/raid1/www/Hosts/bankrupt/TCRAP_Public/201130.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, November 30, 2020, Vol. 23, No. 239

                           Headlines



A U S T R A L I A

AMP LTD: S&P Lowers Rating on Capital Notes/Capital Notes 2 to 'B+'
BENTLEIGH FRONT: First Creditors' Meeting Set for Dec. 8
BROTHERS ST: Second Creditors' Meeting Set for Dec. 7
FURNISHING ACCESSORIES: First Creditors' Meeting Set for Dec. 7
JELS FINANCIAL: Fails to File Audited Report; License Cancelled

MALIVER PTY: ASIC to Seek Appointment of Provisional Liquidator
RRUU PTY: Second Creditors' Meeting Set for Dec. 7
SELECTINVEST: ASIC Cancels AFS License for Failure to File Reports


C H I N A

BRILLIANCE AUTO: Bondholders Urge Firm to Cancel Restructuring
CIFI HOLDINGS: Moody's Hikes CFR to Ba2; Alters Outlook to Stable
DEXIN CHINA: Moody's Rates New Unsecured USD Notes 'B3'
DEXIN CHINA: S&P Assigns 'B-' Rating on USD Senior Unsecured Notes
JIZHONG ENERGY: Defaults on Trust Loan Due Nov. 23

LUX AMBER: Says Financial Condition Raises Going Concern Doubt
MAOYE INT'L: S&P Withdraws 'B-' LT Issuer Credit Rating
NEUROMETRIX INC: Posts $257,000 Net Loss for Sept. 30 Quarter
REMARK HOLDINGS: Posts $4.4 Million Net Income in Third Quarter
TD HOLDINGS: Signs $20 Million Securities Purchase Agreement



I N D I A

ALLIX CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
ARKAS ENERGY: ICRA Reaffirms D Rating on INR23cr Term Loan
DELHI INT'L AIRPORT: S&P Cuts ICR to B-, On Watch Negative
INA ELITE: ICRA Cuts Rating on INR10cr LT Loan to D
KARPAGAM STEELS: ICRA Keeps B+ on INR6cr Loan in Not Cooperating

LUCKY EXPORTS: ICRA Lowers Rating on INR120cr Loan to D
M.K. WOOD INDIA: ICRA Keeps B+ on INR82cr Loans in Not Cooperating
MALAR PAPER: ICRA Keeps B+ on INR6.5cr Loans in Not Cooperating
MANSAROVAR PEARLS: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
MATOSHRI LAXMI: ICRA Keeps D on INR61.4cr Loans in NonCooperating

MIXED BAG: ICRA Keeps D on INR10cr Loans in Not Cooperating
MOTIL DEVI: ICRA Keeps B Debt Ratings in Not Cooperating
NAVALAKHA TRANSLINES: ICRA Cuts Ratings on INR25cr Loans to B+
NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
PALASH REALTORS: ICRA Cuts Rating on INR120cr Term Loan to B+

PARTH CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
PATEL COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
RAICHUR BIO-ENERGIES: Ind-Ra Assigns 'B+' LongTerm Issuer Rating
RAM RICE: ICRA Lowers Rating on INR65cr LT Loan to B+
RELIANCE COMMERCIAL: ICRA Keeps D Debt Rating in Not Cooperating

RELIANCE HOME: ICRA Keeps D Debt Rating in Not Cooperating
REVATHI MODERN: ICRA Lowers Rating on INR12cr LT Loan to B+
S&P INFRASTRUCTURE: ICRA Cuts Rating on INR7cr Loan to B+
S.S. CONSTRUCTION: ICRA Keeps B- Debt Ratings in Not Cooperating
SANATAN MERCHANTS: Ind-Ra Affirms 'BB' LongTerm Issuer Rating

SILVERTOSS INDUSTRIES: Ind-Ra Withdraws BB- LongTerm Issuer Rating
SUDARSHAN TV: ICRA Keeps D Debt Ratings in Not Cooperating
SUNIL AND COMPANY: ICRA Keeps B- Debt Ratings in Not Cooperating
SUSHEE IVRCL: Ind-Ra Rates INR2.34BB Rupee Term Loan Due 2031 'B'
THIRU MARGADARSHI: ICRA Cuts Ratings on INR10cr Loans to D

TIRUPATI COTTON: ICRA Lowers Rating on INR8.50cr Loan to B+
USHA SHRIRAM: ICRA Lowers Rating on INR21cr LT Loan to B+
VARALAKSHMI STARCH: ICRA Cuts Rating on INR20.70cr Loan to B+
VEDANTA RESOURCES: Sounds Out Bondholders on Debt Extension
VIKAS COTTON: ICRA Keeps D Debt Ratings in Not Cooperating

VIR ELECTRO: ICRA Lowers Rating on INR12.35cr LT Loan to D
YASHODHA MOTORS: ICRA Lowers Rating on INR11.50cr Loan to B+


I N D O N E S I A

AGUNG PODOMORO: Fitch Raises LongTerm IDR to CCC-


J A P A N

ANA HOLDINGS: To Raise Up to $3.2BB as Coronavirus Roils Airlines


N E W   Z E A L A N D

GENTRACK GROUP: Annual Net Loss Widens to NZD31.7 Million


S O U T H   K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Hikes CFR to B1, Outlook Stable


S R I   L A N K A

SIERRA CABLES: Fitch Affirms BB(lka) National Long-Term Rating

                           - - - - -


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

AMP LTD: S&P Lowers Rating on Capital Notes/Capital Notes 2 to 'B+'
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issue credit ratings on
AMP Ltd.'s (BBB-/Stable/--) AMP Capital Notes and AMP Capital Notes
2 to 'B+' from 'BB-'. At the same time, S&P removed both issues
from CreditWatch, where it had placed them with negative
implications on June 12, 2020.

S&P said, "The downgrade reflects our view that hybrid instruments
issued out of a nonoperating holding company (NOHC) of a banking
group are typically exposed to a greater risk of deferral on
payment of coupons compared with the hybrid instruments issued out
of an insurance group NOHC. With changes in the AMP group's
business mix this year, we now assess it to be mainly a banking
group whereas we considered it to be mainly an insurance group in
the past."

AMP Capital Notes and AMP Capital Notes 2 are not explicitly
recognized as regulatory additional tier-1 capital instruments
under banking prudential regulations. Nevertheless, S&P expects
these instruments to behave as if that were the case. AMP Capital
Notes and AMP Capital Notes 2 have many features that are similar
to instruments that qualify as an Australian bank's regulatory
additional tier-1 capital. In addition, AMP Ltd. uses part of the
proceeds from AMP Capital Notes and AMP Capital Notes 2 to fund its
investment into additional tier-1 capital instruments issued by
subsidiary AMP Bank Ltd. on a back-to-back basis. In our view, any
coupon deferral, conversion, or write-down on the additional tier-1
capital instruments issued by AMP Bank Ltd. could be mirrored in a
similar action on the AMP Capital Notes or AMP Capital Notes 2.

As such, S&P now rate AMP Capital Notes and AMP Capital Notes 2
four notches below its issuer credit rating on AMP Ltd.,
reflecting:

-- Two notches for deferability, reflecting the risk of partial or
untimely payment (up from one notch);

-- One notch for the notes' subordinated status; and

-- One notch for a nonviability contingent capital feature that
would require AMP Ltd. to convert all or a proportion of the notes
into ordinary shares or write them off if a nonviability trigger
event occurred.


BENTLEIGH FRONT: First Creditors' Meeting Set for Dec. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Bentleigh
Front And Centre Hospitality Company Pty. Ltd. will be held
virtually at the offices of Dye & Co Pty Ltd, 165 Camberwell Road,
Hawthorn East on Dec. 8, 2020, at 10:00 a.m.

Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. Pty Ltd were
appointed as administrators of Bentleigh Front on Nov. 27, 2020.


BROTHERS ST: Second Creditors' Meeting Set for Dec. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of Brothers St
Brendans Leagues Club Limited has been set for Dec. 7, 2020, at
10:00 a.m. at the offices of Morton + Lee Insolvency, Level 10, 388
Queen 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. 4, 2020, at 4:00 p.m.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Brothers St on Nov. 2, 2020.


FURNISHING ACCESSORIES: First Creditors' Meeting Set for Dec. 7
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Furnishing
Accessories Pty Ltd will be held on Dec. 7, 2020, at 11:00 a.m. via
virtual facilities.

Michael Gregory Jones of Jones Partners was appointed as
administrator of Furnishing Accessories on Nov. 25, 2020.


JELS FINANCIAL: Fails to File Audited Report; License Cancelled
---------------------------------------------------------------
ASIC has cancelled the Australian financial services (AFS) licence
of Victorian financial services provider Jels Financial Group Pty
Ltd (Jels).

ASIC cancelled the licence because Jels failed to demonstrate that
it had the competence or resources to provide financial services as
required under its licence.

Under the terms of its AFS licence, Jels was required to have a
'key person'. Following the death of its key person, Jels failed to
appoint a new key person. Jels' sole corporate authorised
representative was also insolvent.

Jels also failed to lodge its audited accounts for the 2017-19
financial years. AFS licensees must lodge their financial
statements and auditor's reports annually. Licensees must do this
to demonstrate they have the financial resources to provide the
services covered by their licence and to conduct their business
lawfully. ASIC may suspend or cancel a licence if the licensee
fails to meet this obligation.

Jels held AFS licence no. 461971 since Sept. 24, 2014.


MALIVER PTY: ASIC to Seek Appointment of Provisional Liquidator
---------------------------------------------------------------
Following an application by ASIC, the Federal Court made interim
orders on Nov. 10, 2020 against Maliver Pty Limited (Maliver) and
its sole director, Melissa Louise Caddick (the defendants). The
orders included prohibitions against:

   * the defendants removing assets (including funds held in bank
     accounts) from Australia, disposing of those assets,
     diminishing their value or incurring new liabilities;

   * Ms. Caddick leaving Australia.

ASIC's application for these orders was made to protect consumers
while ASIC investigates concerns that:

   * Maliver may be providing financial services without an
     Australian Financial Services Licence (AFSL);

   * the AFSL of another company may have been used without
     authorisation;

   * investor funds may be unlawfully dealt with.

The defendants did not appear at the first case management hearing
of the matter.

On Nov. 27, 2020, ASIC sought a date for the hearing of its
applications for the appointment of a provisional liquidator to
Maliver and a receiver and manager of the property of Ms. Caddick.
The matter is next before the court on Dec. 8, 2020.

ASIC's investigation is ongoing.

Any person who is concerned they have invested with the defendants
can contact ASIC through email at maliver.investor@asic.gov.au.


RRUU PTY: Second Creditors' Meeting Set for Dec. 7
--------------------------------------------------
A second meeting of creditors in the proceedings of RRUU Pty Ltd
has been set for Dec. 7, 2020, at 11:00 a.m. at the offices of
Suite 5.05, Level 5, 377 Sussex Street, in Sydney, NSW.

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

Daniel Obrien of DV Recovery Management was appointed as
administrator of RRUU Pty on Nov. 2, 2020.


SELECTINVEST: ASIC Cancels AFS License for Failure to File Reports
------------------------------------------------------------------
Australian Securities and Investments Commission has cancelled the
Australian financial services (AFS) licence of Western Australian
financial services provider, Selectinvest Pty Ltd (Selectinvest).

ASIC cancelled the licence because Selectinvest failed to maintain
its external dispute resolution membership with the Australian
Financial Complaints Authority (AFCA), and had failed to lodge its
annual financial and audit reports since 2017.

Under the Corporations Act, ASIC may suspend or cancel an AFS
licence if the licensee fails to meet its obligations under s912A.
This includes the obligation to hold membership of a dispute
resolution system.

AFS licensees must lodge their financial statements and auditor's
reports annually. Licensees must do this to demonstrate they have
the financial resources to provide the services covered by their
licence and to conduct their business lawfully.

ASIC expects AFS licensees to do all things necessary to meet their
obligations under financial services laws, comply with their
licence conditions, and ensure that the financial services covered
by the licence are provided efficiency, honestly and fairly.

Selectinvest has held AFS licence no. 240774 since Dec. 8, 2003.
The licensee may apply to the Administrative Appeals Tribunal (AAT)
for a review of ASIC's decision.




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

BRILLIANCE AUTO: Bondholders Urge Firm to Cancel Restructuring
--------------------------------------------------------------
Charlie Zhu, Tongjian Dong and Yuling Yang of Bloomberg News report
that investors holding some of Brilliance Auto Group's local bonds
are asking the firm to cancel court-led restructuring, according to
a bond trustee filing dated Nov. 25, 2020 on the ChinaBond
website.

The bondholders made the request, saying that the automaker owns
three listed companies and its combined assets exceed its
liabilities, which isn't in line with the relevant prerequisites
for applying for a restructuring as set out in China's bankruptcy
law, says the filing.

The proposal, among others, will be reviewed during a meeting with
bondholders at an unspecified date.

                    About Brilliance Auto Group

Brilliance Auto Group Holdings Co., Ltd., manufactures automobiles.
The Company produces passenger cars, commercial cars, and more.
Brilliance Auto Group Holdings also sells spare parts.


CIFI HOLDINGS: Moody's Hikes CFR to Ba2; Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
(CFR) of CIFI Holdings (Group) Co. Ltd. to Ba2 from Ba3. Moody's
has also upgraded the senior unsecured debt rating on its existing
notes to Ba3 from B1.

The outlook has been revised to stable from positive.

"The upgrade reflects our expectation that CIFI's credit metrics
will improve over the next 12-18 months, supported by strong
revenue growth and controlled debt growth," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

Specifically, CIFI's revenue growth will be driven by its strong
sales execution. Its contracted sales grew 12% to RMB174.4 billion
in the first ten months of 2020 compared to the same period last
year, despite the negative impact on sales from coronavirus
outbreak, especially in the first half of the year. This comes
after the company grew 32% to RMB200.6 billion for the full year in
2019.

"The upgrade also reflects CIFI's more geographically diversified
operations and continued strong access to funding, which will
enable the company to deliver solid business growth over the next
12-18 months," adds Lai.

For example, its contracted sales in Yangtze River Delta area fell
to 47% of its total sales for the first half of 2020 from 62% in
2017, while contributions from central China, the Bohai-Rim region
and southern China increased during the same period. Its land bank
coverage has grown to 80 cities as of the end of June 2020, up from
71 and 60 in 2019 and 2018 respectively.

At the same time, the company continues to demonstrate prudent
financial management with a balanced debt maturity profile and
solid balance sheet liquidity.

RATINGS RATIONALE

CIFI's Ba2 corporate family rating reflects the company's ability
to execute its property development strategy, which is focused on
catering to the housing demand from upgraders in key tier-1 and
tier-2 cities in China (A1 stable). This focus helps the company
achieve rapid asset turnover. The rating also takes into account
the company's good liquidity, expanding scale and growing
diversification.

On the other hand, the rating is constrained by the company's
moderate debt leverage, and material exposure to joint venture (JV)
businesses, which hinders the transparency of its credit metrics.
However, the latter is mitigated by the company's reputable JV
partners.

Moody's expects CIFI's debt leverage -- as measured by
revenue/adjusted debt -- will improve to 65%-75% over the next
12-18 months, from 46% for the 12 months ended June 2020. This is
driven by Moody's expectation for robust revenue recognition on the
back of the company's strong contracted sales over the past two to
three years, as well as its disciplined approach to pursuing growth
and controlling debt increase.

Meanwhile, Moody's also expects CIFI's EBIT/interest will improve
to 3.1x-3.6x from 2.5x over the same period, driven by higher
earnings and declining interest costs.

Moody's believes CIFI's sizable salable resources, strong sales
execution and solid housing demand in the company's core markets
will enable the company to further grow its contracted sales to
RMB220billion - RMB240 billion over the next 12-18 months.

CIFI's liquidity position is good. The company's cash balance of
RMB59.4 billion covered 2.3x of its short-term debt as of 30 June
2020. Moody's expects the company's cash holdings, together with
expected operating cash inflow, will be able to cover its maturing
short-term debt, committed land purchases, dividend payments, as
well as capital spending and payables for its previous
acquisitions, over the next 12-18 months.

CIFI's CFR takes into consideration the concentration of the
company's ownership in its controlling shareholders. Lin Zhong and
his family members collectively held a 54.32% stake in the company
as of 30 June 2020. Moody's has also considered (1) the fact that
the audit and remuneration committees all comprise independent
non-executive directors and can supervise over the company; and (2)
the application of the Listing Rules of the Hong Kong Stock
Exchange and the Securities and Futures Ordinance in Hong Kong to
oversee related-party transactions.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

The Ba3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.
Majority of CIFI's claims are at its operating subsidiaries and
have priority over claims at the holding company in a liquidation
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

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

The stable outlook reflects Moody's expectation that CIFI will
continue to adopt disciplined financial management to achieve its
business plan and maintain good liquidity over the next 12-18
months.

Moody's could upgrade CIFI's CFR if it successfully executes its
sales plan through the cycles, and maintains strong liquidity and
prudent financial management practices.

Specifically, Moody's could upgrade the rating if CIFI's (1)
revenue/adjusted debt exceeds 80%; and (2) EBIT/interest coverage
is above 4.0x-4.5x, both on a sustained basis.

A significant reduction in contingent liabilities associated with
JVs or a lower likelihood of providing funding support to JVs could
also be credit positive. This could be the result of reduced usage
of JVs or a significant improvement in the financial strength of
its JV projects.

On the other hand, Moody's could downgrade the rating if CIFI's (1)
contracted sales deteriorates; (2) credit metrics weaken, with
EBIT/interest coverage falling below 3.0x-3.5x, or revenue/adjusted
debt falling below 65% on a sustained basis; or (3) liquidity
deteriorates, as reflected by cash/short-term debt falling below
1.25x.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with JVs or the likelihood of providing
funding support to JVs increases significantly. This could be the
result of a significant deterioration in the financial strength and
liquidity of its JV projects or a substantial increase in
investment in new JV projects.

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

CIFI Holdings (Group) Co. Ltd. (CIFI) was incorporated in the
Cayman Islands in May 2011 and listed on the Hong Kong Stock
Exchange in November 2012.

CIFI develops residential and commercial properties in the Yangtze
River Delta, the Pan Bohai Rim and the Central Western and South
China regions. As of 30 June 2020, the company had a presence in
over 80 cities, with an unsold total land bank of 40.1 million
square meters (sqm).


DEXIN CHINA: Moody's Rates New Unsecured USD Notes 'B3'
-------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the proposed
senior unsecured USD notes to be issued by Dexin China Holdings
Company Limited (B2 stable).

Dexin plans to use the proceeds from the proposed notes to
refinance existing offshore debt.

RATINGS RATIONALE

"Dexin's B2 corporate family rating (CFR) reflects the company's
established operations in property development in Zhejiang
Province, especially in the cities of Wenzhou, Hangzhou and Huzhou,
as well as its good-quality land bank in tier 2 and peripheral
cities, and adequate liquidity," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

"On the other hand, Dexin's rating is constrained by its modest
operating scale, developing funding access, moderate credit metrics
and its high exposure to joint venture (JV) businesses, which
lowers transparency," adds Yang.

The proposed bond issuance will improve Dexin's liquidity profile
and will not materially affect its credit metrics, because the
company will use the proceeds mainly to refinance existing debt.

Moody's expects that Dexin's debt leverage - as measured by
revenue/adjusted debt - will remain largely stable around 55%-60%
over the next 12-18 months from 52% for the 12 months ended June
2020, as revenue growth will outpace debt growth while tight
regulatory controls will likely constrain debt growth. Meanwhile,
Moody's expects its adjusted EBIT/interest coverage will weaken
slightly to around 2.6x-2.9x from 3.3x over the same period, mainly
driven by the expected margin decline to around 27% from 32% in
2019.

Dexin's contracted sales increased by around 31.2% to RMB47 billion
in the first 10 months of 2020 compared to the same period last
year. Moody's expects its contracted sales to grow to around RMB55
billion in 2020 from RMB45 billion in 2019.

Dexin's liquidity is adequate. Moody's expects that the company's
cash holdings, along with its operating cash flow, will be
sufficient to cover its committed land premiums, maturing debt
repayments and dividend payments over the next 12-18 months. Its
cash balance of RMB13.3 billion as at 30 June 2020 covered around
2.2x of its short-term debt of RMB6.0 billion.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Dexin's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

In terms of governance considerations, the CFR takes into account
the concentrated ownership by Dexin's key shareholder, Mr. Hu
Yiping, who held a total 68% stake as of 30 June 2020. It also
considers the presence of three independent non-executive directors
out of a total of eight, with the audit and remuneration committees
chaired by the independent non-executive directors, and the
presence of other internal governance structures and standards, as
required under the Corporate Governance Code for companies listed
on the Hong Kong Stock Exchange.

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

The stable ratings outlook reflects Moody's expectation that Dexin
will maintain adequate liquidity and grow in scale as planned.

Moody's could upgrade Dexin's ratings if the company: (1) executes
its business plans and grows its operating scale; (2) strengthens
its financial profile, with revenue/adjusted debt exceeding 70% and
EBIT/interest above 2.5x-3.0x; (3) maintains adequate liquidity,
with cash/short-term debt consistently above 1.5x; and (4)
diversifies its funding channels.

On the other hand, Moody's could downgrade the ratings if (1)
Dexin's contracted sales weaken; or (2) the company accelerates
land acquisitions beyond Moody's expectations, thereby weakening
its financial metrics and liquidity.

Financial metrics indicative of a ratings downgrade includes: (1)
EBIT/interest below 1.5x; or (2) revenue/adjusted debt below
50%-55%; or (3) a weaker liquidity position or higher refinancing
risk, such that cash/short-term debt falls below 1.0x on a
sustained basis.

The principal methodology used in this rating was Homebuilding and
Property Development Industry published in January 2018.

Dexin China Holdings Company Limited is a Zhejiang-based
residential property developer. As of 30 June 2020, its land
reserves totaled 15.7 million square meters in gross floor area.
Its key operating cities include Wenzhou, Hangzhou, Nanjing and
Ningbo.

The company listed on the Hong Kong Stock Exchange in February 2019
and raised net proceeds of HKD1.6 billion through its listing.


DEXIN CHINA: S&P Assigns 'B-' Rating on USD Senior Unsecured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes that Dexin China
Holdings Co. Ltd. (B/Stable/--) proposes to issue. The China-based
property developer intends to use the proceeds to repay existing
offshore debt. The issue rating is subject to our review of the
final issuance documentation.

S&P said, "We rate the proposed senior notes one notch below the
issuer credit rating on Dexin to reflect substantial structural
subordination risk." As of June 30, 2020, Dexin's capital structure
consisted of about Chinese renminbi (RMB) 15.1 billion in secured
debt, RMB7.6 billion in unsecured debt, and RMB4.6 billion in
guarantees. The unsecured debt includes interest-bearing amounts
due to noncontrolling interests, joint ventures and associates, and
loans from third parties. The secured debt ratio of about 55% is
above our notching-down threshold of 50%.

S&P said, "In our view, the proposed notes will not materially
affect Dexin's credit profile, given that the proceeds would be
mainly used for refinancing purposes. We expect Dexin to continue
to aggressively expand its sales scale and the company's debt could
rise moderately over the next 12 months. However, we believe high
revenue growth and stable dividend contributions from its
off-balance-sheet jointly controlled entities will help Dexin
sustain its leverage at the current rating level, as reflected in
our stable outlook on the company."


JIZHONG ENERGY: Defaults on Trust Loan Due Nov. 23
--------------------------------------------------
Liang Hong and Guo Yingzhe at Caixin Global report that debt risks
continued to cloud the Chinese corporate bond market last week as
another major state-owned enterprise defaulted on a trust loan
after the shocking default of a state-owned coal mining firm
earlier this month.

On Nov. 25, Minmetals International Trust Co. Ltd. said that a
wholly-owned logistics subsidiary of Jizhong Energy Group Co. Ltd.,
which is owned by the Hebei provincial government, had failed to
repay principal and interest of a CNY500 million
(US$76 million) trust loan due on Nov. 23. The borrower later
repaid the debt on Nov. 26, according to a statement released by
the trust company.

The subsidiary narrowly avoided triggering a cascade of
cross-defaults on Jizhong Energy's bonds as it managed to repay the
loan within a grace period, Caixin notes.

Jizhong Energy Group Co. Ltd. mines and sells coal products. The
Company mainly mines, processes, and sells coal products. Jizhong
Energy Group also provides chemical production, equipment
manufacturing, logistics, and other services.


LUX AMBER: Says Financial Condition Raises Going Concern Doubt
--------------------------------------------------------------
Lux Amber, Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $560,609 on $290,260 of revenues for the
three months ended July 31, 2020, compared to a net loss of
$325,303 on $381,503 of revenues for the same period in 2019.

At July 31, 2020, the Company had total assets of $3,716,486, total
liabilities of $2,299,802, and $1,416,684 in total equity. Lux
Amber said, "The Company's financial condition raises substantial
doubt about the Company's ability to continue as a going concern.
The Company has limited cash, its current liabilities exceed its
current assets as of July 31, 2020 and has incurred reoccurring
losses from operations during the three months ended July 31, 2020.
The Company is relying on capital from investors to meet the
majority of its operating expenses."

A copy of the Form 10-Q is available at:

                       https://bit.ly/3nItIc7

Lux Amber, Corp., designs and markets jewelry products. The Company
offers bracelets, necklaces, beads, chaplets, and pendants. Lux
Amber provides its services in China.


MAOYE INT'L: S&P Withdraws 'B-' LT Issuer Credit Rating
-------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on Maoye International Holdings Ltd. at the company's request. The
outlook was stable at the time of the withdrawal.


NEUROMETRIX INC: Posts $257,000 Net Loss for Sept. 30 Quarter
-------------------------------------------------------------
NeuroMetrix, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $257,113 on $2,036,228 of revenues for the
three months ended Sept. 30, 2020, compared to a net loss of
$1,404,600 on $2,088,001 of revenues for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $8,340,038,
total liabilities of $2,968,266, and $5,371,772 in total
stockholders' equity.

NeuroMetrix said, "The Company has reported recurring losses from
operations and negative cash flows from operating activities. At
September 30, 2020, the Company had an accumulated deficit of
US$196.6 million. These factors raise substantial doubt about the
Company's ability to continue as a going concern for the one-year
period from the date of issuance of these financial statements. The
financial statements do not include any adjustments that might
result from the outcome of this uncertainty. The Company held cash
and cash equivalents of US$4.9 million as of September 30, 2020.
The Company believes that these resources and the cash to be
generated from future product sales will be sufficient to meet its
projected operating requirements into the fourth quarter of 2021.
Accordingly, the Company may need to raise additional funds to
support its operating and capital needs in the fourth quarter of
2021 and beyond."

A copy of the Form 10-Q is available at:

                      https://bit.ly/3pYRlPN

NeuroMetrix, Inc., a healthcare company, develops and markets
products for the detection, diagnosis, and monitoring of peripheral
nerve and spinal cord disorders. The Company develops wearable
neuro-stimulation therapeutic devices and point-of-care neuropathy
diagnostic tests to address chronic health conditions, including
chronic pain, sleep disorders, and diabetes. It operates in the
United States, Europe, Japan, China, the Middle East, and Mexico.
The Company has a strategic collaboration with GlaxoSmithKline.
NeuroMetrix, Inc. was founded in 1996 and is headquartered in
Waltham, Massachusetts.


REMARK HOLDINGS: Posts $4.4 Million Net Income in Third Quarter
---------------------------------------------------------------
Remark Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $4.41 million on $2.65 million of revenue for the three months
ended Sept. 30, 2020, compared to a net loss of $4.94 million on
$686,000 of revenue for the three months ended Sept. 30, 2019.

"The third quarter of 2020 was highlighted by a sequential quarter
over quarter doubling of revenue from China as the country emerged
from post-COVID-19 lock-downs.  We were able to restart certain
projects, including the conversion of bank and mobile retail
outlets to smart stores, and smart school safety installations at
primary schools in several Provinces of China.  We anticipate
another doubling of revenue from China in our fourth quarter,"
noted Kai-Shing Tao, chairman and chief executive officer of Remark
Holdings. "In the United States, we focused on growing our
distribution and channel partnerships for our AI platform, and we
expect to close additional deals in the fourth quarter."

"Our business has gone through a major transformation.  We spent
the past five years building a robust AI platform that has been
recognized as having superior commercial solutions in the areas of
computer vision.  We spent the past three years working to
commercialize the technology with world-class companies such as
China Mobile.  Now, going into the fourth quarter of 2020 and the
first quarter of 2021, we are poised to report significant revenue
growth from China while simultaneously addressing large total
addressable market opportunities, and signing up new channel
partners.  Finally, we are confident that we will have the
opportunity to monetize our stake in Sharecare which will provide
us with ample capital to execute all of our growth opportunities,
potentially repurchase shares and maintain a rock-solid balance
sheet," concluded Mr. Tao.

For the nine months ended Sept. 30, 2020, the Company reported a
net loss of $7.82 million on $5.37 million of revenue compared to a
net loss of $16.57 million on $4.76 million of revenue for the nine
months ended Sept. 30, 2019.

As of Sept. 30, 2020, the Company had $16.08 million in total
assets, $18.93 million in total liabilities, and a total
stockholders' deficit of $2.85 million.

Remark Holdings stated, "Our history of recurring operating losses,
working capital deficiencies and negative cash flows from operating
activities give rise to substantial doubt regarding our ability to
continue as a going concern.

"We intend to fund our future operations and meet our financial
obligations through revenue growth from our AI offerings, as well
as through sales of our thermal-imaging products.  We cannot,
however, provide assurance that revenue, income and cash flows
generated from our businesses will be sufficient to sustain our
operations in the twelve months following the filing of this Form
10-Q.  As a result, we are actively evaluating strategic
alternatives including debt and equity financings and potential
sales of investment assets or operating businesses.

"Conditions in the debt and equity markets, as well as the
volatility of investor sentiment regarding macroeconomic and
microeconomic conditions (in particular, in response to the
COVID-19 pandemic), will play primary roles in determining whether
we can successfully obtain additional capital.  We cannot be
certain that we will be successful at raising additional capital.

"A variety of factors, many of which are outside of our control,
affect our cash flow; those factors include the effects of the
COVID-19 pandemic, regulatory issues, competition, financial
markets and other general business conditions.  Based on financial
projections, we believe that we will be able to meet our ongoing
requirements for at least the next 12 months with existing cash,
cash equivalents and cash resources, and based on the probable
success of one or more of the following plans:

  * develop and grow new product line(s)

  * monetize existing assets

  * obtain additional capital through debt and/or equity
    issuances.

"However, projections are inherently uncertain and the success of
our plans is largely outside of our control.  As a result, there is
substantial doubt regarding our ability to continue as a going
concern, and we may fully utilize our cash resources prior to
November 23, 2021."

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

                    https://bit.ly/3fMq9yO

                     About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com/-- delivers an integrated suite of
AI solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes. The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas. The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions. The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

As of June 30, 2020, the Company had $23.08 million in total
assets, $30.52 million in total liabilities, and a total
stockholders' deficit of $7.44 million.

Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated May 29, 2020, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities and has a negative working capital and a stockholders'
deficit that raise substantial doubt about its ability to continue
as a going concern.

TD HOLDINGS: Signs $20 Million Securities Purchase Agreement
------------------------------------------------------------
TD Holdings, Inc. and certain investors entered into a securities
purchase agreement, pursuant to which the Company agreed to sell to
such Purchasers an aggregate of 8,000,000 shares of common stock in
a registered direct offering, for gross proceeds of approximately
$20 million.  The purchase price for each share of Common Stock is
$2.50.

The Company currently intends to use the net proceeds from the
Offering for working capital and general corporate purposes.  The
Offering is expected to close on or about Nov. 25, 2020, upon the
satisfaction or waiver of customary closing conditions.

The Offering has been registered under the Securities Act pursuant
to the Company's shelf registration statement on Form S-3, as
amended (File No. 333-239757), as supplemented by the Prospectus
Supplement dated Nov. 24, 2020 relating to the sale of the Shares.

                       About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) operates a luxurious car
leasing business as well as a commodities trading business
operating in China.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  These factors caused concern as to the
Company's liquidity as of Dec. 31, 2019.




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

ALLIX CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR12.46 crore bank facilities of
Allix Ceramic Private Limited continue to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable)/A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-           6.11      [ICRA]B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-           5.00      [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based        1.35      [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in April 2013, Allix Ceramic Private Limited (ACPL)
manufactures digitally printed ceramic wall tiles from its
manufacturing facility located at Morbi, Gujarat and has an
installed capacity of 28,500 Metric Tonnes Per Annum (MTPA). The
company is promoted by Mr. Vinod Adroja and Mr. Prashant Bhoraniya,
along with their relatives, who have been associated with the
ceramic tile industry for more than a decade through an associate
concern namely "M/s Xpert Ceramic".


ARKAS ENERGY: ICRA Reaffirms D Rating on INR23cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Arkas
Energy LLP's (AEL), as:

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based Limits-      23.00      [ICRA]D; Reaffirmed and
   Term Loans                         Removed from Issuer Not
                                      Cooperating category

Rationale

The reaffirmation of AEL's rating considers the continued
irregularity in debt servicing by the company because of its poor
liquidity position. The entity's performance has been adversely
impacted by weak generation profile of all the three wind power
assets in Karnataka, Andhra Pradesh (AP) and especially in Madhya
Pradesh (MP). Significant delays in payments from the
counterparties in MP and AP, extending over six months, stressed
the liquidity profile of the company. The rating also factors in
the seasonality and possible variance in wind power density across
the years, which can impact the year-on-year returns as revenues
are linked to actual generation.

The rating, however, considers the entity's long-term power
purchase agreements (PPAs) with state discoms, which mitigate
demand risk to a large extent. The rating is further supported by
the geographical diversification benefit arising from the location
of three plants at three different states.

Key rating drivers and their description

Credit strengths

* Long-term power purchase agreements with state discoms mitigate
offtake risk to a large extent: The entity's wind power assets in
AP and MP have tied up 25-year PPAs while the Karnataka windmill
has tied up a 20-year PPA with respective state discoms, thereby
mitigating demand risk to a large extent. The Karnataka plant has
signed a PPA with the Bangalore Electricity Supply Company Ltd.
(BESCOM) at a tariff of INR3.40/unit while the MP plant has tied up
a PPA with Madhya Pradesh Power Management Company Ltd. (MPPMCL) at
a tariff of INR4.78/unit. The PPA for the AP plant has been signed
with Southern Power Distribution Company of A.P. Ltd. (APSPDCL) at
a tariff of INR4.84/unit.

* Geographical diversification due to location of the wind mills at
three different states: AEL's wind power assets are located at
three different states, which largely offsets asset concentration
risk. Low wind resource availability at one site is often
compensated by higher resource availability at the other, which
mitigates operational risk to some extent.

Credit challenges

  * Delays in servicing of debt obligations due to poor liquidity
position: There have been continuous delays in debt servicing by
the entity due to its poor liquidity position. AEL has applied to
its lender for restructuring of its term loans. However, approval
for the restructuring proposal has not yet been received.

  * Weak generation profile of all the wind power assets: The
generation has been below the estimated levels in all the wind
power assets because of inadequate wind speed as well as grid
availability issues. The weighted average PLF of the company in
FY2020 was 15.1% with the MP unit's PLF at the lowest level of
10.3%, which was significantly below the estimated level.

  * High receivable days because of delayed payments from
counterparties adversely impacted liquidity: Receivables in MP
plant have not been received for around eleven months, while
receivables in the AP plant have remained due for around six
months. AEL's pending receivables till September 2020 for both the
MP and AP plants stressed AEL's liquidity position as the company
depends on timely payments from the counterparties to service its
debt obligations.

  * Vulnerability of cash flows to significant variance in wind
power generation with changes in weather conditions: Operational
efficiency of wind mills significantly depends on adequacy of wind
resource. Given that revenues are linked to actual power
generation, variance in wind levels with changes in weather
conditions directly affect the revenues of the entity.

Liquidity position: Poor

AEL's liquidity position is poor. Low fund flow from operations due
to weak operating performance of the wind mills and stretched
receivables exerted pressure on the entity's liquidity.
Consequently, there have been continuous delays in debt servicing
by AEL.

Rating sensitivities

Positive triggers – ICRA may upgrade the entity's rating if its
debt servicing remains regular for at least 90 days continuously,
supported by a sustained improvement in its liquidity position.

Negative triggers – Not applicable

Incorporated in June 2015 as a limited liability partnership, AEL
is jointly held by two companies viz. Arkas Industries Ltd.
(Formerly Ashish Industrial & Commercial Enterprises Pvt. Ltd.) and
BEC Infra Private Ltd. with a 50:50 ownership ratio. AEL is
involved in wind power generation. It owns and operates
1x1.25-megawatt (MW) wind turbine generator (WTG) at Kappadgudda,
Karnataka, 2x2 MW WTG at Mandsaur, Madhya Pradesh and 1x2.1 MW WTG
at Vajrakarur, Andhra Pradesh.

The Karnataka asset was acquired from one of AEL's group company,
Vishva Vishal Engineering Ltd., in December 2015. The entity
further installed 2 WTGs of 2 MW each at Mandsaur district in MP
(downsized from 5 WTGs of 2 MW each), which commenced operations in
June 2016. The AP asset at Vajrakarur with an installed WTG of 2.1
MW was commissioned in March 2017.


DELHI INT'L AIRPORT: S&P Cuts ICR to B-, On Watch Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
DIAL and its long-term issue rating on the company's senior secured
notes to 'B-' from 'B+'. S&P kept the ratings on CreditWatch where
they were first placed with negative implications on March 20,
2020.

S&P said, "We lowered the ratings on DIAL due to uncertainty in the
company's receipt of CPD income and deposits from Bharti Realty
Ltd. Our base case no longer considers these cash flows because CPD
income has now been delayed for more than one year and we have no
visibility on the timeline for resolution. We believe DIAL could
face increased liquidity risks given its high dependence on CPD
cash flows to support interest obligations and capital expenditure
(capex) amid continuing regulatory uncertainty.

"In our view, the complexity in obtaining Airport Authority of
India (AAI) approval for DIAL's CPD transaction with Bharti Realty
is higher than we had expected. This has increased uncertainty on
the timing of the transaction. Further, given that the transaction
has not closed, we believe there could be increased risks of
contract renegotiation or even cancellation. However, we believe
Bharti Realty and DIAL are still keen to close the deal, as they
have extended the deadline for closure to Dec. 31, 2020. DIAL had
expected its transaction with Bharti Realty to close in September
2019, which would have resulted in lease rentals of about Indian
rupee (INR) 3.6 billion per year and a one-off upfront security
deposit payment of about INR15.3 billion.

"In the absence of CPD cash flows, we anticipate DIAL's FFO
interest coverage will fall below 1.0x over our five-year
projection horizon. The company's high cash balance would likely be
depleted at a faster pace given that its large committed expansion
plans were highly dependent on the receipt of CPD funds. This,
combined with significantly weaker passenger traffic due to
COVID-19 travel restrictions and large interest servicing costs,
would put pressure on DIAL's ability to service its interest
obligations over our projection horizon.

"We do not view DIAL's capital structure as unsustainable, even
though its interest servicing ratio is below 1.0x. We understand
the company is considering a few options that could preserve cash
in the absence of CPD money. These include obtaining lease
financing for up to INR20 billion of its capex for mobile
equipment, which could offer significant cash flow relief.

"Further, DIAL will be able to service interest during construction
through debt, as part of its capex facilities. We also note that
the company's cash balance of INR29.5 billion (as of Sept. 30,
2020) will be sufficient to meet its capital spending over the 12
months to Sept. 30, 2021, and that debt maturities over this period
are minimal."

That said, DIAL could face heightened refinancing risks over the
next 12-18 months in the absence of CPD income or other funding
sources, as the company approaches its bond maturity in February
2022. DIAL's high dependence on CPD money to meet interest
obligations, lack of committed alternative funding sources amid a
materially weaker operating environment, and high committed capex
create further difficulties to refinance its February 2022 bond
amid uncertain market conditions.

S&P said, "In our opinion, DIAL's high dependence on CPD income to
support cash flows and capex results in volatility in cash flows
and profitability that is higher than we expected, despite the
greater predictability of base airport charges (BAC). Furthermore,
we believe DIAL's weakened profitability due to lower passenger
traffic and high fixed costs is exacerbated by the company's high
46% revenue share with AAI." However, persistent delays in DIAL's
CPD development makes it difficult for the company to manage its
cost base as effectively as peers in periods of downturn. In
comparison, GMR Hyderabad International Airport Ltd., which
operates with just a 4% revenue share that is recoverable under its
tariff, is not exposed to the same weakness in profitability,
despite its own tariff cuts and weaker traffic.

S&P said, "We estimate that the implementation of DIAL's control
period 3 (CP3; April 1, 2019 to March 31, 2024) tariff could result
in an eventual tariff that is 40% higher than the current BAC
levels. This is because capex is capitalized in the next regulatory
period and we expect the company to be compensated for lower
passenger traffic related to COVID-19. However, this tariff
increase would not be sufficient to mitigate the absence of CPD
cash flows, with EBITDA still insufficient to meet interest
obligations. We believe DIAL's refinancing prospects could weaken
if regulatory outcomes are negative, such as the approval of a
lower tariff increase or a significant delay in CP3, or if DIAL's
actual passenger numbers are lower than what is incorporated in the
tariff determination. Our base case assumes that the CP3 tariff
will be implemented on April 1, 2021.

"We believe passenger traffic volumes in India will remain
depressed as the country struggles to control the COVID-19
pandemic. Domestic and international traffic in India is unlikely
to recover to pre-COVID levels before fiscal 2024 (year ending
March 31, 2024). We project total passengers in fiscal 2021 would
be just below 27 million, 40% of fiscal 2020 (pre-COVID) levels.
Total traffic in fiscal 2022 would be about 75% of fiscal 2020
levels, improving to about 90% in fiscal 2023 and picking up
thereafter."

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."

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

-- Health and safety.

Travel restrictions with caps on domestic flights, negligible
international traffic, and consumer apprehension regarding air
travel during the pandemic expose DIAL to elevated ESG risks.

S&P said, "In our view, DIAL's delay in formulating timely
refinancing plans and securing alternative funding sources amid
regulatory uncertainties and an absence of CPD income indicates the
company's challenges in its strategic planning." This could hinder
the company's ability to meet its financial and operational goals
in a challenging environment.

S&P aims to resolve the CreditWatch within the next 90 days based
on DIAL's progress in putting in place credible refinancing plans
for its bond maturity in February 2022 and achieving a sustainable
interest coverage ratio.

S&P could lower the rating on DIAL by at least one notch if:

-- The company fails to implement a credible refinancing plan for
its February 2022 bond, and

-- It is unable to put in place measures to preserve enough cash
such that we believe DIAL's financial commitments would be
unsustainable in the long term.

S&P could affirm the rating with a stable outlook if DIAL secures
facilities for refinancing its February 2022 bond. This would also
entail the company putting in place measures to alleviate pressures
on its capital structure, such that FFO cash interest coverage is
sustainably above 1.0X.


INA ELITE: ICRA Cuts Rating on INR10cr LT Loan to D
---------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Ina
Elite Hospitality Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                     Rating downgraded from [ICRA]B
   Term Loan                      (Stable) and continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

Rationale

  * The rating downgrade reflects delays in Debt Servicing: The
rating is based on limited information on the entity's performance
since the time it was last rated in September
2020. The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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

Key rating drivers and their description

Credit strengths: NA

Credit challenges

  * Delays in debt servicing: There have been delays in debt
servicing as mentioned the account been classified as 'Special
Mention Account or SMA' during the past one month. The reason was
delays in repayment of principal and/or interest on any fund based
bank facility which has a clear mention of due date like term loan/
working capital demand loan etc. and Excess drawing for more than
30 days without the bank's concurrence on fund-based working
capital facilities like cash credit, overdraft etc.

Ina Elite Hospitality Private Limited is a closely held private
limited company, promoted by Mr. Neeraj Chhabra and family, engaged
in the business of running budget hotels. There are 2 hotels under
the company located at Koramangala and HSR layout, Bangalore. The
company has around 50 permanent employees. The company is coming up
with a new 4-star hotel in Narsapura, Karnataka. The total
estimated project cost is INR50.0 crore which is proposed to be
funded by INR35.0 crore of term loan from bank and INR15.0 crore
equity.


KARPAGAM STEELS: ICRA Keeps B+ on INR6cr Loan in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR6.00-crore bank facilities of Sri
Karpagam Steels (SKS) Continues to remain under Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           6.00       [ICRA]B+(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating Continues
   Cash Credit                     to remain under Issuer Not
                                   Cooperating' category

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

Sri Karpagam Steels was established in the year 1991 as a
partnership firm and is engaged in the business of trading steel
products. The firm procures flat products such as Hot Rolled & Cold
Rolled Coils and plates from domestic players and sells to local
manufacturers and traders. After a decade in the industry, the firm
setup its own plant at Saravanampatti to manufacture Mild steel and
boiler steel sheets from the purchased HRC coils – as per client
requirements – through CNC Gas cutting and mechanical cutting
machines.


LUCKY EXPORTS: ICRA Lowers Rating on INR120cr Loan to D
-------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Lucky
Exports (LE), as:

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        46.00      [ICRA]D; ISSUER NOT COOPERATING;
   limits                       Rating downgraded from [ICRA]A4+
                                ISSUER NOT COOPERATING and
                                continues to remain under 'Issuer
                                Not Cooperating' category

   Non-fund         120.00      [ICRA]D; ISSUER NOT COOPERATING;
   Based limits                 Rating downgraded from [ICRA]A4+
                                ISSUER NOT COOPERATING and
                                continues to remain under 'Issuer
                                Not Cooperating' category


   Unallocated        4.00      [ICRA]D; ISSUER NOT COOPERATING;
   limits                       Rating downgraded from [ICRA]A4+
                                ISSUER NOT COOPERATING and
                                continues to remain under 'Issuer
                                Not Cooperating' category

Rationale

The rating downgrade reflects delays in debt servicing as mentioned
in the mail received by Banker directly.  The rating is based on
limited information on the entity's performance since the time it
was last rated in July 2019. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Key rating drivers and their description

Creditstrengths: NA

Credit challenges

There have been delays in debt servicing as mentioned in the mail
received by Banker directly.

Liquidity position: Poor

Lucky Exports liquidity profile is poor asreflected by
irregularitiesin debtservicing by entity.

LE was established in 1990 with focus on export of agri & other
commodities to Russia & Commonwealth of Independent States. Over
the years, LE diversified its geographical presence into African
countries as well. Starting from 2004, it ventured into proje
management related activities in African countries, mostly under
the line of credit facility of the Indian Govt. or grants or aid
programme of other international developmental agencies.


M.K. WOOD INDIA: ICRA Keeps B+ on INR82cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR82.50 crore bank facilities of
M.K. Wood India Private Limited continue to remain in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–          12.50      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based–      70.00      [ICRA]A4 ISSUER NOT
   LC & Buyer's                    COOPERATING; Rating continues
   Credit Limit                    to remain under 'Issuer Not
                                   Cooperating' category

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

MKWPL is trades imported timber, mica and plywood, which are sold
to customers, mainly wholesalers, traders and realestate developers
across India. Notably, North India accounts for the bulk of the
company's sales. MKWPL has close to 150 employees and its head
office is in New Delhi. However, the processing is carried out from
its factory located in Kandla, Gujarat. The company's trading
outlets are located at New Delhi, Bathinda, Rajpura, Gandhidham and
Bahadurgarh.


MALAR PAPER: ICRA Keeps B+ on INR6.5cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR16.00-crore bank facilities of
Malar Paper Mills Private Limited (MPMPL) Continues to remain under
Issuer Not Cooperating' category'. The Long term ratings are
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". The Short
term ratings are denoted as "[ICRA]A4 ISSUER NOT COOPERATING".

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

   Short-Term-           0.50      [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating Continues
                                   to remain under Issuer Not
                                   Cooperating' category

   Long Term/Short       9.00      [ICRA]B+(Stable)/A4; ISSUER
   Term Unallocated                NOT COOPERATING; Rating
                                   Continues to remain under
                                   Issuer Not Cooperating'
                                   category

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

Malar Paper Mills Private Limited was incorporated in 2006 as a
private limited company to manufacture 42-110 gram per square metre
(gsm) printing and writing paper (PWP) and newsprint. MPMPL's
factory was setup in Kallur village, Pudukottai, Tamil Nadu and
commercial production began in 2007. The factory has a capacity of
65 tonnes per day (TPD) / 21,000 metric tonnes per annum (MTPA).
The factory uses recycled paper, both from domestic and
international suppliers, as raw material to produce PWP and
newsprint. MPMPL is closely held by Mr. PL Padikkasu and his
family. The promoter family has rich experience in conducting
business in the locality, owning 5 rice mills and a solvent
extraction plant. Mr. PL Padikkasu is the Managing Director whereas
his sons, Mr. Periasamy and Mr. Balasubramanian are directors in
the company. Mr. Periasamy looks after the day to day running of
the company.


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

The instrument-wise rating actions are:

-- INR350 mil. Fund-based working capital limits (Long-term/
     Short-term) maintained in non-cooperating category with IND D

     (ISSUER NOT COOPERATING)rating; and

-- INR150 mil. Proposed fund-based working capital limits (Long-
     term/ Short-term) withdrawn (the company did not proceed with

     the instrument as envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mansarovar Pearls India is engaged in the manufacturing, designing
and wholesale trading of pearls, uncut diamonds and gold
jewellery.


MATOSHRI LAXMI: ICRA Keeps D on INR61.4cr Loans in NonCooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR61.40 crore bank facilities of
Matoshri Laxmi Sugar Co-Generation Industries Limited continue to
remain under Issuer Not Cooperating category. The rating is denoted
as '[ICRA]D ISSUER NOT COOPERATING'.

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       61.40      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Matoshri Laxmi Sugar Co-Generation Industries Limited (MLSCIL),
incorporated in May 2008, operates a 3500 TCD (Tonnes Crushed Per
Day) sugar plant, which is forward integrated with co-generation
unit of 10 MW. The plant has been setup at village Rudhewadi in
Solapur district of Maharashtra. The sugar plant was commissioned
in April 2012 though commercial operations began from October 2012
while the co-generation unit was commissioned in January 2014.


MIXED BAG: ICRA Keeps D on INR10cr Loans in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Mixed Bag Overseas has continued to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund     10.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                      Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Mixed Bag Overseas was established as a partnership firm in
February 2016 by Mr. Deepak Gupta and Mr. Ajay Pal. The firm is
involved in trading of mobile accessories including memory cards,
screen guards, batteries etc.


MOTIL DEVI: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Motil Devi Organic Food Industries Pvt. Ltd. continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-           5.00      [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-           2.00      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated           3.00      [ICRA]B (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Motil Devi Organic Food Industries Pvt. Ltd. (MDOFIPL) was
incorporated in December, 2012 for manufacturing ice creams at its
facility in Raipur, Chhattisgarh. The trial production at the
facility had commenced in March, 2014 but theactual commercial
production had picked up in April, 2015. The company has an
installed capacity of 15,00,000 litres and the production for
FY2016 stood at ~9.09 lakh litres.


NAVALAKHA TRANSLINES: ICRA Cuts Ratings on INR25cr Loans to B+
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Navalakha Translines, as:

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

   Long Term-          21.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/Non-                 COOPERATING; Rating downgraded
   Fund Based                      from [ICRA]BB+ (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

NTR is engaged in transport of liquid chemicals and gases. It owns
a fleet of 109 multi axle tankers of different tonnage capacities
varying from 11 MT to 40 MT per tanker. Annual transportation by
the firm is in the range of 1,40,000 to 1,50,000 MT. The firm
primarily operates in western and southern India with branches in
five locations in Maharashtra and Gujarat. Since 2000, NTR has
entered into wind power generation to avail accelerated
depreciation benefits. The firm has installed WEGs at different
places in Maharashtra and Karnataka with total installed capacity
of ~12 MW. The firm has also commissioned two solar power plants of
1 MW and 2 MW in April 2013 and May 2014 respectively. The
Navalakha Group is engaged in various activities like
transportation, wind power generation, agriculture activities like
fruits and flowers, gases and chemicals, real estate etc.


NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Nissan
Syntex Private Limited's (NSPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Cash Credit          7.00       [ICRA]B+(Stable); reaffirmed

   Fund-based
   Term Loan            2.63       [ICRA]B+(Stable); reaffirmed

   Non-fund-based
   PC/PCFC/FBP/FBD/
   FCBP/FCBD sublimit
   to cash credit      (4.00)      [ICRA]A4; reaffirmed

   Non-fund-based
   Bank Guarantee-
   sublimit to   
   cash credit         (0.25)      [ICRA]A4; reaffirmed

   Unallocated
   limits               0.42       [ICRA]B+(Stable)/A4;
                                   reaffirmed


Rationale

The rating reaffirmation remains constrained by the NSPL's weak
financial risk profile, characterised by small-scale operations,
stretched capital structure, weak debt coverage metrics and high
working capital intensity. The ratings further take into account
the intensely competitive industry structure, which restricts the
pricing and exerts pressure on the margins. Moreover, the company's
operations and margins are susceptible to adverse fluctuations in
the raw material prices. The ratings are further constrained by the
high customer concentration, with the top-five customers
contributing more than ~85% of the revenue in last two years, along
with any adverse regulatory changes across markets.

The rating, however, continues to favourably factor in the
extensive experience of the promoters in the textile industry and
NSPL's established relationship with its reputed clientele. The
Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that
Nissan Syntex Private Limited's (NSPL) will continue to maintain
its position in the textile industry.

Key rating drivers

Credit strengths

* Extensive experience of promoters in textile business- NSPL's
promoters have over two-decade long experience in the textile
industry.

* Reputed clientele- The company supplies bottom wears to various
reputed textile players such as Life Style International Pvt. Ltd.,
Aditya Birla Fashion & Retail Ltd., Reliance Retail, etc.

Credit challenges

* Weak financial risk profile: The company's scale of operations
remains small. Its operating income was INR24.00 crore in FY2020
(Provisional) and the same is expected to decline in FY2021 due to
impact of the pandemic. The operating margin remained modest at
11.47% in FY2020 (Provisional), though the net profit margin was
low at 4.20% because of higher depreciation and interest expenses.
The capital structure remained leveraged, with a gearing at 1.60
times as on March 31, 2020. The debt coverage indicators also
remained weak, with the Total Debt/OPBDITA at 3.74 times, TOL/TNW
of 2.40 times as on FY2020-end. The working capital intensity
remained high, with NWC/OI at 52% as on FY2020-end, because of high
inventory and receivable days.

* High customer concentration risk: The top-five customers have
contributed more than 85% to the revenues in the last two years
including exports to Gulf nations. Thus, the revenues and earnings
of NSPL remain linked to the performance of its key customers,
along with other external factors such as changes in regulations
and duty structures across markets. However, the company's
established relationship with its customer and repeat order history
provide some comfort.

* Profitability exposed to fluctuations in input prices and
competition: The company's profitability remains vulnerable to
adverse fluctuations in raw material prices and its ability to
fully pass on the same to end customers against the back drop of
stiff competition and fragmented industry structure.

Liquidity position: Stretched

The overall liquidity position is stretched, with high operating
working capital requirement, debt-funded capex and impending debt
repayment. However, the cushion in working capital limits provides
some comfort. Also, timely support from promoters through equity
infusion/unsecured loans remains crucial in case of any cash flow
mismatch.

Rating sensitivities

Positive triggers - ICRA could upgrade NSPL's rating if the company
demonstrates significant scale up of operations, aided by increase
in capacity utilisation and improvement in profitability, leading
to higher-than-expected cash accruals. Higher accruals along with
improvement in net worth and the liquidity position may strengthen
the overall financial risk profile.

Negative triggers - Negative pressure on NSPL's rating could arise
if a substantial decline in revenues and profitability along with
any major debt-funded capital expenditure or stretch in working
capital cycle deteriorates the capital structure and the
liquidity.

Incorporated in 1982, Nissan Syntex Private Limited (NSPL) is a
private limited company, promoted by Mr. Harkishandas P. Parekh.
NSPL commenced its operations as a trading unit and gradually
forayed into garment manufacturing from its unit at GIDC in Naroda,
Ahmedabad. The company is involved in two businesses - 1)
processing/trading of fabrics and 2) garment manufacturing (bottom
wear). The company's current garment manufacturing capacity is
65,000 per month. In FY2019, the company reported a net profit of
INR0.91 crore on an operating income (OI) of INR22.75 crore
compared to a PAT of INR0.57 crore on an OI of INR23.15 crore in
FY2018. The company reported an OI of INR 24.00 crore in FY2020
with a PAT of INR1.01 crore (provisional financial statement).


PALASH REALTORS: ICRA Cuts Rating on INR120cr Term Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Palash Realtors Llp, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-        110.00      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating downgraded
   Cash Credit                    from [ICRA]BB+ (Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Unallocated         10.00      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

Rationale

ICRA has been trying to seek information from the entity so as to
monitor its performance, and after repeated requests by ICRA, the
entity's management has shared some incremental information.
However, despite repeated requests the management remained
unavailable for discussion on the firm's performance as well as
future prospects. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating does not adequately reflect the
credit risk profile of the entity. The rating action has been taken
in accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.

Parent/Group Support
The rating assigned to PRLLP factors in the high likelihood of its
parent, Deccan Plateau Projects LLP (DPPLLP), extending financial
support to it because of close business linkages between them. ICRA
also expects DPPLLP to be willing to extend financial support to
PRLLP out of its need to protect its reputation from the
consequences of a group entity's distress. Consolidation/Standalone
The rating is based on standalone financial statements of the
issuer.

PRLLP is a limited liability partnership firm belonging to Mittal
Brothers group. The firm is currently developing the 'One Place'
project with a saleable area of 0.15 msf of commercial office and
retail area at F.C. Road in Pune. The project was launched in 2018
and is expected to be completed by 2023. The property would have 6
shops, 14 showrooms and 111 office units.


PARTH CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR26.00 crore bank facilities of
Parth Concast Limited has continued to 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based          6.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits Cash                    Rating continues to remain
   Credit                         under 'Issuer Not Cooperating'
                                  category

   Term Loans         20.00       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

PCL, incorporated in 2013, manufactures billets from sponge iron
with a total installed capacity of 90,000 Tonnes per annum (TPA),
the commercial operations of which began in October 2015. The
company is promoted by the Garg family of Ludhiana - Mr. N.D. Garg,
Mr. Vinod Garg and Mr. Balraj Garg.


PATEL COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Patel Cotton Industries - Veraval continue to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".


                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          10.00      [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1997 as a partnership firm, Patel Cotton Industries
(PCI) is involved in the business of cotton ginning and pressing to
produce cotton bales and cottonseeds. Its manufacturing facility is
located at Veraval in Gujarat. The firm is equipped with 48 ginning
machines and 2 automatic pressing machines, with an installed
capacity of producing ~300 bales per day or 51 MTPD. The promoters
of the firm have over 25 years of experience in the cotton ginning
business.


RAICHUR BIO-ENERGIES: Ind-Ra Assigns 'B+' LongTerm Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raichur
Bio-Energies Private Limited (RBPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based facilities assigned with IND B+/Stable
     /IND A4 rating; and

-- INR247 mil. Term loan due on March 2026 assigned with IND B+/
     Stable rating.

KEY RATING DRIVERS

The ratings reflect RBPL's small scale of operations. The company's
revenue declined to INR188 million in FY20 (FY19: INR276 million)
due to a fall in its utilization; the company's utilization
declined to 62% in FY20 (FY10: 93%) owing to decreased availability
of raw material rice husk due to unfavorable climatic conditions.
The company generates power from bio mass and has signed a
power-purchase agreement with Bangalore Electricity Supply Company
Limited for 20 years. The agreement has an escalation clause of 3%
hike in the rate every year and the rate per unit was INR5.21, as
of March 2020. In 5MFY21, RBPL recorded revenue of INR110 million.

The ratings factor in RBPL's modest EBITDA margin. Its margin
expanded to 42.8% in FY20 (FY19: 33%) due to a decrease in its
other operating expenses and a slight fall in its raw material
prices. The company's return on capital employed was 10% in FY20
(FY19: 11%).

The ratings further factor in RBPL's modest credit metrics. Its
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.8x in FY20 (FY19: 1.9x) and net leverage (total
adjusted net debt/operating EBITDA) to 4.8x (4.4x) due to a
decrease in the absolute EBITDA to INR81 million (INR91 million).
In the absence of any debt-led capex, Ind-Ra expects RBPL's credit
metrics to remain at a similar level in the medium term.

Liquidity Indicator -Stretched: The average utilization of
fund-based limits was 94% for the last 12 months ended October
2020. The company's cash flow from operations and free cash flow
from operations were deteriorated to INR21 million in FY20 (FY19:
INR25 million) and INR17 million (INR34 million), respectively, due
to an elongation in its working capital cycle and decline in its
absolute EBITDA. The company's net working capital cycle elongated
to 53 days in FY20 (FY19: 11 days) due to an increase in debtor
days to 34 (23 days). The cash and cash equivalents at FYE20 were
INR1 million (FYE19: INR0.1 million). The company's repayment
obligations are INR45 million each in FY21 and FY22. The company
availed of the Reserve Bank of India-prescribed moratorium from
March -August 2020.

The ratings, however, are supported by the promoter's decade-long
experience in the field of power services and its long-term
agreement with Bangalore Electricity Supply Company Limited.

RATING SENSITIVITIES

Positive: A significant increase in the revenue while maintaining
EBITDA margins at current level, leading to an improvement in the
credit metrics and liquidity position, would be positive for the
ratings.

Negative: Any further decline in the revenue or EBITDA margin,
leading to deterioration in credit metrics and a further stretch in
liquidity, may lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2015, RBPL is engaged in biomass-based power
generation with a total capacity of 7 MW. The promoters are R.P
Krishnamurthy, Maram Tippanna, S Purushotam, Mylapur Laxmi Narayana
and others.


RAM RICE: ICRA Lowers Rating on INR65cr LT Loan to B+
-----------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Shri
Ram Rice Mills (SRRM), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-      65.0       [ICRA]B+(Stable) ISSUER NOT
   based-Cash                      COOPERATING Rating downgraded
   Credit                          from [ICRA]BB-(Stable) and
                                   continues to remain in 'Issuer
                                   Not Cooperating' category

Rationale:

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

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

Shri Ram Rice Mills (SRRM) is a partnership firm established in
2004. The firm is involved in milling and sorting Basmati rice.
SRRM's milling unit is in Karnal, Haryana, close to the local grain
market. It sells rice in the domestic market under its two
registered brands - Shripati Ji and Tauba Tauba. The firm has an
installed capacity of 1,000 quintal per day for paddy milling and
sorting.


RELIANCE COMMERCIAL: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR1,200.00-crore Commercial Paper
programme of Reliance Commercial Finance Limited continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as "[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Commercial Paper   1,200.00    [ICRA]D ISSUER NOT COOPERATING;
   Programme                      Rating continues to remain in
                                  Issuer Not Cooperating
                                  Category

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

Reliance Commercial Finance Limited (RCFL) is a part of the
Reliance Capital group and is a 100% subsidiary of Reliance Capital
Limited (RCL). The commercial lending business of RCL was de-merged
into RCFL in Q4FY2017 while RCL is in a process to become a core
investment company. The entity started its commercial finance
business in May 2007 and is primarily into secured lending space
with a focus on equipment and property backed small and medium
enterprise loans, loan against property, short term infrastructure
loans and loans to microfinance institutions.

RCFL reported net loss of INR1,441 crore in FY2019 on total asset
base of INR10,987 crore as on March 31, 2020 compared to a net loss
of INR1,892 crore in FY2019 on total asset base of INR13,504 crore
as on March 31, 2019.


RELIANCE HOME: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR1,200.00-crore Commercial Paper
programme of Reliance Home Finance Limited continue to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Commercial Paper   1,200.00    [ICRA]D ISSUER NOT COOPERATING;
   Programme                      Rating continues to remain in
                                  Issuer Not Cooperating
                                  Category

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

Reliance Home Finance Limited (RHFL) is a subsidiary of Reliance
Capital Limited (RCL) and was incorporated in FY2009.  RHFL is
registered as a Housing Finance Company with National Housing Bank
and is engaged in mortgaged based lending operations. RHFL was
listed on the stock exchanges in India in the second half of
September 2017 after it was hived off from RCL, basis which RCL's
stake in the entity reduced to ~47.9%. While the overall promoter
holding in the entity reduced to ~49.6% as on March 31, 2020 from
74.9% as on March 31, 2019. The Company ceased to be a subsidiary
of RCL with effect from March 5, 2020 and the company is now an
associate of RCL.


REVATHI MODERN: ICRA Lowers Rating on INR12cr LT Loan to B+
-----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Revathi Modern Rice Mill, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------      -----------     -------
   Long Term-          12.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-           0.30       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Term Loan                       from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-           0.70       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Established in 1990 as 'Manikandan Rice Mill', the firm was renamed
as Revathi Modern Rice Mill in 1997. The firm's rice mill is
located in Salem district of Tamil Nadu with a capacity to produce
60 tonne of single boiled rice per day. The major varieties of rice
dealt by the firm include White Ponni, Karnataka Sona, BPT Rice and
Delux ABT 43. Single boiled rice produced by the firm is sold
entirely in Tamil Nadu and its main customers are supermarkets
located in Erode, Coimbatore, Salem, Karur, Dharmapuri and Trichy.
RMRM sells rice under various brand names – Revathi, Revathi
Mallikai, Kumuthamalli, Amudammalli, Sri Cathura, Mallikai Mark
Brand and Mahaganapathy.


S&P INFRASTRUCTURE: ICRA Cuts Rating on INR7cr Loan to B+
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of S&P
Infrastructure Developers Private Limited (S&P), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term Fund        7.00      [ICRA]B+ (Stable) ISSUER NOT
   Based Limits/                   COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short Term Non-      67.00      [ICRA]A4 ISSUER NOT
   fund-based limits               COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated           6.00      [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

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

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

S&P Infrastructure Developers Private Limited (S&P) is a New
Delhi-based civil construction company, which was incorporated in
2000. It undertakes design, engineering, construction maintenance
and repair of civil infrastructure projects such as roads, highways
and tunnels. It mostly undertakes contracts for the Central and
state government road construction departments and is at present
taking up nearly 15 orders spread across Bihar, Jharkhand, Tamil
Nadu, Uttar Pradesh, Sikkim etc for the construction and
maintenance of state and national highways for the PWD, the NHAI
etc. The company works on a standalone basis and also enters into
JV agreements with other entities for taking up orders.


S.S. CONSTRUCTION: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR8.00 crore bank facilities of S.S.
Construction continue to remain in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B- (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           5.95       [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based       2.05       [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

S.S. Construction (SSC) is a proprietorship firm based in
Ghaziabad, Uttar Pradesh and was set up in 2007. The firm is
promoted by Mr. Ravi Chaudhary. SSC undertakes civil construction
work for state and Central Government agencies. It is registered as
an 'A' class contractor with UP State Power Utilities, UPSIDC Ltd,
Kanpur, Ghaziabad Development Authority, Hapur Pilkhuwa Development
Authority, Kanpur Development Authority, Bulandshahr Development
Authority etc. The company has worked in various towns of UP,
including Ghaziabad, Kanpur, Moradabad, Noida, Agra, Meerut,
Bulandshahr, Hapur, Bareilly etc. The firm has completed two small
real estate projects with a saleable area of 13,600 sq. ft. each,
costing INR5.28 crore and INR5.29 crore respectively in February
2017. Project I consists of 16 3BHK flats with sales value of
INR8.0 crore, and project II consists of 24 2BHK flats with the
sales value of INR7.5 crore.


SANATAN MERCHANTS: Ind-Ra Affirms 'BB' LongTerm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sanatan Merchants
Private Limited's Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR130 mil. Fund based facilities affirmed with IND BB/Stable
     /IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SMPL's continued small scale operations,
even as its revenue increased to INR780.58 million in FY20 (FY19:
INR708.54 million) due to improved demand, as reflected in SMPL's
further penetration into its existing markets in the north eastern
and eastern states of Assam, Tripura, Manipur and Bihar. The
company booked revenue of INR380 million for 1HFY21. Ind-Ra expects
the revenue to remain stable year-on-year in FY21.

The EBITDA margin remained modest despite improving to 4.41% in
FY20 (FY19: 3.0%) on the back of an increase in the operating
income. The return on capital employed was 11% in FY20 (FY19: 7%).
The absolute EBITDA too remained modest despite improving  to
INR34.45 million in FY20 (FY19: INR21.27 million). Ind-Ra expects
the margin to decline year-on-year in FY21 since a significant
portion of SMPL's operating income received in FY20 is not
recurring in nature.

The ratings continue to be constrained by SMPL's weak credit
metrics with the gross interest coverage ratio ((operating
EBITDA/gross interest expense) of 1.4x in FY20 (FY19: 1.5x) and the
net leverage (adjusted net debt/operating EBITDAR) of  5.3x (8.5x).
The interest coverage deteriorated marginally in FY20 due to
increased unsecured borrowings and the net leverage improved due to
increased absolute EBITDA and stable net borrowings. Ind-Ra expects
the interest coverage to improve in FY21, led by a decline in the
borrowing cost of the company's unsecured loan.

Liquidity Indicator - Stretched: The average maximum utilization of
SMPL's fund-based facilities was 87.84% over the 12 months ended
October 2020. The cash flow from operations improved but continued
to be negative at INR1.31 million in FY20 (FY19: negative INR55.01
million), while the free cash flow turned negative to INR4.26
million (INR59.11 million). The working capital cycle of the entity
continued to be stretched at 105 days in FY20 (FY19: 114 days). The
year-end cash and cash equivalents were INR1.68 million  in FY20
(FY19: INR1.65 million). The entity has no plans to incur any
significant capex in FY21. SMPL did not avail the Reserve Bank of
India-prescribed moratorium and has been servicing the interest on
a timely basis.

The ratings continue to be supported by the promoter's experience
of over three decades in the trading line of business.

RATING SENSITIVITIES

Negative: The interest coverage ratio remaining below 1.5x and
further stress on the liquidity position will be negative for the
ratings.

Positive: An improvement in the credit metrics as well as the
liquidity profile, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1994 and with its registered office in Kolkata,
SMPL trades hand tools and power tools such as marble, stone
cutting machines, granite cutting machines, wood cutting machines,
pesticide sprayers and rice processing machines, and trades
writing, stationary, personal care products and other accessories.


The company is managed by its three directors - Binod Maroti, Kusum
Maroti, and Nirav Maroti.


SILVERTOSS INDUSTRIES: Ind-Ra Withdraws BB- LongTerm Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Silvertoss
Industries Private Limited's (SIPL) Long-Term Issuer Rating of 'IND
BB-' to the non-cooperating category and has simultaneously
withdrawn it.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits* migrated to the

     non-cooperating category and withdrawn; and

-- INR430 mil. Non-fund-based working capital limits** migrated to

    the non-cooperating category and withdrawn.

* Migrated to 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn.

** Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

SIPL did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

SIPL is promoted by Anand Kumar Singh. The company was incorporated
in September 2002 as Silvertoss Suppliers Pvt Ltd. It processes,
cuts and sells timber. The company also builds makes door/window
frames as per orders. SIPL also trades timber logs and timber
products. The company is part of SK Group based in Kolkata.


SUDARSHAN TV: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR21.88 crore bank facilities of
Sudarshan TV Channel Limited has continued to 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term          16.40       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Short-term          3.50       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                     Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated         1.98       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

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

Sudarshan TV Channel Limited (STCL) is a public limited company,
incorporated in 2007 by Mr. Suresh k. Chavhanke and his wife Mrs.
Maya Chavhanke. STCL has an experience of 5 years in the business
of television media. STCL is performing both tasks i.e. collection
of news content as well as broadcasting; however some work of
up-linking and down-linking has been outsourced. Presently, the
company is running two news channels, Surdashshan News from 2007
and A to Z News from 2009; and one devotional channel, Sai Tv from
2014. Sudarshan News is concentrating on urban area as well as
rural area and A to Z is concentrating only on urban area.
Sudarshan News channel is available in all over India through DTH
services of Videocon, Dish TV and Big TV as well as through
digitized cable service providers like Den, Hathway, Win etc.


SUNIL AND COMPANY: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR9.50 crore bank facilities of
Sunil And Company continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B-
(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–           7.50      [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based–           2.00      [ICRA]B- (Stable) ISSUER NOT
   Channel Funding                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in the year 1984 Sunil & Company is a partnership firm
of Mr. Tribhuwan Raj Bhandari, Mr. Sudeep Raj Bhandari and
Mr.Trideep Raj Bhandari. The firm was engaged oil mill, dyeing,
printing, processing and trading of cloth as well as was having the
dealership of Tata Motors Limited passenger cars. In 2012, the firm
discontinued the textile processing business and further exited the
oil mill segment in 2017. It is now solely engaged in dealership of
Tata Motors passenger cars and operates in the territories of
Jodhpur, Barmer, Jalore, Pali and Jaisalmer. The firm owns one 3S
(Showroom Spares Services) in Jodhpur.


SUSHEE IVRCL: Ind-Ra Rates INR2.34BB Rupee Term Loan Due 2031 'B'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Sushee IVRCL ArunachalHighways Limited's (SIAHL)
instruments:

-- INR2.340 bil. Rupee term loan (RTL) due on June 2031 assigned
     with IND B/Stable rating; and

-- INR143 mil. Performance bank guarantee assigned with IND B/
     Stable rating.

Ind-Ra has analyzed SIAHL's standalone credit profile for the
ratings. The unsecured subordinated loans from sponsors, worth
INR1014.20 million as of July 31, 2020, are fully subordinated to
the senior ranking rupee term loan, as per the loan agreements, and
therefore, have not been considered as additional debt in Ind-Ra's
analysis.

The rating reflects the constricted ability of the sponsor, Sushee
Infra & Mining Limited (SIML; 'IND B+'/Stable) to contribute
residual equity for timely project completion or handle cost or
time-related overruns, if any, in the near term. The rating is also
constrained by the moderate experience of SIML in executing
build-own-transfer (BOT) road projects in the past and the thin
coverage ratios.

KEY RATING DRIVERS

SIAHL is awaiting the approval of an extension of the deadline from
the Ministry of Road Transport & Highways (MoRTH) to March 2021
from the earlier approved deadline of October 2020 for the
completion of the project. As of September 30, 2020, the project
had achieved 98.67% physical progress, with 248.5km of work
completed and three major bridges being under construction.

The ratings reflect the sponsor, SIML's weak credit profile. SIML's
stretched liquidity position has been impeding its efforts to
infuse funds in a timely manner to complete the project. Out of the
total required sponsor support of INR1,626.06 million, the sponsor
is yet to contribute unsecured subordinate loans of INR611.86
million to execute the project. Furthermore, the sponsor has a
history of time overruns in previously executed projects.

Liquidity Indicator - Poor: The project's coverage ratios are thin.
As per the documents, one quarter debt service reserve is to be
created prior to the commercial operation date (COD) in the form of
bank guarantee. As of June 30, 2020, the available cash and bank
balance stood at INR0.01 million and the balance in the project's
escrow account was INR24.54 million. The project had availed the
Reserve Bank of India-prescribed debt moratorium for April- August
2020 and the accumulated interest payments amounting to INR106.8
million for the moratorium period was paid on October 17, 2020,
though lenders have granted approval to capitalize this portion and
make the payment after the last installment of the term loan. The
lenders have not classified the one-day delay in debt servicing in
September 2020 as a default because there were adequate funds to
meet the obligations. Taking this into consideration, the agency
did not classify the rating in the default category. The interest
for the month of October 2020 was paid by the project two days
ahead of the due date.

As per the management, SIAHL is in the process of receiving
claims/compensation of an agreed amount of INR1,597.8 million on
pending disputes from MoRTH; a portion of this amount is likely to
be used for servicing interest for the month of November 2020 and
the balance would be set off against the amount payable to SIML
(towards engineering, procurement and construction cost balance).
MoRTH released INR346.85 million on November 4, 2020 as settlement
on the claims with respect to the protection of the net present
value of project due to deregulation of diesel prices. As per
Ind-Ra, the tight liquidity position of the company may necessitate
its dependence on the sponsor to meet its debt-servicing
requirements until the receipt of the first annuity.

SIAHL has signed a fixed operation and maintenance contract with
SIML (INR0.4 million per km per annum). The geographical location
of the project stretch exposes it to landslides and road damage due
to heavy water logging during monsoon; however, according to the
management, these risks are mitigated to some extent through the
presence of sufficient vegetation along the road stretch. Two major
maintenances (first cycle in FY25 and second cycle in FY30) are
likely to be completed at a cost of INR1.2 million per km per
annum. A substantial increase in the actual operating expenses,
beyond Ind-Ra's base case estimates, could impact the rating

The RTL is repayable in 40 quarterly repayments, with ballooning
repayments towards the end of the term loan. The tail period is
around 10 months. The principal repayment dates are in sync with
the annuity receipt payments, and therefore, there is no in-built
cushion in the debt structure to absorb any annuity delays. The
event of default clauses mentions cross defaults with the sponsor.

The project has availed one-time fund infusion fund scheme of
INR1,996 million, which will be paid along with the last milestone
payment of INR1,004 million. The tripartite agreement signed on 21
March 2018, between the company, the lender and MoRTH, indicates
that the one-time fund infusion fund scheme has been provided to
fund the pending civil works and not for any loan repayment
purpose.

As of August 2020, MoRTH had contributed an amount of INR2,600
million to the project. The last milestone would be used to repay a
part of the entire outstanding amount of INR3,000 million. The
repayment of the balance outstanding amount of INR1,996 million
shall happen through ten half-yearly installments of INR200 million
each, by the way of upfront adjustments against the scheduled
semi-annual annuities payable by MoRTH along with the interest on
the outstanding amount linked to the Reserve Bank of
India-prescribed bank rate plus 3%.

RATING SENSITIVITIES

Negative: Any significant delay in the completion of the project
beyond March 2021, any material delays or deductions in the receipt
of annuity post the COD, absent sponsor support, non-creation of
DSR in a timely manner and deterioration in the credit profile of
the sponsor could result in a negative rating action.

Positive: Completion of the project within the approved timelines
along with timely receipt of annuities for a continued period of
one year could result in a positive rating action.

COMPANY PROFILE

SIAHL is a special purpose vehicle promoted by SIML. It has been
incorporated to widen NH 229 (252.09Km) in Arunachal Pradesh from
one lane to two lanes under a design, build, finance, operate and
transfer (annuity basis) model. The 17-year concession has been
awarded by the MoRTH. SIML, which was incorporated in 1986,
undertakes mining, irrigation, railways, infrastructure, and road
projects.


THIRU MARGADARSHI: ICRA Cuts Ratings on INR10cr Loans to D
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Thiru
Margadarshi Construction Pvt. Ltd,, as:

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

   Long Term-          6.00       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating downgraded from [ICRA]B+
                                  (Stable) ISSUER NOT COOPERATING
                                  and Continued to remain under
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade factors in the delay in debt-servicing, as
confirmed by the banker. The rating is based on limited information
on the entity's performance since the time it was last rated in
March 2020. The lenders, investors and other market participants
are thus advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Thiru Margadarshi Construction (P) Ltd., ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating
view based on the best available information.

Key rating drivers and their description

Credit strengths: NA

Credit challenges

There have been delays in debt servicing as mentioned the account
been classified as 'Special Mention Account or SMA' during the past
one month. The reason was Delays in repayment of principal and/or
interest on any fund-based bank facility which has a clear mention
of due date like term loan/working capital demand loan etc.

Liquidity position: Poor
Thiru Margadarshi Construction (P) Ltd. liquidity profile is poor
as reflected by irregularities in debt servicing by entity.

Thiru Margadarshi Construction Pvt. Ltd, promoted by Mr. Narayanan,
was incorporated in 2003 and is involved in the business of
real-estate development in Bangalore. At present, the company has
seven ongoing projects for construction of residential apartments
and commercial buildings in Bangalore.


TIRUPATI COTTON: ICRA Lowers Rating on INR8.50cr Loan to B+
-----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Tirupati Cotton (Ghatanji), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–          8.50       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Fund Based–          1.50       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Established in 2008, Tirupati Cotton (Ghatnaji) is involved in
ginning and pressing of raw cotton (kapas) into cotton bales. The
business is owned and managed by the two partners, Mr. Chetan
Agrawal and Mr. Shiv Shankar Agrawal, on an equal profit-sharing
basis.


USHA SHRIRAM: ICRA Lowers Rating on INR21cr LT Loan to B+
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of USHA
Shriram Enterprises Private Limited (USEPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund      21.00      [ICRA]B+ (Stable) ISSUER NOT
   Based Limits/                  COOPERATING; Rating downgraded
   Cash Credit                    from [ICRA]BB (Stable) and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Long Term/Short      0.80      [ICRA]B+ (Stable)/A4 ISSUER NOT
   Term-Unallocated               COOPERATING; Rating downgraded
                                  from [ICRA]BB (Stable)/A4+ and
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Short Term-         10.00      [ICRA]A4 ISSUER NOT
   fund-based                     COOPERATING; Rating downgraded
                                  from [ICRA]A4+ and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-          9.20      [ICRA]A4 ISSUER NOT
   Non fund-based                 COOPERATING; Rating downgraded
                                  from [ICRA]A4+ and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

Rationale

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

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

USEPL was incorporated in 1983 by Late Dr. Charat Ram and Late Mr.
N.R.Dongre. USEPL markets varied consumer appliances; including
Eurolex Home appliances, Eurolex Lighting Products, Eurolex
Electronic and Electrical appliances, Eurocook Kitchen Appliances,
house-hold and office furniture and water purification systems.


VARALAKSHMI STARCH: ICRA Cuts Rating on INR20.70cr Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Varalakshmi Starch Industries Private Limited (VSIPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          20.70       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short Term-          2.30       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under Issuer Not
                                   Cooperating' category

   Long Term-           9.43       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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


Rationale

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

As part of its process and in accordance with its rating agreement
with Varalakshmi Starch Industries Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Varalakshmi Starch Industries Private Limited (VSIPL), established
by Mr. V Anbalagan in 1995, is a starch manufacturer based out of
Salem in Tamil Nadu. VSIPL manufactures starch from tapioca and
maize. The company's factory is located at Dharmapuri and has a
production capacity of 250 tonnes per day (TPD) of tapioca starch
(native and modified starch), 230 TPD of maize starch and 50 TPD of
sago. The promoter has extensive experience for more than three
decades in the  starch industry. The promoter also has a business
interests in a partnership firm "S.V.S Classic Foods", a tapioca
based sago and starch trading firm.


VEDANTA RESOURCES: Sounds Out Bondholders on Debt Extension
-----------------------------------------------------------
BloombergQuint reports that Vedanta Resources Ltd. has begun
sounding out debt holders about the possibility of extending
maturities on some of its dollar bonds to reduce refinancing
pressures. The mining giant started approaching the investors to
discuss possible debt extensions after the company's failed attempt
to delist its India unit, Vedanta Ltd., people familiar with the
matter said, BloombergQuint relays.
  
"We would like to clarify that Vedanta Resources is not in talks
with any bondholder for debt tenure extension," a spokesman for
Vedanta said in a statement, after the Bloomberg story was
published. The spokesman had earlier declined to comment,
BloombergQuint relates.

The company's $670 million of bonds due June next year, which are
among the notes involved, slumped as much as 7.7 cents after the
news. That left them set for the sharpest daily drop in more than
six weeks, according to prices compiled by Bloomberg.

Pressures are mounting at London-based Vedanta Resources after the
delisting flopped, given it would have helped the holding company
more easily access cash at the unit, according to BloombergQuint.
That's triggered warnings from credit rating firms about Vedanta
Resources' debt pile. Vedanta's businesses include zinc, aluminum
and oil and gas. Those commodities were hit by a slump in demand
amid the pandemic earlier this year, though prices have since
rebounded.

Investors and rating companies are scrutinizing the group's
refinancing plans as tycoon Anil Agarwal tries to streamline its
corporate structure, BloombergQuint notes. Holding companies
including Vedanta Resources, which are controlled Agarwal, face
their highest debt repayments in years, the report says.

                       About Vedanta Resources

Vedanta Resources Limited operates as a diversified natural
resource company. The Company extracts and process zinc, lead,
aluminum, iron ore, copper, and silver, as well as focuses on oil
and natural gas. Vedanta Resources serves clients worldwide.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
22, 2020, S&P Global Ratings affirmed its 'B-' long-term issuer
credit rating on Vedanta Resources and the 'B-' long-term issue
rating on the senior unsecured bonds the India-focused commodities
conglomerate issued or guaranteed. S&P removed the ratings from
CreditWatch, where it had placed them with developing implications
on Aug. 11, 2020, ahead of the company's proposed privatization of
Vedanta Ltd.  At the same time, S&P withdrew the preliminary 'B'
rating assigned to the US$1.4 billion bond issued by Vedanta
Holdings Mauritius II Ltd. and guaranteed by Vedanta Resources. The
bond has been redeemed in accordance with terms upon the failure of
the privatization.


VIKAS COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR17.10 crore bank facilities of
Vikas Cotton Ginning & Pressing continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       12.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated        5.10       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 2006, Vikas Cotton Ginning & Pressing (VCGP) is a
partnership firm owned and managed by Mr. Mahmadrafik Allarakha
Kaladiya, Mr. Afzal Allarakha Kaladiya and Mr. Amin Allarakha. The
manufacturing facility of the firm, located at Surendranagar,
Gujarat, is equipped with 42 ginning and one fully automatic
pressing machine to produce cotton bales and cottonseeds. The firm
also has five expellers for cottonseed crushing. It also trades in
castor seeds, cumin seeds, wheat, coriander and other
agro-products.


VIR ELECTRO: ICRA Lowers Rating on INR12.35cr LT Loan to D
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Vir
Electro Engineering Private Limited (VEE), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund     12.35       [ICRA]D ISSUER NOT COOPERATING;
   Based TL                       Rating downgraded from [ICRA]B-
                                  (Stable) ISSUER NOT COOPERATING
                                  and Continued to remain under
                                  the 'Issuer Not Cooperating'
                                  category

   Long Term-Fund      6.92       [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       Rating downgraded from [ICRA]B-
                                  (Stable) ISSUER NOT COOPERATING
                                  and Continued to remain under
                                  the 'Issuer Not Cooperating'
                                  category

   Long Term-          4.73       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating downgraded from [ICRA]B-
                                  (Stable) ISSUER NOT COOPERATING
                                  and Continued to remain under
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade reflects delays in debt servicing as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated in August 2019. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Vir Electro Engineering Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Established in 1996 by Mr. Shivaji S. Dalvi, Vir Electro
Engineering Private Limited (VEE) is engaged in fabrication,
galvanizing, spray painting and metalizing of steel structures for
engineering companies like Crompton Greaves, ABB Ltd. and Siemens.
The company is specialized in surface preparation and protection
work as specified by customer and manufacturer of fabrication
items. The company's manufacturing plants are located at Ambad and
Gonde at Nashik. VEE has set up their manufacturing plant at Gonde,
Nashik in January 2013. The total installed capacity of 2,600 MT
per month for fabrication and galvanization. The company is
certified ISO 9001:2008 since 2001.


YASHODHA MOTORS: ICRA Lowers Rating on INR11.50cr Loan to B+
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Yashodha Motors Private Limited (YMPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–         11.50       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Fund Based–         15.00       [ICRA]B+ (Stable) ISSUER NOT
   Inventory                       COOPERATING; Rating downgraded
   Funding                         from [ICRA]BB-(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

YMPL started as a proprietorship entity in 1982 as an automobile
dealership in Patiala (Punjab). At present, it deals in the entire
range of heavy and light commercial vehicles, Combine Harvester
Engine of Ashok Leyland, TVS two-wheelers and Nissan cars.




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

AGUNG PODOMORO: Fitch Raises LongTerm IDR to CCC-
-------------------------------------------------
Fitch has upgraded PT Agung Podomoro Land Tbk's (APLN) Long-Term
Issuer Default Rating (IDR) to 'CCC-', from 'C'. The company's
USD300 million notes due 2024, issued by its wholly owned
subsidiary, APL Realty Holdings Pte. Ltd. and guaranteed by APLN,
have also been upgraded to 'CCC-', from 'C', with a Recovery Rating
of 'RR4'.

The upgrade follows the completion of loan restructuring at APLN's
63%-owned subsidiary, PT Bali Perkasa Sukses, which, together with
cash from bulk land sales, satisfies APLN's impending debt
servicing requirements. Fitch does not consider the loan
restructuring as a distressed debt exchange because it does not
have features that Fitch assesses as a material reduction of loan
terms, based on its Distressed Debt Exchange Rating Criteria. APLN,
at the holding company, also had an adequate cash balance of IDR50
billion as of end-June 2020 to address the deferred loans and
interest of IDR18 billion - the second aspect in determining
whether the restructuring was a distressed debt exchange.

APLN faces the maturity of its of IDR1.8 trillion bridge loan from
private equity fund, SSG Capital Management, in March 2021, as well
as the maturity of its IDR350 billion medium-term notes (MTN) in
August 2021. It also has IDR410 billion of amortising term loans at
various subsidiaries due in the same year. APLN's rating reflects
the refinancing risk of addressing these debt maturities, with the
company depending on asset sales to make the repayments.

KEY RATING DRIVERS

Unaddressed Maturities in 2021: Fitch estimates that APLN's
internal cash flow is insufficient to address its 2021 maturities.
The company plans to repay its SSG loan using proceeds of an
investment property sale, but the sale has faced multiple delays.
It also intends to utilise undrawn committed lines from PT Bank
Maybank Indonesia Tbk (BBB/Stable) to refinance its MTNs, but there
is a risk that it may not be able to tap these lines, as the
transaction is still in discussion.

APLN's amortising term loans are also largely unaddressed, as Fitch
expects cash flow generation will stay weak at the project level.
APLN's projects are aimed at the mid-to -upper segment, for which
Fitch forecasts soft demand in 2021.

Asset Sale Pending: APLN's plan to sell an investment property has
been delayed as the buyer could not secure necessary financing in
time. The company said the buyer remains keen and is working on
alternative options to complete transaction in 2021. Fitch has not
factored in the cash proceeds in its forecast, as the transaction
has not been completed.

Adequate Liquidity at Holding Company: APLN had cash of IDR388
billion at the holding company at end-September 2020 from bulk
industrial-land sales. This was sufficient to address a IDR171
billion (USD12 million) coupon and hedging costs on its US-dollar
notes due in December and the next coupon payment in June 2021,
assuming that it generates monthly net cash flow of IDR25 billion
from its Central Park mall, against IDR13 billion in operating
expenses and IDR12 billion in interest on its mall-related loans.
However, APLN would need to upstream dividends or execute a one-off
asset sale to address the December 2021 coupon payment, which
depends on improved market conditions.

Weak Underlying Cash Flow: APLN's two large mixed-use projects in
Medan and Balikpapan require higher working capital than its
land-based projects; the two projects' aggregate construction costs
exceeded presale rates at end-September. The projects target the
mid-to-upper segment, where demand has weakened in recent years,
and buyers tend to delay purchases until project completion. APLN
has shifted its development focus to land-based projects to ease
its cash flow burden, but this is insufficient to compensate for
outflows from other projects, given its small residential township
and muted demand.

Fitch estimates that APLN will generate positive cash flow from
operation in 2020 of around IDR800 billion net of minority shares,
driven by proceeds from bulk industrial-land sales in September of
around IDR430 billion on an attributable basis. Lower constructions
outflows and an around 20% cut in employee salaries also helped
APLN to temporarily conserve cash. However, Fitch expects cash flow
to turn negative in 2021 in the absence of further bulk sales and
increasing construction pace in its mixed-use projects.

Attributable Presales, Proportionate Consolidation: Fitch
proportionately consolidates the key financials of a number of
APLN's subsidiaries to assess APLN's financial profile so that only
the company's share of presales and cash flow is reflected in its
rating-case forecast. Attributable presales, excluding bulk land
sales, represented around 70% of consolidated presales in 9M20
(2019: 70%).

Weak Links with Parent: Fitch assesses APLN as stronger entity than
its 80% parent, PT Indofica, a closely held business of the sponsor
family. APLN is Indofica's largest investment, but Fitch believes
overall linkages between the companies are weak, as protection in
bond documents and local regulatory oversight of related-party
transactions limits Indofica's access to APLN's cash and assets.
Fitch therefore rates APLN at the standalone level.

ESG - Management Strategy and Governance Structure: APLN has an ESG
Relevance Score of 4 for Management Strategy and Governance
Structure due to multiple restructurings, revealing that the
company's ability to implement its strategy has been hindered by
the constrained financial flexibility and impending risk of default
of key stakeholders, which has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

DERIVATION SUMMARY

APLN's rating is comparable with that of PT Alam Sutera Realty Tbk
(ASRI, CCC+), PT Lippo Karawaci TBK (B-/Negative) and PT Kawasan
Industri Jababeka Tbk (KIJA, B-/Stable).

APLN is rated lower than ASRI owing to unaddressed debt maturities
in 2021, versus ASRI's more manageable maturities, with its next
significant debt not due until 2022, and stronger financial
profile. ASRI's low cost and large landbank inventory also provides
higher margin buffers, while its land-based development model
allows greater cash flow flexibility to time construction with
sales, relative to APLN. APLN's mixed-use development model
necessitates higher working capital, reflected in APLN's high
leverage and negative cash flow from operation, versus ASRI's low
leverage and neutral to positive cash flow.

Lippo is rated several notches higher than APLN given its stronger
liquidity profile, with its earliest significant debt maturing in
2025, and sufficient cash on hand to meet interest and operating
costs over the next 18 months. Fitch expects Lippo to post stronger
presales compared with APLN, given its renewed focus on affordable
landed housing, for which demand remains healthy despite the
current downturn. The Negative Outlook on Lippo's IDR reflects the
risk that it may face challenges in disposing of assets to boost
liquidity beyond the next 18 months.

KIJA is rated higher than APLN because of its stronger financial
and business risk profile, supported by a large and low-cost
landbank and land-based development model, which has allowed the
company to generate neutral to positive operating cash flow. KIJA
also has stronger non-development cash flow from its power plant
and dryport, which substantially covers its interest costs, as well
as stronger liquidity than APLN, with the bulk of its debt not
maturing until 2023.

KEY ASSUMPTIONS

  - Attributable presales of IDR1.0 trillion in 2020 and 1.1
trillion in 2021

  - Positive cash flow from operation (net of minority shares) of
IDR800 billion in 2020 and negative cash flow of IDR170 billion in
2021

  - No refinancing

  - No bulk or one-off sales in 2021

Recovery Rating Assumptions

The recovery rate estimate reflects Fitch's assessment of the value
of trade receivables under a liquidation scenario at a 75% advance
rate, inventory at a 75% advance rate, fixed assets and investment
properties at a 60% advance rate and investments in associates at a
100% advance rate.

Fitch assumes high inventory recovery because land is recognised at
the historical acquisition cost and the current market value is
considerably higher. Fitch deducts advances from customers and the
balance of reclaimed islets from inventory due to uncertain
development prospects.

Fitch has added committed undrawn construction facilities of IDR1
trillion to secured debt and inventory, and the net of accounts
payable and cash to secured debt.

The above assumptions result in a recovery rate corresponding to an
'RR1' Recovery Rating for APLN's unsecured notes. Nevertheless,
Fitch rates the senior notes at 'CCC-' with a Recovery Rating of
'RR4', because under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, Indonesia falls into Group D of creditor
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and a Recovery
Rating at 'RR4'.

RATING SENSITIVITIES

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

  - Ensuring pre-funded debt maturities in the next 12 months

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

  - Inability to refinance maturing debt

LIQUIDITY AND DEBT STRUCTURE

High Refinancing Risks: APLN's multiple debt restructurings in the
past two years limits its access to debt and capital market, as
does its weak liquidity and financial profile. The company has
IDR2.6 trillion of debt maturing in 2021, with a consolidated cash
balance of around IDR1 trillion and IDR800 billion in committed
undrawn facilities at end-September 2020. In addition, its
committed facilities may not be available to repay debt, as
committed lines are usually reserved for construction, and cash may
not be completely fungible given the presence of minority shares at
the projects level.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

PT Agung Podomoro Land Tbk: Management Strategy: 4, Governance
Structure: 4

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




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

ANA HOLDINGS: To Raise Up to $3.2BB as Coronavirus Roils Airlines
-----------------------------------------------------------------
Bloomberg News reports that ANA Holdings Inc. will raise as much as
JPY332.1 billion (US$3.2 billion) via an overseas share placement
as airlines around the world rush to shore up their finances amid
the coronavirus pandemic.

Japan's largest carrier, whose shares have slumped 30% this year,
will use the proceeds to repay long-term debt and buy Boeing 787
aircraft to improve its capacity "to optimize supply to demand, and
reduce negative environmental impacts," according to a statement on
Nov. 27, Bloomberg relays.

Airlines globally are mired in their worst-ever crisis as passenger
traffic plunges due to the outbreak and virus cases show no sign of
abating across the Northern Hemisphere ahead of winter, says
Bloomberg. While there's hope a Covid-19 vaccine will get people
back on planes, carriers are still expected to lose a combined $157
billion in 2020 and 2021, according to the International Air
Transport Association.

Bloomberg says ANA's move comes after the nation's other major
carrier Japan Airlines Co. last week said it would raise as much as
much as $1.75 billion in a share sale. JAL, which received a
government bailout after filing for bankruptcy a decade ago, will
offer the shares at a 3% discount. Some of the money it's raising
will be used to repay debt, with the goal of making it easier to
issue bonds or borrow funds from banks in future, a JAL official
said.

According to Bloomberg, ANA is forecasting a record net loss of
$4.8 billion for the fiscal year through March 2021. It unveiled a
restructuring plan last month that calls for, among other things,
around JPY400 billion in cost reductions by cutting procurement,
office rents, the temporary transfer of hundreds of employees to
other companies, and the retiring or halting of orders for 33
aircraft to bring the group's fleet down to 276 planes.

Although Japan's government launched a 'GoTo' domestic tourism
campaign to prop up the deteriorating economy, it hasn't been a
great success with people reluctant to travel due to fear of
catching the virus, Bloomberg says. Case numbers are spiking again
in cities such as Tokyo and Osaka and economy minister Yasutoshi
Nishimura said earlier this week the government is taking advice to
possibly halt the campaign.

Bloomberg notes that overseas visitors to Japan were down 99% in
October from a year earlier as the country largely kept its borders
shut.

Heizo Takenaka, an economist who served as a minister and is an
adviser on Prime Minister Yoshihide Suga's Growth Strategy Council,
said last week that ANA and Japan Airlines will eventually need
more support and that they should "become one," adds Bloomberg. In
neighboring South Korea, the two biggest airlines plan to merge,
with Korean Air Lines Co. hoping to acquire Asiana Airlines Inc.

                         About ANA Holdings

Headquartered in Tokyo, Japan, Ana Holdings Incorporated provides a
variety of air transportation-related services.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
5, 2020, Egan-Jones Ratings Company, on October 30, 2020,
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Ana Holdings Inc. to B+ from BB-.




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N E W   Z E A L A N D
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GENTRACK GROUP: Annual Net Loss Widens to NZD31.7 Million
---------------------------------------------------------
Radio New Zealand reports that Gentrack Group Limited has posted
another full year loss, as Covid-19 dented sales and forced the
writedown of its assets.

The company, which sells software to airports and utilities,
reported a NZD31.7 million loss, compared with a NZD3.3 million
loss a year ago, RNZ discloses.

RNZ relates that the result included a NZD34.5 million write down
in the value of its airport software and utilities businesses
because of the economic uncertainty caused by the pandemic and the
downturn in the aviation industry.

Its revenue for the year was down by 10 percent, as airport sales
fell by a fifth.

Despite that, Gentrack's recurring revenue, which it generates from
charging monthly subscription fees, grew by nearly a fifth.

According to RNZ, Gentrack chief executive Gary Miles said: "The
results reflect a tough year for our utilities and airports
customers. Pleasingly, the revenue mix and shift in annual
recurring revenues is positive".

RNZ relates that Mr. Miles, who started the top job in October,
said he saw opportunities for growth and the company's strong
balance sheet meant it was well positioned for further investment.

The company reiterated earlier forecasts for the current year, with
continued costs pressures and increasing competition.

The company is not paying a dividend, RNZ notes.

Gentrack Group Limited (NZE:GTK) -- https://www.gentrack.com/ -- is
engaged in the development, integration and support of enterprise
billing and customer management software solutions for the utility
(energy and water) and airport industries. The Company's business
segments are utility billing software and airport management
software.




=====================
S O U T H   K O R E A
=====================

MAGNACHIP SEMICONDUCTOR: Moody's Hikes CFR to B1, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded MagnaChip Semiconductor
Corporation's corporate family rating to B1 from B2.

The rating outlook is stable.

"The upgrade reflects our expectation that MagnaChip's display and
power businesses will continue to drive the company's robust
revenue growth and higher profitability in the next 2-3 years, and
that the company will, after its recent sale of the Foundry
Services Group business and Fab 4, maintain a solid financial
profile with continued positive free cash flow generation," says
Gloria Tsuen, a Moody's Vice President and Senior Credit Officer.

RATINGS RATIONALE

The B1 rating is supported by the good growth prospects for
MagnaChip's core display and power businesses, improving
profitability and healthy balance sheet with large liquidity
buffer. The company also has a business model that does not require
substantial capital spending, which will allow it to generate
positive free cash flow (FCF).

At the same time, the rating is constrained by the company's small
scale, high customer and business concentration, exposure to the
volatile and competitive consumer electronics industry, and changes
in end-customer demand.

MagnaChip is well positioned in the growing organic light-emitting
diode (OLED) display driver market where it has a strong product
lineup, while demand is increasing driven by 5G smartphones, OLED
televisions and new applications such as automotives. The company
has also upgraded its power product portfolio, focusing on
higher-efficiency and higher-margin products.

Moody's expects MagnaChip's display and power revenue to grow
8%-10% annually in 2021-2022, after a mid-single digit decline in
2020. Moody's also expects the company's adjusted EBITDA margin to
improve to 11%-12% over the next 1-2 years from around 9% in 2019
and 2020, mainly because of better product mix.

Despite a temporary increase in capital spending in 2020 and 2021
for one-time investments such as capacity expansion in Fab 3 and
investments in IT systems, MagnaChip's robust operating cash flow
will enable the company to continue to generate positive FCF.

The company completed the sale of its Foundry Services Group
business and Fab 4 in September 2020 and received approximately
$351 million in cash proceeds. It subsequently redeemed all of its
$224 million senior unsecured notes due in July 2021. Given its
currently large net cash position and ability to generate FCF,
Moody's expects the company will maintain at least $100 million of
net cash over the next 1-2 years, which will provide an adequate
buffer against external shocks.

The rating also takes into account MagnaChip's governance risk.
While the company has limited disclosures of its financial policy
and forward-looking guidance, this factor is mitigated by its
strengthened balance sheet.

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

An upgrade in the rating is unlikely over the next 2-3 years given
MagnaChip's small scale and high business and customer
concentration.

Moody's could downgrade the rating if the company's (1) adjusted
operating margin stays below 3%-5%; (2) adjusted debt/EBITDA
remains above 3.0x; (3) cash on hand falls below $100 million; or
(4) liquidity weakens.

The principal methodology used in this rating was Semiconductor
Industry published in July 2018.

MagnaChip Semiconductor Corporation is a designer and manufacturer
of analog and mixed-signal semiconductor platform solutions for
communications, Internet of Things, consumer, industrial and
automotive applications.




=================
S R I   L A N K A
=================

SIERRA CABLES: Fitch Affirms BB(lka) National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based electric cable
manufacturer Sierra Cables PLC's National Long-Term Rating at
'BB(lka)' and has simultaneously removed the Rating Watch Negative
(RWN). The Outlook is Negative.

The removal of the RWN reflects its view that Sierra's immediate
liquidity risk has eased, demonstrated by its access to new credit
lines in the first half of the financial year ending March 31, 2021
(FY21) despite the economic downturn, the rolling over of its
working-capital debt by local banks when it was due, and the
company being able to repay LKR180 million in contractual
maturities in 2QFY21, which it had previously sought to
restructure.

The Negative Outlook reflects meaningful risks the company faces in
the next 12-18 months such as slower public-infrastructure spending
and delayed new private-sector project starts on account of the
ongoing economic downturn. Fitch therefore expects the company to
face challenges in meaningfully reducing its funds flow from
operations (FFO) net leverage to below 4.0x by FY22, which is the
negative rating sensitivity for its 'BB(lka)' rating.

KEY RATING DRIVERS

Revenue to Decline: Fitch believes Sierra's revenue is likely to
drop by around 23% in FY21 to LKR4.2 billion after a significant
54% yoy fall in 1QFY21 as a result of the first country-wide
lockdown from March 20, - May 11, 2020. The company's revenue and
earnings improved yoy in 2QFY21 although Fitch thinks a slow
pick-up in revenue in the next two quarters will not be sufficient
to offset the revenue decline in 1QFY21. Fitch believes revenue
will only recover to the pre-pandemic levels of FY20 only by FY23.

Sierra's retail sales through its dealer network (22% of FY20
revenue) should benefit from recent restrictions on imported
cables, leading to a gradual recovery, although Fitch expects
revenue from projects and tenders to decline 3% and 35% in FY21,
respectively. Fitch thinks Sierra's project revenue will do better
than its government tender-based business due to a rise in project
wins and completions in 1HFY21. Government tender revenue relies
heavily on spending by Ceylon Electricity Board (AA+/Negative),
which may remain under pressure due to stretched public finances.

Risks to Infrastructure Spending: Fitch expects Sri Lanka's public
finances to remain stretched over the medium term, leading to a
likely curtailment of public-infrastructure spending to manage the
fiscal deficit, which Fitch projects at 10.4% in 2020 and 8.5% in
2021. The government's budget proposals in November 2020 included
public-infrastructure related spending increase of 150% to LKR1
trillion in 2021, although it is not clear how these projects will
be funded.

Leverage, Working Capital to Rise: Fitch expects Sierra's leverage
to rise to 5.0x in FY21 and drop to around 4.0x by FY22, reflecting
a tight rating headroom. Fitch has assumed a 50% dividend payout
over FY22-FY24 in line with the company's payout this year,
although Sierra has been able to forego dividends when operating
conditions were challenging, which may lead to leverage that is
better than its expectations.

Fitch has also factored in a lengthening of Sierra's
cash-conversion cycle due to longer receivable days as Fitch
believes the cash flow of domestic construction projects will
remain tight. The majority of Sierra's receivables are due from
private sector-led projects.

EBITDA Margins to Contract: Fitch expects Sierra's EBITDA margin to
narrow by 50bp to 10% in FY21 due to weak revenue and the
possibility of project customers negotiating harder on prices in
the current environment. Sierra margins are also susceptible to a
weakening in the local currency as it imports around 90% of its raw
materials. However, the impact on margins is mitigated by its
expectation that global copper and aluminium prices will remain
soft in FY21 amid the economic downturn. Sierra also hedges part of
its raw-material imports using forward foreign-exchange contracts.

DERIVATION SUMMARY

Sierra is the third-largest domestic copper and aluminium cable
manufacturer with a healthy product portfolio. Its smaller
operating scale and significant exposure to cyclical end-markets
are reflected in a rating that is multiple notches lower than that
of its peers, such as DSI Samson Group (Private) Limited
(BBB(lka)/Stable), and consumer-durable retailers Singer (Sri
Lanka) PLC (BBB+(lka)/Negative) and Abans PLC (BBB+(lka)/Negative).
Sierra's expansion into international markets such as Africa will
keep its medium-term business risks higher than that of its peers.

Sierra is rated on a standalone level, reflecting Fitch's
assessment of weak linkages between the company and its parent,
Sierra Holdings Private Limited, as the parent does not have
majority board representation and is not reliant on Sierra's cash
flows to service its own obligations. Fitch regards Sierra as the
stronger entity relative to its parent.

KEY ASSUMPTIONS

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

  - Revenue to decline by 23% yoy to LKR4.2 billion in FY21 and
recover by 10% yoy to LKR4.6 billion in FY22.

  - EBITDA margins to stabilise at around 10% from FY21.

  - Working-capital outflow of around LKR700 million in FY21. This
is due to its adjustment to cap trade payables at the industry
average of around 70 days due to Sierra's 180-day letter of credit
import facilities. Fitch also expects receivables to rise due to
the dampened operating environment.

  - Capex of LKR90 million in FY21 mainly for new machine purchases
towards the latter part of the year. Fitch expects capex to hover
around LKR100 million per annum in FY22-FY24.

  - Dividend payment of LKR108 million in FY21 and 50% of net
income in FY22-FY24.

RATING SENSITIVITIES

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

Fitch may revise the Outlook to Stable if the operating environment
stabilises such that Sierra's FFO net leverage falls below 4.0x by
FY22.

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

Leverage above 4.0x on a sustained basis.

Coverage falling below 1.5x on a sustained basis.

Significant deterioration in liquidity.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Sierra had LKR85 million in unrestricted cash as
of end-September 2020 compared with LKR1.4 billion in repayments
due in the next 12 months. Around LKR1.3 billion consists of
working capital lines, which Fitch expects lenders to roll over
given Sierra's healthy working-capital position. Fitch expects the
company to generate around LKR200 million in FFO in the next 12
months, comprising LKR105 million in 2HFY21 and LKR101 million in
1HFY22.

Fitch believes Sierra will be able to use new bank funding to
support working capital and capex requirements over the same
period. The company prefunded LKR108 million in dividends paid in
1HFY21 and Fitch projects around LKR50 million in dividend outflow
in FY22. This should leave sufficient FFO to meet its LKR92 million
in current maturities of long-term loans, in its view, although
there is limited headroom to absorb an earnings decline.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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