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

                     A S I A   P A C I F I C

          Thursday, November 19, 2020, Vol. 23, No. 232

                           Headlines



A U S T R A L I A

BOUMBIS ORCHARDS: Second Creditors' Meeting Set for Nov. 25
DLP MANAGEMENT: First Creditors' Meeting Set for Nov. 30
FUJIAN XINGXING: First Creditors' Meeting Set for Nov. 27
RUBY BOND 2020-1: S&P Assigns BB Rating on Class E Notes
THINK TANK 2017-1: S&P Affirms B+ Rating on Class F Trusts



C H I N A

BAOSHANG BANK: Won't Pay Up on USGD1 Billion Bond
DANKE APARTMENT: Hasn't Been Paying Rent, Tenants Say
GOLDEN EAGLE: S&P Rates LongTerm ICR to 'BB+', Outlook Stable
YONGCHENG COAL: Wants More Time to Pay Off Its Debts


I N D I A

AINAJ INDUSTRIES: CRISIL Keeps B on INR17cr Debt in Not Cooperating
AKSHAY FOOD: CRISIL Lowers Rating on INR20cr Loan to B
ALLURE TEX: CRISIL Keeps B+ on INR11.2cr Loans in Not Cooperating
AMPA HOUSING: CRISIL Lowers Rating on INR76.18cr Loan to B+
ANIL ENGINEERING: CRISIL Lowers Rating on INR3.2cr Loan to B

ARR INFRA: CRISIL Keeps B on INR5cr Loans in Not Cooperating
ASHA ISPAT: CRISIL Keeps B+ on INR4.5cr Credit in Not Cooperating
AVANT TRADING: CRISIL Keeps B on INR7cr Loans in Not Cooperating
BABINA HEALTHCARE: CRISIL Lowers Rating on INR15cr LT Loan to B+
BALLIUM EXPORTS: CRISIL Keeps B on INR20cr Loan in Not Cooperating

BBR INDIA: CRISIL Lowers Rating on INR2cr Cash Loan to B
CHIRAG RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
DEWAN HOUSING: Piramal Protests Adani's Bid for Entire Company
DUKES PRODUCTS: CRISIL Lowers Rating on INR15cr Demand Loan to B
EAST INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GALAXY TRANSMISSIONS: CRISIL Keeps B+ Ratings in Not Cooperating
GANESH AGENCIES: CRISIL Keeps B+ on INR6cr Debt in Not Cooperating
GOLDEN APPLE: CRISIL Keeps B+ on INR27cr Loans in Not Cooperating
GOLDSTAR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HIMALAYA INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating

HOTEL RAJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JAI MATADI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JAI SHIV: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JHANWAR RICE: CRISIL Lowers Rating on INR10cr Cash Loan to B
KONGUNADU INFRA: CRISIL Assigns B+ Rating to INR10cr Secured Loan

LAKSHMI VILAS: May Fold Into DBS' India Unit Under RBI Proposal
PEARL INSULATIONS: CRISIL Lowers Rating on INR5cr Loan to B
RAFEEK CASHEW: CRISIL Moves B+ Debt Rating From Not Cooperating
TESSITURA MONTI: CRISIL Cuts Rating on INR80cr Loan to B+


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Lowers LT IDR to B-, Outlook Stable


J A P A N

AIRASIA JAPAN: Files for Bankruptcy, Leaves Flyers Without Refunds


M A L A Y S I A

AIRASIA BERHAD: Shares Fall as Carrier Rethinks India Investment
AXINGTON INC: Receives Letter of Demand From Kuala Lumpur Landlord


N E W   Z E A L A N D

DECMIL CONSTRUCTION: Insolvency Affects 5 School Building Projects


S I N G A P O R E

PACIFIC RADIANCE: Court to Hear Bid to Extend Moratoria on Nov. 30

                           - - - - -


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

BOUMBIS ORCHARDS: Second Creditors' Meeting Set for Nov. 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Boumbis
Orchards Pty Ltd has been set for Nov. 25, 2020, at 11:00 a.m. via
teleconference facility.

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.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Boumbis Orchards on
Oct. 19, 2020.


DLP MANAGEMENT: First Creditors' Meeting Set for Nov. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of DLP
Management Pty Ltd, trading as "Signex Group" and "Prologica
Digital Print", will be held on Nov. 30, 2020, at 3:00 p.m. at the
offices of Hamilton Murphy Advisory Pty Ltd, Level 1, 255 Mary
Street, in Richmond, Victoria.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of DLP Management on Nov. 18,
2020.


FUJIAN XINGXING: First Creditors' Meeting Set for Nov. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Fujian
Xingxing Restaurant Pty. Ltd., trading as Xing Xing Sichuan Dish,
will be held on Nov. 27, 2020, at 11:00 a.m. via video conference
only.

Daniel Obrien of DV Recovery Management was appointed as
administrator of Fujian Xingxing on
Nov. 17, 2020.


RUBY BOND 2020-1: S&P Assigns BB Rating on Class E Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of
residential mortgage-backed securities (RMBS) issued by AMAL
Trustees Pty Ltd. as trustee for Ruby Bond Trust 2020-1. Ruby Bond
Trust 2020-1 is a securitization of prime residential mortgages
originated by BC Securities Pty Ltd.

The ratings reflect the following factors.

-- The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk takes into account BC
Securities Pty Ltd.'s underwriting standards and approval process,
and its servicing quality.

-- The rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.

-- S&P's ratings also take into account the counterparty exposure
to Westpac Banking Corp. and Australia and New Zealand Banking
Group Ltd. as bank account providers.

-- S&P also has factored into its ratings the legal structure of
the trust, which is established as a special-purpose entity and
meets our criteria for insolvency remoteness.

-- S&P has assessed the servicing and standby servicing
arrangements in this transaction under its "Global Framework For
Assessing Operational Risk In Structured Finance Transactions"
criteria, published Oct. 9, 2014 and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes.

Loss of income for borrowers in the coming months due to the
effects of COVID-19 might put upward pressure on mortgage arrears
over the longer term. S&P updated its outlook assumptions for
Australian RMBS in response to changing macroeconomic conditions as
a result of the COVID-19 outbreak. The collateral pool at close for
this transaction will not include any loans where the borrower has
applied for a COVID-19 hardship payment arrangement. Nevertheless,
S&P undertook additional cash-flow sensitivity analysis to assess
the rated notes' sensitivity to delays in borrower payments should
some borrowers enter hardship arrangements following the closing
date.

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, we will update our assumptions and
estimates accordingly."

  RATINGS ASSIGNED

  Ruby Bond Trust 2020-1

  Class      Rating         Amount
                          (mil. A$)
  A1-MM      AAA (sf)        62.60
  A1-AU      AAA (sf)       203.00
  B          AA (sf)         45.60
  C          A (sf)          40.80
  D          BBB (sf)        27.50
  E          BB (sf)         15.20
  F1         NR              10.65
  F2         NR              10.65

  NR--Not rated.


THINK TANK 2017-1: S&P Affirms B+ Rating on Class F Trusts
----------------------------------------------------------
S&P Global Ratings affirmed its ratings on 19 classes of
small-ticket commercial mortgage-backed notes issued by BNY Trust
Co. of Australia Ltd. as trustee of Think Tank Series 2017-1 Trust,
Think Tank Series 2018-1 Trust, and Think Tank Series 2019-1
Trust.

Think Tank Series 2017-1 Trust, Think Tank Series 2018-1 Trust, and
Think Tank Series 2019-1 Trust are a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by Think
Tank Group Pty Ltd. (Think Tank).

The rating affirmations reflect:

-- The adequate credit support available to each of the
transactions. As a result of the higher risk profile of the small
ticket CMBS sector, and S&P's view that the small business sector
may face challenges due to the impact of COVID-19, it revised its
outlook and benchmark foreclosure frequency assumptions to account
for the higher credit risk profile earlier in 2020. These
transactions have adequate credit support and cash flows to absorb
these rating stresses at each respective level. Each of the
transactions has been paying sequentially and building credit
support to the senior notes.

-- That the overall the performance of each pool has performed
within expectations. As of Nov. 13, 2020, borrowers with
COVID-19-related hardship arrangements make up 13.4% of the pool
balance for the Think Tank Series 2017-1 Trust transaction, 10.8%
for Think Tank Series 2018-1 Trust, and 10.4% for Think Tank Series
2019-1 Trust. The proportion of COVID-affected borrowers within the
portfolios has been on a downward trajectory and decreased by
approximately half since its peak in June and is at more moderate
levels, in S&P's view. Arrears remain within expectations at 1.7%
for Think Tank Series 2017-1 Trust, 0.2% for Think Tank Series
2018-1 Trust, and nil for Think Tank Series 2019-1 Trust.

-- The strong cash flow available to the trusts, and the ability
of the trusts to generate sufficient level of excess spread under
our cash-flow modeling stresses at each note class's rating level.

-- That liquidity support for the transactions is adequate under
S&P's rating stresses. Loss of income for borrowers in the coming
months due to the effects of COVID-19 will likely put upward
pressure on mortgage arrears and could affect overall collections.
S&P said, "We have run additional sensitivity analysis in our
cash-flow analysis, where we have assumed 20% of principal and
interest collections are delayed to stress the liquidity available
to the transaction."

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, we will update our assumptions and
estimates accordingly."

  RATINGS AFFIRMED

  Think Tank Series 2017-1 Trust

  Class        Rating
  A1           AAA (sf)
  A2           AAA (sf)
  B            AA+ (sf)
  C            A (sf)
  D            BBB+ (sf)
  E            BB+ (sf)
  F            B+ (sf)
  G            NR
  H            NR

  NR--Not rated.

  Think Tank Series 2018-1 Trust

  Class        Rating
  A1           AAA (sf)
  A2           AAA (sf)
  B            AA (sf)
  C            A (sf)
  D            BBB (sf)
  E            BB+ (sf)
  F            NR
  G            NR
  H            NR

  NR--Not rated.

  Think Tank Series 2019-1 Trust

  Class        Rating
  A1           AAA (sf)
  A2           AAA (sf)
  B            AA (sf)
  C            A (sf)
  D            BBB (sf)
  E            BB+ (sf)
  F            NR
  G            NR
  H            NR

  NR--Not rated.




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

BAOSHANG BANK: Won't Pay Up on USGD1 Billion Bond
-------------------------------------------------
Caixin Global reports that embattled Baoshang Bank has been
recognized as insolvent by regulators and will not repay a CNY6.5
billion (US$983.7 million) bond or related interest.

The regional lender said it would write down the full principal of
the tier-two capital bond and not pay the remaining due interest
worth CNY585.6 million, Caixin relates citing Baoshang Bank's
Nov. 13 filing to the National Interbank Funding Center, an entity
under the central bank.

The write-down was triggered by the fact that Baoshang Bank was
"seriously insolvent and unable to survive," as confirmed by
regulators during the state takeover, the People's Bank of China
(PBOC) and the China Banking and Insurance Regulatory Commission
(CBRIC) said in a joint notice dated Nov. 11, Caixin relays.

"Both the scales of issuance and demand for tier-two capital bonds
are relatively large, but most investors may not be aware of risks
associated with such bonds. The (Baoshang Bank) case will make them
more vigilant," a senior employee at a joint-stock bank's financial
market department told Caixin.

Baoshang Bank Co., Ltd. provides various commercial banking
products services to individuals and corporate customers in China.

In May 2019, China's financial regulators took control of the small
private bank as part of authorities' efforts to break up fallen
tycoon Xiao Jianhua's business empire and contain financial risks.
The People's Bank of China (PBOC) and China Banking and Insurance
Regulatory Commission (CBIRC) announced on May 24, 2019, the
takeover of Baoshang Bank Co. for a year.  The rare takeover came
two years after Xiao, the billionaire founder of conglomerate
Tomorrow Holding Group, went missing from a luxury Hong Kong hotel.
He is reportedly to have been placed under graft investigation by
Chinese authorities. The regulators said the takeover reflects the
"severe credit risk" the bank poses and is intended to protect the
interests of the bank's depositors and other clients.


DANKE APARTMENT: Hasn't Been Paying Rent, Tenants Say
-----------------------------------------------------
Caixin Global reports that Danke Apartment, one of China's largest
rental specialists, has not been paying rent to property owners,
the service's tenants said, causing an uproar that could leave some
of its users out on the street.

Caixin relates that Danke, which is run by New York-listed Phoenix
Tree Holdings Ltd., is one of the latest rental agents whose
financial troubles have worsened in the wake of China's coronavirus
epidemic, raising questions about a business model that requires
immense sums of cash up front to fund a rapid expansion.

According to the report, the service makes its money by leasing
apartments from property owners on a long-term basis, then
renovating and furnishing the properties so they can be sublet to
renters at a higher rental price. However, the company is now
running out of cash after struggling to attract renters during the
pandemic lockdowns, Caixin says.


GOLDEN EAGLE: S&P Rates LongTerm ICR to 'BB+', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings, on Nov. 16, 2020, raised its long-term issuer
credit rating on Golden Eagle Retail Group Ltd. to 'BB+' from 'BB'.
At the same time, S&P raised the long-term issue rating on the
company's senior unsecured notes to 'BB' from 'BB-'.

S&P said, "The stable outlook reflects our expectation that Golden
Eagle will see healthy revenue growth in excess of 20% over the
next 12 months, helped by rebounding retail sales and increased
property transactions.

"We upgraded Golden Eagle because we expect the company's operating
results to recover to pre-COVID levels by the end of 2021 and its
debt leverage to remain well below 2x. Golden Eagle's operations
have remained sound this year, even though COVID-19 resulted in
weak consumer sentiment and declining sales amid store closures.
Additionally, the company has taken several steps, especially with
respect to its online segment, that should resonate with consumers
as we enter 2021.

"In our view, Golden Eagle's improved online presence will
strengthen its connection with customers. As of June 30, 2020, the
company's mobile app Jinying.com had over 8.0 million downloads, of
which 3.2 million users connected their VIP member card with the
app. This should drive its online sales, given that consumers are
increasingly spending time online. Jinying.com recorded sales
growth of 129% and growth in daily average visitors of 26% in the
first half of 2020 compared with the same period last year. We
believe the app will help the company push back against pressure
from online retailers.

"We anticipate Golden Eagle will remain the dominant department
store and lifestyle center operator in Jiangsu province, thanks to
its solid brand management. The company has continued to introduce
new brands to attract customers. As of mid-2020, it had newly
introduced 287 brands. Exclusive offerings of premium or popular
brands have helped the company defend market share from peers or
online retailers. For example, this year, Golden Eagle became one
of the two licensed general merchandise distributors for Kweichow
Moutai, a popular Chinese liquor brand, in Jiangsu province. We
believe the company will be able to maintain traffic through its
merchandising capability."

Golden Eagle will likely spend less on new store construction,
given its new initiative to work with property developers to roll
out new stores. Under such a model, Golden Eagle will manage the
stores and collect management fees while property developers bear
the construction and operating costs. The rollout is still in its
early stages. If successful, this business model could meaningfully
reduce the company's capital outlay and boost cash flow
generation.

S&P said, "We estimate Golden Eagle's revenue will rise 23%-28% in
2021, following a decline of 15%-20% in 2020. The company's
omnichannel marketing will drive traffic to offline stores and
support its same-store sales growth. Retail revenue will likely
rebound to around pre-COVID levels next year. We also expect
property sales to improve in 2021 from 2020, mainly due to the
delivery of a residential project.

"We expect Golden Eagle's EBITDA margin to recover to 40.0%-41.5%
in 2021, compared with 38.5%-40.5% in 2020, and 42.7% in 2019. The
company's gross profit margin will be slightly lower in 2021 than
in 2019, owing to higher contributions from lower-margin property
sales. We expect labor costs to rebound in 2021 amid higher
employee incentives as operations recover. However, its operating
expense ratio could decrease following the recovery in revenue.

"Golden Eagle's debt-to-EBITDA ratio will likely improve to below
1.0x in 2021, underpinned by conservative financial management. We
believe the company is likely to resume debt reduction in the next
two years as its cash generation recovers. Our base case assumes a
debt-to-EBITDA ratio of 1.1x-1.4x this year. We do not expect
sizable acquisitions over the next 12-24 months.

"We forecast Golden Eagle's cash flows will return to pre-COVID
levels in 2021, compared with our earlier expectation of only 50%.
The company's operating cash flow could decline to Chinese renminbi
(RMB) 800 million–RMB900 million in 2020, from RMB1.9 billion in
2019, and recover to RMB1.8 billion-RMB2.0 billion in 2021 on the
improving performance of its retail and property businesses.
Accordingly, free operating cash flow will rise to RMB1.3
billion-RMB1.6 billion in 2021, compared with RMB1.5 billion in
2019 and RMB0.4 billion-RMB0.6 billion in 2020."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, we will update our assumptions and
estimates accordingly."

The stable outlook reflects S&P's expectation that Golden Eagle
will see healthy revenue growth in excess of 20% over the next 12
months, helped by rebounding retail sales and increased property
transactions. S&P also anticipates the company's EBITDA margin will
recover to 40%. Accordingly, Golden Eagle should generate good
discretionary cash flow over the period.

Rating upside is limited over the next 12 months. S&P could raise
the rating if:

-- Golden Eagle meaningfully strengthens its market position, such
as by adding or developing a highly successful and sizable online
platform; or

-- The company profitably expands its footprint into more regions
in China.

Rating upside is also dependent on the stabilization of offline
retail. Furthermore, Golden Eagle would have to adhere to its
conservative financial policy.

S&P may lower the rating if Golden Eagle's debt-to-EBITDA ratio
rises above 2x. This could happen if the company's financial policy
becomes more aggressive, as evident from substantial debt-funded
expansions, acquisitions, or very aggressive dividend payments. S&P
may also lower the rating if its market position weakens, as
indicated by a meaningful decline in same-store sales.


YONGCHENG COAL: Wants More Time to Pay Off Its Debts
----------------------------------------------------
Wu Hongyuran and Guo Yingzhe at Caixin Global reports that
Yongcheng Coal has asked for a 270-day extension to repay the
principal on a CNY1 billion bond that matured on Nov. 10.

A state-owned coal miner that abruptly defaulted on a CNY1 billion
($152.5 million) bond last week is seeking extensions for repayment
of the debt as well as several other bonds, sources with knowledge
of the matter told Caixin.

China Everbright Bank Co. Ltd., the lead underwriter of the
defaulted ultra-short-term bond issued by Yongcheng Coal and
Electricity Holding Group Co. Ltd. in February, has asked
bondholders if they will accept a 270-day extension for repayment
of the principal, the sources said, Caixin relays. The Henan
province-based company paid all of the CNY32.4 million in overdue
interest on the bond on Nov. 13, three days after it defaulted.

Both the principal and interest payments on the 270-day bond were
due Nov. 10, Caixin notes.

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




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

AINAJ INDUSTRIES: CRISIL Keeps B on INR17cr Debt in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Ainaj Industries
(Ainaj) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            17        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Ainaj, established in 1997 and based in Radhanpur, Gujarat, was set
up as a partnership firm by Mr. Dayaram Thakkar, Mr. Vasant
Thakkar, Mr. Dinesh Thakkar, Mr. Suresh Thakkar, and Mr. Rajesh
Thakkar. In 2010, four partners withdrew their capital and Ainaj
was reconstituted as a proprietorship firm of Mr. Suresh Thakkar.


AKSHAY FOOD: CRISIL Lowers Rating on INR20cr Loan to B
------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Akshay Food
Impex Private Limited (AFIPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Bill           20         CRISIL B/Stable (ISSUER NOT
   Negotiation                      COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER
                                    NOT COOPERATING')

   Export Packing        12         CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER
                                    NOT COOPERATING')

   Long Term Loan        15         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER
                                    NOT COOPERATING')

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

Incorporated in 2013, AFIPL processes and exports shrimps. The
operations of the company, which is based in Vijayawada (Andhra
Pradesh), are managed by Mr. V P Saradhi.


ALLURE TEX: CRISIL Keeps B+ on INR11.2cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Allure Tex Trend
Private Limited (ATTPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill         11.00       CRISIL B+/Stable (ISSUER NOT
   Purchase                         COOPERATING)

   Foreign Exchange      0.25       CRISIL A4 (ISSUER NOT  
   Forward                          COOPERATING)

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

ATTPL, incorporated in 2011 in Mumbai, is promoted by Mr. Nirmal
Desai and Mr. Anil Gupta who have been in this industry for a
decade through associate companies. The company started operations
in 2012-13 (refers to financial year, April 1 to March 31). It
manufactures fabrics and ready-made garments.


AMPA HOUSING: CRISIL Lowers Rating on INR76.18cr Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Ampa Housing Development Private Limited (Ampa) to 'CRISIL B+'
from 'CRISIL BB-/Stable' while placing it on 'Rating Watch with
Developing Implications'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental         76.18       CRISIL B+ (Downgraded from
   Discounting Loan                 'CRISIL BB-/Stable'; Placed
                                    on 'Rating Watch with
                                    Developing Implications')

   Proposed Long Term   12          CRISIL B+ (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable'; Placed
                                    on 'Rating Watch with
                                    Developing Implications')

The rating action reflects weakening in Ampa's overall credit risk
profile, especially its liquidity profile amidst Covid-19 induced
disruptions. No rental income has been received between April and
September 2020 and the mall is yet to open. Post opening also
footfall may remain subdued due to the pandemic and hence it will
be a key monitorable. Consequently, the company's liquidity is
likely to be under stress.

Ampa's management has confirmed applying for restructuring of all
its term loans under the Reserve Bank of India (RBI) guidelines
issued on August 6, 2020 and the 'Resolution framework for
COVID-19-related Stress,' by the end of August 2020.

Under the aforementioned conditions, Ampa's management did not
honour its monthly debt repayment falling due on September 30, 2020
and October 31, 2020. The said repayment is part of the
restructuring plan under consideration.

Since the application for restructuring was made before the due
date of the debt repayment CRISIL is not treating the missed debt
repayments as default. The rating action is in line with CRISIL's
approach to default recognition for entities applying for
restructuring under RBI resolution framework published in the
criteria alert titled 'CRISIL's approach to Covid-19 related
restructuring.'

CRISIL will continue to monitor the developments on the formal
sanctioning of the restructuring by lenders and resolve the watch
once the formal approval is received by the company.

The rating continues to reflect geographic concentration in revenue
amid increasing competition, and average financial risk profile.
However, the weaknesses are partly mitigated by extensive
experience of the promoter in the commercial real estate segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: The financial risk profile is
average, reflected in estimated average debt service coverage ratio
(DSCR) of 1.1 times over the medium term. Gearing is estimated at
1.01 times as on March 31, 2020, from 1.23 time a year earlier.
Interest coverage and NCATD is estimated Rs.1.93 times and 0.1 as
on March 31, 2020.

* Geographic concentration in revenue amid intense competition: The
Company derives its entire revenue from its mall, Ampa Skywalk
Mall, in Chennai. Over the past three years, the mall has been
facing increasing competition from other malls in the neighborhood,
leading to lower footfall and loss of tenants.

Strength:

* Extensive experience of the promoter in commercial real estate:
The promoter has been in the commercial real estate segment for
several decades and has a strong reputation in Chennai, where he
owns several parcels of land, which can be utilised for the
company's growth.

Liquidity Stretched
Liquidity is stretched and is expected to remain constrained over
the medium term. No rental income has been collected since the
lockdown in March 2020. The mall is yet to open in the current
fiscal year. This is further compounded by absence of debt service
reserve account (DSRA). Consequently, the company has approached
its lenders for restructuring of term loans. The company does not
have any fund based working capital limits.

The company has availed moratorium from its lenders, in line with
the relief measure announced by the Reserve Bank of India on
payment of instalments and interest payments of loans for six
months between March-August 2020, which have helped the company's
liquidity during this period.

Rating Sensitivity Factor

Upward factor

  * Increase in revenue by 10% as well as timely receipt of
rentals

  * Improvement in DSCR

Downward factor

  * Delay in implementation/rejection of restructuring plan
weakening liquidity and overall financial risk profile

  * More than expected decline in revenue and profitability leading
to lower accruals.

Incorporated in 1992 and promoted Mr. Ampa Palaniappan, Ampa owns
Ampa Skywalk Mall in Chennai, which commenced operations in
September 2009 and has total built-up area of 332,000 square feet.
The promoter used to construct residential and commercial
properties in Chennai earlier.


ANIL ENGINEERING: CRISIL Lowers Rating on INR3.2cr Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Anil
Engineering Works-Hyderabad (AEW) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3.2       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              1.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

Anil Engineering Works - Hyderabad (AEW) was established in 1988 by
Mr. T.U. Bhaskara Rao. AEW is engage in manufacturing and
maintenance of mechanical & repair and rehabilitation of other
engineering products which find its application largely in railway.
It is based out of Sanath Nagar- (Hyderabad).


ARR INFRA: CRISIL Keeps B on INR5cr Loans in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of ARR Infra Promoters
(AIP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

AIP was established by Mr. Rajhamani as a proprietorship firm in
2010. Based in Erode, Tamil Nadu, the firm undertakes road
construction activities.


ASHA ISPAT: CRISIL Keeps B+ on INR4.5cr Credit in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Asha Ispat Private
Limited (AIPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .75        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          4.50        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term   .48        CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line          .20        CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING)

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

AIPL was incorporated in 1996 and ACPL in 2009 and are promoted by
Siliguri-based Agarwal family. Mr. Rajesh Agarwal and Mr. Roshan
Agarwal are directors in AIPL, and Ms. Rajani Agarwal and Ms.
Manisha Agarwal are directors in ACPL. AIPL manufactures steel
ingots and TMT bars whereas ACPL manufactures steel ingots
primarily for AIPL. Both the entities also trade in iron and steel
products.


AVANT TRADING: CRISIL Keeps B on INR7cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Avant Trading Company
Private Limited (ATCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             5          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2          CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Incorporated in 2010 in Mumbai, ATCPL trades in mobile phones,
computer peripherals, and other electronic components. It also
trades in limestone, steel, and textile goods. Operations are
managed by Mr. Sudeep Kumar Saha and Mr. Harsh Rajnikant Saha.


BABINA HEALTHCARE: CRISIL Lowers Rating on INR15cr LT Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Babina Healthcare Private Limited (BHPL; part of the Babina group)
to 'CRISIL B+' from 'CRISIL BB-/Stable' and has placed it on
'Rating Watch with Developing Implications'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         15        CRISIL B+ (Downgraded from
                                    'CRISIL BB-/Stable'; Placed
                                    on 'Rating Watch with
                                    Developing Implications')

The downgrade reflects the significant loss in business and
business potential of the group's hotel business along with fall in
revenue in the diagnostic business, coupled with delay in
completion of the cancer hospital, all of which are likely to
strain the liquidity risk profile of the group.

The rating has been placed on watch because the Babina group has
applied for restructuring of the term loans of Babina Hospitalities
Pvt Ltd (BHOPL) on August 31, 2020, under the Reserve Bank of India
(RBI) guidelines issued on August 6, 2020, called Resolution
Framework for Covid-19-related Stress.

According to the guidelines, lenders are permitted to provide
one-time restructuring of loans to corporates (subject to certain
conditions) amid the Covid-19 pandemic. The Babina group had
applied to its lenders on August 31, 2020; the group had also
availed the moratorium on debt repayment under RBI's Covid-19
Regulatory Package, which ended on August 31, 2020. BHOPL has not
serviced its debt obligation for September and October 2020 as the
proposal is being evaluated. The group has opted for deferment of
the term loan instalment and reduction of interest rate on the term
loan until September 30, 2022. As the application for restructuring
was made before the due date of the debt obligation, CRISIL is not
treating the missed repayment as default.

The rating action is in line with CRISIL's approach to default
recognition for entities applying for restructuring under RBI's
resolution framework published in the criteria alert titled
CRISIL's approach to Covid-19-related restructuring**.

CRISIL will continue monitoring developments on the formal
sanctioning of restructuring by banks and resolve the watch once
formal approval is received by BHOPL.

The rating reflects the Babina group's modest scale of operations
and exposure to project risks. These weakness are partially offset
by established market position in Manipur, moderate financial risk
profile and the extensive experience of its promoter in the
healthcare and hospitality industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Babina Healthcare and Hospitality
Industries Pvt Ltd, BHOPL and BHPL. That is because the entities,
collectively referred to as the Babina group, have common owner and
management, and fungible cash flow.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations is modest, as
reflected in revenue of INR69.34 crore in fiscal 2020. Though the
scale is expected to improve, much depends on the occupancy level
of hotels.

. Exposure to project risk: A capex of around INR53 crore (Babina's
share of around INR26 crore) was undertaken towards setting up a
cancer centre in Imphal. The timely completion of the project, and
successful ramp-up in operations will be key rating sensitivity
factors

Strengths
* Extensive experience of the promoter: The promoter's experience
of three decades, the group's established market position, and
longstanding relationships with customers will continue to support
the business.

* Moderate financial risk profile: The financial risk profile is
expected to remain moderate over the medium term in the absence of
any higher-than-expected debt-funded capital expenditure (capex).
Gearing was 0.84 time as on March 31, 2020. Interest coverage and
net cash accrual to total debt ratios were 6.95 times and 0.28
time, respectively, in fiscal 2020.

Liquidity Stretched
The group does not have a working capital facility. Cash accrual,
expected at over INR2.5 crore will sufficiently cover term debt
obligation of INR2.2-2.3 crore (post restructuring) in fiscal 2021.
Current ratio was moderate at 1.01 times as on March 31, 2020. The
promoter is likely to extend support in the form of equity and
unsecured loans to fund working capital requirement and debt
obligation.

Rating Sensitivity Factors

Upward factors:

  * Increase in operating income with the combined net cash accrual
of the group crossing INR10.00 crore

  * Commencement and successful ramp-up of operations of BHPL
without any weakening in the financial risk profile

Downward factors:

  * Cost and time overruns in setting up the cancer centre, leading
to delay in commercial operation date and weakening in the
financial risk profile

  * Consolidated receivables exceeding 1 month

  * Gap between net cash accrual and debt obligation for fiscal
2021 reducing to less than INR1.5 crore.

Incorporated in 2007 and promoted by Dr Thangam Dhabali Singh,
BHHPL runs a diagnostic centre and three hotels in Imphal.

Incorporated in 2012, BHOPL runs a four-star hotel - The Classic
Grande - in Imphal.

Incorporated in 2017, BHPL is setting up a cancer centre in
Imphal.


BALLIUM EXPORTS: CRISIL Keeps B on INR20cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Ballium Exports (BK)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       20        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

In August 2009, BK Enchanting Enclave was formed as partnership
towards developing residential apartments. The project is towards
developing a gated community with 288 flats in Ongole District
(Andhra Pradesh).


BBR INDIA: CRISIL Lowers Rating on INR2cr Cash Loan to B
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of BBR India
Private Limited (BBR) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        11.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            2.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       1.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

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

BBR was set up in 1977 with Mr. SK Agarwal being the current
promoter holding 99.95% of the shares. The Bangalore-based company
undertakes projects related to construction of roads and bridges
for clients which include Infrastructure companies, IT companies,
Contractors and developers.


CHIRAG RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Chirag Rice & Pulse
Mill (CRPM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.52      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             .18        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

CRPM, which was set up as a partnership firm in 1991, mills
non-basmati rice at its facility in Anand, Gujarat, which has
capacity of 3.5 tonnes per hour. Operations are managed by Mr. Hira
M Patel, Mr. Dashrathsinh V Gohil, and Mr. Nikulkumar D Chapaneri.
The firm sells rice under the Anupam brand.


DEWAN HOUSING: Piramal Protests Adani's Bid for Entire Company
--------------------------------------------------------------
CNBC-TV18 reports that Piramal Enterprises on Nov. 13 asked the
Committee of Creditors (CoC) to reject Adani Properties' proposal
to bid for the entire portfolio of the troubled non-banking finance
company Dewan Housing Finance Corporation (DHFL) or it would
withdraw from the process, sources privy to the developments said.


This comes after Adani Properties, in a letter to the CoC, said it
intends to revise its bid for DHFL, and bid for the entire
portfolio instead of just the wholesale and SRA assets, according
to multiple people familiar with the development said, CNBC-TV18
relays.

Adani Properties is believed to have proposed that it would offer
more than Oaktree Capital, which is currently the sole bidder for
the entire book with an offer of INR31,000 crore, said people
familiar with the matter, according to the report.

Piramal Enterprises has strongly protested the move, calling
Adani's proposal to change its bid after the deadline disruptive
and vitiated, CNBC-TV18 has learned.

In a letter written to the RBI-appointed administrator on November
13, Piramal Enterprises said, "the manner and timing of submission
of such a resolution plan is intended to disrupt and vitiate the
process being followed under the current RFRP and undermine the
considerable time and effort invested by us and other participants
in submitting our resolution plans faithfully in accordance with
the provisions of the RFRP and applicable law," CNBC-TV18 has
reviewed a copy of the letter.

"Unless the CoC determines in its wisdom that none of the
resolution plans currently submitted are satisfactory and
subsequently, reissue a request for resolution plans, the
Administrator shall not be able to accept or consider any other
resolution plan from any of the resolution applicants. Given that
the unsolicited offer submitted by the Offeree is not in accordance
with the process provided for under applicable law, it is clear
that the Administrator and CoC will not have the ability to accept,
examine and/or consider such an offer," the letter said.

CNBC-TV18 relates that Piramal Enterprises said that the "timing of
the submission of the unsolicited offer, which is a few days after
the details of the revised resolution plans (including the
financial proposals) of all resolution applicants have become
widely available, is also extremely suspicious," and added that
they had reasons to believe that the details of their Resolution
Plan "may have been leaked and have been considered for the purpose
of making such an unsolicited offer."

Asking the CoC and administrator to disregard Adani Properties' new
offer, Piramal said, "We hereby reserve all our rights under law
and equity to seek appropriate redressal, including withdrawing
from the current corporate insolvency process for DHFL, if the
unsolicited offer of the Offeree is considered and/or the process
set out the RFRP, the IBC and the CIRP Regulations is not duly
followed," the report relays.

Earlier, suitors for DHFL raised their offer price in the revised
bids submitted for the company, CNBC-TV18 recalls. Adani Group,
Piramal Enterprises, US-based Oaktree, and Hong Kong-based SC Lowy
have submitted a 10-70 percent higher price for either a stake in
the company or buying out some of its assets.

According to CNBC-TV18, Oaktree Capital had raised its bid price
for the entire portfolio to INR31,000 crore from INRRs 28,000
crore. Piramal Group had significantly revised its bid for the
retail book to INR26,500 crore from INR15,000 crore offered
earlier. Adani Properties has also raised its bid for the wholesale
& SRA book to INR2,750 crore from INR2,200 crore earlier. SC Lowy
had offered INR2,300 crore from INR1,550 crore for the wholesale
book. The new bids have been submitted after the lenders asked the
bidders to revise their offer, the report notes.

CNBC-TV18 says DHFL promoter Kapil Wadhawan had proposed to
transfer the rights, title, and interest in at least 10 projects
valued at INR43,879 crore and settle the dues with banks. Wadhawan
has written to the Reserve Bank of India-appointed administrator
Subramaniakumar saying that their offer would ensure maximum value
for the assets that have been put on the block. The lenders,
however, are not considering the offer from the promoters.

Promoters hold about 39.21 percent stake in DHFL, CNBC-TV18
discloses. Bankers want promoters' stake to fall below 10 percent
after the stake sale as part of the resolution plan. The CoC was
hoping to finalise the resolution plan by November 16 before it
could send it to the RBI for review, CNBC-TV18 notes. Last month,
the National Company Law Tribunal (NCLT) had allowed 90 days
extension for the resolution process till January 5, the report
says.

                             About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.


DUKES PRODUCTS: CRISIL Lowers Rating on INR15cr Demand Loan to B
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Dukes Products
India Limited (DPIL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital       15         CRISIL B/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

Incorporated in 2004, DPIL, is engaged in manufacture and sale of
soft boiled cocoa based products (chocolates). It caters majorly to
northern and north-eastern region of India.

The Dukes group was set up in 1988 by Mr. Kedarnath Agarwal and his
family members. The group manufactures biscuits, cream wafers,
chocolates, and confectionery, which are sold under the brands,
Dukes and Treff in India and abroad, respectively. It is
headquartered in Hyderabad.


EAST INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of East India Packaging
Private Limited (EIPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.78       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        7.16       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .06       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

EIPPL was incorporated in 2010 by the Kolkata-based Jhawar family.
The company commenced operations in June' 2014 and manufactures
corrugated boxes which are used for industrial packaging. Its
manufacturing facility is located at Haldia (West Bengal) with
total installed capacity of 1200 ton/month. EIPPL's daily
operations are managed by its promoter director, Mr. Shashi Kant
Jhawar, and Mr. Suresh Kumar Jhawar.


GALAXY TRANSMISSIONS: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Galaxy Transmissions
Private Limited (GTPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       43.08       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          13          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Channel Financing    16          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Inland/Import        10          CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Rupee Term Loan       0.92       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Working Capital       9          CRISIL B+/Stable (ISSUER NOT
   Demand Loan                      COOPERATING)

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GTPL and Galaxy Aluminium LLP (GAL),
together referred to as the Galaxy group. This is because both the
entities are in the same line of business, are under a common
management, and have significant operational linkages.

GTPL, based in Sangli (Maharashtra), manufactures aluminum
conductors used in power transmission and distribution. The company
has capacity of 45,000 tonne per annum (tpa) in Sangli and
Silvassa. It is an approved supplier of Power Grid Corporation
Indian Ltd, various state electricity boards, and several private
utilities. In fiscal 2011-12, the promoters established GAL and set
up a rolling mill for aluminium and aluminium alloy rods in Sangli.
GAL has capacity of 20,000 tpa and it meets majority of aluminium
alloy rod requirement of the group. Group's operations are managed
by Mr. Sameer Vhora.


GANESH AGENCIES: CRISIL Keeps B+ on INR6cr Debt in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Ganesh Agencies (GA)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

GA, based in Nashik, was established in 2000 by Mr. Yati Gujarathi.
It is a dealer of HMSI's two-wheelers, and of agricultural products
of TAT.


GOLDEN APPLE: CRISIL Keeps B+ on INR27cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Golden Apple (GA)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        18         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

GA trades in, and provides controlled-atmosphere storage for,
apples. It commenced commercial operations in fiscal 2012. The firm
is based in Pulwama, Jammu & Kashmir.


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

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

   Cash Credit          7           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Bank        2           CRISIL D (ISSUER NOT
   Guarantee                        COOPERATING)

   Proposed Cash        2           CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

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

GPL was incorporated in 1999 by Mr. Prem Saraogi and his family
members. The company is engaged in manufacturing of high density
polyethylene (HDPE) containers used in pharmaceutical, and
petroleum industry. GPL's manufacturing facility is located in
Daman.


HIMALAYA INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Himalaya India
Developers (HID) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan          5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

HID was set up as a partnership firm of Mr. Mukesh Agarwal and Mr.
Akhilesh Agarwal. The firm is currently engaged in construction of
a residential complex at Raipur (Chhattisgarh).


HOTEL RAJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Hotel Raj Park
Private Limited (HRPPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        7.08       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft             5.00       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         3.92       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

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

HRPPL, established in 2001 and based in Chennai, owns and operates
a 4-star hotel in Chennai and a 3-star hotel in Tirupati (Andhra
Pradesh). Operations are managed by promoter Mr. Devarajan
Gounder.


JAI MATADI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Matadi Fashions
Private Limited (JMFPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.75       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.70       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              .55       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

JMFPL, based in Surat, Gujarat, was incorporated in 2003. The
company dyes dress material.


JAI SHIV: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Shiv Food
Products Private Limited (JSFPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

   Term Loan              3.15      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in March 2012 and promoted by Mr. Hariom Sharma, Mr.
Devendra Sharma, Mr. Atul Sharma, Mr. Kailash Sarawgi, and Mr.
Sanjeev Mittal, JSFPPL mills paddy into processed rice at Gwalior,
Madhya Pradesh.


JHANWAR RICE: CRISIL Lowers Rating on INR10cr Cash Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Jhanwar Rice
and Dall Mill (JRDM) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          10.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    0.11       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Working Capital       3.00       CRISIL B/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

Set up in 1979, JRDM is a proprietorship firm of Mr. Ramesh Kumar
Jhanwar in Bundi (Rajasthan). The firm mills and trades in paddy
and rice. It has a milling capacity of 6 tonne per hour, with
utilisation of around 80%.


KONGUNADU INFRA: CRISIL Assigns B+ Rating to INR10cr Secured Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Kongunadu Infrastructure LLP (KILLP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (Assigned)

   Secured Overdraft
   Facility              10         CRISIL B+/Stable (Assigned)

The ratings reflect KILLP's susceptibility to tender-based
operations, working capital intensive operations, weak financial
risk profile and geographical concentration risk in revenue
profile. These weaknesses are partially offset by its extensive
industry experience of the promoters.

Analytical Approach

Unsecured loan of INR66 Lakhs as on March 31, 2020 from partners is
treated as debt as it may not be retained in the business.

Key Rating Drivers & Detailed Description

Weaknesses

  * Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.

  * Working capital intensive operations: Gross current assets were
at 166-1005 days over the three fiscals ended March 31, 2020. Large
working capital requirements arise from its high debtor and
inventory levels.

  * Weak financial risk profile: KILLP has a weak financial profile
marked by high gearing of 6.14 times and total outside liabilities
to tangible net worth (TOL/TNW) ratio of over 20 times for year
ending on 31st March 2020.  KILLP's debt protection measures have
also been subdued in the past due to high reliance on debt and low
accruals from the operations. The interest coverage and net cash
accrual to total debt (NCATD) ratio were at 1.41 times and 0.04
time respectively for fiscal 2020.

Strengths

  * Extensive industry experience of the partners: The partners
have an experience of around three decades in civil construction
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

Liquidity Stretched
Liquidity is stretched with utilization on secured overdraft
facility at 88% over last 12 months ended September 2020 with
modest accruals in range of INR50-125 Lakhs against repayment
obligation of INR40-50 Lakhs/annum.

Outlook: Stable

CRISIL believe KILLP will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity Factors

Upward factors

  * Sustained revenue growth of 40-50% and sustenance of operating
margin above 9%, leading to higher cash accruals

  * Significant improvement in working capital cycle resulting in
better return on capital employed (RoCE)

  * Infusion of capital by the partners resulting in reduction of
debt.

Downward factors

  * Further decline in revenue and profitability margins

  * Continued stretch in working capital cycle with Gross Current
Assets (GCA) remaining above 600 Days.

KILLP was established in 2017, based in Tamil Nadu. KILLP owned &
managed by ER. M. Appandarajan and Er.K. Thangavelu Kandasamy.
KILLP is engaged in civil construction works, such as construction
of Residential and commercial buildings, temples, court and
colleges in Andhra Pradesh, Tamil Nadu, Telangana, Karnataka.


LAKSHMI VILAS: May Fold Into DBS' India Unit Under RBI Proposal
---------------------------------------------------------------
The Business Times reports that a troubled Indian bank may be
folded into DBS Group's India business under a proposed scheme by
the Reserve Bank of India (RBI), DBS said in a Singapore Exchange
filing on Nov. 17.

If the scheme is approved, DBS will inject INR2,500 crore (SGD463
million) into its wholly-owned unit DBS Bank India Ltd (DBIL) to
support the amalgamation. This will be fully funded from DBS's
existing resources, BT says.

BT relates that the RBI has announced a draft scheme to amalgamate
Lakshmi Vilas Bank with DBIL, which has a presence in 24 cities
across 13 states.

The proposed amalgamation is under the special powers of the
government of India and RBI under Section 45 of the Banking
Regulation Act, 1949, BT says.

According to BT, DBS said in its statement: "The proposed
amalgamation will provide stability and better prospects to Lakshmi
Vilas Bank's depositors, customers and employees following a time
of uncertainty.

"At the same time, the proposed amalgamation will allow DBIL to
scale its customer base and network, particularly in south India,
which has longstanding and close business ties with Singapore."

BT relates that DBS said it will await the final decision on the
proposed scheme from RBI and the government of India, and will
announce further details later.

Lakshmi Vilas Bank has been put under a one-month moratorium from
Nov. 17 to Dec. 16, BT notes. In a statement, the RBI said that the
financial position of Lakshmi Vilas Bank "has undergone a steady
decline, with the bank incurring continuous losses over the last
three years, eroding its net-worth".

It noted that the bank has not been able to raise adequate capital
to address issues around its negative net-worth and continuing
losses, and is experiencing continuous withdrawal of deposits and
low levels of liquidity, BT adds.

Reuters reported that India's government said it had also
temporarily capped withdrawals from Lakshmi Vilas Bank. Reuters
added that the bank has been looking for a partner since last year
amid surging bad loans that come on top of "governance issues," BT
relays.

Lakshmi Vilas Bank is a south India focused, small private sector
bank in India.


PEARL INSULATIONS: CRISIL Lowers Rating on INR5cr Loan to B
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Pearl Insulations
Private Limited (PIPL) revised to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       6         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

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

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

PIPL was incorporated in 1982. It is involved in manufacturing of
insulated copper wires of different type of insulation like
enameled, tape covered, fiber glass yarn covered, kapton tape
covered wires and also manufactures coils for windmills. The
company has manufacturing facility based in Bangalore and Bhopal.


RAFEEK CASHEW: CRISIL Moves B+ Debt Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Rafeek Cashew Company (RCC)
to CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on bank facilities of
RCC from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' to
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .10        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit          5.00        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Long Term   4.90        CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The ratings continue to reflect below average financial risk
profile and modest scale of operations and exposure to intense
competition in the fragmented industry. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the cashew processing business.

Key Rating Drivers & Detailed Description

Weaknesses:

  * Modest scale of operations and exposure to intense competition
in the fragmented industry: The firm's business risk profile
remains constrained on account of its small scale of operations in
a highly fragmented industry. The firm reported revenues of
INR20.78 crore during fiscal 2020. The cashew industry is marked by
limited differentiation in technology involved in the processing of
cashew nuts. This, coupled with relatively moderate capital
requirements to set up a cashew-processing unit has resulted in low
entry barriers. Consequently, the domestic cashew processing
industry is highly fragmented, marked by the presence of many small
players, leading to intense competition in both the organised and
unorganised segments.

  * Below-average financial risk profile: The RCC has below-average
financial risk profile marked by modest net worth of INR1.46 cr.,
low gearing of 3.19 times as on March 31, 2020. The firm has
moderate debt protection metrics with net cash accrual to Total
debt (NCATD) and interest coverage ratios of over 0.03 and 1.7
times, respectively, for fiscal 2020. Financial risk profile may
remain below average over the medium term.

Strength:

  * Extensive experience of the promoters in the cashew processing
business: RCC is promoted by Mr. Sainulabudeen N. The proprietor
has been related to the same line of business for over 2 decades.
Presently, the firm generates its entire revenues from sale of
cashew kernels. The firm has a strong customer base of more than 10
customers in the domestic market, with whom it has been associated
since inception, resulting in repeat business. Its long-standing
position in the cashew segment has given the firm a negotiating
edge with its various intermediaries. RCC also has a good network
of raw cashew nut suppliers spread across several geographies,
which ensures availability of high quality cashew nuts throughout
the year.

Liquidity Stretched

Liquidity is stretched with high bank limits utilisation. Net cash
accruals are expected to be modest at around 0.1 crores against
negligible repayment obligation over the medium term. Bank limit
utilisation remains high at around 85% for past 12 months ended
August 2020.

Outlook: Stable

CRISIL believes that RCC will continue to benefit from the
promoter's extensive experience in the cashew industry.

Rating Sensitivity factors

Upward factor

  * Sustained improvement in scale of operation by 20% and
sustenance of operating margin, leading to higher cash accruals

  * Improvement in financial risk profile

Downward factor

  * Decline in profitability or revenue

  * Substantial increase in its working capital requirements thus
weakening its liquidity & financial profile.

Set up as a Proprietorship firm in 1996 by Mr. Sainulabudeen N, RCC
is engaged in the processing of raw cashew nuts and sales of cashew
kernels. The day to day operations are managed by Mr. Shajinavas
son of Mr. Sainulabudeen N. RCC currently operates five processing
facility in Kerala with combined installed capacity of dispatching
around 9000 kg per day of cashew kernels.


TESSITURA MONTI: CRISIL Cuts Rating on INR80cr Loan to B+
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tessitura Monti India Private Limited (TMIPL) to 'CRISIL B+/CRISIL
A4' from 'CRISIL BB+/Negative/CRISIL A4+' while placing the ratings
on 'Rating Watch with Negative Implications'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Downgraded from
                                    'CRISIL A4+'; Placed on
                                    'Rating Watch with Negative
                                    Implications')

   Inland/Import         10         CRISIL A4 (Downgraded from
   Letter of Credit                 'CRISIL A4+'; Placed on
                                    'Rating Watch with Negative
                                    Implications')

   Packing Credit        20         CRISIL A4 (Downgraded from
   in Foreign Currency              'CRISIL A4+'; Placed on
                                    'Rating Watch with Negative
                                    Implications')

   Proposed Long Term    35         CRISIL B+ (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Negative'; Placed
                                    on 'Rating Watch with
                                    Negative Implications')

   Standby Line           5         CRISIL B+ (Downgraded from
   of Credit                        'CRISIL BB+/Negative'; Placed
                                    on 'Rating Watch with
                                    Negative Implications')

   Term Loan             15.03      CRISIL B+ (Downgraded from
                                    'CRISIL BB+/Negative'; Placed
                                    on 'Rating Watch with
                                    Negative Implications')

   Working Capital       80         CRISIL B+ (Downgraded from
   Facility                         'CRISIL BB+/Negative'; Placed
                                    on 'Rating Watch with
                                    Negative Implications')

The rating action reflects weakening of TMIPL's credit risk profile
in fiscal 2021, especially liquidity, amid Covid-19-induced
disruptions and subdued demand. The company has sizeable debt
obligation in fiscal 2021, against which it is expected to barely
breakeven at cash profit level.

TMIPL's management has confirmed applying for restructuring of its
term loan and working capital facilities, under Reserve Bank of
India (RBI) guidelines issued on August 6, 2020 Resolution
Framework for COVID-19-related Stress. As confirmed by lenders, the
proposal is being evaluated.

Under the aforementioned conditions, TMIPL's management has not met
term debt obligation after applying for one-time restructuring and
is unlikely to do so for its upcoming repayment, as the term loan
is a part of the restructuring plan.

As the application for restructuring was made before the due date
of the debt repayment and the concerned lender has not cited any
reservation to accepting the application, CRISIL is not treating
the missed repayments as default. The rating action is in line with
CRISIL's approach to default recognition for entities applying for
restructuring under the RBI resolution framework published in the
criteria alert, 'CRISIL's approach to Covid-19-related
restructuring'.

CRISIL will continue to monitor developments on loan restructuring
and resolve the watch once formal approval is received.

Revenue was INR46 crore for April to October 2020, and is expected
to decline significantly during the fiscal. Although the company is
expected to incur loss in fiscal 2021, performance should recover
in fiscal 2022.

The ratings continue to reflect subdued financial risk profile,
susceptibility to volatility in foreign exchange (forex) rates and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoters in the textile
industry.


Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Gross current assets are
estimated to be high at 300 days as on March 31, 2020, because of
sizeable receivables and inventory of 60-120 and 150 days,
respectively. The working capital requirement is expected to
increase further in fiscal 2021 due to stretched receivables on
account of delay in realisation of payments amid lockdown.

* Subdued financial risk profile: Decline in performance and
expected loss in fiscal 2021 are likely to weaken the financial
risk profile. The debt protection metrics will remain subdued,
driven by weak interest coverage ratio of less than 1 time in
fiscal 2021.

* Susceptibility to volatility in forex rates: The overseas market
(largely Europe, with sales denominated in euro) contributes 40-50%
of the revenue. The company is vulnerable to any steep volatility
in forex rates.

Strength

* Extensive experience of the promoters: TMIPL's business is
supported by technological and operational support from the parent,
Tessitura Monti SPA (TMS), which has longstanding experience and
strong market position in the premium shirting fabric business.

Liquidity Stretched

TMIPL is expected to barely breakeven at cash profit level in
fiscal 2021 against yearly debt obligation of around INR4 crore.
Net cash accrual is expected to improve in fiscal 2022; however, it
will just about cover term debt obligation. The company availed
moratorium on its bank loans between April and August 2020, and has
approached one of its lenders for restructuring of its term loan
and working capital loan.

Rating Sensitivity Factors

Upward factors

  * Growth in revenue and profitability leading to net cash accrual
above INR7 crore, thus providing comfortable cushion against debt
obligation

  * Improvement in liquidity, and timely sanctioning of one-time
restructuring of loans

Downward factors

  * Decrease in revenue or lower-than-expected profitability
leading to significant cash loss over the medium term

  * Rejection of restructuring plan weakening the liquidity and
debt servicing ability.

TMIPL is a closely held subsidiary of TMS, the textile arm of Monti
SpA, Italy. TMIPL manufactures dyed yarn fabric, primarily for
shirts, and has installed capacity of 12 million metre of dyed yarn
shirting fabric and 8 million metre of finished/processed fabric.




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

KAWASAN INDUSTRI: Fitch Lowers LT IDR to B-, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based property developer PT
Kawasan Industri Jababeka Tbk's (KIJA) Long-Term Issuer Default
Rating (IDR) to 'B-', from 'B'. Fitch has also downgraded the
rating on KIJA's USD300 million notes due 2023 and issued by
subsidiary, Jababeka International B.V., to 'B-', from 'B', with a
Recovery Rating of 'RR4'. Fitch Ratings Indonesia has
simultaneously downgraded KIJA's National Long-Term Rating to
'BBB-(idn)', from 'BBB+(idn)'. The Outlook is Stable.

The downgrade reflects Fitch's expectation that KIJA's attributable
presales will not return to pre-pandemic levels in the next 18-24
months. The coronavirus pandemic has weakened domestic property
demand; in particular, foreign-investor purchases of KIJA's
industrial land bank, which generated around IDR400 billion of its
IDR1.3 trillion attributable presales in 2019, has dried up amid
local and regional cross-border travel restrictions.

The Stable Outlook is supported by its expectation that
non-development EBITDA from KIJA's power plant, dry port and
estate-management services will cover its annual interest expenses
by 0.8x-1.0x over the next few years (9M20: 0.8x). KIJA also has
adequate liquidity, with around IDR800 billion of cash on its
balance sheet as of 9M20, excluding the share attributable to
minority interests, and USD300 million in unsecured notes due
October 2023; KIJA's earliest significant debt maturity.

'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However, changes
in circumstances or economic conditions are more likely to affect
the capacity for timely repayment than is the case for financial
commitments denoted by a higher-rated category.

KEY RATING DRIVERS

Low Presales Through 2021: Fitch has cut its forecast for KIJA's
attributable presales, which it estimates at IDR700 billion in 2020
and IDR800 billion in 2021, excluding the share attributable to
minority interests, on account of weak industrial land sales to
foreigners and softness in residential products that cater to
Indonesia's mid-and-upper market segments, which have been the
company's mainstay.

KIJA says it has a strong pipeline of industrial land sales, but
progress has stalled as border closures have restricted buyers'
ability to perform due diligence and complete transactions. Fitch
expects borders to stay shut into 2021. KIJA saw a healthy take-up
of its new landed residential products in 3Q20, which are aimed at
the lower-end of the market, but Fitch does not think the launch of
similar products in the next 18-24 months amid healthy demand for
affordable housing will compensate for the weak industrial sales.

Adequate Non-Development Cash Flow: Fitch expects non-development
EBITDA coverage of interest costs to improve to around 1.0x over
the next 12 months, from 0.8x in 2020, on a pick-up in dry-port
volume. This is in line with its forecast for a modest economic
recovery next year.

Dry port volume fell by 30% yoy in 9M20, but this was compensated
for by improved profitability at KIJA's power plant. The plant has
been in reserve shut down for most of this year due to lower
domestic electricity usage, limiting operating costs, but KIJA
still received payments on its take-or-pay agreement with PT
Perusahaan Listrik Negara (Persero) (BBB/Stable).

Proportionate Consolidated Metrics: Fitch proportionately
consolidates the key financials of a number of KIJA's subsidiaries
to reflect only the company's share of subsidiary cash flow. Key
among these subsidiaries is PT Kawasan Industri Kendal (KIK), of
which KIJA owns 51%, with Sembcorp Industries of Singapore owning
the balance. KIK houses KIJA's second industrial township in
Kendal, which Fitch believes will be the key driver of the
company's industrial land sales once border controls ease.

Weaker Development Cash Flow: KIJA's development cash flow has
weakened in line with its rising contributions from residential
products and Kendal's industrial sales- both types have thinner
profit margins than industrial land sold out of its Cikarang
estate. KIJA's EBITDA margin from its development business declined
to 24% in 2019, from a historical average of around 50%.

Fitch does not expect a meaningful improvement in the next two
years, as residential sales will remain a key earning contributor
amid weak industrial land demand. Over the longer-term, Fitch also
believes Kendal will be the primary driver for industrial land
sales. KIJA has a large landbank which is sufficient to meet its
medium-term presales requirements, and has flexibility to reduce
land purchases in the near-term, if property sales remain weak.

DERIVATION SUMMARY

KIJA's ratings are comparable with those of PT Alam Sutera Realty
Tbk (ASRI, CCC+), PT Lippo Karawaci TBK (B-/Negative) and PT
Ciputra Residence (CTRR, A(idn)/Negative).

ASRI is rated one notch lower than KIJA to reflect the risk around
ASRI's tighter liquidity, with USD46 million of its unsecured notes
due in April 2022, and uncertain debt market access post the
completion of its distressed debt exchange in October 2020. KIJA's
earliest meaningful debt maturity is in October 2023. KIJA and ASRI
have similar business risk profiles, with KIJA's more volatile
industrial land sales compensated for by the stable cash flow from
its non-development income streams. ASRI's residential products
exhibit more stable demand, given its established residential
townships and product diversity, which have supported at least IDR2
trillion in presales annually.

KIJA's credit profile is marginally stronger than that of Lippo, as
reflected in the Negative Outlook on Lippo's ratings and Lippo's
lower National Long-Term Rating of 'BB+(idn)'. Both companies have
comfortable liquidity, with no meaningful maturities for at least
two years. The Stable Outlook on KIJA reflects its marginally
negative operating cash flow, which is supported by its
non-development EBITDA, versus the challenges Lippo faces in
reducing its large operating cash flow gap over the next 12
months.

CTRR has a stronger business and financial profile than KIJA, and
is therefore rated several notches higher. CTRR has a much larger
operating scale, with presales on track to reach IDR3.8
trillion-4.0 trillion in 2020; Fitch assesses CTRR's risk based on
the consolidated metrics of its parent in light of strong linkages.
CTRR's presales are more diverse by geography and product type and
are subject to lower demand cyclicality, as they comprise mainly
residential and related commercial products, as opposed to KIJA's
high mix of industrial land sales. CTRR also has a stronger
financial profile than KIJA.

KEY ASSUMPTIONS

  - Attributable presales IDR700 billion in 2020 and IDR820 billion
in 2021 (2019: IDR1.3 trillion)

  - Non-development EBITDA of IDR270 billion in 2020 and IDR300
billion in 2021 (2019: IDR256 billion)

  - Cash flow from operations of IDR24 billion in 2020 and IDR76
billion in 2021 (2019: IDR285 billion)

  - Capex and land banking of IDR200 billion in 2020 and IDR300
billion in 2021 (2019: IDR201 billion)

RATING SENSITIVITIES

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

  - Attributable presales above IDR1 trillion on a sustained basis

  - Non-development EBITDA/gross interest cover above 1x on a
sustained basis

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

  - Non-development EBITDA/gross interest cover below 0.8x for a
sustained period

  - Weakening liquidity, evidenced by an inability to refinance
maturing debt or increasingly negative operating cash flow before
land banking.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Through 2021: KIJA does not have significant
maturities until October 2023, when its USD300 million note is due.
The company's near-term liquidity is also supported by a cash
balance of around IDR800 billion, net of the share of KIK's
minority shareholders, as of end-September 2020. However, KIJA's
operating cash flow may face pressure if the share of high-rise
products in its sales increases materially, requiring further debt
funding, and is a key medium-term risk.

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.




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

AIRASIA JAPAN: Files for Bankruptcy, Leaves Flyers Without Refunds
------------------------------------------------------------------
Nikkei Asian Review reports that AirAsia Japan filed for bankruptcy
proceedings in the Tokyo District Court on Nov. 17 with about
JPY21.7 billion (US$208 million) in liabilities, becoming the first
airline to fail in the country during the COVID-19 era.

The move comes after the budget carrier's Malaysian parent,
AirAsia, cut off aid to the Japanese joint venture amid a global
downturn in air travel, the Nikkei relates.

More than 23,000 customers have not received refunds for canceled
flights, according to Tamotsu Ueno, the lawyer serving as AirAsia
Japan's administrator. AirAsia said it will provide credits that
can be used for international flights on group airlines.

The company plans to seek aid from shareholders, Mr. Ueno told a
news conference.

Besides AirAsia, investors include Japanese e-commerce group
Rakuten, health and beauty products maker Noevir Holdings, and
sporting goods store operator Alpen, Nikkei notes.

AirAsia Japan is the only airline in the country with its hub at
the Nagoya area's Chubu Centrair International Airport. Before
halting flights, the airline operated domestic routes to Sapporo,
Sendai and Fukuoka as well as an international route to the
Taiwanese city of Taipei, according to Nikkei.

Mr. Ueno told reporters at the airport that unpaid customer refunds
amount to slightly more than JPY500 million.

AirAsia Japan Chief Operating Officer Jun Aida told Nikkei that the
company "will cooperate with necessary procedures."

The coronavirus pandemic struck before AirAsia Japan had a chance
to boost profitability by expanding its service, the report states.
The airline has only three aircraft under lease.

After canceling flights beginning in April, it announced in October
the discontinuation of all routes, recalls Nikkei. Most of its
nearly 300 employees were let go Nov. 4, leaving only about 50 to
handle the liquidation process. Mr. Ueno said some wages remain
unpaid.

AirAsia Japan reported a net loss of about JPY4.7 billion on
revenue of roughly JPY4 billion for 2019, Nikkei discloses.

                           About AirAsia

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

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




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

AIRASIA BERHAD: Shares Fall as Carrier Rethinks India Investment
----------------------------------------------------------------
The Financial Times report that shares in AirAsia fell as much as 8
per cent on Nov. 18 after the Malaysian budget carrier said it
would review its investment in India, the strongest signal yet it
is reassessing its south Asia business.

The FT says the statement on Nov. 18 came hours after AirAsia's
Japanese unit filed for bankruptcy in the Tokyo District Court,
citing "insolvency resulting from a demand slump in travel induced
by lockdown restrictions related to the coronavirus pandemic".

AirAsia's Japan and India businesses had been "draining cash,
causing the group much financial stress", said Bo Lingam, AirAsia
president, the FT relays. "Cost containment and reducing cash burns
remain key priorities evident by the recent closure of AirAsia
Japan and an ongoing review of our investment in AirAsia India."

Tony Fernandes, the Malaysian tycoon who owns AirAsia, had told the
Financial Times last month that there was "no discussion on exiting
India" or stopping funding for its Indian airline, which is a joint
venture with the Tata Group.

"AirAsia Japan and AirAsia India were relatively new ventures for
them," the FT quotes Paul Yong, equity analyst at DBS, as saying.
"It's no surprise they are reviewing these first given the parent
company needs to preserve resources for itself first."

The FT relates that the company said the total cost of investment
in AirAsia Japan had been fully written down. AirAsia had flagged
last month that it would end operations in Japan due to fallout
from the health crisis, weeks after EY, the group's auditor,
expressed "significant doubt" about the carrier's ability to
continue as a going concern, the FT relates.

According to the FT, the pandemic has pummelled the Malaysian
airline. AirAsia reported its largest loss since listing in 2004 in
the second quarter and has launched a debt restructuring plan for
its hard-hit long-haul unit, the FT notes. It also has sought
financial support from the Malaysian government for the first
time.

AirAsia's woes are emblematic of the headwinds buffeting the global
airline industry, which has been plunged into crisis by
wide-ranging travel restrictions aimed at containing the spread of
coronavirus, says the FT.

The FT adds that AirAsia said it would remain focused on south-east
Asian nations where its "brand and foothold is strongest".

AirAsia X, the company's long-haul unit, is looking to restructure
a MYR63.5 billion ($15.5 billion) debt load to cope with "severe
liquidity constraints", the report says. The unit's deputy chairman
last month said it had "run out of money" and was liquidating its
Indonesian business as well as writing down its 49 per cent stake
in Thai AirAsia X.

According to the report, Mr. Yong said the long-haul carrier
remained "very vulnerable" and could be "in trouble for quite some
time" as new Covid-19 outbreaks continue to curb international
travel.

However, AirAsia remains upbeat, noting in its statement that a
pick-up in passenger numbers in the region and an increase in sales
point to stronger growth in coming months, the report relays.

The FT adds that the carrier also is banking on its new super app -
a one-stop travel, ecommerce and fintech platform - to help it
diversify away from the airline business.

The Malaysian government has granted BigPay, AirAsia's digital
wallet, a licence to offer services including microcredit.

                           About AirAsia

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

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


AXINGTON INC: Receives Letter of Demand From Kuala Lumpur Landlord
------------------------------------------------------------------
Fiona Lam at The Business Times reports that Axington Inc. has
received a letter of demand from its landlord Klang Valley Projects
claiming about MYR15,592 (SGD5,905) in rent arrears and late
interest charges for September and October this year.

These relate to its lease of a unit at office building Wisma
Goldhill at 67 Jalan Raja Chulan in Kuala Lumpur, the
Catalist-listed firm said in a filing on Nov. 13, BT relays.

BT relates that the letter of demand, dated Nov. 11, gave notice
that the company was to repay the outstanding sums by Nov. 17.

If it fails to do so, the landlord will take necessary action
including initiating legal proceedings against Axington without any
further reference.

According to BT, the Singapore-listed company said that although
its bank accounts had a "more than sufficient" amount to satisfy
the outstanding sums, no payment had been made because it was in
the process of changing the authorised signatories of its bank
account since early September.

Axington is thus unable to make any payments until such changes
have taken effect, it added.

The company came under the control of scandal-hit cousins Nelson
Loh and Terence Loh in July this year. But The Business Times
reported in September that the two were seeking to offload their
stake in the firm.

Following the takeover, the professional advisory services group in
July proposed to change its core business to provide medical and
consumer wellness services, and to acquire a Malaysian medical
products distributor to kickstart this plan. However, the
acquisition fell through last month, BT notes.

BT says the cousins' business partner, Evangeline Shen, resigned as
Axington chairman on Aug. 30, along with three other directors who
also left the board.

In October, the Lohs also formalised their split, inking an
agreement to separate their business interests from each other.

BT adds that Axington announced on Nov. 17 that it was seeking a
new auditor after a plan to switch auditors did not pan out.

Its shares have been suspended since July. The counter last traded
at SGD0.22 on July 13, the report notes.

Axington Inc., formerly Axcelasia Inc., is a Malaysia-based
professional services company. The Company provides tax advisory,
business consulting, enterprise management system (EMS)
applications and business support services. The Company's segments
include Tax Advisory, Business Consultancy, Technology Tools &
Advisory and Business Support Services. The Tax Advisory segment
relates to the provision of corporate and individual tax
compliance, training and knowledge management services. The
Business Consultancy segment relates to governance and compliance
assessment, internal audit services, business continuity management
and financial management. Technology Tools & Advisory segment
provides cybersecurity management and information technology audit.
The Business Support Services segment relates to provision of
corporate secretarial services, accounting, payroll and office
support.




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

DECMIL CONSTRUCTION: Insolvency Affects 5 School Building Projects
------------------------------------------------------------------
Jonathan Milne at Newsroom reports that schools and young families
are bearing the brunt of the protracted collapse of Decmil
Construction Ltd, an Australian-owned construction firm.

In west Auckland, about 100 children will start the new school year
in glorified prefabs on a paddock, while the Ministry of Education
seeks a new construction firm to build the much-needed Scott Point
School, Newsroom says.

Neighbouring Hobsonville Point School is bursting at the seams, and
the growing community cannot wait any longer for a new school to
open.

"Our job is to open a school which we will be doing next year,"
Newsroom quotes Scott Point board chair, Erica Wills, as saying.
"The Ministry has full responsibility for the build and are
delivering us a very acceptable temporary location while the main
build is happening. We are excited to be getting our first children
at the start of 2021."

It has created uncertainty for local families. One mum, La Tessa
Hodgson, is considering where to send her two daughters, Bella, 4,
and Eva, 2.

According to Newsroom, the Ministry said children and teachers at
Scott Point will be in the temporary classrooms for up to 18
months, while they find a new contractor and that firm builds the
new school. Ms. Hodgson said she would be worried that starting
school in temporary classrooms, with a major building site next
door, could disturb the children's learning.

But she also said there were more important factors to take into
consideration in deciding where to send her daughters to school.
"They spend a big chunk of their life there, so I'd be looking at
the big picture. Construction is a short-term thing – I'd be
looking at the schools' values, and the opportunities they offer."

Other schools affected by the liquidation of Decmil Construction NZ
Ltd are Waiheke High School and its feeder primary Te Huruhi
school, the new Orewa North West School, and South Hornby School in
Christchurch, Newsroom notes.

Newsroom says a liquidator was appointed in April for Decmil, after
a legal dispute over the company's failure to complete a NZD185
million contract to build cell-blocks for five prisons.

But amid the headlines over the Department of Corrections dispute,
was more than NZD41 million owed to 262 other smaller creditors
including the Ministry of Education and sub-contractors who had
worked on five school builds, Newsroom notes.

Based in Australia, Decmil Group Limited (ASX:DCG) --
https://decmil.com/ -- is a provider of engineering, construction
and maintenance, and industrial services to Australia's resources,
energy, and infrastructure sectors. The Company designs, builds,
and commissions temporary and permanent facilities including
accommodation villages, administration buildings, maintenance and
storage facilities, and complete civil concrete work.




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

PACIFIC RADIANCE: Court to Hear Bid to Extend Moratoria on Nov. 30
------------------------------------------------------------------
The Business Times reports that Pacific Radiance applied on Nov. 16
for an extension of moratoria for itself and its units, Pacific
Crest and CSI Offshore.

The Mainboard-listed firm, which is undertaking debt restructuring,
made the announcement on Nov. 17 after the market closed, BT
relates.

BT says the existing moratoria were due to expire after Nov. 30,
after having been extended several times before.

The extension applications will be heard by the Court at 10:00 a.m.
on Nov. 30, according to the report.

Trading in Pacific Radiance shares has been voluntarily suspended
since Feb. 28, 2018, BT notes.

                       About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than $500 million.



                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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