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

                     A S I A   P A C I F I C

          Friday, November 20, 2020, Vol. 23, No. 233

                           Headlines



A U S T R A L I A

ROSSI BOOTS: Closes Doors After 110 Years of Business
STERLING INCOME: Responsible Entity, Managing Director Penalised
VIP CABS: First Creditors' Meeting Set for Nov. 27


C H I N A

CCRE: Fitch Assigns BB- Rating on New USD Senior Notes
EHI CAR: Fitch Alters Outlook on B LongTerm IDR to Stable
IDEANOMICS INC: Incurs $8.7 Million Net Loss in Third Quarter
IDEANOMICS: Signs Definitive Agreement to Acquire Timios Holdings
JOYY INC: Shares Dive After Muddy Waters Calls It "Fraud"

TUNGHSU OPTOELECTRONIC: Defaults on Interest on Two Bonds
XINJIANG FINANCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
YONGCHENG COAL: Faces Nov. 24 Deadline to Avoid More Defaults
YONGCHENG COAL: Haitong Securities Probed in Bond Default


H O N G   K O N G

BINHAI INVESTMENT: Moody's Confirms Ba1 CFR, Outlook Stable


I N D I A

4 GENIUS MINDS: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
AIRFLOW EQUIPMENTS: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
AJAB SINGH: ICRA Lowers Rating on INR20cr Cash Loan to B+
B.L.D.E UNIVERSITY: ICRA Cuts Rating on INR4cr LT Loan to B+
BABA AKHILA: ICRA Keeps D on INR38.8cr Loans in Not Cooperating

BELGAUM WIND: Ind-Ra Moves B+ on INR700MM Loan to Non-Cooperating
CRACKERS INDIA: CRISIL Keeps C Debt Ratings in Not Cooperating
DECCAN ISPAT: ICRA Keeps D on INR10cr Loans in Not Cooperating
DEV PRAYAG: CRISIL Keeps B on INR9cr Loans in Not Cooperating
DEWAN HOUSING: NCLT Stays Resolution Process, Voting Moved Dec. 3

DWARKADHEESH HAVELI: CRISIL Keeps D Debt Rating in Not Cooperating
EMGEE INFRASTRUCTURE: Ind-Ra Moves 'D' Rating to Non-Cooperating
FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating
G. D. BUILDERS: CRISIL Keeps B+ on INR10cr Loan in Not Cooperating
GAUR HARI: CRISIL Keeps B+ on INR12cr Loans in Not Cooperating

HABLIS HOTELS: CRISIL Keeps B+ on INR30cr Loans in Not Cooperating
HAVELI PETROLEUM: CRISIL Keeps B+ on INR10cr Loan in NonCooperating
HI-TECH PACKAGING: CRISIL Keeps B+ Ratings in Not Cooperating
HIND POLYFABS: CRISIL Keeps B+ on INR7.5cr Credit in NonCooperating
HOTEL ATITHI: CRISIL Keeps B+ on INR12cr Loans in Not Cooperating

IMPERIAL GRANITES: CRISIL Keeps B+ Ratings in Not Cooperating
INDIAN SALES: CRISIL Lowers Rating on INR5cr Cash Loan to B
INDKUS BIOTECH: CRISIL Lowers Rating on INR7.50cr Loans to B
INYATI FOOTWEARS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JOHNS PALLAZZIO: CRISIL Keeps B on INR8cr Loans in Not Cooperating

K. S. FIBER: ICRA Keeps B on INR22.1cr Loans in Not Cooperating
KAPRISA INT'L: ICRA Keeps D Debt Ratings in Not Cooperating
M GANESH: ICRA Keeps B+ on INR5cr Bank Loans in Not Cooperating
M-TECH DEVELOPERS: Insolvency Resolution Process Case Summary
MACK TELECOM: Insolvency Resolution Process Case Summary

MARUDHAR ROCKS: Ind-Ra Withdraws BB+ LT Issuer Rating
PROMETRIK ENGINEERING: ICRA Cuts Rating on INR10cr LT to B+
QVC EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAVI IRON: ICRA Moves B+ on INR24.4cr Loans in Not Cooperating
REDS MARINE: Insolvency Resolution Process Case Summary

SAFT INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SARAL HOME: Ind-Ra Affirms BB+ Rating on INR43cr Million Bank Loans
SEPAL CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
SERVOCONTROLS: ICRA Keeps B+ on INR11cr Loans in Not Cooperating
SHANTI DEVELOPERS: ICRA Keeps C in INR7.4cr Debt in Not Cooperating

TAMILNADU STATE: CRISIL Keeps B- on INR13cr Credit in UnCooperating
TI STEELS: ICRA Keeps D on INR40.5cr Bank Loans in Not Cooperating


J A P A N

TOBU RAILWAY: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB


S I N G A P O R E

ROBINSONS SINGAPORE: Owes SGD31.7MM to More Than 440 Creditors


T H A I L A N D

THAI AIRWAYS: Posts THB21.53BB net loss in Q3 Ended Sept. 30

                           - - - - -


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A U S T R A L I A
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ROSSI BOOTS: Closes Doors After 110 Years of Business
-----------------------------------------------------
Cruise1323 reports that a South Australian boot maker will close
the doors on its Kilburn factory after 110 years of manufacturing
in Adelaide.

Rossi Boots closed with immediate effect on Nov. 18 after the owner
of its manufacturing facilities Adaptive Industries was placed into
liquidation.

Adaptive Industries CEO Myron Mann told The Advertiser that
COVID-19 was to blame for the company's downfall, the report
relays.

"We ran out of money and I think the shareholders just couldn't
keep trying to throw money into it . . . We tried to hang on as
long as we could," Mr. Mann told The Advertiser.

Cruise1323 says the brand's SA heritage dates back to 1910, with
the Rossiter family starting a factory in Unley and trading from
its Hilton headquarters for four decades.

The news comes in a tumultuous year for South Australian brands and
manufacturing and follows October's announcement that mining
magnate Andrew 'Twiggy' Forrest would buy heritage SA boot brand RM
Williams, Cruise1323 notes.


STERLING INCOME: Responsible Entity, Managing Director Penalised
----------------------------------------------------------------
The Federal Court in Western Australia has found Theta Asset
Management Ltd (In Liquidation) and its Managing Director Mr.
Robert Marie contravened the Corporations Act on multiple occasions
in authorising the issue of five defective Product Disclosure
Statements for the Sterling Income Trust.

The Court has ordered Theta to pay a penalty of AUD2,000,000 with
respect to the declarations of contravention and ordered Mr. Marie
to pay a penalty of AUD100,000. Mr. Marie will also be disqualified
for four years from managing corporations. ASIC will not seek
recovery of the penalty against Theta, as doing so would decrease
the funds available for distribution by the Liquidator of Theta to
its creditors.

ASIC issued proceedings against Theta and Mr. Marie on Dec. 11,
2019. The Court found that Theta breached the Corporations Act and
failed to comply with its duties as a responsible entity.

The Court also found that Mr. Marie contravened the Corporations
Act and failed to comply with his duties as a managing director of
Theta.

Theta and Mr. Marie admitted the contraventions in a Statement of
Agreed Facts and Admissions filed with the Court along with joint
submissions for declarations, civil penalties and the
disqualification order to be imposed.

The Hon Justice McKerracher noted in handing down his judgment that
the circumstances involved catastrophic losses sustained by
investors.

ASIC Commissioner Cathie Armour said 'The Federal Court outcome
sends an important deterrent message to other responsible entities,
as well as to those entrusted to act as gatekeepers, to ensure they
comply with their legal obligations.

'ASIC will take action to hold gatekeepers to account'.

In total, between May 20, 2016 to April 30, 2018, AUD16,749,974 was
raised from retail investors pursuant to the defective Product
Disclosure Statements.

ASIC's investigation into conduct by entities and officers within
the Sterling Group of companies continues.

The Court's reasons for decision will be published by the Court in
due course.

Of the 101 consumers who entered into Sterling New Life Leases, 63
of those Lessees invested in the Sterling Income Trust to generate
funds to cover their rental expenses under such Leases. The
remaining 38 Lessees did not invest in that Trust, rather they
invested in Preference Shares offered by companies within the
Sterling Group of Companies.


VIP CABS: First Creditors' Meeting Set for Nov. 27
--------------------------------------------------
A first meeting of the creditors in the proceedings of VIP Cabs Pty
Ltd will be held on Nov. 27, 2020, at 11:00 a.m. at the offices of
Rodgers Reidy, Level 12, 210 Clarence Street, in
Sydney, NSW.

Andrew James Barnden and Joanne Keating of Rodgers Reidy were
appointed as administrators of VIP Cabs on Nov. 17, 2020.




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

CCRE: Fitch Assigns BB- Rating on New USD Senior Notes
------------------------------------------------------
Fitch Ratings has assigned Central China Real Estate Limited's
(CCRE; BB-/Stable) proposed US dollar senior notes a 'BB-' rating.
The proposed notes are rated at the same level as CCRE's senior
unsecured rating, as they represent its direct, unconditional,
unsecured and unsubordinated obligations.

CCRE's ratings are supported by the company's position as a
market-leading homebuilder in China's Henan province, and healthy
leverage. However, CCRE remains less geographically diversified and
has thinner margins than higher-rated peers, which constrains the
rating at the current level.

KEY RATING DRIVERS

Strong Presence in Henan: CCRE increased its market share in Henan
to 11.2% in 2019 from 9% in 2018, and remained the largest
developer in the province. The company has been developing
residential properties almost entirely in Henan for more than 28
years, and has projects in 18 prefecture-level cities. CCRE's lower
average selling price (ASP) of CNY7,811 per sq m in 2019, compared
with peers' ASP of above CNY11,000/sq m, reflects its wide product
exposure, including projects in smaller cities.

Growth in Line with Market: CCRE aims to boost its annual
contracted sales to CNY80 billion in 2020, which should be
supported by solid demand in the province. CCRE's total contracted
sales in 2019 were CNY71.8 billion, up by 34% from 2018. This was
driven by a larger share of sales from lower-tier cities in Henan.

More Land Acquisitions: CCRE acquired 13 million sq m in
attributable gross floor area of land for CNY22.7 billion in 2019.
It achieved a land acquisition/contracted sales value ratio of
0.32x, unchanged from 2018. Management budgeted land-acquisition
outflow of CNY20 billion for 2020, representing 0.33x of its
contracted sales receipts.

Stable Leverage: CCRE's leverage - defined by net debt/adjusted
inventory (including external guarantees) fell to 32.3% by end-June
2020, from 35.1% at end-2019. Fitch expects the company to be
flexible on its land acquisitions as its land bank is sufficient
for development over the next four-to-five years.

Lower Gross Margin: Fitch expects CCRE's gross margin to stabilise
at around 23% in 2020 after narrowing to 26% in 2019, from 34.4% in
2018, due mainly to the recognition of high-margin products in
2018.

Guarantees to Related Parties: CCRE provided a two-year CNY500
million financial guarantees to Henan Hongdao for a bank loan and
provided another guarantee on Jiayao Global's USD203 million in
bonds due 2021. Henan Hongdao and Jiayao Global are owned by CCRE's
chairman and largest shareholder, and Henan Hongdao's subsidiary is
a supplier to CCRE. Fitch would consider negative rating action if
there is increased related-party transactions and financial
guarantees.

DERIVATION SUMMARY

CCRE's total contracted sales of CNY71.8 billion in 2019 are
comparable with those of 'BB-' rated peers such as Yuzhou Group
Holdings Company Limited (BB-/Stable) and KWG Group Holdings
Limited (BB-/Stable).

CCRE's leverage ratio is in line with 'BB-' rated peers' ratio of
20%-45%. CCRE's EBITDA margin shrank to 16% in 2019 from 22% in
2018, and was lower than the 'BB-' peers' range of 18%-25%.

CCRE is rated one-notch lower than Logan Group Company Limited
(BB/Stable), which has higher attributable contracted sales and
better margins. Logan's operations are concentrated in the Greater
Bay Area, but the concentration risk has fallen after it expanded
into new areas, including the Yangtze River Delta, Hong Kong and
Singapore in the past 12-24 months. Fitch expects the contribution
from the Greater Bay Area to Logan's sales to drop to around 50% in
2020-2021. In comparison, all of CCRE's sales are from Henan.

KEY ASSUMPTIONS

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

  - Total contracted sales by gross floor area to increase by 5% in
2020 and 2021

  - ASP for contracted sales to remain stable in 2020 and 2021

  - EBITDA margin (excluding capitalised interest) to stay at
15%-20% in 2020 and 2021

  - Land-acquisition budget to be 30%-35% of total contracted sales
in 2020 and 2021

RATING SENSITIVITIES

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

Leverage, measured by net debt/adjusted inventory on a
proportionately consolidated basis, persistently at 30% or below,
while the company achieves diversification, with 20% of contracted
sales generated outside of Henan province

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

  - A decline in contracted sales for a sustained period

  - Leverage at 40% or above for a sustained period

  - EBITDA margin at below 18% for a sustained period

  - Any increase in financial guarantees to related parties on
non-property development businesses

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity: The company had total cash of CNY31.8 billion
(including restricted cash of CNY6.2 billion) as of end-June 2020,
sufficient to cover short-term debt of CNY19.4 billion maturing
within one year.

ESG CONSIDERATIONS

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


EHI CAR: Fitch Alters Outlook on B LongTerm IDR to Stable
---------------------------------------------------------
Fitch Ratings has revised the Outlook on eHi Car Services Limited's
Long-Term Issuer Default Rating (IDR) to Stable, from Negative, and
affirmed the Long-Term IDR at 'B'. The senior unsecured rating and
the rating on the company's USD400 million 5.875% notes due 2022
have also been affirmed at 'B' with a Recovery Rating of 'RR4'.

The Outlook revision reflects Fitch's expectation that China-based
eHi's coverage, leverage metrics and financial flexibility will
continue to improve as the company recovers from the disruptions
caused by the coronavirus pandemic.

KEY RATING DRIVERS

Recovery from Pandemic: The COVID-19 outbreak had a significant
impact on eHi's operations in 2020. The company's 1H20 car-rental
revenue fell 12% yoy and its EBITDA declined by 19%. However, eHi's
operations have recovered rapidly since, with the revenue decline
narrowing to a low single digit and EBITDA increasing yoy in 3Q20.
Fitch expects eHI's business recovery to continue, helped by
China's resurgent domestic travel demand and rising preference for
private transportation.

Updated Syndicated Loan Terms: eHi and its US dollar
syndicated-loan providers in August 2020 agreed upon the amendment
of certain terms of their initial agreement. These included the
modification of certain financial covenants, including the
exclusion of 1Q20 EBITDA from eHi's EBITDA calculation for 2020 and
a relaxation of the company's interest cover requirement over the
remaining term of the facility.

The amendments also contain new terms that would allow eHi's
shareholders to inject cash proceeds into the company to comply
with the financial covenants. Fitch believes the amendments remove
the risk of negative consequences from any potential breach of
financial covenants under the original agreement.

Refinancing Plan in Progress: The remaining 70% in instalments on
the USD195 million syndicated facility will be due in 2021. eHI is
currently seeking new onshore financing to help refinance the
offshore obligation. Fitch believe eHi has sufficient flexibility
in repaying the short-term offshore borrowings even if the onshore
loan arrangement cannot be completed in time. However, any
repayment without refinancing will deplete eHi's cash position and
entail some form of vehicle fleet reduction.

Leading Position; Competitive Market: eHi remains one of China's
leading car-rental companies and has a record of market share gains
against its larger peer. Fitch also believes China's car-rental
market is likely to maintain robust growth in the medium term,
supported by rising incomes, the large gap between the number of
people holding driver's licences and owning cars, and the rapid
growth in domestic self-driving trips. Major players such as eHi
can reinforce their leading positions, which are underpinned by
their well-recognised brands, large and expanding fleets and
national coverage.

However, China's car-rental and service market continues to be
highly competitive and is vulnerable to technological disruption.
eHi not only competes fiercely against traditional car-rental
operators such as CAR Inc., but also faces challenges from new
entrants in mobility services, supported by technology companies
and automakers. Fitch believes the market will remain competitive
in the medium term, which could affect eHi's pricing and margins.

DERIVATION SUMMARY

eHi's ratings are supported by its market position as the
second-largest car-rental company in China, although it has a
smaller operating scale and weaker financial profile than other
Fitch-rated car-rental operators, such as Localiza Rent a Car S.A.
(BB/Negative), the leading car-rental operator in Brazil. eHi also
has a smaller operating scale and higher capex requirements than
China Grand Automotive Services Group Co., Ltd. (B+/Stable), the
largest auto dealer in China.

KEY ASSUMPTIONS

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

  - 5% revenue CAGR in 2020-2023 (2019: 18%)

  - EBITDA margin declines to 40% in 2020 and recovers to 44% by
2023 (2019: 44%)

  - Capex declines to CNY0.9 billion in 2020 (2019: CNY1.5
billion)

Recovery Rating Assumptions:

Its recovery analysis is based on liquidation value, as it is
higher than going-concern value. The liquidation value is derived
from the value of eHi's vehicle fleet. eHi has a solid record in
disposing of its used cars with minimal gain/loss from disposal,
and there is a large and liquid market for used cars in China.
Hence, Fitch believes the 70% advance rate is achievable and a fair
assumption.

The Recovery Rating assigned to eHi's senior unsecured debt is
'RR4' because, under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, China falls into the Group D of countries
in terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

  - FFO net leverage, including accounts payable for vehicle
purchases, sustained below 5.0x (2019: 3.7x)

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

  - FFO net leverage, including accounts payable for vehicle
purchases, sustained above 6.0x

  - Operating EBITDA/interest paid below 2.5x for a sustained
period (2019: 3.1x)

  - Failure to improve its debt-maturity profile within the next 12
months


LIQUIDITY AND DEBT STRUCTURE

Refinancing Needs: eHi had readily available cash and cash
equivalents of CNY0.6 billion at 1H20, against short-term debt
obligations of CNY1.6 billion (or CNY3.9 billion if payables for
vehicles purchased are included). Fitch believes eHi has no
immediate liquidity issues as it has solid banking relationships
and its vehicle fleet can be liquidated rapidly to fund any
shortfalls. However, a failure to refinance its offshore debt over
the next 12 months could have an impact on the scale of its
operations.

SUMMARY OF FINANCIAL ADJUSTMENTS

Amounts due to suppliers arising from vehicle purchases that are
classified under accounts payable have been classified as debt.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


IDEANOMICS INC: Incurs $8.7 Million Net Loss in Third Quarter
-------------------------------------------------------------
Ideanomics, Inc., filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $8.72
million on $10.62 million of total revenue for the three months
ended Sept. 30, 2020, compared to a net loss of $12.30 million on
$3.10 million of total revenue for the three months ended Sept. 30,
2019.

For the nine months ended Sept. 30, 2020, the Company reported a
net loss of $47.76 million on $15.69 million of total revenue
compared to net income of $12.88 million on $44.50 million of total
revenue for the nine months ended Sept. 30, 2019.

As of Sept. 30, 2020, the Company had $138.46 million in total
assets, $49.33 million in total liabilities, $1.26 million in
convertible redeemable preferred stock, $7.37 million in redeemable
non-controlling interest, and $80.50 million in total equity.

"We reported our third consecutive quarter of MEG revenue growth,
and our pipeline gives us confidence that we can maintain this
momentum through our product and service offerings and global
footprint," said Alf Poor, CEO of Ideanomics.  "The MEG division in
China, Treeletrik in Malaysia, and Medici Motor Works and Solectrac
in the U.S. are all progressing towards our objectives for the
remainder of 2020, and into 2021 and beyond.  Strong growth in our
taxi and ridesharing business is continuing and we are beginning to
bring other revenues online in Q4, including activity in the bus
segment of our business."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/837852/000110465920123041/idex-20200930x10q.htm

                      About Ideanomics

Headquartered in New York, NY, with offices in Beijing and Qingdao,
China, Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products.  Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain.  MEG and Ideanomics Capital provide its global
customers and partners with better efficiencies and technologies
and greater access to global markets.

Ideanomics reported a net loss of $96.83 million for the year ended
Dec. 31, 2019, compared to a net loss of $28.42 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$147.99 million in total assets, $56.12 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.26 million in redeemable non-controlling interest, and
$83.35 million in total equity.

As of Sept. 30, 2020, the Company had $138.46 million in total
assets, $49.33 million in total liabilities, $1.26 million in
convertible redeemable preferred stock, $7.37 million in redeemable
non-controlling interest, and $80.50 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


IDEANOMICS: Signs Definitive Agreement to Acquire Timios Holdings
-----------------------------------------------------------------
Ideanomics has signed a definitive stock purchase agreement to
acquire 100% of privately held Timios Holdings Corp. in an all-cash
deal.  The acquisition is subject to the satisfaction of regulatory
approvals and other customary closing conditions.

Timios, a nationwide title and settlement solutions provider, has
been expanding in recent years through offering innovative and
freedom-of-choice-friendly solutions for real estate transactions,
including residential and commercial title insurance and closing
and settlement services, as well as specialized offerings for the
mortgage industry.

Ideanomics expects that Timios will become one of the cornerstones
of Ideanomics Capital, the Company's fintech business unit, which
focuses on leveraging technology and innovation to improve
efficiency, transparency, and profitability for the financial
services industry.  Timios combines difficult to obtain licenses, a
knowledgeable and experienced team, and a scalable solutions
platform to deliver best-in-class service through both centralized
processing and a localized branch network.  Ideanomics will assist
Timios in scaling its business in various ways, including referring
client acquisition and product innovation.

Founded in 2008 by real estate industry veteran Trevor Stoffer,
Timios' vision is to bring honesty and transparency to real estate
transactions.  Mr. Stoffer, who currently serves as Timios'
Chairman of the Board, believes that the real estate process has
been overly complicated to the detriment of consumers and
commercial clients. The company offers title and settlement,
appraisal management, and real-estate-owned (REO) title and closing
services in 44 states and currently serves more than 280 national
and regional clients.

"As we move into an unprecedented era of data-driven real estate
transactions, Timios intends to continue to shepherd our customers
through this significant transformation in the real estate industry
by providing transparency and simplification," said Timios Chairman
of the Board, Trevor Stoffer.

Timios has introduced significant product and service level
improvements, becoming an innovator in the real estate title and
escrow services industries - markets poised for technology
disruption.  Its proprietary tools eliminate tedious calculations
and provide increased pricing transparency to the benefit of all
parties in a transaction; lender, real estate agents, and consumers
like.  Using a combination of operational discipline and
technology, Timios employs efficient workflow management systems
and a data-driven approach which results in one of the highest
closing rates in the business.

"Ideanomics' DNA is to serve as a catalyst for change through
innovation.  Timios fits perfectly within our model as a disruptive
force in the mortgage and title industry, which currently has many
antiquated processes that go against the trend towards transparency
and freedom of choice.  With this acquisition, we are onboarding a
profitable business which has grown both its top and bottom line
tremendously in 2020.  We are delighted to add them to our family,
where we anticipate they will integrate seamlessly, and we look
forward to working with the management team to further develop what
is a win-win for both Ideanomics and Timios," said Alf Poor, CEO of
Ideanomics.

                      About Ideanomics

Headquartered in New York, NY, with offices in Beijing and Qingdao,
China, Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products.  Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain.  MEG and Ideanomics Capital provide its global
customers and partners with better efficiencies and technologies
and greater access to global markets.

Ideanomics reported a net loss of $96.83 million for the year ended
Dec. 31, 2019, compared to a net loss of $28.42 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$147.99 million in total assets, $56.12 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.26 million in redeemable non-controlling interest, and
$83.35 million in total equity.

As of Sept. 30, 2020, the Company had $138.46 million in total
assets, $49.33 million in total liabilities, $1.26 million in
convertible redeemable preferred stock, $7.37 million in redeemable
non-controlling interest, and $80.50 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


JOYY INC: Shares Dive After Muddy Waters Calls It "Fraud"
---------------------------------------------------------
Bloomberg News reports that Joyy Inc.'s shares tumbled the most
ever after short-seller Muddy Waters called it a "fraud tech
company," casting doubt over a pioneer of Chinese livestreaming
that's selling its local video business to Baidu Inc.

According to Bloomberg, Muddy Waters Research founder Carson Block
said Joyy's live-streaming service YY is "guilty of bot forming,
creating fake transactions and having fake users." The report,
published Nov. 18, came days after Baidu agreed to buy YY for $3.6
billion.

Bloomberg relates that in a 71-page report, Muddy Waters alleged
evidence of revenue inflation: livestreamers who got paid during
long periods of absence or inactivity; mis-matches with local
credit reports it obtained; and payments originating from company
servers. Muddy Waters also said it holds a short position in Joyy,
meaning the firm will benefit financially when the shares drop.

Bloomberg says the allegations cast doubt on a deal intended to
help Baidu catch up in the competitive arena of online
entertainment after a late start in live-streaming video, which has
taken China by storm. With YY, Baidu was supposed to get a $1.8
billion business with 4 million paying users who splurge on virtual
gifts to tip their favorite performers. Even before Muddy Waters
questioned that revenue model, analysts had flagged its declining
growth and market share losses to rivals like ByteDance Ltd.'s
Douyin and Tencent Holdings Ltd.-backed Bilibili Inc., Bloomberg
states.

Joyy's U.S.-traded shares fell 26% in New York, shedding about $2
billion of value, Bloomberg notes. Livestreaming peers Momo Inc.
and Douyu International Holdings Ltd., who operate similar business
models, slid more than 4% in New York. Baidu finished 1.3% lower
amid a broader U.S. market decline.

"Joyy may have to spend significant time and resources to refute
Muddy Waters' allegations of fraud, which are designed to be
difficult to disprove quickly," said Bloomberg Intelligence analyst
Vey-Sern Ling. "This may involve internal reviews with independent
committees and external advisors. In the meantime, the doubt cast
into investors' minds will be an overhang, and there may be
uncertainty about the completion of the pending deal."

Bloomberg notes that the acquisition marked the search engine
giant's biggest foray into the fastest-growing arena of digital
video. Once the runaway leader in desktop search, Baidu is trying
to adapt its business to the mobile era but losing ground piecemeal
to up-and-comers such as ByteDance and Kuaishou.

To compete for users and advertisers, Baidu's core search app is
morphing into a platform hosting a wide array of content from
articles to videos, not unlike Tencent Holdings Ltd.'s WeChat. Its
Netflix-style iQiyi Inc. -- whose shares plunged in April after
another short seller's report -- is also going head-to-head with
services run by Tencent and Alibaba Group Holding Ltd, Bloomberg
says.

Started in 2005 as a chat tool for gamers, YY was among the
pioneers of a way to monetize livestreaming by taking a cut of
virtual gifts bestowed by fans. In 2014, its parent launched
Twitch-style Huya Inc. using the same model. That unit was later
spun off and is now in the middle of merging with DouYu
International Holdings Ltd. to create a $10 billion game-streaming
giant controlled by Tencent, Bloomberg notes.

The tactics outlined in Muddy Waters's report aren't intended to
inflate revenue but to juice popularity among users, said Ke Yan, a
Singapore-based analyst with DZT Research, Bloomberg relays. And
the research firm may be mis-judging how common the practice was of
initially using bots to generate interest, said Chen Da, executive
director at Anlan Capital.

"You can't really apply the research methods used to collect
fraudulent evidence against real-economy or manufacturing firms to
internet firms," Bloomberg quotes Chen as saying. Their "business
model does pay off and there is real cash flow brought in after the
fakes 'get the ball rolling'."

Still, YY itself is losing appeal to hotter formats like
video-streaming platform Bilibili, the TikTok-like Kuaishou and
TikTok's Chinese twin Douyin -- a problem also faced by Baidu's own
iQiyi. YY's paying users actually declined 4.7% in the September
quarter.

"We are not convinced of the operational synergies from acquiring
an ex-growth business, YY Live. Baidu management explained the
rationale of the deal was to "diversify" Baidu's revenue sources,"
Daiwa analysts led by John Choi wrote after the acquisition was
announced. "Although we understand the acquisition will be earnings
accretive to the company, we do not expect meaningful value to be
created from the transaction, but view it as more of a means of
capital allocation for its sizeable cash balance."

Bloomberg adds that Muddy Waters said it had been at work on its
report before news of Baidu's deal to buy YY. The firm said its
year-long investigation shows YY's supposedly high-earning
performers actually take home only a fraction of their reported
totals; the supposed independent channel owners are largely
controlled by YY and legions of benefactor fans are almost all bots
operating from the company's internal network.

"Will Baidu really try to buy 'growth' in the form of an almost
completely fake business?" Muddy Waters, as cited by Bloomberg,
asked.

JOYY Inc. operates a global social media platform. The Company
offers platform which enables users to interact with each other in
real time through online live media by creating, sharing, and
enjoying a vast range of entertainment content and activities. JOYY
serves customers in China.


TUNGHSU OPTOELECTRONIC: Defaults on Interest on Two Bonds
---------------------------------------------------------
Cao Wenjiao and Timmy Shen at Caixin Global report that a Chinese
manufacturer of display panels noted in its 2020 interim report
that it failed to pay CNY66 million (US$10 million) in interest on
two bonds as China's market-rattling string of corporate defaults
continues.

Caixin relates that Shenzhen-listed Tunghsu Optoelectronic
Technology. Co. Ltd. said that "tight liquidity" means it couldn't
come up with the cash to make the interest payments due on a CNY2.2
billion medium-term note and another CNY800 million note, the
company said in a filing on Nov. 17.

Caixin notes that the company's failure to make the interest
payments is just the latest in a series of bond defaults in China,
an issue that has caught the attention of the country's top
economic planner. Recent repayment failures by a coal mining
company, a top Chinese chipmaker and a major car manufacturer
highlight the risk of rising defaults in the country's corporate
bond market, the report states.

Tunghsu Optoelectronic Technology Co., Ltd. engages in the
development and sale of liquid crystal glass substrates and
equipment in China. It also offers energy buses, and single-layer
graphene and graphene-based lithium-ion battery related products;
and purchases and sells memory chip products, peripherals and
e-sports main computers, LCD screen modules, and whole machine
products. In addition, the company is involved in the development
and sale of real estate properties.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
21, 2019, Bloomberg News said Tunghsu Optoelectronic Technology
Co., a Shenzhen-listed unit of Tunghsu Group Co., failed to repay
CNY1.97 billion principal and interest on a note because of tight
liquidity after bondholders exercised a put option. It also missed
interest payment on another bond.


XINJIANG FINANCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Xinjiang Financial Investment Co.,
Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) of 'BB+'. The Outlook is Stable.

Fitch has also affirmed Xinjiang Financial's USD200 million 7.5%
senior unsecured notes due 2022 at 'BB+'. The offshore notes are
rated at the same level as Xinjiang Financial's IDRs as they
represent the direct, unsubordinated, unconditional and unsecured
obligations of Xinjiang Financial and will at all times rank pari
passu with all other unsecured and unsubordinated obligations of
Xinjiang Financial.

Xinjiang Financial was established in 2008 by the State-owned
Assets Supervision and Administration Commission of Xinjiang
(Xinjiang SASAC). Xinjiang Financial is the only local regional
holding platform in Xinjiang for financial investments. Xinjiang
Financial invests in local financial institutions through their
debt and equity securities. The group plays an important role in
maintaining the stability of the local financial system as a
government financing tool.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: Fitch assesses the
attribute as 'Very Strong', based on the government's oversight of
Xinjiang Financial, which is wholly owned and controlled by the
Xinjiang State-owned Assets Supervision and Administration
Commission. The government appoints or nominates most of Xinjiang
Financial's board members and senior management, and any changes in
the board of supervisors or board of directors need government
approval. The company's major decisions also need the government's
approval.

'Moderate' Support Record: Government subsidies represented less
than 10% of Xinjiang Financial's net profit during 2015-2019. In
addition, the government provided various tax incentives to the
company. The attribute is constrained by the lack of other forms of
support, such as substantial capital injections and controlling
stakes of key state-owned enterprises.

'Moderate' Socio-Political Implications of Default: Xinjiang
Financial is the only platform in the Xinjiang Uygur Autonomous
Region engaged in financial investment and has the task of
maintaining regional financial stability. However, Fitch sees that
the company is still in the early stage in financial investment
with competition from national scale players, and therefore can be
replaced, even though there is no government-related entity (GRE)
in the region that carries out similar functions.

'Moderate' Financial Implications of Default: Fitch believes that a
failure by the government to provide timely support could result in
reputational damage for the government and affect the availability
of financing for the province's other GREs. Nevertheless, Xinjiang
Financial's operations in terms of asset size are small relative to
the government's assets. The company's financial impact in case of
default is therefore assessed as 'Moderate'.

Standalone Credit Profile (SCP) of 'b': Fitch assesses Xinjiang
Financial's parent-level SCP as it is a strategic holding company.
Xinjiang Financial's SCP of 'b' is driven mainly by its
expectations of the following: a 'Weaker' financial profile given
high leverage, with projected net debt/EBITDA to reach 30x by 2024
under Fitch's base case; 'Weaker' revenue defensibility as
parent-level revenue is mostly from financial income and investment
income and hence subject to the cyclicality of the underlying
subsidiaries; and 'Midrange' operating risk, reflecting the
parent's investment holding nature with limited staff or sharp
increase in costs.

DERIVATION SUMMARY

Fitch assessed Xinjiang Financial under its Government-Related
Entities Rating Criteria, reflecting Xinjiang Uygur Autonomous
Region's ultimate ownership and oversight and the company's
functional role in Xinjiang's development, a key strategic
initiative of the government. These factors indicate a strong
incentive by the sponsor to provide extraordinary support to
Xinjiang Financial, if needed.

Xinjiang Financial's IDRs were derived from the four factors under
Fitch's Government-Related Entities Rating Criteria and the SCP of
'b' from its Public Sector, Revenue-Supported Rating Criteria.

RATING SENSITIVITIES

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

  - Upward revision of Fitch's credit view on Xinjiang's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations.

  - An increase in the Xinjiang government's incentive to support
Xinjiang Financial, including stronger socio-political and
financial implications of a default or a stronger support record.

  - An upgrade of Xinjiang Financial's IDRs would result in an
upgrade of the rating on its bonds.

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

  - Downward revision in Fitch's credit view on Xinjiang's ability
to provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations

  - Significant weakening in the socio-political and financial
implications of a default by Xinjiang Financial, a weaker
government support record or a dilution in the government's
shareholding.

  - A downgrade of Xinjiang Financial's IDRs would result in a
downgrade of the rating on its bonds.

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.


YONGCHENG COAL: Faces Nov. 24 Deadline to Avoid More Defaults
-------------------------------------------------------------
Wu Hongyuran, Wang Juanjuan and Guo Yingzhe at Caixin Global report
that troubled state-owned coal miner Yongcheng Coal and Electricity
Holding Group Co. Ltd. is racing to get investors' agreement to
extend the term of a CNY1 billion ($152.5 million) bond it can't
repay to avoid triggering defaults on a further CNY26.5 billion of
debt owed by the company and its parent.

China Everbright Bank Co. Ltd., the lead underwriter of the
ultra-short-term bond issued by Yongcheng Coal in February, has
asked bondholders to accept a 270-day extension for repayment of
the principal which was due on Nov. 10, sources close to the matter
told Caixin. The Henan province-based company paid all of the
CNY32.4 million in overdue interest on the bond on Nov. 13.

If no agreement is reached by Nov. 24, cross-default clauses
specified in the bond's prospectus will be triggered which means a
further CNY15 billion of Yongcheng Coal bonds and CNY11.5 billion
of debt issued by its parent Henan Energy and Chemical Industry
Group Co. Ltd. will go into technical default, Caixin says.

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.


YONGCHENG COAL: Haitong Securities Probed in Bond Default
---------------------------------------------------------
Liang Hong, Zhang Yuzhe and Denise Jia at Caixin Global report that
Haitong Securities Co. Ltd. and subsidiaries are suspected of
providing assistance to Yongcheng Coal and Electricity Holding
Group Co. Ltd. in the illegal issuance of bonds and market
manipulation, according to China's interbank bond market
regulator.

Haitong, one of China's biggest brokerages, became part of a
widening probe of the state-owned coal mining company's default for
its role in the issuance of CNY1 billion ($151 million) bond that
Yongcheng failed to repay last week, according to Caixin.

Caixin says the National Association of Financial Market
Institutional Investors (NAFMII), a self-regulatory body under the
People's Bank of China, didn't provide details of Haitong's
suspected violations.  Caixin learned that Haitong holds large
positions in more than CNY40 billion of bonds issued by Yongcheng
and its state-owned parent company, Henan Energy and Chemical
Industry Group Co. Ltd.

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.




=================
H O N G   K O N G
=================

BINHAI INVESTMENT: Moody's Confirms Ba1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has confirmed Binhai Investment Company
Limited's Ba1 corporate family rating (CFR).

The outlook has been changed to stable from rating under review.

This rating action concludes the review for downgrade initiated on
September 3, 2020.

RATINGS RATIONALE

"The rating confirmation reflects Binhai Investment's reduced
refinancing risk in relation to its USD300 million bond maturing
end of this month, following the completion of Sinopec's investment
in the company," says Ada Li, a Moody's Vice President and Senior
Credit Officer.

On September 24, 2020, China Petrochemical Corporation (Sinopec, A1
stable) completed its 29.99% equity investment in Binhai
Investment, making Sinopec the second largest shareholder after
Tianjin TEDA Investment Holding Co., Ltd (TEDA), whose stake in
Binhai Investment has reduced to 35.43% from 60.19%

Moody's believes that the completion of the transaction will
strengthen Binhai Investment's access to capital markets with more
diversified and lower cost financing options. In particular,
Moody's now expects Sinopec to extend direct financing support to
Binhai Investment in relation to the refinancing of its bond due on
November 30. This expectation is backed by Sinopec's strong
financial capacity and wide funding channels as a major state-owned
enterprise in China's oil and gas industry.

Binhai Investment's Ba1 CFR continues to reflect (1) the company's
solid market position in the Tianjin Binhai New Area and gradual
gas sales volume growth, (2) its manageable capital spending, and
(3) the government's favorable policies for the natural gas sector
in China (Government of, A1 stable).

However, the Ba1 rating remains constrained by the company's high
reliance on one-off and non-recurring installation service fees,
small and geographically concentrated operations, relatively high
financial leverage, and an evolving regulatory environment.

Moody's expect Binhai Investment's adjusted funds from operations
(FFO)/debt to range within 12%-13% in the next 12 to 18 months,
after factoring in its moderate growth in cash flow generation,
continuing gas sales volume growth and improving profit margins, as
well as its annual capital spending of HKD600 million - HKD650
million.

In addition, Moody's expects potential constraints from TEDA on the
credit profile of Binhai Investment to further reduce after
Sinopec's investment, given TEDA no longer has a controlling
position in the latter's shareholding or board of directors.

The stable outlook incorporates Moody's expectation that Binhai
Investment's credit metrics will remain at levels appropriate for
its Ba1 corporate family rating over the next 12-18 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's focus on gas distribution, as
well as its business strategy, financial policy, regulatory risks
and corporate governance structure.

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

Binhai Investment's rating could be upgraded if it demonstrates a
consistent improvement in its financial profile. Key financial
metrics indicative of an upgrade includes its adjusted FFO/debt
surpassing 20% and adjusted FFO interest coverage surpassing 5.0x
over a prolonged period.

Binhai Investment's rating will benefit upon evidence of increasing
strategic importance to Sinopec Group, along with long term
financial and operational support arrangements.

On the other hand, Binhai Investment's rating could be downgraded
if (1) there are unfavorable regulatory changes that significantly
affect the company's ability to pass through costs; (2) its credit
metrics weaken significantly because of aggressive debt-funded
expansions or higher-than-expected dividend payouts; or (3) its
liquidity challenges persist.

Financial metrics indicative of a downgrade includes its adjusted
FFO/debt below 10% and adjusted FFO interest coverage below 2.0x
over a prolonged period.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in June 2017.

Binhai Investment is principally engaged in city gas distribution
and gas pipe installation businesses in China, mainly in the
Tianjin municipality. Binhai Investment operates and services 1.8
million households and commercial and industrial (C&I) customers.
In 1H 2020, the company sold 521 million cubic meters of gas and
transported 307 million cubic meters of gas.

Binhai Investment is listed on the Hong Kong Stock Exchange and is
35.43% owned by TEDA and 29.99% owned by Sinopec. TEDA is a
wholly-owned conglomerate of the State-owned Assets Supervision and
Administration Commission (SASAC) of the Tianjin municipality.
Sinopec is one of the world's largest integrated energy and
petrochemical companies, wholly owned by China's central
government.




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

4 GENIUS MINDS: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained 4 Genius Minds
Private Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR450 mil. Fund-based working capital facilities (long-term
     and short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Proposed fund-based working capital facilities
     (long-term and short-term) is withdrawn*.

*Since it was outstanding for over 180 days

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 24, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

4 Genius Minds is an authorized reseller of all Apple Inc.'s
products in India and is authorized to provide both system
integration and after-sales services such as repair and maintenance
in the B2B segment.


AIRFLOW EQUIPMENTS: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Airflow
Equipments (India) Private Limited's (AFEPL) Long-Term Issuer
Rating of 'IND D (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits is withdrawn; and

-- INR52.26 mil. Term loan due on January 2018 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificate from the rated facilities'
lenders. Ind-Ra will no longer provide rating or analytical
coverage for AFEPL.

COMPANY PROFILE

AFEPL manufactures railway rolling stock equipment. It undertakes
designing, analysis, development, fabrication, machining, and
assembly of composite parts for railway vehicles and automobiles.


AJAB SINGH: ICRA Lowers Rating on INR20cr Cash Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ajab
Singh and Company, as:

                     Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-          18.20      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-Non-       20.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding Ajab Singh And Company performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Ajab Singh And Company, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Incorporated in 2009 by Mr. Ajab Singh, ASCO is a partnership firm
involved in the construction of roads, flats, boundary wall and
other civil engineering projects in the Delhi NCR region.
Presently, the firm is a class-I contractor of Delhi Development
Authority (DDA).


B.L.D.E UNIVERSITY: ICRA Cuts Rating on INR4cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of B.L.D.E
University, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       4.00       [ICRA]B+ (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category

   Long Term-Fund       4.00       [ICRA]B+ (Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category

   Short Term-Non       2.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

The rating is downgraded because of lack of adequate information
regarding B.L.D.E University and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with B.L.D.E University, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

BLDE (Bijapur Liberal District Educational) University was
established in 2008 and is a deemed university, operating a medical
college and a hospital in Vijayapura (Karnataka), under the name,
Shri B M Patil Medical College, Hospital and Research Centre. The
college offers undergraduate, postgraduate and PhD courses with
close to 886 students enrolled under different courses as on date.
The hospital is an advanced tertiary care center with a bed
capacity of around 1100 equipped with advanced medical equipments
and qualified medical professionals. The BLDE group consists of
BLDE Association and BLDE University. BLDE Association was set up
in 1910 to provide educational facilities to the poor and 2
socially backward community of Vijayapura. It started a school,
Shri Siddheshwar High School, in Vijayapura in 1917. It gradually
expanded its range of educational courses and now manages close to
74 educational institutions in and around Vijayapura, offering
kindergarten to postgraduate and research courses in arts, science,
commerce, management, medicine, nursing, law and engineering
streams. Mr. M B Patil is the President of the group and is
currently the State Minister for Water Resources in Karnataka. The
university's day-to-day operations are managed by its board of
management, headed by vice chancellor, Professor B G Mulimani.


BABA AKHILA: ICRA Keeps D on INR38.8cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR38.80-crore bank facilities of
Baba Akhila Sai Jyothi Industries Private Limited continue to
remain under 'Issuer Not Cooperating' category'. The ratings are
denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-Fund     18.00      [ICRA]D; ISSUER NOT COOPERATING;
   Based/CC                      Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term-Fund     12.35      [ICRA]D; ISSUER NOT COOPERATING;
   Based/TL                      Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-Non      8.45      [ICRA]D; ISSUER NOT COOPERATING;
   Based/TL                      Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of noncooperation by a rated entity available at
www.icra.in.

Incorporated in May 2005, Baba Akhila Sai Jyothi Industries Private
Limited (BASJIPL) is into manufacturing of sponge iron. The sponge
iron plant is located at village Chikka Bagnal in Koppal district
of Karnataka and the plant commenced operations from April 2009.
The installed capacity of the plant was 100TPD which was increased
to 200 TPD from April 2011. The company s managed by Mr. V Krishna
Murthy who has more than 15 years of prior experience in the sponge
iron industry.


BELGAUM WIND: Ind-Ra Moves B+ on INR700MM Loan to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Belgaum Wind Farms
Private Limited's (BWFPL) senior project bank loan rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR700 mil. (INR399.4 mil. outstanding as of January 31, 2020)

     Senior project bank loan migrated to non-cooperating category

     with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 7, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

KEY RATING DRIVERS

BWFPL has also not provided the monthly no-default statement since
March 2020, despite follow-ups by the agency. The company had
requested for deferment of principal and interest for the period
ending March 2020 as a part of the Reserve Bank of India's
prescribed debt moratorium; however, no further communication
regarding the same was shared by the management. BWFPL has also not
shared any updates regarding its operational and financial
performance since the last rating review.

COMPANY PROFILE

BWFPL is a 24.8MW wind power project that is located in the Gadag
plains near Belgaum, Karnataka. The project has been set up and
promoted by the Indian Energy Group.


CRACKERS INDIA: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Crackers India
(Alloys) Limited (CIAL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     3.98      CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)
   
   Working Capital        2.02      CRISIL C (ISSUER NOT
   Term Loan                        COOPERATING)

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

Established in 2005 by Mr. Srinibash Sahoo, CIAL manufactures
sponge iron, stone chips, iron fines, fly ash bricks, and coal
fines. Since January 2016, the company has also started trading in
high speed diesel, motor spirit, and lubricants of Reliance
Industries Ltd.


DECCAN ISPAT: ICRA Keeps D on INR10cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Deccan Ispat Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Short Term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based                Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of noncooperation by a rated entity available at
www.icra.in.

Incorporated in 2005, Deccan Ispat Limited is engaged in trading of
timber logs, veneers and plywood. The directors of the company are
Mr. Rajiv Agrawal & Mr. Anshu Agrawal who have extensive experience
of two decades in manufacturing plywood, block board and trading of
timber.


DEV PRAYAG: CRISIL Keeps B on INR9cr Loans in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dev Prayag Paper Mill
Private Limited (DPML) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 2013, promoted by Mr Bharat Agarwal, Mr Sandeep
Agarwal, and Mr Mahesh Chand Agarwal, DPML manufactures kraft paper
and light-weight coated duplex board. It commenced operations at
its facility in Allahabad (Uttar Pradesh) in September 2015.


DEWAN HOUSING: NCLT Stays Resolution Process, Voting Moved Dec. 3
-----------------------------------------------------------------
ET Now reports that the Mumbai bench of the National Company Law
Tribunal (NCLT) has ordered a stay on the resolution process of
Dewan Housing Finance Limited (DHFL). While the written order is
yet to be published by NCLT, sources have told ET Now that the stay
comes after the National Housing Bank (NHB) moved the court seeking
a higher share in the proceeds of the resolution. The voting
process on the four revised bids received has been pushed to
December 3 by the Committee of Creditors (CoC) to adhere to NCLT's
order.

According to ET Now, the CoC received revised bids from Oaktree
Capital, Piramal Enterprises, Adani Properties and SC Lowy on Nov.
17, after which the CoC was to open the bids at 5:00 p.m.
Post-NCLT's order, the CoC has now decided to open the bids on
December 3 as well, the report says. "We are allowed to open the
bids before December 3, but voting on the eligible bids can be done
only on December 3 as per NCLT's order. Hence, we have decided to
defer the opening of the revised bids to December 3 as well," ET
Now quotes a source within the banking industry on the condition of
anonymity as saying.

As per sources, Oaktree Capital, Piramal Enterprises and SC Lowy
have also written to the CoC against accepting the last-minute bid
by Adani Properties for the whole company instead of just the
wholesale book as it had originally bid, ET Now relates. The three
bidders have also threatened to walk out of the resolution process
if Adani's bid is accepted. "The other bidders have written to the
CoC against accepting the changed bid by Adani Properties, but who
has accepted the offer? A decision on Adani Properties' offer will
only be taken at a later stage after the bids are opened and
evaluated," said the above-mentioned person, the report relays.

A decision on accepting or rejecting Adani Properties' bid will be
taken only after bids are opened on December 3, according to ET
Now.  Similarly, a call on the other three bids will also be taken
by the bankers on or after the same day. Until then the CoC will
continue to meet bidders and have negotiations on the conditions
placed by the bidders, said the source.

In the last round of bids submitted, Oaktree Capital had increased
its bid to INR31,253 crore for the whole company. Piramal
Enterprises had bid INR26,000 crore for the retail book. Adani
Properties and SC Lowy had increased their bids to INR2,700 crore
and INR2,300 crore respectively for the company's wholesale book,
ET Now notes. Adani Properties is likely to have bid INR250 to 300
crore more than Oaktree Capital's offer for the whole company in
yesterday's round of bid submission.

Total claims by financial creditors admitted against DHFL amount to
INR87,048 crore, ET Now discloses. The top lenders to DHFL include
SBI (including SBI Singapore) with admitted claims of INR7,171
crore followed by Bank of India at INR4,125 crore. Canara Bank at
INR3,749 crore, Union Bank of India at INR3,517 crore, Punjab
National Bank at INR2,938 crore.

                            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.


DWARKADHEESH HAVELI: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Dwarkadheesh Haveli
Builders (DHB) continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             8.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Established in 2010 as a partnership firm by Mr. Vijay Singh, Mr.
Rakesh Kumar Rai, Mr.Kishan L Sharma, Mr.Ajab Singh, Mr.Gulab
Singh, and Mr. D K Rai, DHB develops residential real estate in
Bhopal.


EMGEE INFRASTRUCTURE: Ind-Ra Moves 'D' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Emgee
Infrastructure Holdings (I) Pvt. Ltd.'s Long-Term Issuer Rating to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating action is:

-- INR240 mil. Fund-based working capital limits (Long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 18, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on November 1, 2002, Emgee Infrastructure Holdings (I)
is engaged in civil construction, infrastructure development,
engineering, procurement, and construction and logistics projects.


FINE FACETS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR14.00 crore bank facilities of
Fine Facets India Private Limited continue to remain under Issuer
Not Cooperating category. The rating is denoted as '[ICRA]D ISSUER
NOT COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based:        5.00       [ICRA]D ISSUER NOT COOPERATING;
   Packing credit                Rating Continues to remain under
   Limits                        the 'Issuer Not Cooperating'
                                 category

   Fund based:        9.00       [ICRA]D ISSUER NOT COOPERATING;
   Post shipment                 Rating Continues to remain under
   credit limits                 the 'Issuer Not Cooperating'
                                 category      

   Non-fund based:   (5.00)      [ICRA]D ISSUER NOT COOPERATING;
   Foreign letter                Rating Continues to remain under
   of credit                     the 'Issuer Not Cooperating'
   interchangeable               category                          
                    
   limits            

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 2005, Fine Facets India Pvt. Ltd. (Fine Facets) is
engaged in trading certified and uncertified cut and polished
diamonds primarily for exports. The company has its marketing
office in Opera House, Mumbai.


G. D. BUILDERS: CRISIL Keeps B+ on INR10cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of G. D. Builders (GDB)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facility              10         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 2006, GDB is engaged in real estate development. The
company is currently undertaking three real residential and
commercial projects. The company is promoted by Mr. M. D.
Unnikrishnan who has been in the industry for more than 2 decades.


GAUR HARI: CRISIL Keeps B+ on INR12cr Loans in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Gaur Hari and Co.
(GHC) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Fund-        12         CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

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

Established in 1991 as a proprietorship concern by Mr Khagendra
Jana, GHC retails and wholesales gold and diamond-studded jewellery
(necklaces, earrings, bangles, kada, rings, bracelets, and
pendants) through its single outlet in Chandni Chowk, New Delhi. It
is setting up another outlet in Karol Bagh at an estimated capex of
Rs 4.0 crore, primarily to be met by proprietor's funds. The outlet
is expected to become operational in the first quarter of fiscal
2020.


HABLIS HOTELS: CRISIL Keeps B+ on INR30cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hablis Hotels (HH)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Proposed Long Term    23         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Set up in 2013 by Mr. Rajesh Devarajan, Chennai-based HH runs a 5
star hotel, Hablis Hotels.


HAVELI PETROLEUM: CRISIL Keeps B+ on INR10cr Loan in NonCooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Haveli Petroleum (HP)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

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

Established as a proprietorship firm in 2004 by Mr. Geetaba
Chauhan, HP runs an IOCL petrol pump in Silvassa.


HI-TECH PACKAGING: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hi - Tech Packaging
(HTP) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Foreign Letter         2.25      CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING)

   Proposed Term
   Loan                   3.42      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              1.33      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

HTP was incorporated in 2010. The firm is engaged in manufacturing
of plastic films. Day to day operations are managed by Mr. Nixon PV
(Managing Partner). Currently HTP has installed capacity of 300 kg
per hour.


HIND POLYFABS: CRISIL Keeps B+ on INR7.5cr Credit in NonCooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Hind Polyfabs Private
Limited (HPPL; part of the Rateria group) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HPPL, Jupax Vanijya Pvt Ltd (JVPL),
Maruti Packagers Pvt Ltd (MPPL) and Rateria Laminators Pvt Ltd
(RLPL). This is because the above mentioned companies, collectively
referred to as the Rateria group, have a common management, operate
in similar lines of business, and have significant operational and
financial linkages.

The Rateria group commenced operations around 1996, with one of its
companies, RLPL, being appointed as the consignee stockist of GAIL
(India) Ltd for eastern India. MPPL initially traded in hessian
cloth made of jute. In 1996, it began dealing in plastic granules,
and gradually increased the share of plastic products and exited
from the jute business. HPPL manufactures high-density polyethylene
bags; it has a capacity of 200 tonne per month. JVPL trades in
plastic granules.


HOTEL ATITHI: CRISIL Keeps B+ on INR12cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Hotel Atithi (HA)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Loan Against           12        CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING)

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

Incorporated in 2008, Royal Mission Construction Private Limited
(RMC), promoted by Mr Mandira Sharma and Mr Yuvraj Sharma, is
engaged in the operation of HA. The hotel has restaurants, bars,
coffee shop, banquet halls and conference rooms spread over an area
of 5000 sq ft. The hotel is located is just 20 km away from the
Guwhati airport and a few minutes away from the central bus
terminus and railway station, near to the main market,
international food joints, movie theatres and shopping hubs.


IMPERIAL GRANITES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Imperial Granites
Private Limited (IGPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .50        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          9.00        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Export Packing       5.50        CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Letter of Credit     1.70        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   2.15        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

IGPL was incorporated in Chennai in 1986 and is promoted by Mr. R.
Veeramani. The company undertakes quarrying and processing of
granites and monuments.


INDIAN SALES: CRISIL Lowers Rating on INR5cr Cash Loan to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Indian Sales
Corporation - Raipur (ISC) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

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

   Cash Credit/           0.15      CRISIL B/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1.75      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

Set up in 2008 as a partnership firm by Mr Devendra Singh Sibbal
and Mr Kabir Sibbal, ISC is an authorised dealer for all
two-wheelers of HMCL for Raipur district, Chhattisgarh. The firm
operates a 3S (sales-services spares) showroom and derives over 90%
of its revenue from sale of vehicles; the remaining is derived from
sale of spares, services, and other miscellaneous sources.


INDKUS BIOTECH: CRISIL Lowers Rating on INR7.50cr Loans to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Indkus Biotech
India (IBI) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              .25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

IBI, set up in 2008 by the Bhatia family, manufactures and markets
pharmaceutical formulations under its own brand. Its manufacturing
unit is in Sirmour (Himachal Pradesh).


INYATI FOOTWEARS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Inyati Footwears
Limited (IFL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

   Packing Credit in       5        CRISIL A4 (ISSUER NOT
   Foreign Currency                 COOPERATING)

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

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

IFL, set up in 1999, manufactures leather and polyvinyl chloride
industrial footwear (safety shoes) for use in industries such as
mining, power, and steel.


JOHNS PALLAZZIO: CRISIL Keeps B on INR8cr Loans in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Johns Pallazzio (JP)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       8        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

JP, incorporated in 2015, is a propritor firm setting up a 30
room's capacity hotel named 'Hotel Ashok' in Thanjavur (Tamil
Nadu). The hotel is currently under construction and is expected to
be operational from April 2017. The company is promoted by Mr. S.
Noel Anthuvan.


K. S. FIBER: ICRA Keeps B on INR22.1cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR24.10 crore bank facilities of K.
S. Fiber continue to remain under the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B(Stable)/A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–          8.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category


   Fund-based–         16.10       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund Based     (2.00)       [ICRA] A4; ISSUER NOT
   Foreign Letter                  COOPERATING; Rating continues
   Of Credit                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

KS Fiber (KSF) was established in the year 2011 and is engaged in
the knitting of polyester as well as nylon yarn. The firm has
started manufacturing dewdrop as well as polyester and nylon dyed
knitted fabrics in current fiscal which are used to manufacture
high end ladies' garments such as Sarees, Salwar Kameez, etc. and
high-end sportswear respectively. The firm has its manufacturing
unit located in Surat (Gujarat) that has ten knitting machines,
four multibar rashchel jacquard machines and four circular knitted
machines. The commercial operations were started in May 2012. The
firm is  promoted by four partners – Mr. Madanlal Khurana, Mr.
Aditya Khurana, Mr. Kishan Khurana and Mr. Sumeet Khurana. In July
2016, 3 partners left the partnership firm and 2 new partners
namely Mr. Niraj Khurana and Mr. Akshay Khurana admitted to the
firm and manage daily operation with Mr. Madanlal Khurana with
equal profit-sharing ratio. The promoters have been associated with
the textile industry for over a decade through other group
companies namely Srinath Texprint Private Limited, S K Texfeb and K
B Creation which are engaged in dying and printing operations.


KAPRISA INT'L: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR6.00 crore bank facilities of
Kaprisa International Private Limited continue to remain under
Issuer Not Cooperating category. The rating is denoted as '[ICRA]D
ISSUER NOT COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short Term-        6.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-       (4.00)      [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 1999, Kaprisa is engaged in manufacturing and
exporting studded gold jewellery, studded platinum jewellery, plain
gold and platinum mounted jewellery, as well as studded silver
jewellery. Kaprisa is a 100% exportoriented unit with its marketing
and administrative office as well as its manufacturing unit located
in the Special Economic Zone (SEZ) at SEEPZ, in Andheri, Mumbai.


M GANESH: ICRA Keeps B+ on INR5cr Bank Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR5.00 crore bank facilities of M
Ganesh continue to remain under Issuer Not Cooperating category.
The Long term rating is denoted [ICRA]B+ (Stable) ISSUER NOT
COOPERATING and the Short term rating is denoted [ICRA]A4 ISSUER
NOT COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       3.00       [ICRA]B+ (Stable); ISSUER NOT
   Based/CC                        COOPERATING; Rating continue
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term/Short      2.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Term-Non Fund                   ISSUER NOT COOPERATING; Rating
   Base                            continue to remain under the
                                   'Issuer Not Cooperating'
                                   Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

M Ganesh was incorporated as a proprietorship firm in 2004 and is
involved in the business of construction and repair of roads. The
firm is a Class I contractor which undertakes works for government
departments such Public Works Department (PWD), National Highways,
National Bank for Agriculture and Rural Development (NABARD) and
Karnataka Rural Development among others in and around Kolar,
Bangalore and Chikkaballapur regions.


M-TECH DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M-Tech Developers Private Limited
        ANS House, 144/2 Ashram
        Mathura Road
        New Delhi 110014

Insolvency Commencement Date: November 12, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 11, 2021

Insolvency professional: Rakesh Kumar Gupta

Interim Resolution
Professional:            Rakesh Kumar Gupta
                         C/o PARM & Associate LLP
                         701, Vikrant Tower
                         Rajendra Place
                         New Delhi 110008
                         E-mail: rkg.delhi.ca@gmail.com
                                 cirp.mtech@gmail.com

Classes of creditors:    Real Estate Investors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Tarun Jain
                         805, Padma Tower-1
                         Rajendra Place
                         New Delhi 110008

                         Mr. Alok Kaushik
                         G-105, Sai Baba Aptt.
                         Sec-9, Rohini
                         Delhi 110085

                         Mr. Pawan Kumar Goyal
                         P K Goyal & Associates
                         304, D.R. Chambers
                         12/56 D.B. Gupta Road
                         Karol Bagh
                         New Delhi 110005

Last date for
submission of claims:    November 26, 2020


MACK TELECOM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Mack Telecom Services Private Limited
        No. 645, 1st Cross, 1st Main
        1st Stage, Ground Floor
        Binnamangala, Indiranagar
        Bangalore 560038

Insolvency Commencement Date: November 9, 2020

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Mr. Raghuram Manchi

Interim Resolution
Professional:            Mr. Raghuram Manchi
                         A-406, Mantri Greens
                         1, Sampige Road
                         Malleswaram
                         Bengaluru 560003
                         E-mail: raghuram.manchi@gmail.com
                                 macktelecomcirp@gmail.com

Last date for
submission of claims:    November 23, 2020


MARUDHAR ROCKS: Ind-Ra Withdraws BB+ LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Marudhar Rocks
International Private Limited's (MRIPL) Long-Term Issuer Rating at
'IND BB+' and has simultaneously withdrawn it. The Outlook was
Stable.

The instrument-wise rating actions are:

-- INR1.30 bil. Term loans* due on June 2025 affirmed and
     withdrawn;

-- INR75 mil. Fund-based working capital limits** affirmed and
     withdrawn;

-- INR20 mil. Non-fund-based working capital limits*** affirmed
     and withdrawn; and

-- INR200 mil. Proposed fund-based working capital limits****
     affirmed and withdrawn.

*Affirmed at 'IND BB+/Stable/ IND A4+' before being withdrawn

**Affirmed at 'IND BB+/Stable' before being withdrawn
***Affirmed at 'IND A4+' before being withdrawn
****Affirmed at Provisional IND BB+/Stable/Provisional IND A4+
before being withdrawn  

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

KEY RATING DRIVERS

The affirmation reflects MRIPL's continued medium scale of
operations, as indicated by revenue of INR581 million in FY20
(FY19: INR695.5 million). The revenue declined 16% yoy mainly due
to 42% yoy drop in the overall sales volume of marble and granite
to 1,93,349 square meter (sq.m.), partially offset by 30% yoy
increase in average realization to INR2,738 per sq. m. The revenue
decline was also attributable to the shift towards the
commission-based trading model from direct trading. Furthermore,
the company generated revenue lower than Ind-Ra's expectation, due
to a delay in commercialization of its quartz plant. The agency
expects a significant improvement in the revenue in FY21 on the
back of its robust order book of around INR1,600 million as of
August 2020, to be executed in FY21. During 5MFY21, MRIPL booked
revenue of INR438 million. The company's scale of operations
remains medium.

Despite the decline in revenue, MRIPL's EBITDA margins surged to
21.77% in FY20 (FY19: 8.75%) mainly due to (i) a decline in the raw
material cost as a percentage of sales to 49% (63%) owing to the
shift towards the commission-based model for trading, (ii) the
increase in average realization in the granite and marble segment,
and (iii) the addition of high-margin product (quartz) in FY20. The
company's return on capital employed was below 1% in FY20 (FY19:
6%, FY18: 10%) due to the delay in commercialization of the quartz
plant, leading to negligible capacity utilization. The margins also
remain susceptible to forex fluctuations; however, this risk is
partially mitigated as the company enters into forward contracts.
Ind-Ra expects the FY21 margins to remain in line with FY20 or to
improve marginally due to the likely increase in revenue from the
high-margin quartz business.

MRIPL's interest coverage (operating EBITDA/gross interest expense)
was comfortable and improved to 15.79x in FY20 (FY19: 3.3x), while
its net adjusted leverage (total adjusted net debt/operating
EBITDAR) remained high despite improvement to around 16x (24x). The
improvement in the credit metrics was due to an increase in EBITDA
to around INR127 million (INR61 million) and a decline in finance
cost to INR8.01 million (INR18.47 million). The adjusted debt
(including letter of credit outstanding) at FYE20 was INR2,032.50
million (FYE19: INR1,670 million). Ind-Ra opines the interest
coverage is likely to remain comfortable in FY21 due to the
conversion of letter of credit to buyer's credit instead of a term
loan, which attracts lower interest cost; however, the net adjusted
leverage will continue to be high.  

Liquidity Indicator - Stretched:  The company had low cash and cash
equivalents of INR17 million at FYE20 (FYE19: INR195.36 million).
MRIPL's cash flow from operations remained negative at INR18.83
million in FY20 (FY19:  negative INR19.41 million) due to a
substantial increase in the working capital requirements, resulting
from the newly added high capacity quartz plant. The net working
capital cycle elongated to 204 days in FY20 (FY19: 76 days) due to
a substantial increase in the inventory holding period to 227 days
(35 days), resulting from the addition of new products in the
portfolio and the COVID-led disruptions at the end of the year. The
company borrowed around INR67 million of unsecured loans in FY20
and INR120 million in FY21 to fund the increased working capital
requirements. The average peak utilization of the fund-based limits
was 65% for the 12 months ended August 2020. Furthermore, the
company has a proposed working capital limit of INR200 million,
which will be sanctioned in FY21 as per the banker. MRIPL has
scheduled debt repayments of INR150 million in FY21 and INR200
million in FY22.

However, the ratings are supported by MRIPL's promoters, who have
interests in natural stones, food and beverages and real estate
sectors. One of the promoters, Avinash Mehta is the promoter
director of Prataap Snacks Limited. The promoters' more than two
and a half decades of experience in the trading of marble and
granite has led to established relationships with its customers and
suppliers, leading to repeat orders from established customers in
the US (accounts 80% of the revenue).

COMPANY PROFILE

Incorporated in 2010, MRIPL is an export-oriented unit that
manufactures and exports natural stones and granites. The company
has a 225,000 square meter-production facility in Hosur, Tamil
Nadu. It also has a quartz stone manufacturing plant with an annual
capacity of 766,080 square meters, which commenced operations in
January 2020.


PROMETRIK ENGINEERING: ICRA Cuts Rating on INR10cr LT to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Prometrik Engineering Limited (formerly Andhra Sinter Limited),
as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       2.50       [ICRA]B+(Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) ISSUER
                                   NOT COOPERATING and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-Fund      10.00       [ICRA]B+(Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) ISSUER
                                   NOT COOPERATING and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short Term-Non       5.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term/Short     12.50       [ICRA]B+(Stable)/[ICRA]A4
   Term-Unallocated                ISSUER NOT COOPERATING;
                                   Long term Rating downgraded
                                   from [ICRA]BB-(Stable) ISSUER
                                   NOT COOPERATING and continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Prometrik Engineering Limited (formerly Andhra Sinter
Limited) performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade. As part of its process and in
accordance with its rating agreement with Prometrik Engineering
Limited (formerly Andhra Sinter Limited), ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Prometrik Engineering Limited (formerly known as Andhra Sinter
Limited) was incorporated in the year 1985 and is involved in the
manufacturing of high precision components and assemblies which
cater to the needs of defence, automotive and other general
engineering industries. PEL is equipped with tool room machines,
CNC production machines, production general machines and host
specialized facilities for task like, metalizing equipment,
welding, short peening, vibro finishing etc. The company is one of
the two suppliers for batch clutch plates used in battle tanks for
Ministry of Defence.


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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Export Packing        12         CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING)

   Letter of Credit       8         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

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

QVC Exports Private Limited (QVC), set up in 2005 by Mr. Nilesh
Sharma, trades in a variety of metals and minerals such as iron,
steel, ferroalloys, copper, nickel, aluminium, manganese ore, coal,
and coke among others.


RAVI IRON: ICRA Moves B+ on INR24.4cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA has moved the rating of Ravi Iron Limited to the 'ISSUER NOT
COOPERATING' category due to non submission of monthly 'No Default
Statement' ("NDS") by the entity.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Fund-      24.40      [ICRA]B+ (Stable); ISSUER NOT
   based Facilities                COOPERATING, Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

The rating movement is also because of lack of adequate information
regarding Ravi Iron Limited's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in.

ICRA has been consistently following up with Ravi Iron Limited for
obtaining the monthly 'No Default Statement' and had also placed
the ratings under review due to non-submission of NDS in the month
of October 2020. ICRA is unable to validate whether Ravi Iron
Limited has been able to meet its debt servicing obligations in a
timely manner.

As part of its process and in accordance with its rating agreement
with Ravi Iron Limited, ICRA has also been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 1997 by Mr. Ravindra Kumar Garg and his son, Mr.
Manu Garg, RIL is a part of the Ghaziabad-based Garg Group that has
operations in various sectors like education, steel, publication,
real estate, etc. The company trades in long and flat steel
products. Its product portfolio includes various products such as
mild steel bars, plates, angles, structures, rounds, and channels.
The company procures steel primarily from Steel Authority India
Ltd. and Rashtriya Ispat Nigam Ltd. in Ghaziabad and other large
traders.


REDS MARINE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Reds Marine Services Limited
        Survey No. 658
        Village Rampara-II
        Taluka Rajula and
        Village Lunsapur
        Taluka Jafrabad
        Amreli 365560
        Gujarat

Insolvency Commencement Date: November 12, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 11, 2021

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/201, Siddhi Vinayak Towers
                         B/h. DCP Office
                         Next to Kataria House
                         Off S.G. Highway
                         Makaraba
                         Ahmedabad 380051
                         Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    November 26, 2020


SAFT INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Saft India Private
Limited (ASIL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

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

   Cash Credit            4.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     8         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

ASIL was established in 2006 as a joint venture between the
France-based Saft group and Amco Power Systems Ltd, a part of the
Chennai-based Amalgamation group. Currently, Saft holds 51% of the
equity, while the rest is held by Tractors & Farm Equipment Ltd
(flagship company of the Amalgamation group). ASIL manufactures
vented pocket plate nickel cadmium (Ni-Cd) batteries in India. The
company also trades in sintered and plastic-bonded batteries. It
primarily caters to the power, oil and gas, railways, and
telecommunication industries. ASIL has a manufacturing unit in
Bengaluru with an installed production capacity of 40 milliampere
hour (MAh).


SARAL HOME: Ind-Ra Affirms BB+ Rating on INR43cr Million Bank Loans
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Saral Home Finance Limited's (SHFL) bank loans:

-- INR43.45 mil. Bank loans affirmed; Outlook revised to Negative
from Stable with IND
     BB+/Negative rating.

The Negative Outlook reflects SHFL's inability to expand further in
terms of its portfolio size and diversify its funding lines in the
last three years. The Outlook revision also reflects uncertainty
regarding the company's operational plans post the COVID-19 led
lockdown and resuming of disbursements and other business
operations. While the management is in talks with various lenders
for availing lines for disbursements, it plans to disburse loans
only after the outlook on the economy strengthens in terms of
collections and resumption of business operations by its potential
customers.

KEY RATING DRIVERS

The rating reflects a decline in SHFL's loan book to INR108.6
million in FY20 (FY19: INR169.3 million, FY18: INR 187.7 million)
with no loan disbursed since FY17. As competition in the segment
has intensified with a spurt in new-age housing finance companies,
SHFL's management decided to rundown the book to achieve the
desired operating metrics. Ind-Ra believes the non-operation of all
its six branches since FY17 would have resulted in a significant
loss of franchise. The management had consciously not raised
capital for growth over the years, as the current capital level was
sufficient to support any additional growth required for the
portfolio at least in the near term.

The rating is also constrained by SHFL's limited funding sources.
SHFL did not tap into National Housing Bank's (NHB; 'IND
AAA/Stable/'IND A1+') refinancing lines since FY16 due to the
rundown of its loan book. It has funding lines from one bank;
however, as per the management, the company is in discussions with
its existing lenders to extend its funding lines and restart
disbursements. SHFL expects its loan portfolio to increase above
INR170 million by FYE21.

SHFL's portfolio remains concentrated in Delhi with 41%, followed
by Rajasthan (25%) and Uttar Pradesh (17%). The ratings are also
constrained by SHFL's modest systems and processes that need to
evolve, as and when the company is able to grow its operations.

However, the rating is supported by the company's low liquidity
challenges in the face of a largely equity-funded balance sheet
(FY20 debt to equity ratio (preference share included in equity):
0.2x, FY19: 0.5x). The company had around INR52.8 million of cash
and bank balance at FYE20, sufficient to meet its overall debt
obligations without any collections. SHFL plans to expand its
balance sheet and portfolio while maintaining modest leverage and
expand its funding lines after the effects of lockdown and COVID-19
start to deprecate.

The asset-liability management statement at FYE20 had a cumulative
surplus of 31% in the short-term maturity buckets (up to one
year).

SHFL has been able to manage its asset quality, as the gross
non-performing asset (NPA) ratio stood at 3.64% at FYE20 (FYE19:
2.86%, FYE18: 3.36%), due to the shrinkage of the loan book (lower
denominator). There were no fresh slippages over FY17-FY20. The net
NPAs reduced in absolute terms to INR1.19 million at FYE20 (FYE19:
INR2.37 million, FYE18: INR3.49 million), mainly due to an increase
in provisions made.

RATING SENSITIVITIES

Positive: Ability to expand the loan book, expand and diversify
funding lines and equity base, and maintain a comfortable liquidity
profile could lead to Outlook revision back to Stable.

Negative: Inability to expand the loan book beyond INR170 million
by FYE21, non-availability of borrowing limits to support
disbursements or existing loan book, or deterioration in the asset
quality with a material increase in gross NPA above the current
level (3.64%) could lead to negative rating action.

COMPANY PROFILE

SHFL (formerly Vishwakriya Housing Finance Ltd.) is a housing
finance company registered and regulated by the National Housing
Bank, a wholly-owned subsidiary of the Reserve Bank of India.


SEPAL CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR8.13 crore bank facilities of
Sepal Ceramic continue to remain under the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–          1.24       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund-based–          3.40       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-fund Based–      2.00       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          1.49       [ICRA]B+ (Stable)/[ICRA]A4
   Limits                          ISSUER NOT COOPERATING; Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Sepal Ceramic was established as a partnership firm in 2007 by Mr.
Paresh Vilpara and family. The commercial operations of the firm
commenced from April 2008. SC manufactures digitally printed
ceramic wall tiles from its unit in Morbi, Gujarat, with an
installed production capacity of 38,500 metric tonnes per annum.


SERVOCONTROLS: ICRA Keeps B+ on INR11cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR11.00-crore bank facilities of
Servocontrols and Hydraulics (I) Private Limited continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund     6.50       [ICRA]B+ (Stable); ISSUER NOT
   Based/CC                      COOPERATING; Rating continue
                                 to remain under the 'Issuer
                                 Not Cooperating' category

   Long Term-Fund     0.83       [ICRA]B+ (Stable); ISSUER NOT
   Based/CC                      COOPERATING; Rating continue
                                 to remain under the 'Issuer
                                 Not Cooperating' category

   Short Term-        3.40       [ICRA]A4; ISSUER NOT
   Non Fund Based                COOPERATING; Rating continue
                                 to remain under the 'Issuer
                                 Not Cooperating' category

   Short Term-       (0.75)      [ICRA]A4; ISSUER NOT
   Interchangeable               COOPERATING; Rating continue
                                 to remain under the 'Issuer
                                 Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2005, SHIPL is an ISO 9001:2000 certified company,
which is involved in the designing and manufacturing of hydraulic
valves, servo valves, manifold block systems, hydraulic servo
actuators, temposonic sensors etc. These products find applications
primarily in automotive, construction equipment & mining and
power-generation sectors. The company also manufactures hydraulic
power packs (comprising joysticks) and wire-harnessing systems for
construction equipment industry. The company is promoted by Mr.
Deepak Dhadoti and his brother Mr. Dinesh Dhadoti, who are
qualified engineers with extensive experience in the engineering
industry.


SHANTI DEVELOPERS: ICRA Keeps C in INR7.4cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR7.40 crore bank facilities of
Shanti Developers continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]C ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–         7.40       [ICRA]C; ISSUER NOT
COOPERATING;
   Fund based                    Rating continue to remain in
   Term Loan                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2001, Shanti Developers (SD) is a partnership firm
being promoted by Mr. Hitesh Makhecha and is involved in real
estate development in Mumbai, Maharashtra. The promoters of the
firm are also involved in organizing fairs and small amusement
games in Tier-II cities in Maharashtra, Gujarat and Goa for the
past thirty years through their group companies.


TAMILNADU STATE: CRISIL Keeps B- on INR13cr Credit in UnCooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Tamilnadu State
Transport Corporation (kumbakonam) Limited (TNSTC) continues to be
'CRISIL B-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            13        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

TNSTC is a corporation, fully-owned by GoTN, providing inter-city
and intra-city bus transport facilities. TNSTC operates bus
transport services in and around Kumbakonam and to other districts
of Tamil Nadu.

TI STEELS: ICRA Keeps D on INR40.5cr Bank Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR40.60 crore bank facilities of TI
Steels Private Limited continue to remain under Issuer Not
Cooperating category. The rating is denoted as '[ICRA]D ISSUER NOT
COOPERATING'.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term–          1.10      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating continue to remain in
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term–         39.50      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating continue to remain in
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 2003, TI Steels Private Limited started commercial
production in 2007 and is engaged in the manufacturing of mild
steel products. At present, the company's product portfolio
comprises SS ingots, billets, flats and hexagons, in addition to
certain high-end alloys.




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

TOBU RAILWAY: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on November 12, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tobu Railway Company, Limited to BB from BB+.

Headquartered in Tokyo, Japan, Tobu Railway Co., Ltd. mainly
provides passenger rail and bus transportation services in the
Kanto area.




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

ROBINSONS SINGAPORE: Owes SGD31.7MM to More Than 440 Creditors
--------------------------------------------------------------
The Straits Times reports that more than 440 creditors are owed at
least SGD31.7 million by department store Robinsons, which is
closing down its last two stores at The Heeren and Raffles City
Shopping Centre.

In a notice issued to creditors dated Nov. 13 by provisional
liquidator KordaMentha, hardly any individuals were named as
creditors but it said potential employee claims amounted to about
SGD4.4 million, the report discloses.

The largest amount owed, about SGD7.2 million, is to Swee Cheng
Holdings, the landlord of Robinsons' The Heeren outlet, according
to the notice that KordaMentha released publicly on Nov. 18, The
Straits Times relays.

When contacted, Swee Cheng Holdings said it was still in
discussions with the liquidator and could not provide more
details.

According to the report, the next largest amounts of about SGD4.2
million each are owed to two more businesses, Lendlease Retail
Investment 3 and an entity linked to RCS Trust.

Lendlease is the landlord of Jem mall, where Robinsons closed an
outlet in August. RCS Trust owns Raffles City where Robinsons has
another store.

Mattress companies such as Simmons, Sealy, Serta and Tempur are
also among the 442 creditors listed in the notice, the report
notes.

Simmons told The Straits Times that the amount it is owed by
Robinsons exceeds the SGD35,000 recorded in the notice but declined
to disclose the total sum.

Mattress companies are owed money by Robinsons for mattresses
consumers had paid the department store for but which they are yet
to receive. Six mattress companies have said they will honour the
purchases by customers.

According to The Straits Times, Robinsons said on Oct. 30 that it
had decided to liquidate its The Heeren and Raffles City stores due
to factors like changing consumer tastes and cost pressures such as
rent. The Covid-19 pandemic played a part as well, it said.

KordaMentha will take control of Robinsons' assets and assess the
options to realise value to maximise returns to creditors, the
report notes.

An online creditors' meeting will be called next Thursday [Nov. 26]
to appoint a committee of inspection to represent the interests of
the creditors. During the meeting, creditors will also receive a
statement on Robinsons' affairs.




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

THAI AIRWAYS: Posts THB21.53BB net loss in Q3 Ended Sept. 30
------------------------------------------------------------
Bangkok Post reports that Thai Airways International has posted a
huge loss for the third quarter, its deficit up more than four-fold
on last year, after the coronavirus pandemic shut down global
tourism.

According to Bangkok Post, acting president Chansin Treenuchagron
said on Nov. 12 the carrier's net loss in the third quarter ending
September was THB21.53 billion, leapfrogging from THB4.68 billion
for the same period last year.

Its load factor, a key indicator of the utilisation of airline
fleets, dived to 35% from 80% a year ago, and the number of
passengers was down 92% from the third quarter of 2019 to only
490,000, the report discloses.

Bangkok Post relates that Mr. Chansin said the Covid-19 pandemic
was still having a major impact on business, limiting air travel
worldwide and keeping foreign tourists at bay.

Tourism is a key driver of the Thai economy, accounting for around
20% of gross domestic product.

Thailand had 6.7 million foreign visitors in the first nine months
of the year, down about 77% from almost 30 million last year,
Bangkok Post discloses citing figures from the Tourism and Sports
Ministry. Most of those arrived in the first quarter, before the
virus closed down tourism. The number of tourists from overseas
last month was zero.

THAI's accumulated performance for the first nine months of the
year was not available on Nov. 12, Bangkok Post notes.

Trading in THAI shares was suspended on Nov. 12 after auditors
refused to comment on its balance sheet to the end of last month,
the Stock Exchange of Thailand announced, Bangkok Post relays.

Bangkok Post notes that the airline is under financial
rehabilitation approved by the Bankruptcy Court, having finally
lost its status as a state enterprise due to a huge accumulating
debt, which stood at THB28 billion at the end of the second
quarter.

It has put 34 of its planes up for sale, with the deadline set for
Nov. 13 for buyers, and is shedding 5,000 employees through an
early retirement programme under a cost-cutting plan, the report
adds.

                        About Thai Airways

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

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

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

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

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

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

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asian Review.



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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

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