoltaic)-based power systems, manufacturing of oil
mist systems viz. oil mist lubrication systems, blaze flow oil
purification systems, etc. coupled with trading of solar products,
chemicals and providing consultancy services of SPV-based products.
It has executed SI of SPVbased power systems aggregating 800 KWp in
Kuwait, for a renowned overseas company named Plant Engineering Co.
(PEC) which acts as a dealer of petroleum pumps, flow meters, tank
truck equipment, industrial hoses, valves and oil field equipment.
FEPL caters to a reputed set of oil & petroleum players in India
viz. IOCL, BPCL (CARE AAA; Stable), HPCL (CRISIL AAA; Stable,
CRISIL A1+), etc. for its various oil mist systems. Moreover, it
has provided consultancy services for over 19.5 KWp of various
SPV-based products viz. solar lighting, grid-tie solar, rooftop
solar, etc. However, the company has now increasingly shifted its
focus on SI of SPV-based power systems and trading of solar
products, which contributed ~94% of the total operating income in
FY16.


FORTUNE SPIRIT: CARE Lowers Rating on INR15cr LT Loans to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fortune Spirit Limited (FSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       15.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Stable
                                   and moved to Issuer Not
                                   Cooperating category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from FSL to monitor the rating
vide e-mail communications dated Oct. 9, 2020, Sept. 2, 2020,
August 18, 2020, August 12, 2020, July 21, 2020 and numerous phone
calls. However, despite CARE's  repeated requests, the company has
not provided the requisite information for monitoring the rating.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, FSL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
FSL Ltd.'s bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

The rating has been revised on account of delays in debt servicing
of the facilities of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt serving: As per the interaction with the bank,
there is delay in servicing of interest on CC limit beyond 30
days.

* Small scale of operations with modest financial performance over
FY16-FY19: The turnover of the company witnessed a decline of
around 71% in FY17 from FY16 mainly on account of reduction in
orders from Mohan Meakin Ltd. Thereafter, the operating income has
increased from INR7.93cr in FY17 to INR10.88cr in FY19. PBILDT
margin has been fluctuating in the aforesaid period due to stocking
of packing materials in excess of the requirement. Interest
coverage ratio also moderated from 1.54x in FY16 to 1.31x in FY19.

* Weak financial risk profile: The financial risk profile of the
company is marked by high overall gearing ratio at 3.28x as on Mar
31, 2019 vis-à-vis 2.46x as on Mar 31, 2016 on the back of
increase in debt level. Total debt/GCA was vulnerable and stood at
74.63x in FY19 vis-à-vis 72.82x in FY16 mainly on account of low
level of GCA.

* Volatility of input prices with limited pricing power: FSL uses
ENA (spirits) as a raw material for its production. Since they are
seasonal products in nature and its production depends on vagaries
of nature, FSL is subject to price volatility risk. The risk is
further intensified by the fact that the finished product prices
for a particular financial year are decided at the beginning of the
year itself by the respective state government. Hence, the
company's ability to pass on any increase in raw material price
remains limited.

* Highly regulated nature of alcohol industry: Government levies
various duties like excise duty, sales tax, license fee,
state-level import and export duty, bottling fee, franchise fee,
surcharge etc. which varies from state to state. There is a ban on
all forms of direct and indirect advertising for liquor in the
country. Also, once the prices are set for the alcohol, the same
cannot be altered in the course of the year, irrespective of
changes in raw material prices. The regulations at State levels are
prone to frequent changes and be sudden and uncertain, affecting
the overall operations and profitability of the business.

* Client concentration risk: Due to state government regulations,
FSL is required to sell its products to Odisha State Beverages
Corporation Limited (OSBCL) at pre-defined prices. This apart,
currently, they are providing job-work to Mohan Meakin Limited and
Jagatjit Industries Limited witnessing client concentration risk.
However, they have received new contracts from M/s Kyndal India
Private Limited and M/s National Industrial Corporation Limited;
the operations of which is expected to commence from November,
2019.

* Elongated Working Capital Cycle: The operating cycle of FSL has
elongated from 324 days in FY16 to 1087 days in FY19 on account of
accumulation of stock of packing materials from FY16 onwards in
view of anticipation of higher orders from Mohan Meakin Ltd. The
average collection period was also high at 52 days in FY19 (66 days
in FY18) on account of delay in payment from OSBCL.

Key Rating Strengths

* Experienced promoters and diversified group: The promoters of the
company include two brothers Mr. Deepak Kumar Sahu (Chairman) and
Mr. Rajesh Kumar Sahu (MD). Mr Deepak Kumar Sahu has an experience
of about 3 decades in manufacturing country liquor and retailing of
Indian-made foreign liquor (IMFL). Mr. Rajesh Kumar Sahu has 25
years of experience in the liquor industry and has expertise in
marketing of liquor and liaison activities with the Excise
Department. Both of them are supported Mr. Ayush Sahu (son of Mr.
Deepak Kumar Sahu), a MBA graduate, looks after the marketing and
production aspects of the company.  The promoters are also engaged
in educational activities through AUM Valley School affiliated to
CBSE and situated on 35 acres in Balangir, Odisha. Apart from
above, the promoters also have two hotel properties named Hotel
Heritage in Rourkela and Hotel Apsara in Ranchi.

* Regular infusion of funds: The promoters have been infusing funds
in the form of unsecured loans to support incremental capex,
working capital requirement and repayment of term loans. In line
with this, promoters have infused INR14.17 crore from FY16-FY19.

* Manufacturing and bottling of reputed IMFL brands: FSL is engaged
in job-work for manufacturing and bottling of IMFL brands in the
state of Odisha. The company is presently doing the job-work for
clients like Mohan Meakin Ltd and Jagatjit Industries Ltd.

* High Entry Barriers in IMFL Industry: Liquor policies governing
production and sale of liquor are entirely controlled by the
respective state governments. With all the alcohol consuming
states/union territories having their own regulations, tax
structures and entry-exit restrictions, it is very difficult for
new entrants to get licenses; thus, providing a competitive
advantage to the existing players.

Fortune Spirit Limited (FSL) was incorporated in 2007 by Mr. Deepak
Kumar Sahu (Chairman) and his brother Mr. Rajesh Kumar Sahu (MD).
Both of them are having an experience of more than two decades.
They are supported by Mr. Ayush Sahu (son of Mr. Deepak Kumar
Sahu). The Company is engaged in bottling and manufacturing of
India Made Foreign Liquor (IMFL) with installed capacity of
4,50,000 cases per annum at Gopalpur, Odisha.


GENGA MILLS: CARE Assigns D Rating to INR6.27cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sree
Genga Mills Private Limited (SGMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.27       CARE D Assigned
   Facilities           

   Long Term Bank       3.67       CARE D Rating removed from
   Facilities                      ISSUER NOT CO-OPERATING
                                   Category and Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SGMPL
factored by delays in servicing debt obligations due to stressed
liquidity position.

Rating sensitivities

Positive Factors

* Improvement in liquidity position and delay free track record for
minimum period of consecutive three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing debt obligations: The company is unable to
generate sufficient cash flows leading to strained liquidity
position resulting in on-going delays in meeting its debt
obligations.

* Small scale of operations: The scale of operations of the company
continues to remain small albeit marginal improvement by 7.70% to
INR21.25 crore in FY19 as against INR19.73 crore in FY18 due to
improved sales of cotton yarn. It further improved by 0.37% in FY20
Prov. To INR21.33 crore on account of the same and apart the net
worth base also continued to be stood low at INR3.85 crore as on
March 31, 2020 (FY20 Prov).

* Fluctuating PBILDT margin and thin PAT margin during the review
period: The PBILDT margin of the company dropped by 376 bps to
7.32% during FY19 as against 11.08% in FY18 due to decline in
absolute PBILDT on account of increased cost of raw materials
consumed during FY19. However it has improved marginally to 7.78%
in FY20 Prov. due to improved PBILDT on the back of increase in TOI
on absolute basis. The PAT margin of the company stood at Nil on
account of which the interest and depreciation costs has been
equally absorbed by the PBILDT derived during the year. The PAT
margin however stood improved at 0.20% in FY20 Prov.

* Elongated operating cycle days: The operating cycle of the
company remained elongated during the review period FY18-20 due to
high inventory holding period. The operating cycle of the company
stood at 111 days in FY20 Prov. (98 days in FY19) The company
maintains high stock of raw cotton for a period of 90-120 days as
the raw cotton is procured in bulk quantities to mitigate the
seasonality risk associated with availability of cotton. However,
the company usually makes the payments to its suppliers within
30-45 days. Also, the company receives the payment from its
customers within 30 days. The average working capital utilization
for the last 12 months ended October 30, 2020 stood at 100%.

* Financial risk profile marked by leveraged capital structure and
satisfactory debt coverage indicators: The capital structure of the
company remained leveraged during the review period. The debt
equity ratio of the company improved from 1.30x as on March 31,
2018 to 1.15x as on March 31, 2019 due to repayment of long term
loans however it deteriorated and stood at 1.65x as on March 31,
2020 due to fresh term loans availed by the company during FY20
(Prov.). The overall gearing of the company improved from 2.89x as
on March 31, 2018 to 2.73x as on March 31, 2019 due to above
continuing facts, and stood stable at 2.74x as on March 31, 2020 on
account of increase in debt levels due to fresh sanctioned term
loans albeit improved net worth.

Debt coverage indicators of the company remained weak during review
period. The total debt/GCA deteriorated from 10.04x in FY18 to
15.98x in FY19 due to decrease in cash accruals albeit decline in
debt levels, it continues to remain weak during FY20 Prov. at
16.89x due to increased debt levels on the back of fresh term loans
albeit steady level of gross cash accruals.  However, the Interest
coverage ratio of the company deteriorated from 2.05x in FY18 to
1.41x in FY19 due to decline in PBILDT levels in comparison with
previous year. However the same has improved to 1.65x in FY20 Prov.
due to increase in PBILDT coupled with decrease in interest costs.

* Susceptibility of profits at volatile price fluctuation and
seasonality associated with availability of cotton: The cotton
industry is highly fragmented in nature with several organized and
unorganized players. Prices of raw cotton are highly volatile in
nature and depend upon the factors like area under cultivation,
crop yield, and demand-supply scenario.  The cotton processing
operators procure raw materials in bulk quantities to avail
discount from suppliers to mitigate the seasonality associated with
availability of cotton resulting in higher inventory holding
period. Further, the profitability margins of the company are
susceptible due to fluctuation in raw material prices.

* Highly fragmented industry with intense competition from large
number of players: The company is engaged in manufacturing of
cotton yarn which is highly fragmented industry due to the presence
of large number of organized and unorganized players in the
industry resulting in huge competition.

Key Rating Strengths

* Long operational track record of the company and experience of
the management for more than two decades in the textile industry:
SGMPL has a long operational track record as it has been
operational since 1993. Mr. R. Srinivasan along with the other
directors have been associated with the company since its inception
and have more than two decades of experience in textile
business.

* Established clientele base: Due to long term presence of the
company and experience of the management in textile industry, the
company has established relationship with suppliers and customers.

Liquidity analysis – Stretched

The liquidity position of the company remains Stretched to service
the repayment obligations as on March 31, 2020 along with fully
utilized WC limits and moderate cash balance of INR0.02 crore as on
March 31, 2020 (Prov.).However current ratio was seen above unity
at 1.42x as on March 31, 2020 (0.98x as on March 31, 2019). The
company has availed moratorium on its existing bank facilities from
March to August 2020 as per COVID-19 RBI guidelines.

Tamil Nadu based, Sree Genga Mills Private Limited (SGMPL) was
established as a partnership firm in 1993 by 9 partners and later
in 2005, the constitution of the entity was changed to private
limited. The company is managed by R. Srinivasan. The company is
engaged in spinning of cotton yarn (20 to 60 counts) with a total
installed capacity of 12,096 spindles at its manufacturing unit
with a total production capacity of 3200 kg/day as on October 2020.
located at Sattur, Tamil Nadu. SGMPL has its customer base in Tamil
Nadu and Maharashtra. SGMPL purchases raw cotton mainly from
dealers based at Warangal (Telangana) and Raichur (Karnataka).


HOSPITALITY EDUCATION: CARE Lowers Rating on INR11.50cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hospitality Education Services International (HES), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short-term Bank
   Facilities           11.50      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in rating to the bank facilities of HES takes into
account on-going delay in interest servicing obligation due to
stressed liquidity position.

Key rating sensitivities

Positive Factor

* Improvement in liquidity position as reflected by timely serving
of interest obligation.

Key Rating Weaknesses

* Ongoing Delays: There have been instances of over utilizations of
working capital limits for more than consecutive 30 days and
ongoing delays in the servicing of interest obligations due to
stressed liquidity position.

Hospitality Education Services International (HES) was established
in 2002 by Mr. Rohit Bhatia as a proprietorship firm to provide
education in hotel management. HES are running its institutes under
the brand name of RIG Institute of Hospitality & Management since
2007. HES are also engaged in providing consultancy to various
hospitality management colleges like Hotel and Tourism Management
Institute (HTMi), Switzerland. HES's campuses are located at
Greater Noida, Dwarka and Rohini. The courses offered are
specifically designed for hotel management and recognized by Indira
Gandhi National Open University (IGNOU).


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

Detailed description of the key rating drivers

At the time of last PR dated August 14, 2019 the following were the
key rating strengths and weaknesses.

Key Rating Weakness

* Ongoing delays: Hyquip Technologies Limited has been facing
liquidity stretch. Hence couldn't able to meet its debt
obligations.

Key Rating Strengths

* Experience of the promoter and management: The founder promoter
of the group has about three decades of entrepreneurial experience
in the field of engineering and manufacturing of equipment and
systems for coal handling, bulk handling, automation plants,
municipal solid waste management plants, etc. The Managing Director
of the company, Mr. M. P. Fernando, has more than two decades of
experience with the Hyquip group and more than one and half decade
of experience working for various multi-national engineering
companies prior to joining Hyquip group.

The company was incorporated in the year 2003 under the name Hyquip
Exports Limited as a part of the Hyquip group, primarily
established for exporting municipal solid waste management
processing equipments manufactured by the associate concerns. Later
in 2006, the company changed the name of the company to Hyquip
Technologies Limited (HTL). HTL developed clean and green
technologies for recycling of Municipal Solid Waste (MSW),
conversion of MSW into compost, Refused Derived Fuel Facility
(RDF), power from waste and also generation of power from biomass.

In FY16, HTL had incurred net loss of INR2.02 crore on a total
operating income of INR3.47 crore as against net loss of INR2.69
crore and total operating income of INR1.03 crore in FY15
respectively.


JASMINE BUILDMART: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jasmine Buildmart Private Limited
        Unit No. 201/202 Plot No. 8
        Elegance Tower, Jasola
        Delhi 110025

Insolvency Commencement Date: November 9, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 8, 2021

Insolvency professional: Jugraj Singh Bedi

Interim Resolution
Professional:            Jugraj Singh Bedi
                         JSBA House
                         1250, Ground Floor
                         Mukherjee Nagar
                         Delhi 110009
                         E-mail: jb@jsba.in
                                 irp.jasmine@gmail.com

Classes of creditors:    Unsecured Financial Creditors
                         (Home Buyers)

Insolvency
Professionals
Representative of
Creditors in a class:    Manish Kumar Gupta
                         404, 4th Floor
                         Laxmideep Building
                         Laxmi Nagar
                         District Centre
                         Delhi 92
                         E-mail: manishvivek@yahoo.com

                         Pankaj Kumar Singhal
                         A-233, Ground Floor
                         Bunkar Colony
                         Ashok Vihar, Phase IV
                         Delhi 52
                         E-mail: aprassociatesllp@gmail.com

                         Mohd Nazim Khan
                         G-41, Ground Floor
                         West Patel Nagar
                         New Delhi 110008
                         E-mail: nazim@mnassociates.com

Last date for
submission of claims:    November 23, 2020


K.G. CORPORATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: K.G. Corporation Ltd.
        Registered office:
        65, Krishna Nagar
        Samarvani, Silvasssa
        U.T. of D.N.H. 396230

Insolvency Commencement Date: November 11, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 8, 2021

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel: 02266322870
                         E-mail: mkindia58@gmail.com
                                 cirp.kgc@gmail.com

Last date for
submission of claims:    November 27, 2020


KAMAL IDEAL: CARE Keeps D on INR0.79 Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamal Ideal
Infratech Private Limited (KIIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.79       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 15, 2018, placed the
rating of KIIPL under the 'issuer non-cooperating' category as
KIIPL had failed to provide information for monitoring of the
rating. KIIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 23, 2020; October 20, 2020 and October 12, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Ongoing Delays in Debt Servicing: There are ongoing delays in
servicing of KIIPL's debt obligations owing to its stressed
liquidity position due to slow sales progress and customer
collections.

* Subdued Industry Scenario: The real estate sector is moving
towards a more rational regime with developers now focusing on
project execution and delivery. Further, with the introduction of
RERA Act, the sector will move ahead to transparent and credible
measures with sustenance for organized players. Moreover, the
expected renewed interest by the banks in funding the developers is
likely to result in the timely completion of the projects. As per
market sentiments the Indian Real Estate Market may not witness a
sharp reversal in FY18 but in long term the growth prospects remain
strong while the sector continues to remain troubled with issues of
high unsold inventory.

Incorporated in 2012, Kamal Ideal Infratech Pvt Ltd (KIIPL) is
engaged in real estate development. The company is currently
developing a group housing project in Nangal Kalan village,
sector-64, Kundli, Sonepat. The company was promoted by Mr. Ravi
Sharma and Mr. Shekhar Grover. Prior to KIIPL, the promoters have
been involved in the real estate development of residential and
commercial properties in the NCR region.


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

The instrument-wise rating actions are:

-- INR1.84 bil. Fund-based limits (Long-term/Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR3.6 bil. Non-fund-based limits (Short-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 10, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

LMJ International trades agricultural and non-agricultural
commodities in domestic and international markets.


MACROTECH DEVELOPERS: Moody's Alters Outlook on Caa1 CFR to Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Macrotech Developers
Limited's (MDL) Caa1 corporate family rating (CFR) and Caa1 senior
secured rating of Lodha Developers International Limited's USD
bonds guaranteed by Macrotech Developers Limited.

At the same time, Moody's has changed the outlook on the ratings to
stable from negative.

The rating action follows MDL's results announcement for the
quarter ended 30 September 2020 and the repayment of the
construction loan for Grosvenor Square (GSQ) -- one of its London
projects -- through a combination of recent collection proceeds and
a four-year inventory financing facility.

"The ratings affirmation and change in outlook to stable reflect
MDL's improved liquidity position following (1) the refinancing of
its construction loan for GSQ, and (2) a gradual recovery in the
company's operating performance, which will result in higher
earnings and cash flow," says Sweta Patodia, a Moody's Analyst.

RATINGS RATIONALE

Even though MDL's liquidity position has improved significantly
over the last six months, the company continues to face sizeable
debt maturities of around $800 million in both India and London
over the next 18 months.

MDL plans to meet its upcoming obligations via its internal cash
flow generation and through obtaining further extensions on its
project loans in India, keeping the company exposed to the
uncertain macroeconomic environment.

While the company's operating performance has started to recover in
India following a sharp slump in the quarter ended June 2020, this
is partly due to pent-up demand and the ongoing festive season in
India. But local market conditions remain favorable for home buyers
as interest rates and property prices are at multi-year lows. This
environment will continue to support housing demand in the country
at least over the next 12 months.

Meanwhile, the company's operating performance in London is yet to
pick-up. Even though the pace of new sales remaining slow, the
company has managed to collect around GBP280 million from existing
sales at GSQ in the quarter ended September 2020 despite the
pandemic. Moody's expects sales to pick-up gradually over the next
few months as the economy starts to recover.

While the company is working on securing other financing sources,
they will only be executed over the next few months. As such,
lower-than-expected sales and collections would weaken its internal
cash flow generation and exert pressure on the company's liquidity
and rating.

MDL's Caa1 rating primarily reflects a high degree of refinancing
risk although Moody's positively notes the steps taken by the
management to improve the company's liquidity over the last six
months. The ratings also consider the company's position as the
leading developer of residential properties in India and the large
size of its land bank.

ESG considerations

In terms of environmental, social and governance (ESG) factors, the
rating incorporates governance risks arising from the company's
concentrated ownership structure and its aggressive financial
policies.

Outlook

The stable outlook on MDL's Caa1 CFR reflects Moody's expectations
that a gradual recovery in operating sales and collections will
keep its liquidity needs manageable over the next 12-18 months.

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

The rating may be upgraded to B3 if the company is able to maintain
the current momentum in its operating sales and collections in
India, such that they recover to pre-pandemic levels of around
INR65 billion - INR70 billion per year, while its liquidity
requirements remain manageable over the next 12-18 months. An
improved operating performance in London will also be imperative
for an upgrade.

The rating may be downgraded to Caa2 if the company's operating
sales and collections fail to recover in line with Moody's
expectations and weaken its liquidity position. Alternatively,
further instances of debt moratoriums and extensions that allow the
company to avoid a payment default or result in any economic loss
to lenders could be construed as a distressed exchange and pressure
the ratings.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in January 2018.

Macrotech Developers Limited is the largest real estate developer
in India by sales of residential apartments. The company is focused
on residential developments in the Mumbai Metropolitan Region, with
some projects in nearby Pune. The company — along with its
promoters — has also expanded into the London market and has two
projects in the city namely, Grosvenor Square and Lincoln Square.


MAGADH PRECISION: CARE Keeps D on INR45cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Magadh
Precision Equipment Limited (MPEL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           35.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      10.00      CARE D/CARE D; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 24, 2019, placed the
rating(s) of MPEL under the 'issuer non-cooperating' category as
MPEL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. MPEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated October
16, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on October 24, 2019 the following were
the rating strengths and weaknesses: (updated for the information
available from Registrar of Companies)

Key rating weaknesses

* On-going delay in debt servicing: There were delays in debt
servicing in past owing to stretched liquidity position.

Dewas-based (Madhya Pradesh), MPEL was incorporated in July 1986 as
a public limited company formerly known as “Magadh Steel
Industries” primarily promoted by Mr. Girja Nand Sharma, Mr.
Krishna Kant Kumar and Ms. Meera Sharma. MPEL is engaged in
manufacturing of capital equipment for metal processing industry
which includes manufacturing of hot and cold rolling mill machines,
slitting lines, galvanizing lines. The manufacturing unit situated
at Dewas, Madhya Pradesh which is spread over 12000 Sq. Meters
area. MPEL executes both domestic as well as export orders received
mostly from China, Bangladesh, USA, Japan, Tanzania and Dubai.


NIIL INFRASTRUCTURES: NCLT Approves INR103 crore Resolution Plan
----------------------------------------------------------------
Financial Express reports that the National Company Law Tribunal
(NCLT) has approved a Rs103-crore bid to acquire debt-ridden NIIL
Infrastructures, which is developing a housing project in Agra,
Uttar Pradesh.

According to the report, a two-member Principal bench of NCLT,
headed by Acting President BSV Prakash Kumar, has approved the
Rs103.18 crore resolution plan by a consortium of Rishabh Verma and
Shilendra Khirwar along with N-Homes.

In March 2018, NCLT Delhi had admitted the application seeking
resolution for NIIL Infrastructures under the Insolvency and
Bankruptcy Code and appointed Nisha Malpani as the Resolution
Professional (RP), FE notes.

In its order, NCLT has observed that the resolution plan provides
no lay off for the workmen of the debt-laden company and for the
full and final discharge of their dues for the period of 24 months
preceding the insolvency commencement date.

"There appears to be no discrimination in the resolution plan in
respective class of creditors as the same treatment is provided to
similarly situated each class of creditors," the tribunal, as cited
by FE, said.

FE says the resolution plan by the consortium has already been
approved by the lenders of the company.

"The resolution plan has been approved by 77.04 per cent voting
share of the member of CoC and has been submitted in compliance of
section 30 of the code. In view of the aforesaid discussions and as
no infirmity has been brought out upon screening the resolution
plan, we hereby approver the resolution plan," said NCLT, FE
relays.

The report says the tribunal observed that the resolution plan was
higher than the liquidation value of the company, which was Rs
90.98 crore.

"It is well-settled proposition of law that the commercial and
business decision of Committee of Creditors (CoC) is not open for
judicial review," it said.

Last year, the RP had invited expression of interest (EoI). Two
entities, SSG Infratech and a consortium of Rakesh Kumar Verma and
Shilendra Khirwar along with N-Homes had expressed their interest,
the report recalls.

However later, SSG Infratech withdrew contending that the project
cost estimates and financials were not viable for them.

Afterwards, the proposal of the consortium was placed before the
CoC of the company, which had on April 16, 2019, approved it with
77.04 per cent votes. A letter of intent was issued by the CoC on
July 27, 2019.

NIIL Infrastructures, based in the national capital, had launched
this project in 2010, but it is yet to be completed, FE notes.

Around 750 flats were launched in this project, of which around 600
units have been sold. The company has so far completed only four
towers comprising around 250 units, says FE.

The realty firm owes about INR50 crore to financial institutions
including Alchemist Assets Reconstruction and Bank of Baroda. Home
buyers had submitted a claim of INR50 crore, the report discloses.


OSCAR INVESTMENTS: Ind-Ra Lowers Term Loan Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Oscar
Investments Limited's term loans to 'IND D (ISSUER NOT
COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)'. The issuer did
not participate in the rating exercise, despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.


The instrument-wise rating actions are:

-- INR5.0 bil. Long-term bank loan downgraded with IND D (ISSUER
     NOT COOPERATING) rating; and

-- INR1.50 bil. NCDs* maintained in non-cooperating category with
     IND C (ISSUER NOT COOPERATING) rating.

* Unutilized

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

KEY RATING DRIVERS

The rating on long-term bank loans has been downgraded to 'IND
D(ISSUER NOT COOPERATING)' based on Ind-Ra's understanding that the
company's accounts have been overdue for over a year. The ratings
on NCDs have been maintained at 'IND C (ISSUER NOT COOPERATING)' as
they are unutilized.

COMPANY PROFILE

Oscar is a listed group company of RHC Holding Private Limited
(RHC). RHC, along with Malav Holding and Shivi Holding, holds 69%
of Oscar's equity shares. On March 31, 2017, Oscar held stakes in
several unlisted subsidiaries and group companies.


R. N. KAPOOR: CRISIL Hikes Rating on INR4.9cr Loan to B
-------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated its ratings on bank facilities of R. N.
Kapoor Textiles Private Limited (RKTPL) to 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
management has subsequently started sharing the information,
necessary for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating the ratings to 'CRISIL
B/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.9        CRISIL B/Stable (Migrated from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Letter of Credit      .6        CRISIL A4 (Migrated from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Proposed Long Term   3.0        CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

The ratings continue to reflect the modest scale of operations
amidst exposure to intense competition and volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of RKTPL's promoters in the textile
industry and the company's moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition in the yarn
spinning industry: The yarn spinning industry is hugely fragmented
with the top five players constituting less than 5% of the total
installed capacity. Intense competition thus, continues to
constrain scalability: revenue has been modest in the range of
INR17.8-28.8 crore in the five years ending fiscal 2020.

* Exposure to volatility in raw material prices: Operating margin
has been volatile over the years due to fluctuations in raw
material prices, which are dependent on demand and supply factors,
government policies, and the monsoon.

Strengths

* Extensive experience of the promoters in the yarn spinning
industry: The five-decade-long experience of the promoters, and
their healthy relationships with suppliers and customers have
helped the company sustain its business performance despite a fire
accident in April 2017.

* Moderate financial risk profile: Gearing stood at 2.06 times as
on March 31, 2020. Interest coverage ratio was moderate at 1.5
times in fiscal 2020.

Liquidity Poor
Expected cash accrual of INR0.09 crore and INR0.51 crore for
fiscals 2021 and 2022, respectively, may not suffice to cover the
yearly debt obligation of INR0.72 crore and timely repayment of
debt will be supported by funds from promoters. Fund-based limit of
INR4.9 crore was utilised at 99% on an average over the 12 months
ended June 30, 2020.

Outlook: Stable

CRISIL believes RKTPL will continue to benefit from the extensive
experience of its promoters in the yarn spinning industry.

Rating Sensitivity Factors

Upward factors

  * Sustained growth in revenue (by 20%) and operating margin (by
150 basis) leading to higher cash accrual

  * Better working capital management.

Downward factors

  * Decline in profitability, leading to lower-than-expected cash
accrual

  * Any large debt-funded capital expenditure or substantial
increase in working capital requirement, weakening the financial
risk profile and liquidity.

RKTPL was set up in 1997, by Mr. Satish Kumar and his brothers -
Mr. Suresh Kumar, Mr. Sanjeev Kumar, and Mr. Sushil Kumar - in
Ludhiana. The company manufactures and trades in hosiery garments
and synthetic yarn, respectively. It has an installed capacity of
around 5 tonnes per day to manufacture cloth.


RHC HOLDING: Ind-Ra Keeps 'D' Debt Rating in Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RHC Holding
Private Limited's (RHC) debt ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.0 bil. Secured long-term non-convertible debentures
     (NCDs; Long-term) ISIN INE657K07213 issued on December 17,
     2013 13.60% coupon rate due on December 27, 2018 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR750 mil. Secured long-term bank loans (Long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

RHC was incorporated in 2007 as Solaries Finance Pvt. Ltd. It was
renamed in November 2008. The company is a closely-held investment
company, held by Mr. Malvinder Mohan Singh and Mr. Shivinder Mohan
Singh. As on 31 March 2017, RHC held stakes in several unlisted
subsidiaries and group companies.


RV REALTY: CARE Keeps D on INR9.5cr Loans in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RV Realty
(RVR) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed description of the key rating driverss

CARE had, vide its press release dated August 8, 2019, placed the
rating of RVR under the 'issuer noncooperating' category as RVR had
failed to provide information for monitoring of the rating as
agreed to in its rating agreement. RVR continues to be
non-cooperative despite repeated requests for submission of
information through email dated August 9, 2020, September 30, 2020,
October 8, 2020, October 27, 2020 and numerous phone calls. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

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

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Delay in debt servicing obligations: As per the banker
interaction dated July 26, 2019, the account was classified as NPA
on account of overdrawals in cash credit facility and delay in
repayment of interest obligation.

RV Realty is a special purpose vehicle (SPV) formed as a
partnership entity between the Pune based Vastushodh Group and the
Pune based Reelicon Group. The Reelicon group is a Pune based real
estate engaged mainly in the construction of residential projects.
The firm was promoted by 3 entrepreneurs in 1998, Mr. Anil Salunke,
Mr. Milind Jadhav and Mr. Dhananjay Nimbalkar each having 15 years
of experience.


SHRIKRISHNA AVDHOOT: CARE Moves D Debt Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Shrikrishna Avdhoot Agro Private Limited (SAPL) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.75      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale, Key Rating Drivers and Detailed description of

the key rating drivers

CARE has been seeking information from SAPL to monitor the rating
vide e-mail communications dated June 15, 2020, June 24, 2020, June
29, 2020, July 9, 2020, July 23, 2020, August 17, 2020, August 31,
2020, September 8, 2020, September 30, 2020, October 7, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on SAPL's bank facilities will
now be CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account the ongoing delays in servicing of
debt obligations:

Detailed description of the key rating drivers

At the time of last rating on August 23, 2019 the following were
the rating weaknesses (Updated for the information available from
ROC website):

Key Rating Weaknesses

  * Delays in repayment of interest and principal for the term loan
availed: During the last review, there were on-going delays in the
servicing of interest and principal on the term loan availed by the
company, the same was mainly on account of stretched liquidity
position. The financial risk profile of the company was mainly
affected by the deficit level of rainfall in the Latur region on
Maharashtra.

SAPL is a Latur (Maharashtra) based, Private Limited Company and
was incorporated in year 2012. However, the company commenced its
commercial operation as on September 2016. SAPL is in the business
of cultivation of Button Mushrooms. SAPL procures raw materials
i.e. wheat straw, natural rye berries, agricultural grade gypsum,
coconut coir and mushroom seeds from Pune based dealers. The
company sells its button mushrooms to Mumbai, Hyderabad, Pune,
Nagpur based dealers.


THANGAVEL FABRICS: CARE Lowers Rating on INR17.30cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Thangavel Fabrics Private Limited (TFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable; ISSUER NOT
                                   COOPERATING

   Long Term Bank       17.30      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4; ISSUER NOT COOPERATING
                                   
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 14, 2019, placed the
rating(s) of TFPL under the 'Issuer non-cooperating' category as
TFPL had failed to provide information for monitoring of the
rating. TFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated November 3, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of
Thangavel Fabrics Private Limited takes into account of delays in
the servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

The firm is unable to generate sufficient cash flows leading to
strained liquidity position resulted in overdues in cash credit
facility.

Key Rating Strengths

  * Experience of the promoters of over three decades and
established relationship with suppliers and customers: TFPL is
promoted by Mr A Thankavel who has more than three decades of
experience in the textile industry. Presently, the dayto-day
operations of the company are managed by the promoter and his sons
(Mr T Vijayaragavan and Mr V T Jayachandran) who also have
experience of more than a decade in the textile business. As a
result, their association with suppliers and customers also extends
to over 20 years.

Thangavel Fabrics Private Limited (TFPL) (erst while Thangavelu
Fabrics Private Limited), is an Erode based fabric manufacturer,
established in January 2005, by merging four proprietorship
concerns promoted by Mr Thankavel. These proprietorship concerns
were engaged in manufacture of fabric since 1975. Currently, the
company has three manufacturing units in Erode, Tamil Nadu with a
total weaving capacity of 81 auto looms (approximately 25,000
meters per day) as on March 22, 2017. TFPL is a deemed exporter for
brands like GAP, HNM, Lewi's, MNS, Next, Target, Marks & Spencers,
Gloria Jeans and C&A. The promoters, family and friends
collectively hold 100% shareholding in the company. The company
availed moratorium on its existing bank facilities as per COVID-19
RBI guidelines.


VEENDEEP OILTEK: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Veendeep Oiltek
Exports Pvt Ltd's (VOEPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit affirmed with IND
     BB-/Stable rating;

-- INR40 mil. Non-fund-based limit affirmed with IND A4+ rating;

-- INR20 mil. Proposed fund-based working capital limit* assigned

     with IND BB-/Stable rating; and

-- INR70 mil. Proposed non-fund-based limit* assigned with IND
     A4+ rating.

*Unallocated

KEY RATING DRIVERS

The affirmation reflects VOEPL's continued small scale of
operations even as its revenue grew 23% yoy to INR229.86 million in
FY20 on increased order execution. VOEPL achieved revenue of
INR41.71 million for 1HFY21. Ind-Ra expects the revenue to decline
in FY21 due to COVID-19-led disruptions. The company had a moderate
order book of INR368.5 million (1.6x of the FY20 revenues) on 21
October 2020. FY20 numbers are provisional in nature.

Liquidity Indicator - Stretched: VOEPL's net conversion cycle
elongated to 74 days due to an increase in the inventory level to
INR40.7 million in FY20 (FY19: INR6.6 million) as a result of an
order deferment. The company's working capital utilization remained
low at 28% for the 12 months ended in October 2020. The cash and
cash equivalents stood at INR26.4 million in FY20 (FY19: INR6.24
million). The cash flow from operations, which has been positive
since FY16, declined to INR19.65 million in FY20 (FY19: INR29
million) owing to working capital changes. The company has not
availed of the Reserve Bank of India-prescribed moratorium.

The ratings reflect VOEPL's average EBITDA margins due to the
nature of its business. The margins improved to 11% in FY20 (FY19:
8.2%) on the back of increased revenue. The margins are likely to
be stable in FY21 as the manufacturing expenses for the deferred
order have already been accrued in FY20. The return on capital
employed was 15% in FY20 (FY19: 7%).

The ratings also factor in VOEPL's improved credit metrics in FY20
due to an increase in its absolute EBITDA to INR25.76 million
(FY19: INR15.28 million) and a fall in the interest costs. The net
leverage (adjusted net debt/operating EBITDAR) was 1.1x in FY20
(FY19: 2.4x) and the interest coverage (operating EBITDA/gross
interest expense) was 3.09x (1.85x). The credit metrics are likely
to deteriorate in FY21 on the back of an enhancement in the working
capital facility.

The ratings, however, continue be supported by the promoter's
operational experience of over three decades in the manufacturing
of oil extractor machines.

RATING SENSITIVITIES

Negative: An inability to obtain fresh orders, leading to liquidity
pressures, will lead to a negative rating action.

Positive: A continued improvement in the order book above 3x along
with an improvement in the liquidity position, will lead to a
positive rating action.

COMPANY PROFILE

Formed in 1994, VOEPL is engaged in the manufacturing and export of
solvent extraction plants, refinery plants, hydrogenation plants
and fractionation plants for the edible oil industry. These plants
are exported in dismantled status and erected, engineered and
constructed by the engineers of VOEPL at the customer's location.
The projects are taken on a turnkey basis.


VENKATESWARA EDUCATIONAL: CRISIL Cuts INR7.5cr Loan Rating to D
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its ratings on
bank facilities of Sri Venkateswara Educational Society - Nellore
(SVES) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating.'
However, the company's management has subsequently started sharing
requisite information, for a comprehensive review of the ratings.
Consequently, CRISIL is downgraded its ratings to 'CRISIL D/CRISIL
D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             4.5        CRISIL D (Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Term Loan             7.5        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

The downgrade reflects the delay in servicing of repayment
(interest & principal) on term debt obligations by the society in
September 2020.

The ratings reflect the SVES's exposure to intense competition in
education industry, and that to regulatory environment governing
the educational sector. These weaknesses are partially offset by
the established position in educational sector, and the wide range
of its course offerings and benefits expected from healthy demand
prospects for education sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in payment of principal and interest on term loan: Due to
Covid-19 pandemic, liquidity was constrained and led to delay in
repayment of term loan in September 2020.

* Exposure to regulatory environment governing educational sector:
The various courses offered by SVES have to comply with specific
operational and infrastructure norms set by regulatory bodies such
as the All India Council for Technical Education (AICTE), and state
authorities. Thus, the society needs to regularly invest in its
workforce and infrastructure. Also, setting up of new institutes
and seat increases require approvals. Furthermore, the fees are
charged as per the state administrating authorities and hence
regulated. Any non-compliance will result in the withdrawal of the
acquired status, and affiliation to various boards.

* Exposure to intense competition: SVES faces intense competition
in Andhra Pradesh, especially in its management and engineering
courses from the numerous institutes affiliated with University of
Andhra Pradesh, despite its presence in the region for over ten
years. The colleges of the trust had about 90 per cent occupancy
for its engineering courses. The sustained inflow of students will
depend to a large extent on the society's ability to offer
placements to its students, and to offer quality education through
continuous infrastructure development, and by retaining and
recruiting the best faculty.

Strengths:

* Established position in educational sector, and the wide range of
its course offerings: Established in the year 2012, SVES runs
institutions which is reputed in Andhra Pradesh for offering
courses in a variety of disciplines such as engineering, pharmacy,
education, computer application, and management studies. The
group's engineering college offers courses in six streams, while
its management institute offers full-time post-graduate courses.
These institutes have proven results and healthy placement track
records with information technology (IT) and other services sector
companies, thus influencing prospective students.

* Benefits expected from healthy demand prospects for education
sector: Demand prospects in the education sector in India are
healthy. According to National Council of Educational Research and
Training, at least 200,000 schools are required to meet the school
level demand. There is a growing preference for private schools
because of the inefficient public school system and growing
awareness about the importance of quality education. With the
increasing thrust on education by the government, the enrolment in
higher education is expected to increase to 15 per cent of the
total population by 2017 from the present 7 per cent.

Liquidity Poor

Liquidity remains weak, as reflected by delay in servicing of
repayment in September 2020, amidst the Covid-19 pandemic. The
company availed the moratorium on its bank loan between March and
August 2020. Due to the extended lockdown, the fee collections have
been affected leading to lower accruals constraining the liquidity
in the medium term.

Rating Sensitivity factors

Upward factors

* Timely servicing of debt obligations for at least three months

* Improvement in liquidity, supported by collection of fee.

SVES, founded by Mr. Babu Naidu, in year 2012, runs an education
group 'which is based out of Nellore (Andhra Pradesh) providing
education from engineering to professional courses. SVES offering
courses across engineering, pharmacy, business management and
computer applications.


VINAY STEEL: CARE Lowers Rating on INR10cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vinay Steel (VS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 8, 2019, placed the
rating of VS under the 'issuer noncooperating' category as VS had
failed to provide information for monitoring of the rating. VS
continues to be noncooperative despite repeated requests for
submission of information through phone calls and emails dated
August 8, 2020, September 30, 2020, and October 16, 2020,
November 2, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the rating assigned to the bank facilities of VS
takes into account delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Delay in debt obligation: As per the interaction with the
management there are delays in debt servicing and the account is
classified under the NPA category by the banker.

VS, based out of Nagpur (Maharashtra),is a proprietorship firm and
commenced operation on September 1, 2015. VS is engaged in the
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
among others, which find application in industries like
construction, infrastructure and engineering.




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

BELLA VISTA: Director Successfully Sued for NZD1MM by Carters
-------------------------------------------------------------
Matt Shand at Stuff.co.nz reports that a failed building company
director argued he only had to pay NZD50,000 of the NZD1 million he
personally guaranteed, but a High Court judge said his arguments
were "grasping at any passing straw".

Bella Vista Homes, operated by director Danny Cancian, went into
liquidation in November 2017 leaving houses in Tauranga unfinished,
Stuff recalls.

Later, the 21 homes were deemed to be dangerous or affected by
dangerous buildings resulting in the development being evacuated
and homeowners locked out of their homes, the report says.

According to Stuff, Mr. Cancian owed Carters more than one million
when his company went into liquidation but he argued he only signed
a personal guarantee for NZD50,000 despite completing an
application for NZD800,000 worth of credit.

Mr. Cancian argued in the High Court at Tauranga his contract was
misrepresented by a sales representative of Carters about his
amount of personal liability and Carters extended his credit limit
without his knowledge, Stuff relates.

Justice Ed Wylie wrote in a judgement of the trial that Mr.
Cancian's evidence was "self-serving" and "made little commercial
sense" for Carters to extend a credit of NZD800,000 while only
having a guarantee for NZD50,000.

Justice Wylie drew on documents showing Mr. Cancian had signed a
Deed of Guarantee and Indemnity stating if Bella Vista did not pay
its account when due, Mr. Cancian would immediately on demand pay
the relevant amount to Carters.

He rejected Mr. Cancian's evidence, on which he said, "I was given
a clear impression that Mr. Cancian was making up matters as he
went along," the report relays.

"It struck me Mr. Cancian was grasping at any passing straw in an
endeavour to back up his argument.

"I gained the impression that he was seeking to attribute the blame
for Bella Vista's ultimate collapse on other persons/entities, and
to distance himself from any responsibility for what occurred."

Justice Wylie ruled in favor of Carters and ordered Mr. Cancian to
pay NZD1,078,668 to Carters with an interest rate of 1.5 per cent
per month, calculated daily, on the amount owing, according to
Stuff.

Carters is also entitled to recover costs from Mr. Cancian
including its legal costs.

In other court proceedings earlier in 2020, Mr. Cancian and others
faced a total of 28 charges under the Building Act 2004 for work on
the subdivision.

Stuff says the majority of the charges related to block foundation
walls that were not constructed in accordance with consent plans.

An internal review of Tauranga City Council's building inspection
team over the failure of Bella Vista revealed "negligent and
inexcusable" conduct.

The Bella Vista Homes saga cost Tauranga ratepayers NZD14.2 million
to buy out with the mix of cleared land and existing homes later
sold to a local developer, Stuff notes.

New owner, Classic Group director Peter Cooney, said they will
build 13 new homes and remediate 5 existing homes as part of the
development, the report adds.


DEANE APPAREL: Expected to Close in December; 67 Jobs At Risk
-------------------------------------------------------------
Otago Daily Times reports that workers at a Christchurch family
business are facing a miserable Christmas after learning 67 jobs
are likely to be lost at the garment factory.

They will learn two days before Christmas Day if Deane Apparel's
proposal to close will go ahead, the report says.

According to ODT, general manager Corey Mulligan told Newstalk ZB's
Chris Lynch he is working with staff through a consultation
period.

He said the decision had been delayed for some time.

"The Christchurch factory makes speciality garments, and the
company has been seeing less demand for these and more demand for
lower-cost imported products."

ODT relates that Mr. Mulligan said the company has loyal employees
and many of them had been at the company on average for 15 years.

Two members have been with the company for more than 40 years.

Counselling is being offered to workers, along with new job
support, ODT notes.

He said if the proposal does go ahead, staff from the Ministry of
Social Development will be on site to discuss benefit support.

Deane Apparel makes speciality garments and work wear.  The family
business was founded in 1932 and has offices in Christchurch and
Auckland.


WHYTE WATERS: Placed Up for Sale in Liquidation Process
-------------------------------------------------------
Bayleys Realty Group said a Kiwi-designed tourism and hospitality
software system and business has been placed on the market for sale
by its liquidators Lynda Smart and Geoff Brown of Rodgers Reidy.

The business and IT software system allow small-to-medium sized
tourism and hospitality operators to take third-party on-line
bookings and payments with real-time availability updates.

The Real Time Booking System (RTBS) is utilised by tourism and
hospitality operations across New Zealand and Australia. The
internet-based operation was created by Whyte Waters Group Limited
(In Liquidation).

Both the Whyte Waters Group business and Real Time Booking System
operations are continuing to trade. Prior to the onset of COVID-19
the business employed five staff on a full-time equivalent basis,
with access to additional former employee technicians on an 'as
required' contract basis. All staff were able to work remotely from
home.

Whyte Waters Group Limited (In Liquidation) was founded in 2005 as
a marketing and publications company which produced tourism and
hospitality leaflets and booklets to holiday-makers visiting
Queenstown.

The company's Real Time Booking System operation piggybacked off
the industry relationships established by Whyte Waters Group
Limited (WWGL). As marketing became more digitally-centred, WWGL
reduced its portfolio of printed publications and concurrently
began building up its on-line bookings service.

RTBS's central reservations system allows customers to manage their
bookings as they arrive from multiple sources – including their
own websites, hotel booking desks, high street travel agents,
wholesale travel companies, and information centres. Bookings are
automatically confirmed and notified by text and email and allow
for individual customisation of service offerings to encompass
special one-off promotions, day trips, and pick up locations.

The RTBS system shows, amongst other information, activity
availability, how the booking was reserved, how much has been paid
by the customer, and the number of people participating –
allowing for activity operators to manage their services
accordingly.

RTBS generates its revenues through a formal service level
agreement (SLA) with participating customers which provide for
combinations of subscription fees and commissions from transactions
booked through its service.

Financial statements from WWGL for the past three years show the
company had seven-figure revenues - with net profits more than
doubling over that time frame. Prior to COVID-19's impact on New
Zealand at the end of March this year, the number of transactions,
and total value of transactions captured through RTBS had increased
year upon year.

While WWGL's in-room publishing activities have been put on hold,
the Company still operates advertising screens installed at hotel
lobbies in Queenstown and Rotorua showcasing tourism activities in
the respective locations.

Now the proprietary software intellectual property assets and
business behind Whyte Waters Group Limited (In Liquidation) and its
going concern Real Time Booking Systems business are being marketed
for sale by negotiation through Bayleys Canterbury. Hospitality and
tourism business sales specialist Kate Mullins said that since
launching, RTBS had grown its customer client base year upon year.
Despite COVID-19, 153 operators were actively using the system in
September this year.

"Domestic tourism in New Zealand is now through its darkest period,
and with virtually no international travel being undertaking by
Kiwis for the foreseeable future, is now on an upward cycle," said
Mullins.

"The RTBS system is a cost-effective way for many smaller tourism
and hospitality operators to take real-time bookings for their
services without having to substantially invest in their own IT
infrastructure. In the year to December 2019, some 781,273 bookings
to total value of NZD106.2 million were made through RTBS."

Mullins said that prior to COVID-19, WWGL had already begun
exploring new growth avenues for the RTBS and the opportunity
remains for a new operator to extend the use of RTBS beyond its
traditional tourism and hospitality client base.

"The functioning RTBS software platform represents years of
development and is constantly evolving as customer needs and
communication channels have changed the dynamics of the sector,"
she said.

Assets included in the sale include:

   * All of RTBS's software, database, and intellectual systems

   * Two websites; whytewaters.com and the booking portal
     rtslive.com; and

   * The email accounts and phone numbers associated with the
     business


ZANY ZEUS: Former Owner Goes Into Liquidation
---------------------------------------------
Stuff.co.nz reports that the original company that owned boutique
dairy Zany Zeus has gone into liquidation, after being put into
receivership in December last year.

At the High Court in Wellington on Nov. 17, Associate Judge Ken
Johnston granted the application by BNZ for liquidation of three
related companies, Zany Zeus, Soy Organic Ltd and Zany Zeus on
Wheels, Stuff discloses.

While the original company has been wound up, the Lower Hutt
business and assets were bought in April by Zany Zeus 2020 Ltd and
continue to operate, the report says.

Stuff says the new company is owned by a consortium including
members of the Matsis family which started the original business.

The new company is now running the cafe and factory, which are
still open.

Known for its organic milk products, like ice cream and cheese,
Zany Zeus was put into receivership last year with money owed to
creditors after putting millions into a new factory in Seaview,
Stuff notes.

No one from the company attended the brief hearing, Stuff says.

At the time of the sale in April, no employees had been lost and
the business continued to operate and said they were planning new
products, the report says.

The cafe was closed during level four lockdown but the factory
remained open and providing goods to supermarkets.

Stuff says the company gained international recognition after
actress Scarlett Johansson told E News its chocolate cake was the
best she had ever eaten, after she discovered the cafe while
filming Ghost in the Shell in Wellington.




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

CDL HOSPITALITY: Fitch Lowers LT IDR to BB+, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) of Singapore-based CDL Hospitality Real Estate Investment
Trust (HREIT) to 'BB+' from 'BBB-'. The Outlook is Stable.

The downgrade reflects the effect that the coronavirus pandemic is
having on the global travel and lodging sectors, which has led to a
sharp drop in HREIT's cash flow due to an immediate plunge in
travel. Fitch expects the impact from the pandemic to be prolonged
and do not forecast HREIT's cash flow or credit metrics to return
to pre-pandemic levels until at least 2024.

The Stable Outlook is supported by its belief that HREIT's credit
metrics will return to levels commensurate with its rating in 2022
and that its financing flexibility and liquidity will remain
healthy throughout this period. In this regard, the trust has
demonstrated an ability to access credit markets, despite the
downturn.

KEY RATING DRIVERS

Prolonged Disruption to Lodging Demand: Fitch does not expect a
quick or meaningful recovery in lodging-sector fundamentals during
2021, as the pandemic continues to severely disrupt international
travel. Fitch expects international travel to remain restricted for
most of next year, with a meaningful improvement only in 2022-2023.
Its forecasts assume revenue per average room will hover at around
50%-55% of 2019-levels in 2020-2021, recovering to 85% in 2022 and
90% in 2023.

Healthy Financing Flexibility: Fitch expects HREIT's financial
flexibility to remain adequate for its rating - despite a temporary
rise in net debt/EBITDA in the next 12-18 months - supported by the
fixed rent component in its master leases, unlike some global
lodging peers. Fitch projects the EBITDA/interest paid ratio to
fall to 2.1x in 2020 (2019: 6.4x), recovering to 2.9x in 2021 and
5.3x in 2022, for the net debt/investment property value ratio to
remain less than 50% (pro forma October 2020, including proceeds
from the divestment of Novotel Brisbane: 29%) and for the trust's
properties to stay largely unencumbered.

Slow Improvement in Earnings: Fitch expects HREIT's EBITDA to
decline to SGD46 million in 2020 (2019: SGD129 million), with its
EBITDA margin falling to 43%, from 66%. Fitch forecasts a marginal
EBITDA improvement to SGD61 million in 2021, supported by slightly
higher international travel volume in HREIT's key Asian markets of
Singapore, Australia and New Zealand.

Asia-Pacific countries with low infection rates, such as China,
Hong Kong, Singapore, Australia and New Zealand, are considering
the creation of bilateral travel corridors, with Singapore and Hong
Kong agreeing to a first-of-its-kind travel bubble that allows
quarantine-free movement between the two countries from 4Q20,
subject to conditions. However, Fitch does not expect such
arrangements to be common in the near term, as most countries are
likely to favour a slow and measured re-opening.

Lower Fixed Rent: The master leases for HREIT's Australian assets,
post recent disposals, contributed 3% of 2019 net property income,
and will expire in April 2021. Fitch expects the income from these
assets to be exposed to Australia's weak operating conditions, with
continued travel restrictions. However, the bulk of the trust's
other master lease agreements will continue through to at least
2026 and provide some downside protection.

HREIT also made a SGD5.8 million provision against rent receivable
from master lessees at its German and Italian assets in 9M20, and
further provisions may be required if the pandemic is not contained
in key markets. In addition, HREIT divested two hotels with large
fixed-rent components - Novotel Clarke Quay and Novotel Brisbane -
in 9M20, albeit at a gain. Consequently, Fitch expects the trust's
fixed rent to fall to around 20% of gross revenue towards
2022-2023, once operating conditions improve, compared with more
than 30% before the pandemic.

DERIVATION SUMMARY

HREIT's IDR is comparable with that of peers such as Ascott Real
Estate Investment Trust (Ascott REIT, BBB/Negative) and Host Hotels
& Resorts, Inc. (BBB-/Stable).

Ascott REIT has a larger and more geographically diverse property
portfolio, a higher portion of income from fixed rent and longer
average-stay tenancies, as it caters to the serviced-residence
sub-segment. These factors provide a larger buffer against lower
earnings than for HREIT. Consequently, Fitch expects Ascott REIT's
financial profile to be less affected by the pandemic, with
leverage peaking at around 10x in 2020, before returning to 6x-7x
in the medium term, compared with HREIT's peak of 20x in 2020, with
a recovery to 7x-8x. Therefore, Fitch rates Ascott REIT higher than
HREIT.

Host has a substantially larger operating scale than HREIT, with 80
high-quality up-market hotels spread across the US and five
international hotels in Brazil and Canada. Fitch believes Host's
earnings will decline more sharply in 2020 than those of HREIT,
which benefits from a degree of fixed rent. However, Host's
leverage is likely to recover faster to around 4.0x by 2022,
against its expectation of 7.8x for HREIT. This, together with
Host's sector-leading access to capital markets across all points
in the cycle, offsets its temporarily weaker earnings and supports
a higher rating than for HREIT.

KEY ASSUMPTIONS

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

  - 2020 revenue per average room to fall to 49% of 2019 levels,
then recover to 55% in 2021, 86% in 2022 and 93% in 2023

  - EBITDA of SGD46 million in 2020, SGD61 million in 2021 and
SGD113 million in 2022 (2019: SGD129 million)

  - Capex of around 10%-12% of revenue each year in 2020-2023
(2019: SGD45 million)

RATING SENSITIVITIES

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

  - Fitch does not expect positive rating action in the next 18-24
months given the significant disruption to global lodging
fundamentals. Over the longer term, a return of HREIT's operating
scale as measured by EBITDA, its EBITDA margin, and credit metrics
to pre-pandemic levels could result in an upgrade.

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

  - EBITDA/interest paid sustained below 2.0x

  - net debt/EBITDA above 10.0x and net debt/investment property
value above 50% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: HREIT had SGD168 million in cash on hand and
SGD220.5 million of committed revolving credit facilities at
end-September 2020. This provides adequate liquidity to repay
SGD349 million of debt maturing in August-December 2021, although
Fitch expects the trust to refinance these maturities early.
HREIT's October 2020 divestment of Novotel Brisbane for SGD61.4
million (net of transaction costs) further boosted its liquidity.
The trust has also demonstrated healthy access to credit and
capital markets, despite the disruption caused by the pandemic; in
September 2020 it refinanced SGD83 million of Japanese
yen-denominated term loans into a five-year fixed-rate term loan
and bond, and upsized its committed revolving credit facility by
SGD200 million in total, between June and August 2020.

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.


KRISENERGY: Court OKs Scheme Meeting, Extends Debt Stay to January
------------------------------------------------------------------
Fiona Lam at The Business Times reports that the Singapore High
Court has granted leave for debt-ridden KrisEnergy to convene a
meeting of its scheme creditors within three months from Nov. 16.

BT relates that the mainboard-listed upstream oil and gas firm's
debt moratorium has also been extended again, this time to Jan. 16,
2021. It was first granted in September last year.

KrisEnergy's creditors include Keppel Shipyard, DBS, HSBC, Standard
Chartered Bank, zero-coupon noteholders, holders of its SGD130
million senior unsecured notes due 2022, holders of its SGD200
million senior unsecured notes due 2023, Rubicon Vantage
International and Maritime International Services, BT discloses.

At the scheme meeting, only scheme creditors in a contractual
relationship with KrisEnergy will be entitled to vote by appointing
the chairman of the meeting as proxy. The Central Depository
account holders who invested in the due-2022 and due-2023 notes
will also be able to nominate the chairman to vote at the meeting,
BT notes.

BT says KrisEnergy, seeking to restructure debts to the tune of
US$476.8 million, has proposed a debt-to-equity swap. The
shareholding structure after the restructuring will see unsecured
creditors owning a 46.2 per cent stake and the zero-coupon
noteholders holding 43.8 per cent.

The firm last month sought the court's permission to convene the
meeting and another extension to its moratorium, the report
states.

Mainboard-listed conglomerate Keppel Corp owns a 40 per cent stake
in KrisEnergy.

                          About KrisEnergy

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Trading in its shares has been suspended pending the restructuring,
BT noted.

Total debts stood at around US$558.8 million as at June 30, 2019,
according to KrisEnergy's presentation slides for its Sept. 10,
2019, informal investor meeting for noteholders and shareholders.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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