/raid1/www/Hosts/bankrupt/TCRAP_Public/201126.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 26, 2020, Vol. 23, No. 237

                           Headlines



A U S T R A L I A

A.C.N. 629 335 128: Second Creditors' Meeting Set for Dec. 8
ADAPTIVE INDUSTRIES: Rossi Boots to Close Doors After 110 Years
BLUFF PCI: First Creditors' Meeting Set for Dec. 3
INSCOPE GROUP: First Creditors' Meeting Set for Dec. 3
PHARMACY DEPOT: Bid to Pay Debts Out of Restrained Funds Denied

SMARD PTY: Second Creditors' Meeting Set for Dec. 2
TRITON TRUST 2018-1: S&P Raises Class E Notes Rating to BB+


C H I N A

HEALTH AND HAPPINESS: Moody's Alters Outlook on Ba2 CFR to Stable
JIAYUAN INT'L: Fitch Assigns B LongTerm IDR, Outlook Positive
YONGCHENG COAL: Creditors Agree to Repayment Plan


H O N G   K O N G

LIFESTYLE INT'L: Moody's Alters Outlook on Ba2 CFR to Negative


I N D I A

AISHWARYA IMPEX: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
AKSHAR SPINTEX: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
BHAVANAM TEXTILES: CARE Lowers Rating on INR12.23cr Loan to B-
CELOGEN PHARMA: Ind-Ra Withdraws 'B+' LongTerm Issuer Rating
CREST ENGINEERING: Ind-Ra Assigns 'B-' Rating, Outlook Stable

GLENMARK PHARMACEUTICALS: S&P Affirms 'BB-' ICR, Outlook Stable
HARDAYAL MILK: CARE Keeps D on INR50.7cr Loans in Not Cooperating
IL&FS: Unit to Sell External Corporate Loan Book of INR5,000cr
J MATADEE: CARE Lowers Rating on INR14cr LT Loan to B
JALARAM CERAMICS: CARE Rates INR27.48cr Bank Loans 'B+'

K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating
K. R. BAKES: CRISIL Lowers Rating on INR13cr Loans to B
KASHVI AGRITECH: CRISIL Keeps B+ on INR12cr Loans in NonCooperating
KHEDUT FEEDS: CRISIL Lowers Rating on INR23.80cr Loan to B
KINGS MOTORS: CRISIL Keeps B+ on INR23cr Loans in Not Cooperating

KODARMA CHEMICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KOPPAL SOLAR: CRISIL Keeps D on INR10cr Loan in Not Cooperating
KRISHNA STONE-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA VALLEY: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNAPING MINERALS: CRISIL Lowers Rating on INR20cr Loan to D

KROWN AGROFOODS: CRISIL Keeps B+ on INR10cr Loan in NonCooperating
KRS PHARMACEUTICALS: CRISIL Keeps B- Ratings in Not Cooperating
KUMAR TOOLS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
M.R.S. LEATHER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MADHYA BHARAT: Ind-Ra Keeps 'BB-' Issuer Rating in Non-Cooperating

MAHAVIR RICE: CRISIL Lowers Rating on INR8.5cr Cash Loan to B
MARC ENTERPRISES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MARUTI PACKAGERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
MIGHTY AUTO: CARE Lowers Rating on INR13cr LT Loan to B-
MUDHAI DAIRY: CRISIL Keeps D on INR3.75cr Loan in Not Cooperating

N. P. SYNDICATE: CRISIL Keeps B+ on INR8cr Credit in NonCooperating
NARENDRA NATH: CRISIL Keeps B on INR7cr Loans in Not Cooperating
NEEV INFRASTRUCTURE: CRISIL Keeps D Debt Ratings in Not Cooperating
NEW AMRUTHA: CRISIL Keeps B on INR10cr Loans in Not Cooperating
NEW NALANDA: CRISIL Keeps B+ on INR9cr Loans in Not Cooperating

OSR MP WAREHOUSING: CARE Lowers Rating on INR3.18cr Bank Loans to C
PATANJALI CHIKITSALAYA: CARE Lowers Rating on INR9cr Loans to C
RELCON INFRAPROJECTS: Ind-Ra Assigns BB+ LongTerm Issuer Rating
RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
SAIHASTI AGROPRODUCTS: CRISIL Cuts Ratings on INR17.6cr Loans to D

SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
SHIKHAR INTEGRATED: CARE Keeps D on INR17cr Loan in Not Cooperating
STANDARD CARTONS: Ind-Ra Keeps BB- Issuer Rating in NonCooperating


J A P A N

JAPAN AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+


M A L A Y S I A

RAKAN RIANG: Sim Leisure Gets MYR7MM Loan for KidZania Deal


P H I L I P P I N E S

PHILIPPINE AIRLINES: Plans to Seek Court Protection from Creditors


S I N G A P O R E

FLEX LIMITED: Egan-Jones Hikes Senior Unsecured Ratings to BB-
KRISENERGY LTD: Winding-Up Petition Against Unit to be Withdrawn
TML HOLDINGS: S&P Assigns 'B' Rating on New Senior Unsecured Notes

                           - - - - -


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

A.C.N. 629 335 128: Second Creditors' Meeting Set for Dec. 8
------------------------------------------------------------
A second meeting of creditors in the proceedings of A.C.N. 629 335
128 Pty Ltd (Formerly Known as Pulp Juice Co. The Gap Pty Ltd) has
been set for Dec. 8, 2020, at 1:00 p.m. at the offices of SM
Solvency Accountants, 10/144 Edward Street, in Brisbane,
Queensland.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 7, 2020, at 4:30 p.m.

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


ADAPTIVE INDUSTRIES: Rossi Boots to Close Doors After 110 Years
---------------------------------------------------------------
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. 28 after the owner
of its manufacturing facilities Adaptive Industries was placed into
liquidation, Cruise1323 says.

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

"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
relays.

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, the report notes.


BLUFF PCI: First Creditors' Meeting Set for Dec. 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Bluff PCI
Management Pty Limited, Carabella Resources Pty Limited, and Wealth
Mining Pty Limited, will be held on Dec. 3, 2020, at 3:00 p.m. via
conference call.

Tim Michael, Peter James Gothard and William Martin Colwell of KPMG
were appointed as administrators of Bluff PCI on Nov. 23, 2020.


INSCOPE GROUP: First Creditors' Meeting Set for Dec. 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Inscope
Group Pty Ltd will be held on Dec. 3, 2020, at 11:00 a.m. via video
conference facilities.

Erwin Rommel Alfonso -- rommela@smithhancock.com.au -- and Michael
John Morris Smith -- mikes@smithhancock.com.au -- of Smith Hancock
were appointed as administrators of Inscope Group on Nov. 24,
2020.


PHARMACY DEPOT: Bid to Pay Debts Out of Restrained Funds Denied
---------------------------------------------------------------
Australian Journal of Pharmacy reports that Pharmacy Depot
Hurstville has had a motion to allow debts incurred by its
liquidators to be met out of funds restrained by the Australian
Federal Police (AFP) rejected.

According to AJP, the pharmacy and its two directors are currently
involved in a Federal criminal case for allegedly perpetrating
fraud by obtaining in excess of AUD18 million in fraudulent
Pharmaceutical Benefit Scheme (PBS) claims.

AJP relates that restraining orders were made on the basis that the
pharmacy directors, through Pharmacy Depot, were reasonably
suspected of having committed the offences of obtaining a financial
advantage from the Commonwealth by deception, and dealing with
money with a value in excess of AUD100,000 and which is reasonably
suspected of being proceeds of a crime.

Funds obtained from the Commonwealth under the alleged fraud were
deposited into the restrained bank account.

Property restrained in April 2015 included funds in the amount of
over AUD9.6 million, the report notes.

However as of June 2019, Pharmacy Depot held cash not subject to
any restraining order in the sum of approximately AUD265,000 – an
insufficient amount to cover liquidation costs, according to AJP.

AJP says Pharmacy Depot sought for either AUD524,644 or AUD750,000
to be freed up from the restrained bank account to pay for in
unpaid debts towards its liquidation. It contended that a
liquidator's remuneration constituted a company expense.

However Senior Counsel for the Commissioner of the AFP submitted
that "to enable fraudsters or money launderers, who perpetrate
their offending through a captive company vehicle, to circumvent
confiscation of the proceeds and instruments of their crimes by
using the apparatus of voluntary liquidation years after assets are
restrained would not be consistent with the requirement that an
allowance only be made for debts incurred by the company in good
faith," AJP relays.

AJP relates that the presiding judge agreed that to incur a debt in
the expectation that the debt will be met out of the restrained
property is not to incur the expense "in good faith".

Pharmacy Depot's motion was dismissed, and it was ordered to pay
costs to the AFP Commissioner, AJP notes.

Daniel Frisken and Maxwell Prentice of BPS Recovery were appointed
as liquidators of Pharmacy Depot Hurstville Pty Limited on June 25,
2018.


SMARD PTY: Second Creditors' Meeting Set for Dec. 2
---------------------------------------------------
A second meeting of creditors in the proceedings of SMARD Pty Ltd
(formerly Smithfive3199 Pty Ltd) has been set for Dec. 2, 2020, at
1:00 p.m. at the offices of Hamilton Murphy, Level 1, 255 Mary
Street, in Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 1, 2020, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of SMARD Pty on Oct. 27, 2020.


TRITON TRUST 2018-1: S&P Raises Class E Notes Rating to BB+
-----------------------------------------------------------
S&P Global Ratings raised its ratings on eight classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee for Triton
Trust No.8 Bond Series 2018-1 and Triton Trust No.8 Bond Series
2019-1. At the same time, we affirmed our ratings nine classes of
notes. The two trusts are securitizations of prime residential
mortgages originated by Columbus Capital Pty Ltd. (Columbus).

The rating actions reflect:

-- For the raised ratings, increasing credit support and a
declining expectation of losses as the pool loan-to-value ratio
decreases. For these transactions, strong cash flows are supportive
of the higher rating levels, and arrears levels remain low. As of
Sept. 30, 2020, the Series 2018-1 pool has a current balance of
about A$385.6 million and a pool factor of about 55%. The pool's
current weighted-average loan-to-value ratio of the portfolio is
62% and weighted-average seasoning is 45 months. The Series 2019-1
pool has a current balance of about A$279.1 million and a pool
factor of about 70%. The pool's current weighted-average
loan-to-value ratio of the portfolio is 61% and weighted-average
seasoning is 31 months.

-- That since close, arrears have been lower compared with the
Standard & Poor's Performance Index (SPIN) for prime loans. As of
September 2020, loans more than 30 days in arrears make up 0.2% of
each respective pool.

-- That the loss of income for borrowers in the coming months due
to the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak.
Borrowers with COVID-19-related hardship arrangements comprise
about 0.89% of the Series 2018-1 pool and about 0.61% of the Series
2019-1 pool. We have therefore applied a range of additional
stresses in our analysis to assess the rated notes' sensitivity to
liquidity stress and the possibility of higher arrears."

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises note
subordination for all rated notes as well as mortgage insurance
covering 60% of the loans in the Series 2018-1 portfolio and 75% in
the Series 2019-1 portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transactions, including amortizing liquidity
facilities, principal draws, and loss reserves that build from
excess spread, are sufficient under our stress assumptions to
ensure timely payment of interest. Series 2018-1 also benefits from
a yield reserve that builds from excess spread.

-- The extraordinary expense reserve of A$250,000 for Series
2018-1 and A$150,000 for Series 2019-1, funded at closing by
Columbus, available to meet extraordinary expenses. The reserve
will be topped up via excess spread, if drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. (NAB) for both trusts to
hedge any mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate notes.

-- The benefit of a cross-currency swap provided by NAB to hedge
any mismatch between the Australian-dollar receipts from the
mortgage loans and the U.S dollar payments on the Series 2018-1
class A1-US notes.

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

  RATINGS RAISED

  Triton Trust No.8 Bond Series 2018-1

  Class     Rating To      Rating From
  B         AAA (sf)       AA (sf)
  C         AA (sf)        A+ (sf)
  D         A+ (sf)        BBB+ (sf)
  E         BBB+ (sf)      BB+ (sf)

  Triton Trust No.8 Bond Series 2019-1

  Class     Rating To      Rating From
  B         AA+ (sf)       AA (sf)
  C         A+ (sf)        A (sf)
  D         A- (sf)        BBB (sf)
  E         BB+ (sf)       BB (sf)

  RATINGS AFFIRMED

  Triton Trust No.8 Bond Series 2018-1

  Class     Rating
  A1-US     AAA (sf)
  A1-AU     AAA (sf)
  A1-5Y     AAA (sf)
  A2        AAA (sf)
  A3        AAA (sf)
  AB        AAA (sf)

  Triton Trust No.8 Bond Series 2019-1

  Class     Rating
  A1-AU     AAA (sf)
  A1-3Y     AAA (sf)
  AB        AAA (sf)




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

HEALTH AND HAPPINESS: Moody's Alters Outlook on Ba2 CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed Health and Happiness (H&H)
International Holdings Limited outlook to stable from positive.
Moody's has also affirmed its Ba2 corporate family rating (CFR) and
Ba3 senior unsecured rating.

"The change in outlook to stable reflects our expectation that
H&H's revenue growth and pace of deleveraging will slow over the
next 6-12 months, driven by continued challenges in its end-markets
outside of China and lower-than-expected growth in the sales of its
infant milk formula products in China. Additionally, the company's
EBITDA margin will decrease slightly due to changes in its mix of
products, distribution channels and geographic coverage," says
Shawn Xiong, a Moody's Assistant Vice President and Analyst.

"That said, we've affirmed the ratings to reflect (1) H&H's leading
position among domestic infant milk formula (IMF) and vitamin
providers in China as well as among herbal and mineral supplements
(VHMS) providers in Australia, (2) its resilient operational and
financial profile during the coronavirus pandemic, (3) its expected
free cash flow generation, and (4) its very good liquidity position
under prudent financial management -- all of which support the
company's credit quality," adds Xiong.

At the same time, the ratings remain constrained by (1) the
company's developing scale in competitive markets, and (2)
regulatory and product safety risks.

RATINGS RATIONALE

H&H's revenue growth slowed for the nine months ended September
2020 to around 2.7% compared to a year ago, due to continued
challenges in its Australian and New Zealand markets and
lower-than-expected growth in the sales of its infant milk formula
products in China.

From a product perspective, the company's baby nutrition and care
products (BNC) segment recorded around 6.9% revenue growth driven
by strong growth in its probiotics and other pediatric products,
whilst its adult nutrition and care products (ANC) segment recorded
around 4.4% decline in revenue for the nine months ended September
30, 2020.

With regards to geographic coverage, H&H's revenue grew 10.7% in
mainland China but declined by around 32.3% in Australia and New
Zealand due to the negative impact of lockdowns and travel
restrictions on its daigou-related business.

Moody's expects that H&H's revenue will grow by 5%-6% for 2020
before returning to 12%-13% growth in 2021. Moody's expects 2021
revenue growth to be driven by (1) the company's continued channel
expansion into more offline baby stores in China, (2) its increased
focus on domestic consumption in Australia and New Zealand, and (3)
the contributions from its acquisition of Solid Gold, a pet
nutritional product provider based in the US.

Due to ongoing changes in its mix of products, channels and
geographic markets, Moody's expects the company's adjusted EBITDA
margin to decrease slightly to around 19.2% over the next 12-18
months from around 20.6% for 2019. Its increasing sales of goat IMF
products, operational deleveraging in Australia and New Zealand,
and ongoing investment in expanding into offline baby stores in
China will pressure the company's EBITDA margins over the next
12-18 months.

As a result, Moody's expects the company's financial leverage, as
measured by adjusted debt/EBITDA, will increase to around 3.0x for
2020 before improving to around 2.5x-2.6x for 2021. This level of
financial leverage is still appropriate for its Ba2 corporate
family rating.

H&H's liquidity position is very good. Its cash balance of around
RMB2.6 billion as of September 30, 2020, combined with an expected
annual operating cash flow of RMB1.3-1.5 billion, is sufficient to
cover its short-term debt of RMB54 million, USD163 million for the
acquisition of Solid Gold, around RMB500 - RMB550million of
dividend payments and RMB150 - RMB200 million of capital
expenditure over the next 12 months.

H&H's senior unsecured bond rating is one notch lower than its CFR,
because the bond is subordinated to the senior secured loan
facilities.

In terms of environmental, social and governance (ESG) factors,
H&H's ratings also consider the following.

From a social perspective, Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety. Moody's ratings also
consider the impact on H&H of the breadth and severity of the
shock, although some of the impact has been offset by the company's
diverse product suite, end-markets as well as solid financial
buffer.

H&H also benefits from the growing demand in IMF and VHMS in China,
driven by changing lifestyles of urbanization, rising disposal
income and greater awareness of health and wellness issues partly
enhanced by the coronavirus outbreak.

On the other hand, H&H faces regulatory and product safety risks
because it derives its revenues mainly from IMF and VHMS, which are
designed for human consumption. These risks are mitigated by the
company's premium product positioning and focus on quality.

In terms of governance considerations, H&H's ownership is
concentrated in its board chairman Luo Fei as well as other
principal shareholders, who held a 67.07% stake in the company.
This risk is mitigated by the company's status as a listed entity.
There are three independent non-executive directors on the
company's eight-member board. H&H has also established a track
record of implementing prudent financial policy while pursuing
growth.

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

The stable outlook on the rating reflects Moody's expectation that
H&H will maintain its very good liquidity position, improve its
revenue growth and stabilize its margins over the next 12-18
months.

Upward rating pressure could arise if (1) the company maintains its
strong market position in the IMF and VHMS segments; (2) its
revenue scale expands; (3) it maintains a conservative financial
policy and very good liquidity position, with sustainable positive
free cash flow, conservative dividend payouts and cash/short-term
debt exceeding 1.5x-2.0x; and (4) it achieves debt deleverage, such
that its debt/EBITDA trends towards 2.0x-2.5x on a sustained basis,
while maintaining steady EBIT margins and growing its revenue
scale.

Conversely, downward rating pressure could arise if H&H exhibits
(1) weakening sales or a weakening market position; (2) a
deteriorating profit margins and weakened credit metrics because of
increased competition, regulatory changes and aggressive financial
policies; or (3) significant debt-funded acquisition or dividend
payments.

Credit metrics indicative of a downgrade include the company's
adjusted EBIT margin falling below 15%, retained cash flow
(RCF)/net debt falling below 15% and adjusted debt/EBITDA exceeding
3.5x-4.0x on a sustained basis.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

Established in 1999, Health and Happiness (H&H) International
Holdings Limited is headquartered in Guangzhou and listed on the
Hong Kong Stock Exchange in December 2010. The company is a leading
domestic infant milk formula provider in China and leading
Australian vitamin, herbal and mineral supplements (VHMS)
provider.


JIAYUAN INT'L: Fitch Assigns B LongTerm IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Jiayuan
International Group Limited a Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'B' with a Positive Outlook. Fitch has also
assigned Jiayuan a senior unsecured rating of 'B' with a Recovery
Rating of 'RR4'.

Jiayuan's ratings are supported by the company's strong presence in
the Yangtze River Delta and high profitability. The ratings are
constrained by the company's limited history of operating outside
the Yangtze River Delta, significant related-party transactions and
tight liquidity.

The Positive Outlook reflects Jiayuan's commitment to be
disciplined about future asset acquisitions from sister company
Jiayuan Chuangsheng Holding Group Co., Ltd, as well as the
company's efforts to address upcoming debt maturities and improve
its debt maturity profile.

KEY RATING DRIVERS

Yangtze River Delta Focus: Jiayuan has operated for more than
fifteen years in the Yangtze River Delta, especially in Jiangsu
Province. The injection in 2018-2019 of property development
projects from its largest shareholder, which were previously held
by Jiayuan Chuangsheng, accelerated Jiayuan's expansion into
Shanghai and Anhui Province. Aside from the injections, Jiayuan has
also been gradually expanding into certain Tier 2 and 3 cities in
southern and western China, such as Huizhou in Guangdong, and
Urumqi in Xinjiang, from 2016.

Fitch expects the Yangtze River Delta to continue to account for
the majority of sales in the next year or two, as nearly half of
Jiayuan's land bank was in the region at end-1H20 and demand there
remains robust. Three provinces in the Yangtze River Delta,
Jiangsu, Anhui and Shanghai, together contributed more than 90% of
Jiayuan's attributable sales in 2019 and 9M20; Jiangsu alone
contributed more than 60%.

Strong Profitability: Jiayuan's EBITDA margin (excluding
capitalised interest) has been high at above 30%, thanks to deep
penetration in the Yangtze River Delta and cheap land acquired
years ago. Its average land cost was low at around CNY1,850 per
square metre (sqm) at end-1H20, less than 20% of average selling
price of its contracted sales of around CNY11,000/sqm. Unrecognised
contracted sales of CNY19.5 billion at end-1H20 had a high gross
profit margin of 30% on average, ensuring Jiayuan's profitability
for next one to two years.

Fitch expects Jiaiyuan's profitability to deteriorate as it expands
outside Jiangsu and the Yangtze River Delta, because it will have
to buy more land via public auctions, where competition is fierce.
Fitch forecasts EBITDA margin to gradually narrow to around 30% in
the medium term, from the current 35% and above.

Related-Party Land Acquisitions: Jiayuan acquired some property
development projects from its largest shareholder, Mr Shum Tin
Ching, and Jiayuan Chuangsheng in 2018- 2019 for total enterprise
value of CNY5.5 billion. The acquisitions accounted for 13% and 59%
of land acquisitions by Jiayuan in 2018 and 2019 by value,
respectively. Jiayuan plans to acquire more assets from Mr Shum and
Jiayuan Chuangsheng in 2021. Fitch generally views large
related-party transactions as credit constraints, although the
risks for Jiayuan are mitigated by the checks and balances in the
rules for Hong Kong-listed companies.

Sales Growth to Slow: Jiayuan's annual attributable sales of CNY25
billion-30 billion is at the low end for 'B+' rated peers, most of
which have annual attributable sales of CNY40 billion or more.
Fitch expects Jiayuan's sales to be supported by robust demand in
Tier 2-3 and satellite cities in the Yangtse River Delta in the
next two to three years. However, sales growth will slow as it
expands into lower-tier cities and less-developed regions, where
housing demand is less resilient. Land bank outside of the Yangtze
River Delta made up more than one third of its land bank at
end-1H20, compared to nil at end-2016.

Sister Company's Credit Profile: Fitch takes into consideration
Jiayuan Chuangsheng's credit profile and assesses the combined
leverage of Jiayuan and its sister company, to reflect the moderate
linkages between the two entities and Jiayuan Chuangsheng's weaker
financial profile and liquidity than Jiayuan.

Moderate Leverage: Leverage, as measured by net debt/adjusted
inventory, for the combined Jianyuan and Jiayuan Chuangsheng was
around 47% at end-2019 and 44% at end-1H20, comparable with the
median level of 50% for Fitch-rated developers in the 'B' rating
category. Jiayuan Chuangsheng is more leveraged than Jiayuan, with
its leverage at 50%-55% over the past one to two years, compared
with Jiayuan's 35% at end-2019 and end-June 2020. Jiayuan
Chuangsheng's liquidity position, as measured by available cash to
short-term debt, was only at 0.5x at end-June 20, compared with
Jiayuan's 1x.

ESG - Group and Governance Structure: Jiayuan has an ESG Relevance
Score of 4 for Group Structure - which reflects the large
related-party transactions, which has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors. Jiayuan also has an ESG Relevance Score of 4 for
Governance Structure as its shareholding is highly concentrated in
its single largest shareholder, who owns a 69.74% equity stake.
This has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

DERIVATION SUMMARY

Jiayuan's business and financial profile is comparable with that of
Chinese property developers rated 'B' and 'B+'. Jiayuan's
attributable contracted sales of CNY25 billion-30 billion are
smaller than most peers rated at 'B+', which have sales of CNY40
billion-50 billion, except for Hong Yang Group Company Limited
(B+/Stable), which had sales of CNY30 billion, and Fantasia
Holdings Group Co., Limited (B+/Stable), with sales of CNY27
billion.

Jiayuan's business profile is supported by its good-quality land
bank in the Yangtze River Delta that was acquired years ago, which
supports a healthy margin and its operational scale of above CNY20
billion. Fitch forecasts its standalone leverage at 40%-45% for
2020-2021, which is similar to the 40%-50% of most 'B+' peers, such
as Helenbergh China Holdings Limited (B+/Stable). Jiayuan's
profitability is among the highest of its peers, which averaged at
20%-25%, and supports its ratings.

Jiayuan's ratings are constrained by the presence of large
related-party transactions and its tight liquidity and large
upcoming debt maturities.

KEY ASSUMPTIONS

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

  - Attributable sales to grow by 5%-10% per year in 2021-2022,
after a slowdown in sales in 2020;

  - Cash collection rate at 80% during 2020-2023;

  - Land premium to represent 40%-45% of sales receipts during
2020-2022 to maintain a land bank life of around three years;

  - Construction expenditure equivalent to 40%-45% of sales
receipts during 2020-2022

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Jiayuan would be liquidated in
bankruptcy because it is an asset-trading company.

Fitch has assumed a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

The 80% advance rate applied to adjusted inventory is supported by
Jiayuan's high-profit products, which generate an EBITDA margin of
above 30%.

Advance rate of 70% applied to trade receivables.

Advance rate of 60% applied to property, plant and equipment.

Advance rate of 45% applied to the investment property portfolio,
considering the limited rental income of around CNY200 million and
low rental yield of 3%.

Advance rate of 60% applied to excess cash, which is defined as
available cash (CNY7,889m at end-1H20) after deducting by three
months of contracted sales of around CNY6 billion.

Advance rate of 100% applied to restricted cash.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR1' Recovery Rating for secured
loans and a recovery corresponding to an 'RR1' Recovery Rating for
the senior unsecured debt. However, the Recovery Rating for the
senior unsecured debt is at 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, China
falls into Group D of creditor friendliness, and the Recovery
Ratings on instruments of issuers with assets in this group are
subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

  - A longer track record of strong corporate governance
practices;

  - Successful refinancing of upcoming bond maturities and an
improvement in overall debt maturity profile;

  - Combined leverage of Jiayuan and Jiayuan Chuangsheng sustained
below 50%.

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

  - Failure to reach its Positive Outlook guidelines in the next
18-24 months would lead to the Outlook reverting to Stable.

In accordance with Fitch Ratings' policies, the issuer appealed and
provided additional information to Fitch Ratings that resulted in a
rating action that is different than the original rating committee
outcome.

LIQUIDITY AND DEBT STRUCTURE

Large Debt Maturities in 2021: Fitch expects liquidity to weaken by
end-2020 in face of a large amount of debt maturing in 2021. There
will be more than USD1 billion (CNY6.6 billion) of bonds due or
puttable in 2021, comprising USD322.5 million of bonds that turn
puttable in March 2021, USD250 million of bonds puttable in May
2021, USD120 million of bonds due in June 2021, and USD327.5
million of bonds puttable in October 2021.

The tight liquidity is mitigated by the company's refinancing
abilities, sufficient lead time to address the maturities, and its
strong sales in the year to-date. Jiayuan in September and November
2020 issued USD500 million of senior notes with tenors of 2-2.5
years to refinance its short-term capital market maturities.

Jiayuan had CNY7.9 billion of unrestricted cash and CNY3.4 billion
of unused bank facilities at end-1H20, sufficient to cover CNY7.9
billion of short-term debt.

ESG CONSIDERATIONS

Jiayuan has an ESG Relevance Score of 4 for Group Structure, which
reflects the large related-party transactions, which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors. Jiayuan also has an ESG Relevance
Score of 4 for Governance Structure as its shareholding is highly
concentrated in its single largest shareholder, who owns a 69.74%
equity stake. This has a negative impact on the credit profile, and
is relevant to the rating in conjunction with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - 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: Creditors Agree to Repayment Plan
-------------------------------------------------
Reuters reports that creditors of Yongcheng Coal & Electricity
Holding Group Co have agreed to a proposed repayment plan, the
bond's chief underwriter said on Nov. 24, after the company missed
payments on maturing short-term commercial paper.

Creditors unanimously approved a plan for Yongcheng to first repay
50% of the principal on the CNY1 billion ($151.88 million)
short-term commercial paper, and to extend the repayment period on
the remainder for 270 days, China Everbright Bank said in a
statement posted on the website of the National Interbank Funding
Center, Reuters relays.

According to Reuters, Yongcheng missed principal and interest
payments on the maturing debt instrument on Nov. 10, just weeks
after issuing new debt.

Reuters relates that Yongcheng said on Nov. 23 that it was unable
to meet the payment deadline for two other CNY1 billion maturing
commercial paper issues.

The defaults by Yongcheng, a state-owned automaker, and a chipmaker
backed by Tsinghua University have shaken local markets, caught
bondholders off guard and prompted speculation that Beijing may be
renewing a deleveraging push interrupted by the COVID-19 pandemic,
Reuters adds.  

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
=================

LIFESTYLE INT'L: Moody's Alters Outlook on Ba2 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service has revised the outlook on Lifestyle
International Holdings Limited and its subsidiaries LS Finance
(2022) Limited and LS Finance (2025) Limited to negative from
stable.

At the same time, Moody's has affirmed Lifestyle's Ba2 corporate
family rating (CFR) and the Ba3 senior unsecured debt ratings on
the notes guaranteed by Lifestyle and issued by LS Finance (2022)
Limited and LS Finance (2025) Limited.

The rating action follows Lifestyle's announcement on November 20,
2020 that it had acquired a commercial property in St. James's
Square, London, for GBP250 million (HKD2,571 million) for long-term
investment purposes. The seller entered a leaseback agreement for
24 months.

"The outlook change reflects our expectation that Lifestyle's
credit metrics will remain weak over the next couple of years,
because the company's London property acquisition will delay its
deleveraging," says Gloria Tsuen, a Moody's Vice President and
Senior Credit Officer.

"The negative impact on its credit profile is partly offset by the
high quality of the property in a prestigious location, and the
diversification effect in terms of asset base," adds Tsuen.

RATINGS RATIONALE

Lifestyle's Ba2 CFR reflects (1) the company's strong competitive
position in Hong Kong SAR, underpinned by its flagship SOGO
department store in Causeway Bay; (2) its flexible cost structure;
and (3) low inventory risk stemming from its concessionaire
business model.

The rating also reflects the company's (1) high revenue
concentration; (2) moderate scale; (3) high financial leverage; (4)
business risks associated with the development of the Kai Tak
project; and (5) increased risk appetite.

The property transaction is being funded by cash and bank debt,
increasing Lifestyle's adjusted net debt/EBITDA by around 0.7x
based on Moody's expected 2021 EBITDA for the company.

Moody's expects the company's adjusted net debt/EBITDA, including
50% of listed short-term financial assets (except disclosed
high-yield bonds), will increase to about 9.2x in 2020 from 3.5x in
2019, and remain elevated at about 6.8x in 2021 because of higher
debt levels and depressed earnings amid the pandemic-led
disruptions.

Although the projected level of net leverage is weak for the Ba2
CFR, the rating reflects Moody's expectation that the company will
deleverage over 2022-23 as the company's retail business gradually
recovers from the pandemic.

Moody's expects Lifestyle's adjusted net debt will increase to
around HKD14 billion by the end of 2020 from HKD11 billion in June
2020, and will remain elevated over the next couple of years. The
higher net debt is due to the company's reduced operating cash
flow, London property acquisition and large capital spending on its
Kai Tak property development project, which is targeted for
completion by 2023.

The size of the transaction is moderate relative to Lifestyle's
HKD23 billion of reported assets as of the end of June 2020. It
will help the company diversify away from its concentration in Hong
Kong. The acquired property is in a prime location, although there
is market reletting risk and potential redevelopment risk that may
require capital spending after the initial two-year lease expires.

Lifestyle's liquidity is inadequate. At the end of June 2020, it
had HKD6.1 billion in cash and equivalents and HKD5.3 billion in a
long-term unused committed project loan facility, against HKD3.8
billion in short-term debt, capital spending over the next 12
months and property acquisition cost. That said, its ownership of
quality assets reduces its refinancing risks.

In terms of environmental, social and governance (ESG) factors, the
rating considers Lifestyle's increased risk tolerance in its
investments. The company has increased its investments in
less-liquid securities such as high-yield bonds, unlisted funds and
securities, individual company shares, and now also overseas
property.

Moody's regards the coronavirus pandemic as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Lifestyle's rating incorporates the effect on the
company's performance from the weak retail environment in Hong
Kong. Although an economic recovery is underway, it is tenuous and
its continuation will be closely tied to the containment of the
virus.

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

The outlook could return to stable if Lifestyle improves its
adjusted net debt/EBITDA towards 4.5x-5.0x over the next two years,
and its adjusted retained cash flow/net debt -- including 50% of
listed short-term financial assets -- to above 12%.

Moody's would downgrade the ratings if the company's (1) operating
performance fails to recover, (2) liquidity weakens, or (3)
financial profile deteriorates further, including due to
investments and delays or cost overruns in the Kai Tak project.

Credit metrics indicative of a downgrade include adjusted net
debt/EBITDA failing to improve towards 4.5x-5.0x, or adjusted
retained cash flow/net debt — including 50% of listed short-term
financial assets — remaining below 8%, on a sustained basis.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Listed on the Hong Kong Stock Exchange in 2004, Lifestyle
International Holdings Limited is a Hong Kong-based retail operator
that focuses on mid- to upper-end department stores. The company
operates two SOGO stores in Hong Kong.




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

AISHWARYA IMPEX: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aishwarya
Impex's Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)'
from 'IND B+ (ISSUER NOT COOPERATING)'. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The instrument-wise rating actions are:

-- INR137.5 mil. (reduced from INR150 mil.) Fund-based working
     capital limit (long-term/ short-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR22 mil. (reduced from INR46.14 mil.) Term loan (long-term)
     due on March 2024 downgraded with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects Aishwarya Impex's delays in servicing its
fund-based working capital and term loan from January to March
2020. Moreover, as of November 25, 2020, there were delays of over
six months in Aishwarya Impex's servicing of its commercial vehicle
loan.

The debt servicing delays are being recognized in accordance with
the extant regulations. However, Aishwarya Impex has not provided
Ind-Ra the complete details regarding the current status of debt
servicing relating to fund-based working capital limits and the
term loan. The agency will review the ratings once it receives the
information regarding the timely payments of debts and the
financial position from Aishwarya Impex. The outcome of the
analysis will be published as soon as the review process is
completed.

RATING SENSITIVITIES

Positive: Timely debt servicing of bank loans to the agency's
satisfaction could be positive for the ratings.

COMPANY PROFILE

Formed in 2011, Aishwarya Impex initially provided cold storage
rental services. It ventured into the trading of prawns in January
2015 and the processing of shrimps in FY18.  


AKSHAR SPINTEX: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Akshar Spintex
Limited's (ASL) Long-Term Issuer Rating to 'IND B- (ISSUER NOT
COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is on the
basis of the best available information.

The instrument-wise rating actions are:

-- INR242.7 mil. Long term loan due on August 2022 downgraded
     with IND B- (ISSUER NOT COOPERATING) rating;

-- INR60 mil. Fund-based facilities downgraded with IND B-
     (ISSUER NOT COOPERATING) rating; and

-- INR13.5 mil. Non-fund-based facilities downgraded with
     IND A4 (ISSUER NOT COOPERATING) rating.

KEY RATING DRIVERS

The downgrade reflects the operating losses of INR6.2 million
incurred by ASL over 1HFY21 (1HFY20: EBITDA profit of
INR22.31million) due to an increase in the cost of goods sold,
according to the information available in public domain.
Furthermore, the revenue fell 9.67% yoy to INR407.92 million in
1HFY21.

Liquidity Indicator – Stretched: As per information available in
the public domain, ASL's utilization of working capital limits was
95% for the 12 months ended August 2020.The cash and cash
equivalent was low at INR0.80 million at end-September 2020. Also,
as per information in the public domain, the company had availed
the Reserve Bank of India-prescribed moratorium during March-August
2020 on its bank facilities.

The ratings have been maintained in the non-cooperating category as
the company did not provide Ind-Ra with the projection data, latest
sanction letter, latest banker details, updated management
certificate and information on the working capital utilization in a
timely manner.

COMPANY PROFILE

ASL was incorporated in September 2013 as a private limited
company. On January 5, 2018, the company changed its constitution
to a public limited company. The company is engaged in the business
of cotton yarns and is listed on the Bombay Stock Exchange.  


BHAVANAM TEXTILES: CARE Lowers Rating on INR12.23cr Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhavanam Textiles (India) Private Ltd. (BTIPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      12.23      CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  Under ISSUER NOT COOPERATING
                                  Category and Revised from
                                  CARE B+; Stable; ISSUER NOT
                                  COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 13,2019, placed
the ratings of BTIPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 31, 2020 to November 2, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by Bhavanam
Textiles India Private Limited with CARE's efforts to undertake a
review of the outstanding ratings as CARE views information
availability risk as key factor in its assessment of credit risk
profile.  The Company has not taken COVID-19 moratorium.

Detailed description of the key rating drivers

At the time of last PR dated September 13,2019 the following were
the rating strengths and weakness

Key Rating Weakness

* Established track record of promoters in other businesses albeit
inexperience in cotton yarn manufacturing segment: The company has
been promoted by Mr. Bhavanam Rama Koti Reddy and Mrs Bhavanam Adi
Lakshmi. Mr. Bhavanam Rama Koti Reddy (Managing Director) has long
established track record in other business such as trading of
chillies and cotton for more than two decades. However, the
business operations of BTIPL are relatively new as the company was
incorporated in February 2013 and the commercial operations
commenced from April 1, 2013. This leads to risks associated with
relatively new operations of the company. However, the risk is
mitigated to an extent given the previous experience of promoters
in trading of cotton. The promoters are supported by an able
management team which includes experienced professionals, some of
whom have more than two decades of experience in this industry.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure marked by overall gearing ratio improved from
6.96x in FY17 to 4.81x in FY18 due to increase in the net worth but
still leveraged.  Debt coverage indicators of the company marked by
total debt/GCA improved from 15.26x in FY17 to 14.46x in FY18.

* Presence in highly fragmented industry regulated by the
government:  The textile industry is marked by intense competition
with large number of units operating in similar business resulting
in high fragmentation and restricting the profitability. Thus,
spinning players have very low bargaining power against its
customer as well as suppliers. Furthermore, the cotton prices in
India are highly regulated by Government through MSP (Minimum
Support Price) fixed by government, though due to huge
demand-supply mismatch the prices have rarely been below the MSP.
Moreover, exports of cotton are also regulated by government
through quota systems to suffice domestic demand for cotton. Hence,
any adverse change in government policy i.e. higher quota for any
particular year, ban on the cotton or cotton yarn export may
negatively impact the prices of raw cotton in domestic market and
could result in lower realizations and profit.

* Raw material price volatility risk: BTIPL is exposed to risk of
price volatility as prices of raw material i.e. raw cotton are
highly volatile in nature and depend upon factors like, area under
production, yield for the year, demand and supply scenario, export
quota decided by government and inventory carry forward of the last
year. The company has to procure raw materials at significantly
higher volume to bargain bulk discount from suppliers. Furthermore,
cotton is seasonal in nature, as sowing season is done during March
to July and harvesting cycle (peak season) is spread from November
to February every year. This results in a higher inventory holding
period for the business. Thus, aggregate effect of both the above
factors results in exposure of spinners to price volatility risk.

* Elongated working capital cycle: In FY18 The operating cycle
significantly deteriorated from 49 days in FY17 to 102 days in FY18
due to decrease in inventory days and average debtors days.

* Decrease in total operating income in FY18: The total operating
income of the company decreased from INR55.21 in FY17 to INR29.24
crore in FY18.

Key Rating Strengths

* Strategic location of manufacturing unit: BTIPL's manufacturing
unit is located at Thimmapuram village in Guntur District. The unit
is well connected to Telangana and Andhra Pradesh based prominent
cotton growing belts. Hence, the company's presence in cotton
producing region leads to benefits derived out of lower logistics
expenditure (both on transportation and storage), easy availability
of labour and raw material and consistent demand for finished goods
resulting in sustained revenue visibility. It is located near
several ginning mills due to which the company will also be saving
on bailing charges as cotton lint procured from these mills can be
consumed instead of bale.

* Improved profitability margins: The PBILDT margins improved from
4.50% in FY17 to 7.84% in FY18 due to average effecting. The PAT
margin improved from 0.51% in FY17 to 2.40% in FY18 due to decrease
in tax expenses.

Bhavanam Textiles (India) Private Ltd. (BTIPL) was incorporated on
February 27, 2013 by Mr. Bhavanam Rama Koti Reddy and Mrs Bhavanam
Adi Lakshmi after the promoters took over the operations of another
company i.e., Pujita Spinning Mills Limited. The commercial
operations of the company commenced from April 01, 2013 and FY14
was the first full year of operation. The company is engaged in the
manufacturing of cotton yarn through its manufacturing unit at
Thimmapuram village, Guntur district, Andhra Pradesh, with an
installed capacity of 13,644 spindles.


CELOGEN PHARMA: Ind-Ra Withdraws 'B+' LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Celogen Pharma
Private Limited's (CPPL) Long-Term Issuer Rating of 'IND B+ (ISSUER
NOT COOPERATING)'.

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limit 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 CPPL.

COMPANY PROFILE

Incorporated in 2005, CPPL manufactures pharmaceutical formulations
at its facility in Mahape, Navi Mumbai, and exports them to
Nigeria, South East Asia and Sri Lanka.


CREST ENGINEERING: Ind-Ra Assigns 'B-' Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Crest Engineering
Solutions at 'IND B-' with a Stable Outlook. As part of the ongoing
rating review exercise and in line with the regulatory requirement,
Ind-Ra had requested the issuer on August 17, 2020, September 14,
2020, October 5, 2020, October 14, 2020, October 27, 2020, and
November 19, 2020, for updated information on the company's
performance. In view of the COVID-19-led lockdown, the issuer has
informed the agency that it needs more time to provide the required
data. The company had opted for the Reserve Bank of
India-prescribed moratorium for its fund-based facilities over
March-August 2020.

Ind-Ra is working with Crest Engineering Solutions to see if any
information can be readily provided so that the agency can update
its credit view basis the regulatory requirement. Ind-Ra will try
to complete the process by December 19, 2020, using the best
available information. If the agency is unable to do so due to lack
of adequate data, then the rating may have to be migrated into the
issuer non-cooperating category, so that banks are aware that the
agency is unable to update its credit view.


GLENMARK PHARMACEUTICALS: S&P Affirms 'BB-' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
India-based Glenmark Pharmaceuticals Ltd. and the issue rating on
the company's US$200 million senior unsecured notes at 'BB-'. At
the same time, S&P removed all the ratings from CreditWatch, where
it had placed them with negative implications on July 29, 2020.
The stable outlook reflects S&P's expectation that Glenmark's
operating performance will remain resilient over the next 12-18
months, with its FFO-to-debt ratio sustainably above 20%.

Glenmark's new term loan will be enough to meet its upcoming debt
maturities.   Refinancing risks for Glenmark have subsided with the
company raising US$182.5 million in November 2020 via a term loan
to redeem a similar amount of its US$200 million senior unsecured
notes due Aug. 2, 2021. While Glenmark intends to refinance the
balance amount in the interim, it believes it has sufficient cash
(US$118 million as of Sept. 30, 2020) to repay this amount at
maturity in the event it does not refinance.

Glenmark still has access to about US$100 million under a revolving
credit facility at subsidiary Glenmark Holding S.A. until mid-2023.
This, together with its available cash, would be sufficient for
Glenmark to repay about US$140 million of outstanding foreign
currency convertible bonds (FCCBs) that have a put option on July
28, 2021.

Resilient operating performance supports Glenmark's financial
position.   After initial disruptions to operations and supply
chain due to strict lockdowns imposed across global markets from
March through June 2020, the company's revenues should pick up in
the rest of the year. S&P estimates Glenmark's revenues will
increase 6%-6.5% in fiscal 2021 (year ending March 31, 2021) and
will return to fiscal 2020 growth levels of 8% by fiscal 2022.

India and Europe will drive revenue growth for Glenmark over the
next 12-18 months, largely offsetting the effects of continued
price erosion of generics in the U.S. markets. These two regions
contribute more than 40% of the company's revenues. S&P estimates
revenues from these regions to increase by 8%-10% in fiscal 2021,
compared with 15.3% from India and 11.4% from Europe in fiscal
2020. S&P expects Glenmark's active pharmaceutical ingredients
(API) business to also grow by 10% during this period. The company
developed the API for Favipiravir and introduced an oral antiviral
FabiFlu for the treatment of mild to moderate COVID-19 in India
during the year. The company also launched new products in key
European markets, tapping on opportunities presented by the
pandemic.

S&P believes Glenmark's continued focus on improving cost
efficiencies and lower research and development (R&D) investments
augur well for earnings. The company hived off its investment-heavy
innovation business into a separate entity under ICHNOS Sciences
Inc. in fiscal 2020 and plans to raise fresh capital to fund
investment requirements. This should help it maintain R&D
investments at 12%-12.5% of revenues in the coming years, lower
than the 13%-13.5% in fiscals 2018 and 2019.

Glenmark's cash flows will be sufficient to meet its capital
investment requirements.   Our expectations of the company's
improving leverage is largely based on its stable operating
performance rather than meaningful reduction in debt. Glenmark
should be able to generate Indian rupee (INR) 9 billion-INR10
billion in operating cash flows during fiscals 2021 and 2022. The
company intends to be conservative in capital investments and plans
to pay down debt from asset sales proceeds. These factors should
help Glenmark reduce its adjusted gross debt to INR48 billion-INR49
billion in fiscal 2021, from INR53 billion in fiscal 2020.

S&P estimate the company will spend less than INR10 billion
annually over the next two years. This compares with more than
INR21 billion totally in fiscals 2019 and 2020, primarily owing to
the new manufacturing facility in Monroe in the U.S.

S&P said, "In our view, Glenmark will maintain conservative
financial policies on shareholder distributions and acquisitions.
Despite a wave of consolidation in the generic pharmaceutical
space, we expect the company's management to stay away from
debt-fueled acquisitions that could stretch its financial ratios
beyond our base case.

"The stable outlook on Glenmark reflects our expectation that the
company's operating performance will remain resilient over the next
12-18 months such that its ratio of funds from operations (FFO) to
debt stays sustainably above 20%. We also expect Glenmark to
maintain sufficient surplus cash and access to credit lines to
sustain its adequate liquidity status during this period."

S&P may lower the rating if Glenmark's FFO-to-debt ratio falls
below 20% on a sustainable basis. This could happen if:

-- The company's margins weaken materially due to
slower-than-anticipated revenue growth or high R&D investments; or

-- It makes debt-fueled acquisitions or shareholder
distributions.

S&P may also lower the rating if Glenmark's liquidity weakens due
to significantly lower cash or access to credit markets.

S&P may upgrade Glenmark if the ratio of FFO to debt remains well
above 30%. A significant reduction in the company's gross debt
supported by improving EBITDA margins and steady working capital
and capital spending requirements could result in such
deleveraging.


HARDAYAL MILK: CARE Keeps D on INR50.7cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hardayal
Milk Products Private Limited (HMPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       50.72      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2019,
maintained the rating(s) of HMPPL under the 'issuer
non-cooperating' category as Hardayal Milk Products Private Limited
(HMPPL) had failed to provide information for monitoring of the
rating. Hardayal Milk Products Private Limited (HMPPL) continues to
be noncooperative despite repeated requests for submission of
information through e-mail communications/letters dated Oct. 5,
2020, Oct. 6, 2020, Oct. 28 2020, Oct. 29 2020, and numerous phone
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, banker could not be contacted.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Hardayal Milk Products Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, banker feedback is also not
available. The rating on the company's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Hardayal Milk Products Pvt. Ltd. (HMPPL) was setup by Mr.
Praveendra Kumar, Mr. Ramveer Singh, Mr. Hardayal Singh, Mr.
Veerpal Singh and Mr. Amol Yadav in July 2005. The company
commenced production from December 2006. HMPPL is involved in
production of various milk products mainly in Pasteurized packed
milk, Ghee and other milk products like Flavored Milk, Curd,
flavored Yogurt, Butter milk, Paneer, SMP (Skimmed Milk Powder),
Pasteurized Butter, Whole Milk Powder and Dairy Whitener.
Pasteurized milk is sold to institutional buyers in bulk, and other
milk products are sold through retail chain with "Hardayal" brand
name. The products are well established in the regional markets of
Rajasthan, Uttar Pradesh, Uttarakhand, Punjab, Haryana,
Maharashtra, West Bengal, Delhi, Madhya Pradesh, Andhra Pradesh and
North - East States.


IL&FS: Unit to Sell External Corporate Loan Book of INR5,000cr
--------------------------------------------------------------
Hindustan Times reports that Infrastructure Leasing & Financial
Services Limited's (IL&FS) wholly-owned subsidiary IFIN, is looking
to sell its external corporate loan book worth close to INR5,000
crore, according to a source.    

The process, aimed at reducing the overall debt of IL&FS, was
launched last week, the source said.

As of March 31, 2019, the non-banking finance company's asset under
management stood at INR18,000 crore which includes external,
internal loans and internal investments. The company is yet to
declare its results for 2019-20.

"Entire external corporate loans of IFIN of around INR5,000 crore
will be auctioned through the bid process. The sale of the loans
would be on cash consideration," the source said, Hindustan Times
relays.

The company's external corporate loan book includes loans to over
70 companies that have become non-performing assets, he added.

When contacted, IL&FS spokesperson said, "The company is launching
a public process this week to invite bids for the sale of IFIN
external corporate loan book," Hindustan Times relays.   

Hindustan Times, citing the annual report of IFIN for 2018-19,
discloses that it had a net loss of INR13,272 crore as compared to
a net profit of INR9.5 crore in 2017-18.    

Its total borrowing as at end-March 2019 from various avenues (debt
securities, bank loans, commercial paper, inter-corporate deposits)
stood at INR14,916 crore, the report adds.

Last month, the debt laden IL&FS Group had said it was able to
address debt of just around INR1,460 crore in the second quarter of
2020-21 as against an earlier estimate of around INR8,800 crore
during the period, according to Hindustan Times.   

It said the INR7,300 crore shortfall in September quarter target
has been rolled over for resolution in subsequent quarters.

The group, however, maintained its earlier estimates of addressing
more than 50 per cent of the overall debt of over INR99,000 crore
as of October 2018, by the end of 2020-21, Hindustan Times states.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.


J MATADEE: CARE Lowers Rating on INR14cr LT Loan to B
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of J
Matadee Free Trade Zone Private Limited (JMFTZPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      14.00      CARE B; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  Under ISSUER NOT COOPERATING
                                  Category and Revised from
                                  CARE B+; Stable; ISSUER NOT
                                  COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 30, 2019, placed the
rating(s) of JMFTZPL under the 'Issuer non-cooperating' category as
JMFTZPL had failed to provide information for monitoring of the
rating. JMFTZPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated October 12, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account of
non-availability of requisite information due to non-cooperation by
JMFTZPL with CARE's efforts to undertake a review of the
outstanding rating as CARE views information availability risk as a
key factor in its assessment of credit risk. The rating assigned to
the bank facilities of J Matadee Free Trade Zone Private Limited
(JMFTZPL) continues to be tempered by net cash losses. The rating
also factors growth in total operating income, satisfactory PBILDT
margin albeit decline, comfortable capital structure and operating
cycle and weak debt coverage indicators. However, ratings of the
JMFTZPL derives comfort from experience of promoter for more than
two decade of experience in Warehousing.

Detailed description of the key rating drivers

Key Rating Weakness

  * Continues net cash losses: The company continued to incur net
losses in FY18 and FY19 as well due to under absorption of high
depreciation provisions. Hence the margin continued to stand
negative.

  * Weak debt coverage indicators: Debt coverage indicators marked
by total debt/GCA stood weak at 15.26x in FY19 due to high debt
levels as against low cash accruals. However, interest coverage
ratio though deteriorated from 95.27x in FY18 to 7.65x in FY19
remained comfortable due to minimal interest costs.

Key Rating Strengths

  * Experience of promoter for more than two decade of experience
in warehousing: JMFTZPL was promoted by Mr. Sunil Rallan (Managing
Director) and his family members. He has more than 25 years of
experience in leather industry and a decade long experience in
warehousing industry. Through his experience in the warehousing
industry, he has established healthy relationship with the clients
in the recipient market.

  * Growth in total operating income: The total operating income
increased from INR3.81 crore in FY18 to INR4.16 crore in FY19.

  * Satisfactory PBILDT margin albeit decline: PBILDT margin
declined from 48.42% in FY18 to 32.66% in FY19.

  * Comfortable capital structure: The overall gearing ratio though
deteriorated on account of term loan borrowings continued to stand
comfortable and negligible at 0.13x as on March 31, 2019.

  * Comfortable operating cycle: The operating cycle of the company
improved from 49 days in FY18 to 37 days in FY19 due to improved
average collection period of 37 days during FY19 as against 65 days
in FY18.

J Maatadee Free Trade Zone Private Limited (JMFTZPL) was
incorporated in the year 2008 as a Private Limited Company, by
Mr.Sunil Rallan. The Company is engaged in warehousing and support
activities for transportation include general merchandise warehouse
and warehousing of furniture and storage of goods in foreign trade
zone. JMFTZPL having two Director i.e Mr. Sunil Rallan & Mrs
Rachana Rallan holding 51% & 49% respectively. JMFTZPL having 9
year of experience in warehousing with 10 skilled employees.
JMFTZPL having 250 acres of land cost of which near about INR217
Crore. JMFTZPL increases its business according to the client
demand.

In FY19, JMFTZPL reported a net loss of INR1.14 crore on a total
operating income of INR4.17 crore, as against a net loss of INR1.09
crore on a TOI of INR3.81 crore respectively in FY18.


JALARAM CERAMICS: CARE Rates INR27.48cr Bank Loans 'B+'
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jalaram
Ceramics Limited (JCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           27.48      CARE B+; Stable Assigned

   Short-term Bank
   Facilities            4.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JCL are primarily
constrained on account of implementation risk associated with
ongoing debt funded capex and fluctuating and moderate scale of
operations with moderate profitability during FY20 (refers to the
period April 1 to March 31),. The ratings are further constrained
on account of susceptibility of margins to volatility in raw
material and fuel cost and presence in a highly competitive ceramic
industry and fortunes linked to demand from cyclical real estate
sector.  The ratings, however, derive strength from its experienced
promoters and established track record of operations along with
comfortable capital structure and debt coverage indicators.

Key Rating Sensitivities

Positive Factors

  * Improvement in scale of operations by 30% with an improvement
in GCA level by 40% or more on a sustained basis

  * Successful completion of the project within stipulated
timeframe without any cost over runs and deriving the envisaged
benefits thereof

  * Improvement in liquidity position with reduction in working
capital cycle by 70 days

Negative Factors

  * Decline in scale of operations by 25% with dip in GCA by 50%

  * Deterioration in capital structure as marked by overall
gearings ratio of 2.00 times or higher along with a deterioration
in overall liquidity profile

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Implementation risk associated with ongoing debt funded capex:
JCL is currently implementing a project for manufacturing of glazed
vitrified tiles and polished glazed vitrified tiles with a size of
600x600 MM, 800x800 MM and 600x1200 MM with an objective of
increasing the domestic and overseas sales volume of its products.
The total project cost of is envisaged at INR20.21 crore out of
which INR19.53 crore is towards cost of plant and machinery and
INR0.68 crore towards interest expense. The same is proposed to be
funded by Term Loan of INR13.00 crore and internal accruals of
INR7.21 crore. Till October 27, 2020, JCL has incurred around a
total of INR10.98 crore which was funded via secured term loan of
INR3.98 crore and internal accruals of INR7.00 crore. The project
is expected to complete by the end of November, 2020 and operations
are expected to commence from December, 2020 onwards. Completion of
the capex within specified time and cost parameters while achieving
envisaged benefits thereof will remain crucial henceforth for the
company.

  * Fluctuating and moderate scale of operations with moderate
profitability:  Total operating Income (TOI) of JCL has exhibited a
fluctuating trend and remained in the range of INR24.53 crore -
Rs.37.02 crore for the period FY18-FY20. The TOI marginally
declined by 5.65% y-o-y and remained at INR34.93 crore during FY20
owing to decrease in demand from its customers during FY20. The
profitability of JCL improved significantly and remained moderate
as marked by PBILDT at INR10.56 crore (30.24%) in FY20 as against
INR3.47 crore (9.39%) in FY19 owing to decrease in raw material
consumption cost and lower selling expenses during FY20. JCL had
written off bad debt amounting to INR6.48 crore during FY19 as
against INR0.21 crore during FY20 which resulted into decrease in
selling expenses during FY20.  Furthermore, JCL had entered into a
contract with Hetero Drugs Limited, Hyderabad for supplying APIs on
a commission basis for a period of 2 years ended FY20 which
resulted in higher operating profitability during both these years.
JCL registered net profit of INR4.69 crore in FY20 as against net
loss of INR0.99 crore during FY19.

  * Susceptibility of profit margins to volatility in raw material
and fuel costs: Prices of raw material i.e. clay & feldspar is
market driven and expected to put pressure on the margins of tile
manufacturers. Another major cost component is fuel expenses in the
gas form which is to fire the furnace. The profitability of JCL
remains exposed to volatile Liquefied natural Gas (LNG) prices,
mainly on account of its linkages with the international demand
supply of natural gas. It avails LNG from Gas Authority of India
Limited (GAIL) and from Sabarmati Gas Limited (SGL). Hence,
JCL's ability to control its cost structure would be crucial going
forward especially in the light of competitive environment.

  * Presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector: JCL operates in
a highly competitive segment of the ceramic industry marked by low
entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. This situation is likely to
increase the level of competition which is expected to put pressure
on profitability of the manufacturers.

Key Rating Strengths

  * Experienced promoters and established track record of
operations:  JCL was originally established as a partnership firm
named Siddharth Ceramics in the year 1990 and was later converted
into a closely held public limited company in February, 1995. It is
engaged in manufacturing of digital floor tiles. The business of
JCL is currently jointly managed by Mr. Ghanshyambhai B. Thakkar,
Mr. Mukeshbhai B. Thakkar and Mr. Girishbhai B. Thakkar. All the
promoters have an experience of around three decades in the same
line of business. Hence, the key promoters are well-versed with the
industry which has helped JCL in establishing its customer base.

  * Comfortable capital structure and debt coverage indicators: The
capital structure of the company as marked by an overall gearing
ratio improved over previous year and remained comfortable at 0.54
times as on March 31, 2020 as against 1.08 times as on March 31,
2019 owing to decrease in the level of total debt mainly due to
partial repayment of unsecured loans that had been availed from
promoters and relatives during the year and reduction in
utilization of working capital bank borrowing as on balance sheet
date coupled with increase in net worth level. Furthermore,
INR11.29 crore is considered as quasi-equity as on March 31, 2019
and March 31, 2020 as per sanction letter covenants. Also it is to
be noted JCL has availed secured term loan of INR13.00 crore
towards project (Rs.3.98 disbursed till October, 2020) and working
capital term loan of INR1.98 crore under COVID-19 Regulatory
package.  

The debt coverage indicators also improved significantly and
remained comfortable as marked by total debt to GCA at 1.84 years
as on March 31, 2020 as against 14.59 years as on March 31, 2019
owing to decrease in the level of total debt coupled with increase
in gross cash accruals during the year. The interest coverage ratio
during FY20 also improved and remained comfortable at 5.95 times as
against 1.75 times during FY19 mainly owing to increase in
operating profits during FY20.

  * Impact of COVID 19 on business operations of JCL:  JCL is
mainly into business of manufacturing of digital floor tiles
(Glazed) and parking tiles. The production had been halted during
the period March 22, 2020 to June 15, 2020 due to nationwide
lockdown on account of COVID-19 pandemic. The operations have
resumed from June 16, 2020 and currently it operates with 100%
labour availability. JCL procures raw materials from local market
while it exports 10%-15% of its final product to countries like
Qatar, Saudi Arabia, UAE, Oman, New Zealand etc. However, there is
no adverse impact of COVID-19 on export sales. Furthermore, JCL has
registered TOI of ~Rs.8 crore till September 30, 2020
(Provisional).

Liquidity Analysis: Stretched

The liquidity position of the company remained stretched marked by
elongated operating cycle which remained in the range of 244- 306
days during the past three years period ended FY20 on account of
slow realization from trade receivables, mainly pertaining to the
cyclical end users industry i.e. real estate sector. Further,
average utilization of working capital borrowings remained high at
80% during the past 12 months period ended September 30, 2020.
However, current ratio at 1.92 times as on March 31, 2020 as
against 1.88 times as on March 31, 2019 owing to decrease in value
of total current liabilities led by decrease in level of trade
payable and outstanding working capital bank borrowing utilization
as on balance sheet date. Quick ratio remained at 1.46 times as on
March 31, 2020 which is in line as against 1.44 times as on March
31, 2019. The net cash flow from operations during FY20 remained
comfortable at INR13.27 crore while the cash and bank balance
remained low at INR0.48 crore as on March 31, 2020. GCA level
remained moderate at INR8.03 crore during FY20 as against gross
loan repayments of INR0.18 crore arising in FY21, towards business
loans. Further it is to be noted that client has availed
moratorium in cash credit facility from March, 2020 to August, 2020
and also availed working capital term loan of INR1.98 crore under
Covid-19 Regulatory package which is repayable in 36 monthly
instalments from June, 2021.

Ahmedabad-based (Gujarat) JCL was originally established as a
partnership firm named Siddharth Ceramics in the year 1990 and was
later converted in a closely held public limited company in
February, 1995. JCL is jointly managed by Mr. Ghanshyambhai B.
Thakkar, Mr. Mukeshbhai B. Thakkar, Mr. Bhailalbhai P. Thakkar and
Mr. Prafulchandra Nanalal Bhatt. JCL is engaged into manufacturing
of digital floor tiles (Glazed) and parking tiles with an installed
capacity of 40,000 Metric Tonners Per Annum (MTPA) as on March 31,
2020. The products of JCL are sold in the brand name of "Siddharth"
in domestic market.


K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of K K Welding Limited
(KKWL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           17.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       5.0       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft             27.5       CRISIL D (ISSUER NOT
                                    COOPERATING)
   Proposed Working
   Capital Facility       2.0       CRISIL D (ISSUER NOT
                                    COOPERATING)

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

KKWL was incorporated in Mumbai in 2001, by Mr. M.S. Mehta and his
family members. The company is engaged in trading of Welding
Electrodes, Welding Rods, Welding Cables, Safety Equipments,
Grinding Wheels and welding accessories. KKWL is an authorized
distributor for various companies.


K. R. BAKES: CRISIL Lowers Rating on INR13cr Loans to B
-------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of K. R. Bakes
Private Limited (KRBPL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    1.3        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan            11.2        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

KRBPL was set up in 1969 at Coimbatore as a partnership between Mr
A Balan, it got reconstituted as a private-limited company in 2000.
The company operates restaurants in Kerala and Tamil Nadu.


KASHVI AGRITECH: CRISIL Keeps B+ on INR12cr Loans in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kashvi Agritech
Private Limited (KAPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

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

Incorporated in 2011, KAPL operates a poultry layer farm in
Keonjhar, Odisha. Mr. Debabrata Behera and Ms. Susmita Behera are
the directors of the company. The unit commenced commercial
operations from April 2017 onwards.

KHEDUT FEEDS: CRISIL Lowers Rating on INR23.80cr Loan to B
----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Khedut
Feeds and Foods Private Limited (KFFPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          23.80       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    3.68       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             3.90       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

Incorporated in February 2003 by Thumar family, KFFPL is engaged in
processing and grading of groundnuts and it caters to the demand of
reputed customers in domestic and export markets. It operates from
its manufacturing facility located in Gondal, Gujarat.


KINGS MOTORS: CRISIL Keeps B+ on INR23cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kings Motors Private
Limited (KMPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Incorporated in 2008, KMPL, based in Surat (Gujarat), is promoted
by Mr. Pradyumansinh R Jadeja and his family members. The company
is an authorised and exclusive dealer for FIPL in Surat, Vapi, and
Navsari (all in Gujarat).


KODARMA CHEMICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kodarma Chemical
Private Limited (KCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       14.5       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan          3.05      CRISIL D (ISSUER NOT COOPERATING)

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

Incorporated in June 2008 and promoted by Mr. Khiru Shaw and Mr.
Panchdev Kumar Shaw, KCPL refines and distils industrial fuels,
lubricants, and solvents (coal tar, fuel oil, and various
industrial and laboratory chemicals) at its facility in Kodarma,
Jharkhand.


KOPPAL SOLAR: CRISIL Keeps D on INR10cr Loan in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Koppal Solar Power
Projects Private Limited (KSPP) continues to be 'CRISIL D Issuer
Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan         10         CRISIL D (ISSUER NOT COOPERATING)

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

Incorporated in June 2016, KSPP is based in Koppal, Karnataka. The
company is in the process of setting up a 2-megawatt solar
photovoltaic power plant at Sultanpura village, Koppal district.
The project is expected to be commissioned by January 2017. The
company has entered into a 25-year PPA with GESCOM at a price of
INR8.4 per unit.


KRISHNA STONE-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Krishna Stone-Tech
Private Limited (KST) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Export Packing       11.5        CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Foreign Bill          4.0        CRISIL D (ISSUER NOT
   Discounting                      COOPERATING)

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

Set up in 1988 by Dr D L Ramesh Gopal, Bellary-based KST processes
and trades in granite slabs.


KRISHNA VALLEY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Krishna Valley Power
Private Limited (KVPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       1.42       CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

   Term Loan               13.58       CRISIL D (ISSUER NOT
                                       COOPERATING)

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

Incorporated in 2001 and promoted by Mr. Shankarlal Gilada and his
son, Mr. Rajgopal Gilada, KVPPL executes hydro power projects. The
company currently operates a 1.5 MW hydroelectric power plant,
Vajra-II, near Shahapur in the Bhatsa river basin in Maharashtra,
which was commissioned in December 2012.


KRISHNAPING MINERALS: CRISIL Lowers Rating on INR20cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Krishnaping Minerals Private Limited (KMPL; a part of the
Krishnaping group) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit        6        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Term Loan              10        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

CRISIL has taken cognizance of application made by KMPL for
restructuring of its bank facilities under Reserve Bank of India
(RBI) guidelines issued on August 6, 2020 - 'Resolution Framework
for COVID-19-related Stress'. However final approval for same it
still pending.

The downgrade reflects poor liquidity profile marked by
overutilization of cash credit facility, devolvement of letter of
credit and interest being overdue for over 30 days, even prior to
the application for restructuring.

The ratings continue to reflect large working-capital requirement
and below-average debt protection metrics. These rating weaknesses
are partially offset by extensive experience of the promoters in
the mining and ferro alloys industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMPL and Krishnaping Alloy Limited
(KAL), together referred to as 'Krishnaping group'. This is because
both the companies are in the same line of business, work under a
common management, and have strong operational linkages and
financial fungibility.

Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

  * Delays in Servicing of Debt: Stretched liquidity has resulted
in delays in servicing of interest, devolved LCs remaining unpaid
and overutilization of cash credit facility for over 30 days.

  * Large working capital requirement: Operations are working
capital intensive with gross current assets of over 300 days for
last 3 years through March 31, 2020, primarily on account of high
inventory.

  * Below-average debt protection metrics: The metrics have
moderated in fiscal 2020, with interest coverage ratio at sub 2
times in fiscal 2020.

Strengths:

  * Extensive experience of the promoters in the mining and ferro
alloys industry: Benefits from the promoters' experience of over
two decades, their strong understanding of local market dynamics,
and healthy relations with customers and suppliers should continue
to support the business.

Liquidity Poor

Liquidity is poor as reflected in overutilization of cash credit
facility and devolvement of letter of credits on back of
significant working capital elongation.

Rating Sensitivity Factors:

Upward factors

  * Track record of timely debt servicing for 90 days or more

  * Significant improvement in liquidity due to restructuring of
debt or infusion of equity or a sizeable realization of payments
from customers.

KMPL and KAL, incorporated in 1996, undertakes mining and
beneficiation of manganese ore along with manufacturing of ferro
manganese alloys. The group is promoted and managed by Mr. Sanjeev
Khandelwal. KMPL has a factory unit in Vizag, Andhra Pradesh and
KAL has factory unit in Chindwara, Madhya Pradesh.


KROWN AGROFOODS: CRISIL Keeps B+ on INR10cr Loan in NonCooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Krown Agrofoods
Private Limited (KAFPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             10.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 1998, KAFPL undertakes job work for ITC Ltd for
manufacturing the Sunfeast brand of biscuits. The company is
managed by Mr. Deepak Bherwani and Mr. Anil Kumar Dhir, and is
based in Ghaziabad, Uttar Pradesh.


KRS PHARMACEUTICALS: CRISIL Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of KRS Pharmaceuticals
Private Limited (KPPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.72       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.28       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             7.61       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 2004 by Mr. B Narendra and Mr. B L Swamy, KPPL
manufactures bulk drugs and intermediates at its plant in Hyderabad
and Visakhapatnam.


KUMAR TOOLS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kumar Tools and
Stampings (KTS) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.50       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    3.73       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             2.77       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

KTS is a proprietorship firm, set up in 2007 by Mr. Rajkumar S
Nadar. The company manufactures precision making components, used
in the automobile and construction industries, apart from the
compressor technique and pneumatic tool spares. Bulk of the
products are supplied to the automobile industry. The product range
includes 150-200 types of components, including flanges, baffles,
end cap, and perforated tubes. The manufacturing capacity of
150-200 tonnes per month, is utilised at 70-75% as on date.


M.R.S. LEATHER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of M.R.S. Leather
Exports Private Limited (MRS) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Export Packing          3.5      CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Proposed Long Term      0.8      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line            0.7      CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

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

Set up as a partnership firm, MRS Leather Traders, in 1989, MRS
processes tanned goat skin to finished leather; the partnership
firm was reconstituted as a private limited company in 2001.


MADHYA BHARAT: Ind-Ra Keeps 'BB-' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Madhya Bharat
Telecom Infrastructures' 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 BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR34 mil. Fund-based working capital limit maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR2.18 mil. Non-fund-based working capital limit maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR20 mil. Proposed-fund-based working capital limit withdrawn

     (the company did not proceed with the instrument as
     envisaged);

-- INR64 mil. Proposed long-term loan withdrawn (the company did
     not proceed with the instrument as envisaged); and

-- INR23 mil. Proposed non-fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Madhya Bharat Telecom Infrastructures was formed in 2005 as an
infrastructure company in the telecom infrastructure industry. The
company undertook turnkey projects for setting up telecom
infrastructure in Madhya Pradesh and Chhattisgarh for almost all
telecom and telecom infrastructure companies.


MAHAVIR RICE: CRISIL Lowers Rating on INR8.5cr Cash Loan to B
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Mahavir
Rice Mill (Chamorshi) (MRM) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

MRM was set up as partnership firm in 1992, by Mr. Chandrakant
Doshi and Ms. Sadhna Doshi. The firm processes paddy into rice, at
its facility in Chamorshi, Maharashtra, which has an installed
capacity of 6 tonne per hour.


MARC ENTERPRISES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Marc Enterprises
Private Limited (ME) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Proposed Fund-          8        CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

   Term Loan              12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

ME, based in New Delhi, was set up by the Jain family in 1981. The
company manufactures home appliances, including fans and geysers,
at its unit in Baddi, Himachal Pradesh. Its operations are managed
by Mr. Pramod Jain.


MARUTI PACKAGERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Maruti Packagers
Private Limited (MPPL; part of the Rateria group) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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.


MIGHTY AUTO: CARE Lowers Rating on INR13cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mighty Auto Wheels Private Limited (MAWPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      13.00      CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  Under ISSUER NOT COOPERATING
                                  Category and Revised from
                                  CARE B; Stable; ISSUER NOT
                                  COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Sept. 26, 2019, placed the
rating(s) of MAWPL under the 'issuer non-cooperating' category as
Mighty Auto Wheels Private Limited (MAWPL) had failed to provide
information for monitoring of the rating. Mighty Auto Wheels
Private Limited (MAWPL) continues to be non-cooperative despite
repeated requests for submission of information through e-mail
communications/letters dated Oct. 5, 2020, Oct. 6, 2020, Oct. 19,
2020, Oct. 20, 2020, and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, the banker
could not be contacted.

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

The ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by MAWPL with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further the rating is constrained by nascent scale of operations,
low profitability margins and working capital intensive nature of
operations, presence in competitive nature of automobile dealership
industry. The ratings, however, draw comfort from its experienced
promoters.

The rating on the company's bank facilities will now be denoted as
CARE B-; Stable; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

At the time of last rating on September 26, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

  * Short track record and nascent scale of operations: MAWPL
commenced operations in April 2017 and has very short track record
of operations in auto dealership business as compared with other
established players. The company has achieved operating income of
INR59.24 cr in FY19 (PY: INR55.13 cr). Furthermore, stabilization
risk of the newly setup facilities in terms of achieving the
envisaged scale of business operations in the light of competitive
nature of industry remains crucial for MAWPL.

  * Low profitability margins and working capital intensive nature
of operations: The profitability margins of an automobile
dealership normally remains low as the company has limited
negotiating power with manufacturers and has no control over the
selling price as the same is fixed by the manufacturers.
Furthermore, an automotive dealer's revenues are driven by volumes,
while the profits are driven by the sale of spares and service
income as the latter fetch higher profit margins. Automobile dealer
purchases vehicles from manufacturer by making full advance
payment, resulting in low average creditor period. Though the sales
to customers are made on a cash and carry basis; however, around
50-60% of the cars are bought on vehicle financing basis through
banks. The said phenomenon results in a collection period of around
56 days (PY: 16 days). The dealer has to maintain models of
different vehicles with each having various variants to meet the
demand of the customer resulting in moderate inventory days of
around 63 days (PY: 40 days).  Entailing all lead to moderate
operating cycle. Profitability margins stood weak marked by PBILDT
and PAT margins of 4.30% (PY: 3.91%) and 0.38% (PY: 0.58%)
respectively in FY19. Capital structure stood leveraged marked by
debt to equity and overall gearing of 1.51 times and 3.97 times in
FY19.

  * Presence in competitive nature of automobile dealership
industry: The fortunes of MAWPL are closely linked to those of
Mahindra and Mahindra Limited, being the only supplier for the
company. The sales and distribution of automobiles, especially the
passenger vehicle and LCV is marked by intense competition
attributable to presence of several dealers in the nearby areas.
The already existing competition is further worsened by the major
automobile manufacturers extending similar discounts and
promotional schemes to lure customers for purchases. The
profitability margin on products is set at a particular level by
Mahindra and Mahindra Limited thereby restricting the company to
earn incremental income. Further, with the large dealership network
of Mahindra and Mahindra, the bargaining power of the dealer with
the customer is further reduced. In light of the same, the margins
are likely to remain severely constrained for the dealers and
distributors. Also, in order to capture the market share, the auto
dealers have to offer better buying terms like providing credit
period or allowing discounts on purchases which create margin
pressure and negatively impact the earning capacity of the company.


Key Rating Strengths

  * Experienced Promoters: The directors; Mr. Parminder Tewatia and
Mr. Samresh Kumar Singh have wide experience in diversified
business segments i.e. auto dealership and real estate through
their association with other associate concerns

Incorporated in 2016, Mighty Auto Wheels Private Limited (MAWPL) is
promoted by Mr. Parminder Tewatia and Mr. Samresh Singh. MAWPL is
engaged in the dealership of passenger and commercial vehicle of
Mahindra and Mahindra Limited (M&ML) on Haridwar and provide
provides 3S services (Sales, Spares and Services). The operations
of the company commenced from April 2017. Company also undertakes
servicing of passenger vehicle work. MAWPL is another group of A to
Z Developers Limited and A to Z Auto Wheels Private Limited,
managed by Mr. Parminder Tewatia.


MUDHAI DAIRY: CRISIL Keeps D on INR3.75cr Loan in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Mudhai Dairy Private
Limited (MDPL) continues to be 'CRISIL D Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Long Term Loan     3.75     CRISIL D (ISSUER NOT COOPERATING)
  
CRISIL has been consistently following up with MDPL 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 MDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MDPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MDPL
continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2008, MDPL has dairy farm in Satara with total
installed capacity of 30,000 litres per day. It also has four
retail shops in Mumbai and Navi Mumbai.


N. P. SYNDICATE: CRISIL Keeps B+ on INR8cr Credit in NonCooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of N. P. Syndicate -
Kolkata (NPS) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             8        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

NPS, founded in 1985, trades in water pump sets, waste disposers,
cast steel valves, AC induction motors, submersible parts,
pneumatic valves for the Kirloskar group and Crompton Greaves
Consumer Electricals Ltd. Its operations are managed by Mr.
Sagarmal Pandey, and his sons Mr. Nishant Pandey and Mr. Prashant
Pandey.


NARENDRA NATH: CRISIL Keeps B on INR7cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Narendra Nath Cold
Storage Private Limited (NNCSPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Proposed Long Term     0.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Incorporated in 2008, NNCSPL provides cold storage facility to
potato farmers and traders in West Medinipur (West Bengal).


NEEV INFRASTRUCTURE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Neev Infrastructure
Private Limited (NIPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         80        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            45        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter Of Guarantee    10        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Founded in 1978 as a partnership firm named Chandu Constructions by
Mr. Chandulal V Jain, Jitendra C Jain, Monali J Jain, Savita C
Jainthe firm was reconstituted as a private limited company and
named Chandu Constructions Pvt Ltd in 2001. It got its present name
in 2003. The company undertakes civil infrastructure projects,
including construction of roads and installation of sewage and
water supply lines.


NEW AMRUTHA: CRISIL Keeps B on INR10cr Loans in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of New Amrutha Medical
and Research Centre (Raichur) Private Limited (NAMRC) continue to
be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

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

NAMRC, set up in 2010, operates a 100-bed children's hospital in
Raichur. The hospital has intensive care and operating theatre
facilities. It is managed by Dr Ravi P and his close friends.


NEW NALANDA: CRISIL Keeps B+ on INR9cr Loans in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of New Nalanda Tubewell
Boring and Engineering Works (NNTBEW) continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Overdraft               4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

NNTBEW, set up in 2001, is a partnership concern of Mr. Rajendra
Singh, Mr. Shravan Singh, Mr. Jitendra Singh, and Mr. Suyash Kumar.
It undertakes civil construction work for the Bihar, Jharkhand, and
Uttar Pradesh governments. Its facility is in Patna.


OSR MP WAREHOUSING: CARE Lowers Rating on INR3.18cr Bank Loans to C
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of OSR
MP Warehousing Enterprises (OSRMP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      3.18        CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain Under ISSUER NOT
                                   COOPERATING Category and
                                   Revised from CARE B+; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25,2019, placed
the ratings of OSRMP under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 31, 2020 to November 2, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by OSR MP
Warehousing Enterprises with CARE's efforts to undertake a review
of the outstanding ratings as CARE views information availability
risk as key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of PR dated October 5, 2018 and September 25, 2019 the
following were the rating strengths and weakness.

Key Rating Weaknesses

* Risk towards stabilization of operations: The firm has
constructed rural godowns with a storage capacity of 9,600 MT at
Sonebhadra district. As on Sept. 19, 2018, the firm has incurred
the entire cost i.e the project has been completed 100%. The
commercial operation is expected to start from December 2018.
Therefore, risk exists towards stabilization of operations, post
initiation of commercial operations of the godown. Ability of the
firm to stabilize the operations and generate the revenue and
profit levels as envisaged will remain critical from credit
perspective.

* Partnership nature of constitution with inherent risk of capital
withdrawal: The partners typically make all the decisions and lead
the business operations. If they become ill or disabled, there may
not be anybody else to step in and maintain the optimum functioning
of business. A business run by three partners also poses a risk of
heavy burden, i.e. an inherent risk of capital withdrawal, at a
time of personal contingency which can adversely affect the capital
structure of the firm. Moreover, the partnership firms have
restricted access to external borrowing which limits their growth
opportunities to some extent.

* Presence in a fragmented and competitive industry: The firm is
engaged in the business of providing godown facilities on lease
basis where the profitability margins compared to other industry
will be low. Apart from that, there are numerous organized and
unorganized players entering into the market which makes the
industry competitive nature.

Key Rating Strengths

* Qualified and experienced management: OSR MP Warehousing
Enterprises (OSRMP) was established as a partnership firm by Mr.
Vamsidhar Maddipatla and Mrs. Kalpana Prasad. Mr. Vamsi Maddipatla
has over 17 years of experience as an entrepreneur who founded and
built successful companies in technology and Bio-Pharma industries.
He is also the founder of Laxai, an MNC in New Jersey,
USA and Laxai Avati Life Sciences, Hyderabad along with being the
founder director of International Drug Discover & Clinical.
Furthermore, the promoters are assisted by second line of
management having adequate experience in the agriculture industry.

* Financial closure achieved and 100% of the cost has been incurred
for the ongoing project: The promoters of the firm have constructed
two godowns with an aggregate storage capacity of 9,600 MT. The
total project cost was INR3.76 crore which was funded through bank
term loan of INR3.18 crore and promoter's fund of INR0.58 crore.
Furthermore, 100% of the project has been completed and the firm is
expecting to start the commercial operations from December 2018.

* Geographical diversification: At a combined level, the group has
its clientele spread across Tamil Nadu, Uttar Pradesh and Andhra
Pradesh which results in a diversified geographical reach. The
group has its warehouses at West Godavari, Kurnool and Nalgonda
districts of Andhra Pradesh, Dindigal district of Tamil Nadu and in
Uttar Pradesh, the warehouses are present in 6 different
districts namely Auraiya, Etawah, Balrampur, Unnao, Sonbhadhra and
Barabanki.

* Stable outlook of warehousing industry: Warehousing Market in
India states that the demand for good quality state-of-the-art
warehouses will be a major requirement in the country given the
growing logistics industry. The evolution from storage godowns to
multipurpose logistic centers is highly desired. Warehouses form a
crucial supply chain element which is key to both customer
satisfaction and cost reduction. Warehouses today serve as a
stocking point as well as consolidation centers for multiple
sourcing locations which provide cross docking facilities to retail
distributors, sorting centers for customer deliveries, and assembly
facilities for final packaging and bundling. The organized sector
has a minor market share, but claims a major portion of the
revenue. The warehouse market is subjected to stringent regulations
and policies regarding licensing, performance, and accountability.
The current fragmented state of the sector coupled with growth in
the overall economy provides tremendous potential for the
warehousing sector to flourish.

Analytical Approach: Combined

The combined business risk profiles of OSR MP Warehousing
Enterprises and its group companies namely OSR Infra Private
Limited, OSR MP Warehousing Enterprises, OSR UP Warehousing
Enterprises, Annapurna Saraswathi Warehousing Enterprises,
Annapurna Kalpana Warehousing Enterprises and KPM Warehousing
Enterprises have been considered as these entities operate in the
same line of business and have operational linkages.

Hyderabad based, OSR MP Warehousing Enterprises (OSRMP) was
established as a partnership firm in the December 2012 by Mr.
Vamsidhar Maddipatla and Mrs. Kalpana Prasad. The firm is engaged
in providing ware house on lease rental to Food Corporation of
India (FCI) and other local traders. Mr. Vamsidhar Maddipatla and
family runs seven other entities namely OSR Infra Private Limited,
OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, Annapurna Kalpana Warehousing Enterprises, KPM
Warehousing Enterprises and VK Warehousing Enterprises which is in
the same line of business and have operational linkages. The
property of OSRMP, located at Sonebhadra, Uttar Pradesh, which is
built on a total land area of 152,024 square feet comprises of two
godowns, with an aggregate storage capacity of 9,600 MT (Metric
Tons) for agricultural products and consumer goods.

The total project cost for the construction of two godown was
INR3.76 crore which was funded through bank term loan of INR3.18
crore and promoters fund of INR0.58 crore. The firm started the
project work in February 2015 and is expecting to start the
commercial operations from December 2018. As on September 19, 2018,
the firm has incurred the entire cost i.e the project has been
completed 100%.  


PATANJALI CHIKITSALAYA: CARE Lowers Rating on INR9cr Loans to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Patanjali Chikitsalaya (PC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.00      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated placed August 23, 2019 the
rating(s) of PC under the 'Issuer non-cooperating' category as PC
had failed to provide information for monitoring of the rating. PC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated October 28, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The revision in rating takes into account the non-availability of
requisite information due to non- cooperation by PC with CARE's
efforts to undertake a review of the outstanding ratings as CARE
views information availability risk as key factor in its assessment
of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on August 23, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weakness

  * Small scale of operations and constitution as a proprietorship
concern with risk of withdrawal of capital, limited resources of
proprietor and continuity of business: PC's operations are small
marked by its total operating income of INR31.01 crore in FY16 and
very low net worth of INR0.41 crore as of March 31, 2016. The small
scale of operations impacts the firm's negotiation capabilities
with suppliers and customers, while limiting its financial
flexibility with the lenders.  PC's constitution as a
proprietorship concern has the inherent risk of possibility of
withdrawal of the capital at the time of personal contingency which
will affect its capital structure. There has been an instance of
withdrawal of capital in FY15. Also, the tenure of the business is
co terminus with the proprietor's life span.

  * Thin and declining profit margins along with leveraged capital
structure: The profitability margins of the firm have been thin
over the review period due to trading nature of business along with
presence in competitive FMCG segment. Furthermore, the PBILDT
margin of the firm declined from 3.73% in FY14 to 1.88% in FY16 on
back of major increase in the cost of traded goods with increase in
the number of orders received. The PAT margin fluctuated during the
review period on back of marginal increase in the interest costs
coupled with significant growth in total income. The PAT margins
were in the range of 1.20%-2.09%. The capital structure of PC stood
leveraged marked by debt equity ratio of 8.83x as of March 31, 2016
as against 0.76x as of March 31, 2014. The deterioration in the
same was on back of increase in the total debt with additional
loans (housing loan and vehicle loan) availed. The overall gearing
ratio also stood very weak at 9.88x as of March 31, 2016 as
compared to 5.59x as of March 31, 2014 on back of increase in the
debt levels. The debt protection matrix also stood weak marked by
TD/GCA of 9.79x in FY16 as against 7.41x in FY14 on back of
increase in the total debt. Interest coverage ratio stood moderate
and improving year-on-year at 3.38x in FY16 as against 2.28x in
FY14.

  * Intense competition from other drugs, pharmaceuticals and FMCG
products: The product range of PC faces stiff competition from
other FMCG companies which are also in the business of food
products, juices, toiletries, cosmetic products and others. Also,
the ayurvedic and herbal products of Patanjali are subject to
intense competition from other ayurvedic as well as allopathic and
related drugs produced by the pharmaceutical companies.

Key Rating Strengths

  * Experience of the promoters in FMCG industry for more than
three decades: Smt. Suman Devi Lath, the proprietor of the firm,
has around 15 years of experience in FMCG industry. Mr. Santosh
Kumar Lath (H/o the proprietor), is the POA (Power of Attorney)
holder of the firm and has around three decades of experience in
the same industry. He has been associated with PC since inception
and he takes care of the overall activities of the firm. Also,
being established in 2009, PC has considerable operational track
record of around 9 years in this industry which is also likely to
benefit PC at large.

  * Growth in total operating income at a CAGR of 155% during the
review period: The total operating income (TOI) of the firm grew at
a CAGR of 155% during the period FY14-FY16 on back of increase in
the number of orders received with favourable market conditions.
TOI grew from INR4.77 crore in FY14 to INR31.01 crore in FY16.
With improvement in the TOI, the cash accruals also grew from
INR0.10 crore in FY14 to INR0.41 crore in FY16. In FY17 (Prov.),
the firm has achieved a TOI of INR49.72 crore with PAT of INR0.62
crore.

  * Satisfactory operating cycle:  PC's products are predominantly
sold on a cash and carry basis while the regular customers alone
avail credit upto 10 days. On purchases, the firm avails credit
upto 10-15 days. The firm employs around 50 members. The products
which are procured from the Patanjali Ayurved Limited, Divya
Pharmacy and other Patanjali distributors are stocked as per the
orders received. Orders are received on a daily basis. The average
inventory period stood comfortable at 29 days in FY16 as compared
to 26 days in FY15. The firm is involved in trading nature of
business which makes the firm less working capital intensive.
Hence, the working capital cycle of the firm also stood comfortable
at 26 days in FY16 as against 30 days in FY15. The liquidity
position of the firm also stood comfortable marked by current ratio
of 2.89x as of March 31, 2016.

  * Reputed and established brand of Patanjali Products:  PC deals
with Patanjali products which has good reputation and brand name in
the FMCG industry. Out of the total purchases, 70% of the products
are procured from Patanjali Ayurved Limited, Haridwar and Divya
Pharmacy, a manufacturing unit of Patanjali Yogpeeth. The remaining
30% are from the patanjali distributors like Patanjali Biscuits P
Ltd, Patanjali Gramodyog Nyas, Patanjali Natural Colorma P Ltd,
etc. The firm has also established good relationship with its
customers with the moderate operational track record. The customer
base of the firm includes Sri Lakshmi Narayana Agency, Raj Rani
Devi Enterprises, Patanjali Arogya Kendra, Chennai Ayurved Centre,
Sudha Enterprises, Neha Herbals, Annai Enterprises, etc. However,
PC's complete dependency on Patanjali products exposes the firm to
supplier concentration risk.

Patanjali Chikitsalaya (PC) was established in January 2009 as a
proprietorship concern by Smt. Suman Devi Lath in Chennai, Tamil
Nadu. The firm is involved in trading of FMCG products and is an
authorized dealer of Patanjali Ayurved Limited, Haridwar and Divya
Pharmacy, a manufacturing unit of Patanjali Yogpeeth. The products
sold by PC are Ghee, Face creams, Medicines, Soaps, Detergents,
Wheat flour, Sunflower oil, Honey, etc. The registered office of
the firm is located at Egmore in Chennai (Tamil Nadu).


RELCON INFRAPROJECTS: Ind-Ra Assigns BB+ LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Relcon
Infraprojects Ltd. (RIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR2.09 bil. Non-fund-based limit assigned with IND A4+
     rating; and

-- INR410 mil. Fund-based limits assigned with IND BB+/Stable/IND

     A4+ rating.

KEY RATING DRIVERS

The ratings reflect RIL's medium scale of operations, as indicated
by revenue of INR3,537 million in FY20 (FY19: INR3,473 million).
The revenue increased due to the execution of a higher number of
work orders. The company's order book amounted to INR11,560 million
(3x of FY20 revenue) at end-August 2020. During 5MFY21, RIL booked
revenue of only INR365 million. RIL's revenue growth is affected by
the slow-paced execution of the order book, as almost 50% of the
orders in the current book would take three-to-four years to be
completed. Furthermore, due to the impact of the COVID-19-led
disruptions, the completion of most projects in the existing order
book will be delayed by about six months.  The figures for FY20 are
provisional.

The ratings reflect the modest EBITDA margins due to the intense
competition in the industry, resulting from low entry barriers. The
margin fell to 7.6% during FY20 (FY19: 10%) because of an increase
in the cost of raw materials.  The return on capital employed was
8% in FY20 (FY19: 5.63%). Ind-Ra expects the EBITDA margins to
remain at similar levels in the near term.

Liquidity Indicator - Stretched: The average utilization of the
non-fund-based limits and fund based limits was about 89% and
almost 18%, respectively, during the 12 months ended October 2020.
In FY20, the cash flow from operations improved to INR348 million
during FY20 (FY19: INR62 million) due to an increase in the
absolute EBITDA to INR270 million (INR216 million). The free cash
flow turned positive at INR239 million in FY20 (FY19: negative
INR21 million). The net cash cycle elongated slightly to 89 days in
FY20 (FY19: 87 days) due to a decrease in the payable days to 106
days (116 days). The gross working capital days however remained
long  at 195 days in FY20 (FY19: 203 days) due to high debtors days
of 159 (FY19: 160) due to the retention money kept with customers
in its civil segment and due to delayed realizations from its
ready-mix concrete business segment. As on March 31, 2020, the
company had a total outstanding debt obligation of INR151 million
against a cash balance of INR198 million.

The ratings are also constrained by customer concentration, as RIL
derives 60%-65% of its revenues from four-to-five projects. Ind-Ra
expects the order book concentration to marginally improve in the
medium-long term, once the company resumes participating in tenders
floated by Municipal Corporation of Greater Mumbai (MCGM), after a
period of suspension due to an alleged road scam during April 2016.
Furthermore, the geographical concentration is high, as most of the
projects are executed in Maharashtra.

The ratings, however, are supported by the company's strong credit
metrics due to its low debt levels. The metrics improved in FY20
due to the rise in the absolute EBITDA. The company turned net cash
positive in FY20 (FY19 net leverage (net debt/EBITDA): 1x). The
interest coverage (operating EBITDA/gross interest expenses) was
11x during FY20 (FY19: 6.73x). Ind-Ra expects the credit metrics to
remain comfortable in the medium term due to the absence of any new
debt-led capex plans.    

The ratings are also supported by the promoters' experience of over
three decades in the road and buildings construction segment and
their strong understanding of the industry.

RATING SENSITIVITIES

Positive: The ability to execute long pending projects without time
and cost overruns, resulting in sustained growth in the revenue and
operating margins, with an improvement in the working capital cycle
and overall liquidity will be positive for the ratings.

Negative: A decline in the revenue and//or profitability as a
result of slow project execution resulting in a stretched working
capital cycle and liquidity position, with the interest coverage
falling below 2.5x, can result in a downgrade.

COMPANY PROFILE

RIL was initially established as Reliance Construction Company in
1973. The firm was reconstituted as a private limited company in
2006 and subsequently in 2010 as a public limited company as Relcon
Infraprojects Limited. It undertakes civil construction work in
Maharashtra (mainly Mumbai) and Gujarat and is into Ready Mix
concrete manufacturing as well. It has also ventured into real
estate development projects in Mumbai.


RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RPN
Engineers Chennai Private Limited (RECPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        1.26      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short-term Bank       4.87      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 30, 2019, placed the
rating(s) of RECPL under the 'Issuer non-cooperating' category as
RECPL had failed to provide information for monitoring of the
rating. RECPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated November 5, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on August 30, 2019 the following were
the rating strengths and weaknesses updated for the
information available from Registrar of Companies).

Key Rating Weakness

  * Ongoing delays in servicing the debt obligations: The Banker
has confirmed that there were delays in servicing the interest
payments and continuous overdrawals in the cash credit account for
more than a month along with that there were frequent instances of
LC devolvement due to delay in the payment from railway
authorities.

Key Rating Strengths

  * Vast experience of the promoter of more than two decades: RPN
is a closely held company promoted by Mr. P.K. Luqmman Basha, a
first generation entrepreneur who has more than three decades of
experience in construction business. Prior to starting this
company, he was working with a civil engineering contracting
company for ten years (1983-93). RPN's day to day operations are
managed by Mr. P.K. Luqmman Basha. The company has been taking only
contracts from Southern Railways since 2004.

RPN was established as a proprietorship firm (M/s. Lookmans
Engineering Contractors) in 1995 by Mr. P.K. Luqmman Basha and was
reconstituted into a private limited in May 1999 in Chennai. RPN is
engaged in the business of civil and mechanical constructions like
laying of pipes for state and central government agencies and
contract work for the Indian railways.


SAIHASTI AGROPRODUCTS: CRISIL Cuts Ratings on INR17.6cr Loans to D
------------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Shree SaiHasti Agroproducts Limited (SSAL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            17        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      0.6      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The downgrade reflects weak liquidity profile marked by overdrawals
in the cash credit facility and delays in servicing of interest for
more than 30 days.

The ratings continue to reflect a modest scale of operations in the
highly fragmented rice-milling industry, working capital-intensive
operations, and below average financial risk profile. These
weaknesses are partially offset by the industry experience of the
promoter.

Key Rating Drivers & Detailed Description

Weaknesses

  * Delays in Servicing of Debt: There have been overdrawals in the
cash credit facility and delays in servicing of interest for more
than 30 days.

  * Modest scale of operations: Operating income was modest,
estimated at about INR85.45 crore for fiscal 2019, in a highly
fragmented industry, thus constraining the business risk profile.

  * Below average financial risk profile: The gearing and total
outside liabilities to tangible networth (TOLTNW) ratio were high
at around 3.89 times and 10.82 times, respectively, and the
networth was low at INR4.43 crore, as on March 31, 2019. Debt
protection metrics are average, with interest coverage and net cash
accrual to total debt ratios at around 1.96 times and 0.09 time,
respectively, for fiscal 2019.

  * Working capital-intensive operations: Gross current assets were
sizeable at 197 days, driven by debtors of 124 days and inventory
of 68 days, as on March 31, 2019. Creditors of 90-120 days relieve
some of the pressure on working capital. Operations are likely to
remain working capital intensive over the medium term as well.

Strength

  * Experience of the promoter and established relationship with
customers and suppliers: Benefits from the promoter's experience of
more than a decade, and strong relationships with stakeholders in
the rice industry, should continue to support the business.

Liquidity Poor

The liquidity of SSAL is poor marked by overdrawals in the cash
credit facility and delays in servicing of interest for more than
30 days.

Rating Sensitivity Factors

Upward factors

  * Track record of timely debt servicing for 90 days or more

  * Significant improvement in liquidity through infusion of equity
or a sizeable realization of payments from customers.

Shree Sai Hasti Agro (SSHA), set up as a proprietorship firm in
2007 by Mr. Pragnesh Kumar R Naik, initially traded in paddy. From
December 2012, it started manufacturing rice flakes. In fiscal
2019, Shree Sai Het Agro merged with Shree Sai Hasti Agro,
subsequently was reconstituted a limited company with the current
name.


SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saraya
Industries Limited (SIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       44.10      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short-term Bank       3.60      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 27, 2019,
maintained the rating(s) of SIL under the 'issuer non-cooperating'
category as SIL had failed to provide information for monitoring of
the rating. SIL continues to be non-cooperative despite repeated
requests for submission of information through e-mail
communications/letters dated Oct. 5, 2020, Oct. 6, 2020, Oct. 28
2020, Oct. 29 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, the banker
confirmed that the account is NPA since December 2018.

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

The ratings have been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Saraya Industries Limited (SIL) with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the banker confirmed that the
account is NPA since December 2018. The rating on the company's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING/CARE D; ISSUER NOT COOPERATING

Saraya Industries Ltd. (SIL), promoted by the Majithia family was
originally incorporated as a partnership firm in 1949 which was
subsequently converted into a private limited company and later on
into limited company in 1989. SIL is engaged in the business of
manufacturing, sugar, country liquor, Indian Made Foreign Liquor
(IMFL), industrial alcohol and co-generation of power. SIL owns and
operates a bio gas & rice husk based power plant of 2.0 MW
generation capacity. The company had acquired the sugar unit
(earlier named Saraya Sugar Mills Ltd.) pursuant to order of Board
for Financial Reconstruction (BIFR) from its promoter group company
and merged it into its main business in December 2007.


SHIKHAR INTEGRATED: CARE Keeps D on INR17cr Loan in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shikhar
Integrated Cold Chain Private Limited (SICCPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       17.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 12, 2019, placed
the rating(s) of SICCPL under the 'issuer non-cooperating' category
as Shikhar Integrated Cold Chain Private Limited (SICCPL) had
failed to provide information for monitoring of the rating. Shikhar
Integrated Cold Chain Private Limited (SICCPL) continues to be
non-cooperative despite repeated requests for submission of
information through e-mail communications/ letters dated Oct. 5,
2020, Oct. 6, 2020, Oct. 28 2020, Oct. 29, 2020, and numerous phone
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, the banker could not be contacted. The rating on
the company's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

The ratings have been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by SICCPL with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, bank could not be contacted for due diligence exercise.

Hathras (Uttar Pradesh) based Shikhar Integrated Cold Chain Private
Limited (SCPL) is a private limited company incorporated in 2012
and is promoted by Mr. Y.P. Singh, Mr. Amlesh Singh and Mr. Ashish
Singh. SICPL is engaged in procurement, cold storage and
distribution of agricultural products such as lemon, ginger,
carrot, pomegranate and apple.


STANDARD CARTONS: Ind-Ra Keeps BB- Issuer Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Standard Cartons
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 the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.69 mil. Term loan-I due on January 2021 maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR7.26 mil. Term loan-II due on March 2021 maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR13.45 mil. Term loan-III due on March 2021 maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR17.50 mil. Proposed term loan* withdrawn (the company did
     not proceed with the instrument as envisaged);

-- INR40 mil. Fund-based limit maintained in non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Proposed fund-based limit* withdrawn (the company
     did not proceed with the instrument as envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 9, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, Delhi-based Standard Cartons manufactures
corrugated cartons and mono cartons for packaging purposes at its
plants in Okhla, Delhi, and Gurugram.




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

JAPAN AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on November 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Japan Airlines Co Limited to BB+ from BBB-.

Headquartered in Shinagawa City, Tokyo, Japan, Japan Airlines Co
Ltd. Japan provides air transportation services.




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

RAKAN RIANG: Sim Leisure Gets MYR7MM Loan for KidZania Deal
-----------------------------------------------------------
The Business Times reports that SIM Leisure Group, through its
subsidiary, has obtained a loan of up to MYR7 million from its
controlling shareholder Tan Boon Seng, in part to fund the group's
proposed acquisition of the operator of family attraction KidZania
in Kuala Lumpur.

BT relates that the loan agreement, which was entered into on Nov.
20, comprises a term funding of MYR5.3 million and a funding
portion of MYR1.7 million.

The term funding, which will be used for the acquisition, will be
made available to subsidiary Sim Leisure Escape for up to 24 months
from the date of the loan agreement, BT relays.

The funding portion, which will be used for the group's general
working capital purposes, will be made available for up to 60
months from the date of the first draw-down of the term funding.

The loan holds an interest rate of 8 per cent, the report adds.

BT reported on Nov. 5 that Sim Leisure Group is looking to acquire
the entire stake in family attraction KidZania's licensee Rakan
Riang for MYR3.8 million.

Sim Leisure also plans to seek a waiver from the Singapore Exchange
of the requirements relating to very substantial acquisitions
(VSAs), BT said.

Malaysia-incorporated Rakan Riang is an 80:20 joint venture between
Themed Attractions Resorts & Hotels (TARH) - the leisure and
tourism arm of Malaysian sovereign fund Khazanah Nasional - and
Malaysia-listed Boustead Holdings Berhad.

The KidZania brand operates an interactive indoor educational and
entertainment centre under the name KidZania Kuala Lumpur, where
children role-play professions and activities designed to mimic
adult life. The outlet is located at the Curve NX building in
Petaling Jaya, Selangor.

Rakan Riang recorded a net loss before tax of about MYR1.4 million
last year and net tangible assets (NTA) of some MYR13.1 million as
at Dec 31, 2019. And for the first half of this year, its net loss
before tax amounted to MYR4 million while NTA was MYR9.2 million as
at June 30, 2020.




=====================
P H I L I P P I N E S
=====================

PHILIPPINE AIRLINES: Plans to Seek Court Protection from Creditors
------------------------------------------------------------------
BusinessWorld Online reports that Philippine Airlines plans to seek
court protection from creditors while it pursues debt restructuring
with government help, the finance minister said on Nov. 25, as it
fights to survive a pandemic that has battered the industry
globally.

BusinessWorld relates that the loss-making flag carrier, partly
owned by Japan's ANA Holdings Inc., informed the ministry of its
plans last week but gave no details as to what kind of government
assistance it needs, Finance Secretary Carlos G. Dominguez III told
reporters.

Philippine Airlines, which last month announced a reduction of
2,700 jobs, or a third of its workforce, did not immediately
respond to request for comment.

As of end-September, the listed operator of Philippine Airlines
reported PHP198 billion (US$4.12 billion) in lease and long-term
debts, BusinessWorld discloses.

Net losses in January to September surged to PHP28.9 billion, more
than three times the PHP8.5 billion for the same period of last
year.

Philippine Airlines halted operations in mid-March as the country
imposed one of the world's strictest and longest coronavirus
lockdowns. It is slowly increasing operations amid pandemic travel
curbs, the report notes.

Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia
and the oldest of those currently in operation.  With its corporate
headquarters in Makati City, Philippine Airlines flies both
domestic and international flights.  First taking off in 1941, the
carrier has grown into a fleet of about 40 aircraft (including five
Boeing 747-400s) flying to more than 20 domestic points and about
30 foreign destinations.




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

FLEX LIMITED: Egan-Jones Hikes Senior Unsecured Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on November 18, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Flex Limited to BB- from B+.

Headquartered in Singapore, Flex Limited operates as an electronics
manufacturing services company.


KRISENERGY LTD: Winding-Up Petition Against Unit to be Withdrawn
----------------------------------------------------------------
The Business Times reports that the winding-up petition against a
key subsidiary of debt-hit oil-and-gas company KrisEnergy will be
withdrawn after KrisEnergy, together with four of its business
units, on Nov. 24 reached a US$15.3 million settlement with Rubicon
Vantage International and its affiliate.

Upon execution of the settlement deed, Rubicon will immediately
withdraw the winding-up petition and its statutory demands against
KrisEnergy's wholly owned subsidiary, KrisEnergy (Gulf of Thailand)
(KEGOT) in the Cayman Islands, BT relates.

BT says KrisEnergy (Apsara) Company Ltd will enter into a new
bareboat charter for the hire of a vessel, Rubicon Vantage, from
Rubicon. Rubicon Vantage will be used in the Cambodia Block A
Apsara oil field.

Rubicon had earlier filed claims against KrisEnergy and KEGOT in
relation to a bareboat charterparty dated October 2014, the report
notes. Under the settlement agreement, Rubicon, KrisEnergy and
KEGOT will stop all legal action and claims related to this
bareboat charter.

Rubicon and KEGOT will also apply jointly to the High Court of
Justice - the Business and Property Courts of England and Wales to
stop legal proceedings in the UK, BT adds.

                         About KrisEnergy

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

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

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

As at Dec. 31, 2019, the group had about US$503 million in
borrowings and debt securities repayable within the next one year
or on demand.


TML HOLDINGS: S&P Assigns 'B' Rating on New Senior Unsecured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
proposed senior unsecured notes of TML Holdings Pte. Ltd. (TML
Holdings). S&P also assigned a 'B' long-term issuer rating to TML
Holdings with a negative outlook. The rating on the notes will be
finalized upon our review of the final issuance documentation.

TML Holdings is a 100% subsidiary of Tata Motors Ltd.
(B/Negative/--). The company acts as the holding company for Tata
Motors' international operations, including 100% ownership of
Jaguar Land Rover Automotive PLC (JLR; B/Negative/--).

S&P said, "We consider TML Holdings to be a core subsidiary of Tata
Motors and we equalize the issuer credit ratings on TML Holdings
with that on Tata Motors. We rate the notes the same as the issuer
credit rating on TML Holdings.

"We believe TML Holdings has committed long-term support from Tata
Motors, because it is an integral part of the group, and we expect
the company to receive extraordinary support from the latter, if
required." Tata Motors made capital injections into TML Holdings
via preference shares in the initial years after the acquisition of
JLR.

Also, the proposed bond issue benefits from a letter of comfort
from Tata Motors, under which Tata Motors undertakes to make
reasonable efforts to make payments under the notes in the event
TML Holdings is unable to. While the letter of comfort is not akin
to a guarantee and does not explicitly contribute to the bond
rating, such intent is a signal of Tata Motors' strong support for
its subsidiary.

TML Holdings, through its ownership of JLR, represents a
significant share of Tata Motors' earnings and assets.
Historically, JLR has accounted for 80%-90% of Tata Motors' EBITDA.
S&P also views the two companies to be highly integrated with
shared management, name, branding, and treasury operations.

The negative outlook on TML Holdings reflects that on the Tata
Motors issuer credit rating because the two ratings are equalized.
S&P said, "The negative outlook on Tata Motors reflects our
expectation that the COVID-19 pandemic will continue to affect
global automotive sales through 2021. Our rating on Tata Motors
assumes a significant recovery in volumes and earnings, which could
be vulnerable to disruption in the current challenging operating
environment."

S&P said, "We could downgrade Tata Motors, and hence, TML Holdings,
if the former's earnings do not recover as we expect, resulting in
leverage remaining elevated. In a less likely scenario, we could
downgrade Tata Motors if its liquidity weakens significantly. We
could also lower the TML Holdings ratings if there is any change in
its importance to and relationship with Tata Motors. We could
revise the outlook to stable if Tata Motors' earnings improve as we
expect and its leverage shows signs of decline toward 5.0x by
fiscal 2023."

TML Holdings, 100% owned by Tata Motors, is a Singapore
incorporated company. It is the holding company for Tata Motors'
international operations including JLR and commercial vehicle (CV)
manufacturing operations in Korea, Thailand, and South Africa. Tata
Motors, headquartered in Mumbai, is India's largest CV
manufacturer. It also has a growing presence in passenger vehicles
in India, apart from owning the iconic JLR brands.



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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,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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