/raid1/www/Hosts/bankrupt/TCRAP_Public/201203.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, December 3, 2020, Vol. 23, No. 242

                           Headlines



A U S T R A L I A

ARKISTRUCT PTY: First Creditors' Meeting Set for Dec. 11
EQUESTRIAN AUSTRALIA: New Board 'Not In The Saddle'
EXEL GALAXY: First Creditors' Meeting Set for Dec. 11
HUNTER CAPITAL 2: 1st Creditors Meeting Set for Dec. 10
HUNTER CAPITAL: First Creditors' Meeting Set for Dec. 11

ILLAWONG PROPERTIES: First Creditors' Meeting Set for Dec. 9
QLD QIC: First Creditors' Meeting Set for Dec. 8


C H I N A

BAOSHANG BANK: Police Detains Former Top Executive
PORTER HOLDING: Has $550,000 Net Loss for Quarter Ended Sept. 30
RESORT SAVERS: Has $3-Mil. Net Loss for Quarter Ended Sept. 30
RETO ECO-SOLUTIONS: Says Substantial Going Concern Doubt Exists
SICHUAN LANGUANG: S&P Rates New Guaranteed Sr. Unsecured Notes 'B'

TAOPING INC: Has $7.9-Million Net Loss for Quarter Ended June 30
TSINGHUA UNIGROUP: Set to Meet Bondholders as Interest Comes Due
[*] CHINA: Rating Agencies Stand by SOEs Despite Default Spree


I N D I A

ACME FORMULATION: ICRA Cuts Rating on INR71.19cr Loan to B+
ADVENT ENTERPRISES: ICRA Keeps B on INR12cr Debt in Not Cooperating
AIKYA CHEMICALS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
CALL EXPRESS: ICRA Keeps B+ Debt Ratings in Not Cooperating
CHANDRALOK TEXTILE: ICRA Keeps D on INR9cr Loan in NonCooperating

DEWAN HOUSING: Global Investors Raise Concerns Over Sale
DSL INFRASTRUCTURE: ICRA Lowers Rating on INR50cr Loan to B+
EXCEL FOODS: ICRA Lowers Rating on INR14cr LT Loan to B+
FLOURISH PAPER: ICRA Lowers Rating on INR7cr Cash Loan to D
FOODS AND FEEDS: ICRA Keeps D on INR13cr Loans in Not Cooperating

GANGA DAIRY: ICRA Lowers Rating on INR13.40cr Loan to B+
GANGA DIAGNOSTIC: ICRA Keeps B+ on INR13.9cr Debt in NonCooperating
GB ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
GOPAL OIL: ICRA Lowers Rating on INR9.90cr Cash Loan to D
HINDUSTAN HYDRAULICS: ICRA Lowers Rating on INR5.10cr Loan to B+

IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating
IL&FS SECURITIES: ICRA Moves D Debt Ratings to Not Cooperating
INFRASTRUCTURE LEASING: ICRA Keeps D Ratings in Not Cooperating
K.R.K. EDUCATIONAL: ICRA Keeps C on INR30cr Loan in Not Cooperating
KRISHNA AGRO: ICRA Keeps B- Debt Rating in Not Cooperating

LAKSHMANAN ISOLA: ICRA Keeps B- Debt Ratings in Not Cooperating
MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
MALPEFRESH MARINE: ICRA Keeps B on INR10cr Loan in Not Cooperating
MANOJ TRADING: ICRA Keeps B Debt Ratings in Not Cooperating

MATHSTRAMAN MANUFACTURERS: Insolvency Resolution Case Summary
NOBLE EDUCATIONAL: Ind-Ra Lowers Loan Rating to D, Outlook Stable
NXTGEN DATACENTER: ICRA Hikes Rating on INR100cr Term Loan to B+
ORIGIN MINERALS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
PROGRESSIVE AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating

PROTAC FOODS: ICRA Keeps D on INR22cr Loans in Not Cooperating
SARVODAYA POLYMERS: ICRA Keeps B+ on INR13cr Debt in NonCooperating
SHARDA CONSTRUCTION: ICRA Cuts Rating on INR78.23cr Loan to B+
SITA POLYWEAVE: ICRA Keeps B Debt Ratings in Not Cooperating
SOLID STATE: ICRA Lowers Rating on INR4.75cr LT Loan to B+

SPEEDY MULTIMODES: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
VEE RUBBER: Insolvency Resolution Process Case Summary
ZED VITRIFIED: ICRA Keeps B+ Debt Ratings in Not Cooperating


J A P A N

MITSUBISHI CHEMICAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB


P H I L I P P I N E S

CEBU AIR: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CCC+
SAN FERNANDO RURAL: Placed Under PDIC Receivership


S I N G A P O R E

LIBRA GROUP: Inks LoI with Potential White Knight on Investment
SINGAPORE POST: Loss-Making Indian Unit Under Liquidation


X X X X X X X X

SCOUTCAM INC: Reports $1MM Net Loss for the Sept. 30 Quarter

                           - - - - -


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

ARKISTRUCT PTY: First Creditors' Meeting Set for Dec. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Arkistruct
Pty Ltd will be held on Dec. 11, 2020, at 10:00 a.m. at the offices
of Level 4, 26 Wharf Street, Brisbane, Queensland.

Travis Pullen of B&T Advisory was appointed as administrator of
Arkistruct Pty on Dec. 1, 2020.


EQUESTRIAN AUSTRALIA: New Board 'Not In The Saddle'
---------------------------------------------------
Olivia Caisley at The Australian reports that Equestrian
Australia's new-look board has been in limbo and unable to act on
key decisions to rebuild the sport since being appointed in October
due to the national body's difficulty in obtaining insurance
protecting it from potential lawsuits.

The Australian understands the administrators have been unable to
implement the Deed of Company Arrangement or act on a list of
requirements set out by Sport Australia due to the insurance issue,
which was resolved only on Nov. 27.

According to The Australian, there has been frustration behind the
scenes that the new directors have been unable to act as a
"legitimate board", speak to members or communicate their new
vision for the sport following years of turmoil.

The body entered voluntary administration in June when Sport
Australia rescinded its funding after deciding its governance had
"fallen well short of acceptable standards" following the
resignation of eight directors, including three chairs, over just
16 months, The Australian notes.

Its high-performance program was transferred to the Australian
Institute of Sport, and within days Craig Shepard and Kate Conneely
of KordaMentha were appointed administrators.

Ms. Conneely told The Australian she could not provide details of
the body's insurance policy but said they were "content" with the
arrangements in place.

"The first board was selected on October 30, 2020, in line with the
DOCA," the report quotes Ms. Conneely as saying.

"The deed administrators have spent most of November working with
the new board to complete a full and effective handover to ensure
the board is fully briefed on the administration process and the
critical elements of reform for the sport, as well as necessary
inductions concerning finance, operations and sports governance."

She said she expected the DOCA to be completed "shortly", after
which KordaMentha would resign as administrator and the board would
be "empowered to take control of EA and the sport".

In a memo to members last month, Ms. Conneely and Mr. Shepard said
49 applications had been received to fill the nine positions on the
board

"The quality and calibre of applications for the first board was
extremely pleasing for the sport of equestrian," they wrote, The
Australia relays.

"As a precursor to control of EA being handed to the first board,
the deed administrators need to place management liability
insurance for the benefit and protection of the first board . . .
upon confirmation of placement of cover, the deed administrators
will take immediate steps to hand control over to the first board,
effectuate the DOCA, and resign."

Under the original time frame of up to two months, the voluntary
administration was estimated to cost between AUD125,000 and
AUD150,000. However, that figure has since blown out to
AUD300,000.

The Australian notes that Sport Australia slammed the governing
body's failure to transparently report its progress on improving
safety standards following a coronial inquest into the deaths of
teenage riders Olivia Inglis and Caitlyn Fischer in 2016.

A spokesman said they were pleased Equestrian Australia could take
the next step towards securing a stable, democratic and
representative governance structure, The Australian relays.

"Our priority is the long-term betterment of the sport and the
welfare and safety of all EA athletes, participants, staff and
volunteers," the spokesman said. "We are also committed to ensuring
that all National Sporting Organisations which receive Australian
Government funding demonstrate good governance and leadership of
their sport."

Catherine Margaret Conneely and Craig Peter Shepard of KordaMentha
were appointed as administrators of Equestrian Australia on June 9,
2020.


EXEL GALAXY: First Creditors' Meeting Set for Dec. 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Exel Galaxy
Technology Services Pty Ltd will be held on Dec. 11, 2020, at 10:30
a.m. via telephone conference.

Petr Vrsecky and Glenn J. Franklin of PKF Melbourne were appointed
as administrators of Exel Galaxy on Dec. 1, 2020.


HUNTER CAPITAL 2: 1st Creditors Meeting Set for Dec. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hunter
Capital Investments 2 Pty Ltd will be held on Dec. 10, 2020, at
10:00 a.m. at the offices of Hamilton Murphy Advisory Pty Ltd,
Level 1, 255 Mary Street, in Richmond, Victoria.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of Hunter Capital Investments 2 on
Dec. 1, 2020.


HUNTER CAPITAL: First Creditors' Meeting Set for Dec. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hunter
Capital Investments Pty Ltd and Hunter Capital Investments 3 Pty
Ltd will be held on Dec. 11, 2020, at 9:00 a.m. and 11:00 a.m.,
respectively, at the offices of Hamilton Murphy Advisory Pty Ltd,
Level 1, 255 Mary Street, in Richmond, Victoria.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of Hunter Capital on Dec. 1,
2020.


ILLAWONG PROPERTIES: First Creditors' Meeting Set for Dec. 9
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Illawong
Properties Pty Ltd will be held on Dec. 9, 2020, at 10:30 a.m. at
Suite 1, Level 7, 28 O?Connell Street, in Sydney, NSW.

Trent Andrew Devine and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Illawong Properties on Nov. 27,
2020.


QLD QIC: First Creditors' Meeting Set for Dec. 8
------------------------------------------------
A first meeting of the creditors in the proceedings of QLD QIC TW
Pty. Ltd. in its own capacity and ATF the Skini Alt Discretionary
Trust will be held on Dec. 8, 2020, at 10:00 a.m. via
teleconference.

John Lindholm and George Georges of KPMG were appointed as
administrators of QLD QIC TW on Nov. 26, 2020.




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

BAOSHANG BANK: Police Detains Former Top Executive
--------------------------------------------------
Wang Jing and Timmy Shen at Caixin Global report that a former top
executive at troubled regional lender Baoshang Bank Co. Ltd. has
been detained by the police as part of a regulatory cleanup of the
country's first bank failure in decades.

Pan Huisheng, who was assistant president of the bank and a former
head of the lender's Shenzhen branch, was taken into custody in the
Inner Mongolia autonomous region where the bank is based, Caixin
has learned from multiple sources with knowledge of the matter.

It's unclear why Pan was detained but sources told Caixin his
transfer to police custody took place after he was recently
interviewed by an inspection team sent into the bank by the
regulator.

                        About Baoshang Bank

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

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

On Nov. 23, the China Banking and Insurance Regulatory Commission
gave its formal approval for Baoshang Bank to start bankruptcy
proceedings and asked the bank to report any major issues uncovered
during the process, according to Caixin.


PORTER HOLDING: Has $550,000 Net Loss for Quarter Ended Sept. 30
----------------------------------------------------------------
Porter Holding International, Inc. filed its quarterly report on
Form 10-Q, disclosing a net loss of $550,527 on $58,794 of net
revenue for the three months ended Sept. 30, 2020, compared to a
net loss of $297,141 on $367,553 of net revenue for the same period
in 2019.

At Sept. 30, 2020, the Company had total assets of $1,708,026,
total liabilities of $3,601,960, and $1,893,934 in total
stockholders' deficit.

Porter Holding said, "As of September 30, 2020, the Company's cash
balance was US$34,621 and its current liabilities exceed current
assets by US$2,224,755 which together with continued losses from
operations raises substantial doubt about its ability to continue
as a going concern.  The Company's operating results for future
periods are subject to uncertainties and it is uncertain if the
management will be able to achieve profitability and continued
growth for the foreseeable future.  If the management is not able
to increase revenue and manage operating expenses in line with
revenue forecasts, the Company may not be able to achieve
profitability."

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

                       https://bit.ly/2HGKetI

Porter Holding International, Inc. focuses on developing and
operating online to offline business platforms. It is developing
PT37.com, 17yugo.com, Port City, and payment platforms. The company
also provides investment and corporate management consulting, and
training services to its clients. The company is headquartered in
Shenzhen, China.


RESORT SAVERS: Has $3-Mil. Net Loss for Quarter Ended Sept. 30
--------------------------------------------------------------
Resort Savers, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $2,978,706 on $4,795,868 of revenue for
the three months ended Sept. 30, 2020, compared to a net income of
$125,304 on $3,210,091 of revenue for the same period in 2019.
At Sept. 30, 2020, the Company had total assets of $18,402,801,
total liabilities of $10,899,878, and $7,502,923 in total
stockholders' equity.

Resort Savers said, "The Company has not yet had sufficient
revenues to cover its operating cost, and requires additional
capital to commence its operating plan.  The ability of the Company
to continue as a going concern is dependent on the Company
obtaining adequate capital to fund operating losses until it
becomes profitable.  If the Company is unable to obtain adequate
capital, it could be forced to cease operations.  These factors
raise substantial doubt about its ability to continue as a going
concern.

"In order to continue as a going concern, the Company will need,
among other things, additional capital resources.  Management's
plan to obtain such resources for the Company include: sales of
equity instruments; traditional financing, such as loans; and
obtaining capital from management and significant stockholders
sufficient to meet its minimal operating expenses.  However,
management cannot provide any assurance that the Company will be
successful in accomplishing any of its plans.

"There is no assurance that the Company will be able to obtain
sufficient additional funds when needed or that such funds, if
available, will be obtainable on terms satisfactory to the Company.
In addition, profitability will ultimately depend upon the level
of revenues received from business operations.  However, there is
no assurance that the Company will attain profitability.  The
accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a
going concern."

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

                       https://bit.ly/3lbvdxW

Resort Savers, Inc. trades in oil, gas, and lubricant products in
the People's Republic of China. It also provides nutrition
consultancy services and training, as well as sells health products
through an online store. The company is based in Puchong,
Malaysia.


RETO ECO-SOLUTIONS: Says Substantial Going Concern Doubt Exists
---------------------------------------------------------------
ReTo Eco-Solutions, Inc., on Oct. 30, 2020, filed with the U.S.
Securities and Exchange Commission its annual report on Form 20-F,
disclosing a net loss of $15,097,249 on $29,551,727 of total
revenues for the year ended Dec. 31, 2019, compared to a net income
of $4,567,682 on $29,294,869 of total revenues for the year ended
in 2018.

The Company said, "The outbreak and spread of the COVID-19
throughout China and worldwide has caused significant volatility in
the PRC and international markets.  There is significant
uncertainty around the breadth and duration of business disruptions
related to COVID-19, as well as its impact on the PRC and
international economies.  To reduce the spread of the COVID-19, the
Chinese government has employed measures including city lockdowns,
quarantines, travel restrictions, suspension of business activities
and school closures.  Due to difficulties and challenges resulting
from the COVID-19 outbreak, we temporarily closed our facilities
and operations to until late March 2020.  During this temporary
business closure period, there was limited support from our
employees, delayed access to raw material supplies, reduced
customer sales orders, and our inability to promote the sales to
customers on a timely basis.  Based on assessment of current
economic environment, customer demand and sales trend, and the
negative impact from COVID-19 outbreak and spread, there is an
uncertainty that our revenue and operating cash flows may be
significantly lower than expected for fiscal year 2020.  The
above-mentioned facts raised substantial doubt about our ability to
continue as a going concern for the next 12 months from the date of
this filing.

"As of December 31, 2019, we had cash of approximately US$0.9
million.  In addition, we had outstanding accounts receivable of
approximately US$11.7 million (including accounts receivable from
third party customers of US$11.3 million and accounts receivable
from related party customers of approximately US$0.5 million), of
which approximately US$4.4 million or 37% has been subsequently
collected back during January to September 2020 (including
collection of US$3.9 million from third party customers and
collection of US$0.5 million from related party customers), and
become available for use as working capital.

"As of December 31, 2019, we had outstanding bank loans of
totalling approximately US$17.1 million from a PRC bank (including
short-term loans of approximately US$8.3 million, current portion
of long-term loans of approximately US$1.4 million and long-term
loans of approximately US$7.3 million).  Subsequent to the year
end, we repaid total of approximately US$7.3 million bank loans,
extended the loan repayment terms of approximately US$0.5 million
bank loans, and also borrowed additional approximately US$5.0
million new bank loans.  Management expects that it would be able
to renew all of its existing bank loans upon their maturity based
on past experience and our Company's good credit history.

"Currently, we are working to improve its liquidity and capital
source mainly through cash flow from its operations, renewal of
bank borrowings and borrowing from related parties.  In order to
fully implement its business plan and sustain continued growth, we
may also seek equity financing from outside investors.  At the
present time, however, we do not have commitments of funds from any
potential investors.  No assurance can be given that additional
financing, if required, would be available on favorable terms or at
all.

"Based on above reasons, there is a substantial doubt about our
ability to continue as a going concern for the next 12 months from
the date of this filing."

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $70,795,244, total liabilities of $32,840,381, and $37,954,863
in total stockholders' equity.

A copy of the Form 20-F is available at:

                       https://bit.ly/33sOrc9

ReTo Eco-Solutions, Inc. manufactures and distributes construction
materials primarily in China. Its products include aggregates,
bricks, pavers, and tiles. The company's construction materials are
used for water absorption, flood control, and water retention; for
gardens, roads, bridges, city squares, retaining walls, and slope
construction; for hydraulic ecological projects, such as slope
protection and river transformation; and for insulation,
decoration, and building walls. It also offers construction
materials manufacturing equipment, such as automated production
equipment with hydraulic integration in China, South Asia, North
America, the Middle East, North Africa, and Southeast Asia. In
addition, it provides construction solutions, including project
consulting, design, and installation. Further, the company
undertakes municipal construction projects, including sponge city
projects, sewage pipeline construction, public plaza construction,
and landscaping. It also exports its products. ReTo Eco-Solutions,
Inc. was founded in 1999 and is headquartered in Beijing, the
People's Republic of China.


SICHUAN LANGUANG: S&P Rates New Guaranteed Sr. Unsecured Notes 'B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issuance of U.S.-dollar-denominated senior unsecured notes
by Hejun Shunze Investment Co. Ltd., an indirectly owned subsidiary
of Sichuan Languang Development Co. Ltd. (Languang: B+/Stable/--).
Languang unconditionally and irrevocably guarantees the notes. S&P
believes the company will use the proceeds to refinance its debts.

S&P said, "We rate Languang's senior unsecured notes one notch
below our issuer credit rating on the company because of
significant subordination risks from secured debt. In our
calculation, the proposed notes will rank below a sizable amount of
priority debt in Languang's capital structure. As of end-June 2020,
the company had Chinese renminbi (RMB) 31.4 billion of unsecured
debt or guarantees and RMB46.5 billion of secured debt issued by
the company and its subsidiaries. The secured debt has a priority
ratio of 60%, which is above our threshold of 50%.

"We expect the proposed issuance to mildly affect Languang's
leverage, given that the proceeds would be mainly used for
refinancing purposes. The stable outlook on the issuer credit
rating reflects our view that the company will improve its cash
collection as well as maintain stable margins and leverage ratios
in the next 12 months.

"The issue rating is subject to our review of the final issuance
documentation."


TAOPING INC: Has $7.9-Million Net Loss for Quarter Ended June 30
----------------------------------------------------------------
Taoping Inc. filed its Form 6-K, disclosing a net loss of
$7,940,692 on $3,737,350 of total revenue for the three months
ended June 30, 2020, compared to a net loss of $1,822,023 on
$7,082,217 of total revenue for the same period in 2019.

At June 30, 2020, the Company had total assets of $32,285,556,
total liabilities of $24,673,246, and $7,612,310 in total equity.

The Company said, "In the first 6 months of 2020, various levels of
city lock-downs resulted in confining individual's mobility,
ceasing private and public transportations, halting vast majority
of business transactions, depleting businesses' cash flows due to
outbreak of the COVID-19 pandemic.  As a result of negative impact
to overall economy and businesses from the COVID-19 pandemic, the
Company was unable to deliver products and services and collect
outstanding trade accounts receivable as planned causing
significant decline in revenue and increase in allowance for credit
losses.  The Company incurred a net loss of approximately US$7.9
million for the six months ended June 30, 2020, compared to a net
loss of US$1.8 million for the same period of 2019.  The Company
reported negative cash flows from operations of approximately
US$1.2 million for the six months ended June 30, 2020, compared to
negative cash flows of US$0.8million from operations for the same
period of 2019.  As of June 30, 2020, the Company had a working
capital deficit of approximately US$10.0 million, compared to a
working capital deficit of US$7.0 million as of December 31, 2019.
The Company had significant accumulated deficit approximately
US$182.1 million and US$174.5 million as of June 30, 2020 and
December 31, 2019, respectively.

"In March 2020, the Company completed a financing transaction
comprising of ordinary shares, convertible notes, and warrants with
aggregate proceeds net of issuance cost and debt discount of US$1.9
million.

"In September 2020, the Company consummated a financing transaction
comprising of ordinary shares, convertible notes, and warrants with
aggregate proceeds net of issuance cost and debt discount of US$1.9
million.  Both financing activities were to increase the Company's
working capital.

"In July 2020, the Company also successfully secured two one-year
short term bank loans totaling approximately US$1.8 million to
further better liquidly.

"The Company has successfully transformed its business model from
providing IT software, hardware, and system integration services to
the public sectors to offering cloud-based ecosystem solutions to
the private sector, and generated positive cash flows from
operating activities in 2017 and 2018.  In 2020, the management
will continue to execute the existing business strategies with
focuses on selection of quality customers, collection of accounts
receivable, maintaining proper inventory level, and managing
accounts payable to enhance operating cash flows.  In addition, the
Company will aggressively develop domestic and international
markets to develop new customers.  The Company successfully grew
domestic market share reaching over 200 cities in 2019, and expects
to achieve market expansion to around 300 cities in 2020.
Moreover, with the increasing scale of the Taoping national
network, the Company expects to increase its revenue stream of
platform service in 2020.  In addition, the Company has also
advanced into international arena forming a joint venture in
Singapore, establishing a business relationship in Canada, and
exploring opportunities in other geographical regions.  With its
well established "Taoping" brand, technology platform and industry
reputation, the Company believes it has the ability to raise needed
capital to support the Company's operations and business
expansions.

"If the Company's business strategies are not successful in
addressing its current financial concerns, additional capital raise
from issuing equity security or debt instrument or additional loan
facility may occur to support required cash flows.  However, the
Company can make no assurances that financing will be available for
the amounts we need, or on terms commercially acceptable to us, if
at all.  If one or all of these events do not occur or subsequent
capital raise was insufficient to bridge financial and liquidity
shortfall, substantial doubt exists about the Company's ability to
continue as a going concern."

A copy of the Form 6-K is available at:

                       https://bit.ly/37imdCf

Taoping Inc. provides cloud-based platform, resource sharing, and
big data solutions to the Chinese new media, education residential
community management, and elevator Internet of Things (IoT)
industries primarily in the People's Republic of China.  The
company operates in two segments, Cloud-based Technology and
Traditional Information Technology.  The Company was formerly known
as China Information Technology, Inc. and changed its name to
Taoping Inc. in June 2018.  Taoping Inc. was founded in 1993 and is
headquartered in Shenzhen, the People's Republic of China.


TSINGHUA UNIGROUP: Set to Meet Bondholders as Interest Comes Due
----------------------------------------------------------------
Caixin Global reports that Tsinghua Unigroup Co. Ltd. plans to hold
bondholders' meetings next Monday [Dec. 7] and Tuesday [Dec. 8] for
two of its bonds - a CNY5 billion ($760 million) bond and a CNY750
million bond - to calm bondholders, sources with knowledge of the
matter said.

Caixin relates that the CNY5 billion bond, issued on Dec. 7, 2018,
came with a five-year maturity at a coupon rate of 5.2%. On Dec. 7,
Tsinghua Unigroup is scheduled to pay CNY260 million in interest to
the holders of the bond.

The CNY750 million bond was issued at a coupon rate of 5.85% with a
five-year maturity and will come due on March 27, 2022, Caixin
discloses.

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


[*] CHINA: Rating Agencies Stand by SOEs Despite Default Spree
--------------------------------------------------------------
Hudson Lockett at The Financial Times reports that China's credit
rating agencies are standing by their triple A scores for troubled
state-owned enterprises, even as a series of defaults reverberates
through the country's $4 trillion corporate debt market.

Just five Chinese companies out of more than 5,000 have been
downgraded to below double A ratings by domestic rating agencies
since Yongcheng Coal and Electricity Holding Group, one of the
country's largest coal groups, kicked off a spate of defaults last
month, according to data provider Wind, the FT relays.

Double A ratings are crucial in China as groups with lower ratings
cannot issue publicly traded debt, the FT notes. More than 98 per
cent of the outstanding bond issuance in the country is backed by
issuers graded double A or higher. Since it defaulted, Yongcheng
has become one of the few companies to be relegated below this
mark, the FT says.

The FT relates that Andrew Collier, managing director of Orient
Capital Research Analysts said the reluctance to downgrade
companies reflects the influence of politics in China's credit
markets. For the market's dominant state-owned enterprises, a
rating of double A or higher is often based more on the assumption
that authorities will always bail out government-linked companies
rather than on their business fundamentals. Some investors said
they do not rely on local ratings.

"China's rating agencies are even worse than [those] in the US,"
the report quotes Andrew Collier, managing director of Orient
Capital Research in Hong Kong, as saying. "They're not only
beholden to the customer but also [to] the government."

According to the FT, rating agencies such as China Chengxin or CSCI
Pengyuan apply a letter-based scale that resembles those of
international peers such as S&P Global or Fitch Ratings.

But fierce competition among Chinese agencies, most of which are
state-controlled or have government ties, leaves them with little
incentive to rate clients lower than double A or risk losing
business, the report relates.

Before November, just five Chinese SOEs had defaulted in 2020,
according to Fitch. That number has since jumped to eight, the FT
says.

"The lack of downgraded ratings is only one of the privileges
enjoyed by SOEs," said Bruce Pang, head of macro and strategy
research at investment bank China Renaissance, who points out that
state-linked groups also generally enjoy vastly better access to
capital markets than their private counterparts, the FT relays.

The FT says investors have begun viewing triple A rated debt in
China as riskier, even if rating agencies have not. The average
yield on bonds rated double A or higher has jumped about 0.4
percentage points since Yongcheng defaulted on November 10. Yields
on triple A rated debt recently rose to the highest level in a
year.

"It's going to have an impact," the report quotes Jenny Zeng,
co-head of Asia-Pacific fixed income at AllianceBernstein, of the
recent defaults and higher yields, as saying. She added that while
onshore ratings were not "completely useless . . . from a credit
perspective, I would rather just do my own work".

Analysts expect more defaults of government-linked entities in
China, with Beijing more willing to let some groups fail partly to
encourage investors to better price risks associated with these
companies, the FT discloses.

Hayden Briscoe, head of Asia-Pacific fixed income at UBS, said this
would still be unlikely to prompt a spree of material downgrades by
China's rating agencies.

But from now on, he said, investors would probably apply far more
attention to the "minuses, plusses and flats" within the double A
to triple A plus range, the FT adds.




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

ACME FORMULATION: ICRA Cuts Rating on INR71.19cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Acme Formulation Private Limited (AFPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-          71.19      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Negative) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Fund Based-          12.00      [ICRA]B+ (Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Negative) and
                                   moved to the 'Issuer Not
                                   Cooperating' category
  
   Unallocated           1.81      [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Negative) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

Rationale

ICRA has taken a consolidated view on AFPL, while assigning the
credit ratings, given the common management and significant
operational and financial linkages between the entities. Acme
Formulation holds an 81% stake in Acme Generics through direct and
indirect holdings.

The ratings downgrade is because of lack of adequate information
regarding AFPL'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
AFPL, 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.

Acme Generics LLP (AGL) was incorporated in 2014 as a partnership
firm. It was primarily established as an extended arm to AFPL to
continue to enjoy the excise exemption benefits, which expired in
March 2015 for AFPL. However, with implementation of GST in FY2016,
the excise exemption benefits are no longer applicable and thus
both companies operate similarly with strong business linkages and
the same management team. AFPL holds a majority stake in AGPL (81%
through direct and indirect holdings).

AGL's development and manufacturing capabilities cover prescription
products in solid and semi-solid dosage forms. Its manufacturing
facility is situated in Baddi (Himachal Pradesh), spread across an
area of 3.0 lakh sq. ft. The facility has an annual capacity of 13
billion tablets and two billion capsules. It is accredited by
European Union – Good Manufacturing Practice Hungary(EU-GMP
Hungary), Therapeutic Goods Administration(TGA) Australia and U.S.
Food and Drug Administration (US-FDA) particularly for
manufacturing OTC and dietary supplements.


ADVENT ENTERPRISES: ICRA Keeps B on INR12cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR12.50 crore bank facilities of
Advent Enterprises Private Limited Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term–Fund       12.50      [ICRA]B (Stable); ISSUER NOT
   Based–Dropline                  COOPERATING; Rating Continues

   Overdraft Limits                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
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.

Advent Enterprises Private Limited was incorporated in 1997 by Mr.
Dinesh Agarwal. The company commenced trading in electrical home
appliances and kitchenware under its own brand, 'Demont', from 2011
onwards. It also trades welding consumables, equipment and spares
of Indian Railways to a small extent (~2% of total revenues for
FY2015 and FY2016). Under the home appliances segment, the company
has a pan India presence, with operations primarily concentrated in
Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh.
AEPL's registered office is in Mumbai, along with a warehouse at
Palghar, near Mumbai, and branch offices in Surat, Jaipur, Indore,
Lucknow and Mumbai, to facilitate distribution. AEPL also has a few
group companies who are involved in the same business sector.


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011 by Sanjay Shah, Aikya Chemicals manufactures
manganese sulfate at its unit in Vadodara, which has an annual
production capacity of 18,000 metric tons.


CALL EXPRESS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR60.00-crore bank facilities of
Call Express Construction India Private Limited (CECIPL) continue
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-           50.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/           10.00      [ICRA]B+(Stable)/A4; ISSUER
   Short Term                      NOT COOPERATING; Rating
   Unallocated                     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.

Incorporated in 2006, Call Express Construction (India) Private
Limited is a Chennai-based real estate company involved in the
development of residential projects with the focus primarily being
on project planning and land acquisition. The company completed its
first residential project located at Sholinganallur, Chennai known
as Euphoria in March 2011. The company is currently executing its
second residential project - Ushera, which is a luxury offering.
The project is located in Sholinganallur which is in the early
stages of construction and is expected to be completed earliest by
March 2019. The construction is carried in-house lead by a group
entity.


CHANDRALOK TEXTILE: ICRA Keeps D on INR9cr Loan in NonCooperating
-----------------------------------------------------------------
ICRA said the rating for the Rs 9.32 crore bank facilities of
Chandralok Textile Industries Private Limited 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        9.32        [ICRA]D ISSUER NOT COOPERATING;
   Limits                        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.

Chandralok Textile Industries Private Limited, incorporated in
2003, is in the business of processing grey cloth for the
production of fabric used in making suitings, shirtings and dress
materials. The company's registered office is in Mumbai and its
manufacturing unit is in Bhiwandi (Maharashtra). Mr. Chandramohan
Chaudary is the key director of the company, with more than four
decades of experience in the textile industry.


DEWAN HOUSING: Global Investors Raise Concerns Over Sale
--------------------------------------------------------
The Financial Times reports that international investors have cried
foul over the sale of an insolvent finance company in India due to
concerns surrounding the auction process, casting doubt on the
effectiveness of the country's overhauled bankruptcy code.

According to the FT, the controversy stems from the auction of
shadow lender Dewan Housing Finance Limited (DHFL), a company with
about US$14 billion of debt that was taken over last year by
India's central bank, in a process widely viewed as a test of new
bankruptcy rules brought in four years ago.

Global investors Oaktree Capital Group and SC Lowy have been
competing against Indian conglomerates Piramal Group and Adani
Group to buy DHFL's assets, the report notes. All submitted bids
ahead of a mid-November deadline.

Investors said Adani Group, one of India's most powerful
conglomerates, put in a bid for parts of the business at the same
time as everyone else on November 9, the FT relays.

However, they said Adani then filed a second "unsolicited bid" for
all the assets after that deadline. Adani Group's bid of INR312.5
billion (US$4.2 billion) was only slightly higher, by INR2.5
billion, than Oaktree's, said people with direct knowledge of the
matter.

A person close to the Adani Group said all rules and regulations
were being followed, the FT relates.

The FT says the Adani Group's offer prompted the creditor committee
to hold a vote on whether to have another round of bidding in the
interest of fairness. The results of the vote are expected early
this week.

According to the FT, the episode has thrown a new spotlight on
respect for due process in India and the speed of its bankruptcy
resolution procedures at a time when the country's economic
troubles have led to a rise in distressed assets. "There is too
much nonsense going on," said a person close to one of the
international investors.

Introduced to much fanfare in 2016, India's overhauled bankruptcy
code is designed to speed up resolutions, boost recovery rates and
generally make it easier to do business in the country, the FT
relates.

At the time it was introduced, bankruptcy resolutions in India were
notoriously slow with an average recovery rate of just 25.7 cents
to the dollar. Recovery rates have significantly improved but cases
can still drag on for years, well beyond the stipulated resolution
timeline.

"What puts global investors off is  .  .  .  the
uncertainty in the resolution process," the FT quotes Pradip Shah,
head of IndAsia, a corporate finance business, as saying.  The
implementation of the bankruptcy code was "still a work in
process," he added.

Piramal Group has written to the creditors warning it may pull out
of the process entirely, Indian media reported, the FT relays.

Oaktree, Adani Group, Piramal Group and Hong Kong-based SC Lowy
declined to comment. Los Angeles-based Oaktree is one of the
world's biggest distressed debt investors with $140 billion in
assets, the FT notes.

                             About DHFL

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

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


DSL INFRASTRUCTURE: ICRA Lowers Rating on INR50cr Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of DSL
Infrastructure and Space Developers Private Limited (DSL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          50.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding DSL 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 DSL Infrastructure And Space Developers Pvt. 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 the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

DSL Infrastructure and Space Developers Private Limited (DSL) is a
Special Purpose Vehicle incorporated on 16th September 2006 to
develop an integrated IT Park, Shopping Mall and Multiplex spread
over 4.238 acres of land. DSL Infra was promoted by Sri Laxmi
Prasad Agarwal and Sri Manoj Kumar Agarwal to carry on the business
of infrastructure development. The promoters have acquired land
admeasuring 4.24 Acres situated at IDA, Uppal located on Hyderabad
- Warangal National highway [NH 202] which is in close proximity to
the fast emerging IT hub. In Phase I, the company proposes to
develop Commercial Mall and Multiplex space of 0.62 Mn sft. In
phase II, the company proposes to develop Office Space of about
0.80 Mn sft on the balance of project land.


EXCEL FOODS: ICRA Lowers Rating on INR14cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Excel
Foods Private Limited (EFPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           14.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-            0.50      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based TL                   COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

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

Rationale

The ratings are downgrade because of lack of adequate information
regarding EFPL 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 Excel Foods Private Limited (EFPL) 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.

Incorporated in 1987, Excel Foods Private Limited (EFPL) processes
and exports tropical fruit pulp (with focus mainly on products such
as Alphonso Mango Pulp, Totapuri Mango pulp, Kesar Mango pulp,
Pineapple Pulp, Guava Pulp and Papaya Pulp). It also markets
bottled jams/sauces and juices under the private label of 'Excel
Foods' catering primarily to institutions like hotels and
restaurants locally i.e. in Hubli. With its processing facility
located at Hubli, Karnataka, it is close to the mango growing belt
of the western India which extends from Ratnagiri to Dharwad. Its
peak processing capacity is 4500 MT per month. It sources both
conventionally grown fruits and organically grown fruits. From 2011
onwards, the company has completely moved away from the job work
model to its own processing and marketing of fruit pulp and juices
primarily for the export market of Europe and USA.


FLOURISH PAPER: ICRA Lowers Rating on INR7cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Flourish
Paper and Chemicals Limited (FPCL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         7.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]B+(Stable) ISSUER NOT
                                 COOPERATING and Continued to
                                 remain under the 'Issuer Not
                                 Cooperating' category

   Fund based-         1.30      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]B+(Stable) ISSUER NOT
                                 COOPERATING and Continued to
                                 remain under the 'Issuer Not
                                 Cooperating' category

   Short-term          8.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Rating downgraded from [ICRA]A4
                                 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 FPCL, 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.

FPCL was incorporated in 1995 and is engaged in manufacturing and
trading of chemicals used in paper industry. The company also
trades kraft papers as well as writing and printing paper. The
company has its manufacturing facility located in Derabassi,
Punjab.


FOODS AND FEEDS: ICRA Keeps D on INR13cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR13.00 crore bank facilities of
Foods And Feeds Continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA] D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based:        13.00     [ICRA] D; ISSUER NOT COOPERATING;
   Cash Credit                  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
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in January, 2014, Foods and Feeds (F&F) is a
partnership concern engaged in trading of wheat flour and
soya-based products like liquid lecithin, DOC (D Oil Cake) and Acid
Oil. Until FY14, the business was carried out through the
proprietorship firm in the name of Mr. Sandeep Maniyar since 2007.
In Apr-14, the assets and liabilities of the proprietorship concern
was taken over by F&F. The ownership of the firm continues to be
with the Maniyar family with Raj Maniyar and Brij Maniyar being the
other two partners, apart from the erstwhile proprietor.


GANGA DAIRY: ICRA Lowers Rating on INR13.40cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ganga
Dairy Limited (GDL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-          13.40      [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-           0.35      [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 is downgraded because of lack of adequate information
regarding Ganga Dairy Limited 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 Ganga Dairy 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.

Ganga Dairy Limited (GDL) was incorporated in 1997 by the Singh
family based out of Begusarai, Bihar. The company operates a
milk-processing unit with a capacity of five lakh litres per day
(llpd).


GANGA DIAGNOSTIC: ICRA Keeps B+ on INR13.9cr Debt in NonCooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR13.99 crore bank facilities of
Ganga Diagnostic & Medical Research Centre Pvt. Ltd. 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
   ----------       -----------    -------
   Long Term-          13.99       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Term Loan                       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 2010, Ganga Diagnostic and Medical Research Centre
Private Limited (GDMRCPL) provide radiology and pathology
diagnostic services in Raipur. The diagnostic service centre
started its commercial operations in 2012. Mr. Subhash Agarwal and
Mr. Ashok Agarwal, Raipur-based promoters of the company, are also
part of the Vandana Group of Companies, which is involved in the
steel-manufacturing business.


GB ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR46.54-crore bank facilities of GB
Engineering Enterprises Private Limited (GEEPL) continue to remain
under Issuer Not Cooperating' category'. The Long term ratings &
Short term ratings are denoted as "[ICRA]D/D ISSUER NOT
COOPERATING."

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-          24        [ICRA]D ISSUER NOT COOPERATING;
   Fund based-                   Rating Continues to remain under
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Short Term-         19.28     [ICRA]D ISSUER NOT COOPERATING;
   Non Fund based                Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-        (5.00)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term/Short     3.26      [ICRA]D/D; ISSUER NOT
   Term Unallocated              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.

G B Engineering Enterprises Private Limited is engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. The company commenced
operations in 1980 as a fabricator of structural engineering parts
to Bharat Heavy Electricals Limited (BHEL), Trichy, and had
diversified into pressure parts for boilers over a period of time.
GBEEPL has an established customer base that includes various
established domestic and overseas boiler manufacturers.


GOPAL OIL: ICRA Lowers Rating on INR9.90cr Cash Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Gopal
Oil Industries, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        9.90       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]B(Stable) ISSUER NOT
                                 COOPERATING and Continues 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
Gopal Oil Industries, 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.

Gopal Oil Industries is a proprietorship concern and was
incorporated in 1990. The firm started operations with two oil
expellers at Pandhurna in the state of Madhya Pradesh. The
manufacturing operations were expanded over the years and the firm,
as on date, has 18 oil expellers/crushers currently, a caustic wash
section and a groundnut shelling plant.


HINDUSTAN HYDRAULICS: ICRA Lowers Rating on INR5.10cr Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Hindustan Hydraulics Private Limited (HHPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          5.10        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          1.10        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-          3.80        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term–        10.00        [ICRA]A4; ISSUER NOT
   Non-Fund Based                  COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category
Rationale

The ratings downgrade is because of lack of adequate information
regarding HHPL'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 Hindustan Hydraulics 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.

Incorporated in 1971, HHPL manufactures special purpose presses,
tools and automation for press-based machines, hydraulic presses,
press brakes, and shearing machines. The company has its
manufacturing facility located in Jalandhar, Punjab.


IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR4,000 crore commercial paper
programme IL&FS Financial Services 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         4,000      [ICRA]D ISSUER NOT COOPERATING;
   Paper                         Rating continues to remain in
   programme                     the 'Issuer Not Cooperating'
                                 Category

The rating takes into account continued delays in debt servicing by
the entity. As part of its process and in accordance with its
rating agreement with IL&FS Financial Services 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.

Liquidity position: Poor
The company's liquidity is poor on back of continued delays in debt
servicing by the entity.

IL&FS Financial Services Ltd. (IFIN) is a wholly owned subsidiary
of Infrastructure Leasing and Financial Services Limited (IL&FS).
IFIN is registered as a NBFC and is the lending arm of IL&FS Group.
Infrastructure Leasing & Financial Services Limited (IL&FS) is the
holding company of IL&FS Group (302 entities). By way of an order
dated October 1, 2018 National Company Law Tribunal (NCLT) granted
approval to the Government of India (GoI) to appoint a new board of
directors for the debt resolution of IL&FS and Group companies.


IL&FS SECURITIES: ICRA Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
ICRA has moved the INR350 crore short term bank lines of IL&FS
Securities Services Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short term        100.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
   bank lines                    Cooperating' category

   Short term        250.00      [ICRA]D ISSUER NOT COOPERATING;
   Non fund based                Rating moved to the 'Issuer Not
   bank lines                    Cooperating' category

The rating takes into account continued delays in debt servicing by
the entity. As part of its process and in accordance with its
rating agreement with IL&FS Securities Services 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.

Liquidity position: Poor
The company's liquidity is poor on back of continued delays in debt
servicing by the entity.

ISSL is engaged in a range of capital market related activities
such as depository, custodial, and professional clearing services.
Small brokerage houses avail its services to maintain a demat
account for their broking clients and to act as a professional
clearing member on their behalf. As a professional clearing member,
ISSL serves as an intermediary between the brokerage houses and the
exchange houses for maintaining adequate margin cover with the
exchange houses on behalf of the trading members. ISSL also
provides smaller brokerage houses the convenience of interaction
with a single point of contact instead of transacting with multiple
exchange houses. Moreover, brokerage houses have the liberty of
placing only a single pool of margin with ISSL for all the trading
segments (like equity, futures & derivatives, commodity and
currency futures) rather than placing separate margins for each
trading segment. This helps the small brokerage houses in efficient
utilisation of their financial resources.


INFRASTRUCTURE LEASING: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR5,225 crore non-convertible
debenture, INR2,500 crore commercial paper programme and
INR350-crore bank facilities of Infrastructure Leasing & Financial
Services Limited continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible    5,225.00     ICRA]D ISSUER NOT COOPERATING;
   Debenture                       Rating continues to remain in
   Programme                       the 'Issuer Not Cooperating'
                                   category

   Commercial         2,500.00     ICRA]D ISSUER NOT COOPERATING;
   paper programme                 Rating continues to remain in
                                   the 'Issuer Not Cooperating'
                                   category

   Long Term–           350.00     ICRA]D ISSUER NOT
COOPERATING;
   Term Loans                      Rating continues to remain in
                                   the 'Issuer Not Cooperating'
                                   category

The rating takes into account continued delays in debt servicing by
the entity. As part of its process and in accordance with its
rating agreement with Infrastructure Leasing & Financial Services
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.

Liquidity position: Poor

The company's liquidity is poor on back of continued delays in debt
servicing by the entity.
  
IL&FS Limited was incorporated in 1987 with the objective of
promoting infrastructure projects in the country. IL&FS was
promoted by the Central Bank of India (CBI), Housing Development
Finance Corporation Limited (HDFC) and Unit Trust of India (now,
Specified Undertaking of Unit Trust of India - SUUTI). While SUUTI
has largely exited (stake of 0.82% as on March 31, 2019), the
shareholding has broadened over the years with the participation of
many institutional shareholders. As on March 31, 2019, Life
Insurance Corporation of India (LIC) and ORIX Corporation Japan
were the largest shareholders in IL&FS with their stake holding at
25.34% and 23.54% respectively, while Abu Dhabi Investment
Authority (ADIA), HDFC, CBI and SBI stake holding are at 12.56%,
9.02%, 7.67% and 6.42% respectively. Over the years IL&FS' focus
has steadily shifted from project sponsorship to that of project
advisory and project facilitator for development and implementation
of projects. IL&FS acts as the main holding company of the IL&FS
Group with most business operations domiciled in separate
companies. IL&FS's Group companies are currently involved in
infrastructure related project sponsorship, development & advisory,
investment banking, corporate advisory, asset management and
advisory services in environmental and social management, with
presence across sectors like surface transportation, urban
infrastructure, energy (thermal and renewable), education, maritime
& ports etc.


K.R.K. EDUCATIONAL: ICRA Keeps C on INR30cr Loan in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR30.00-crore bank facilities of
K.R.K. Educational Trust (KRKET) continues to remain under Issuer
Not Cooperating' category'. The Long term ratings are denoted as
"[ICRA]C ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term–Fund     30.00      [ICRA]C; ISSUER NOT
COOPERATING;
   Based-Term Loan               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.

K.R.K Educational Trust is an educational and charitable trust
established in 2007 to impart professional education to students in
Tamil Nadu. The trust owns and manages 'OAS Institute of Technology
and Management', situated in Pulivalam Village near Tiruchirapalli,
Tamil Nadu. The trust is promoted by Dr. K.R. Ilanghovan, Mrs. I.
Rajalakshmi and Mr. K. Ramajayam. The trustees have more than 30
years of professional experience. Mr. K.R. Ilanghovan is also the
founder of two technology companies - Omne Agate Systems Private
Limited and OAS Digital Infrastructure Private Limited, which are
mainly engaged in providing solutions to the energy sector.


KRISHNA AGRO: ICRA Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR7.00 crore bank facilities of Shri
Krishna Agro Industries (SKAI) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]
B- (Stable)/[ICRA] A4; ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-         5.00        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Unallocated         2.00        [ICRA]B-(Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Ratings continue 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.

SKAI is a proprietorship firm engaged in processing of rice bran
with a product mix comprising crude rice bran oil and deoiled rice
bran. Established in September 2011, the firm operates from its
production unit located at Nissing in Karnal district of Haryana
with an installed capacity of 75,000 metric tonnes per annum
(MTPA). Mr. Ved Prakash, the promoter of the firm, has been in the
business of rice milling for over three decades by virtue of his
association with the entities named Mansa Devi Agro and M. D
Solvents (known as Mansa Group in Karnal) which are engaged in
similar line of business.


LAKSHMANAN ISOLA: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR8.95-crore bank facilities of
Lakshmanan Isola Pvt Ltd (LIPL) continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           7.75       [ICRA]B- (Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

   Short Term-          0.70       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  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
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.

Lakshmanan Isola Pvt Ltd (Laksola), was established in 1976 in
collaboration with Swiss Insulating Works (Isola), to manufacture
mica-based insulating materials for electrical insulations. Later
on, the shares of Isola were bought back by the promoters, and
currently Laksola is a part of the Senapathy Group of Companies,
which has over 4 decades of experience in the field of electrical
insulation. The process of manufacturing involves generating mica
pulp through chemical and mechanical means to produce mica paper.
The mica paper is then laminated with various reinforcing
substrates like glass fabric or other materials to make the
insulation tapes. Laksola's mica tapes are used for insulation
needs of high-voltage equipments such as power generators, AC and
DC motors, traction motors, wind turbine generators, commutators
and Fire Resistant cables. Laksola has one manufacturing facility
in Karnataka. They cater to the clients based out of Germany,
Austria, Switzerland and India.


MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR7.00-crore bank facilities of
Mahalaxmi Cashew Industries continue to remain under 'Issuer Not
Cooperating' category'. The 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
   Crash Credit                    to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-           1.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/                     COOPERATING; Rating continues
   Term Loan                       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
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.

Mahalaxmi Cashew Industries is a partnership firm that processes
raw cashew nuts (RCN) to cashew kernels. The firm also trades in
RCN to an extent. It was established in 1996 and has its
manufacturing unit in Chandgad, Maharashtra with an installed
capacity of 6MT per day. MCI sources its RCN from local traders and
resellers as well as through imports from Benin, Tanzania and
Indonesia. The firm sells the processed kernels primarily to
wholesale dealers within India.


MAHESH AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR24.05 crore bank facilities of
Mahesh Agri Exim Private Limited continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA] D
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund based        21.00      [ICRA] D; ISSUER NOT COOPERATING;
   EPC (Stocks)                 Rating Continues to remain under
                                issuer not cooperating category

   Fund based         1.00      [ICRA] D; ISSUER NOT COOPERATING;
   EBD/EBN/EBP                  Rating Continues to remain under
                                issuer not cooperating category

   Fund based        (9.00)     [ICRA] D; ISSUER NOT COOPERATING;
   Advance against              Rating Continues to remain under
   bills sent on                issuer not cooperating category
   collection
   bases (within
   EPC)             
                                
   Non Fund Based     1.25      [ICRA] D; ISSUER NOT COOPERATING;
   Limits–Bank                  Rating Continues to remain under
   Guarantee                    issuer not cooperating category

   Non Fund Based     0.80      [ICRA] D; ISSUER NOT COOPERATING;
   Limits–Forward               Rating Continues to remain under
   Contract                     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.

Mahesh Agri Exim Private limited (MAEPL) was incorporated in 1997
by Mr. Hirji Thakker and Mr. Mahesh Thakker to carry out agri
commodity trading. MAEPL is primarily engaged in the trading of
oilseeds, chick peas, pulses, beans, cereals, oilseeds, spices,
grains, animal feed and bird feed.


MALPEFRESH MARINE: ICRA Keeps B on INR10cr Loan in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Malpefresh Marine Export Private Limited continue to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           10.00      [ICRA]B (Stable) ISSUER NOT
   Fund Based TL                   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
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of noncooperation by a rated entity available at
www.icra.in.

Malpefresh Marine Export Private Limited, located in Kundapura
Taluk situated at the centre of Karnataka's coastal belt, was
incorporated in October 2014. The company is currently in the
set-up phase with around 80% of the project yet to be completed.
The expected Commercial Operation Date is January 2017. The company
would be engaged in exporting of processed seafood to Southeast
Asian countries like Malaysia, Singapore, Taiwan and Hong Kong
among others, China, Middle East and African countries. The
varieties of fish to be exported include Cuttle Fish, Mackerel,
Squid, Reef Cod, Ribbon Fish, Sardine Fish and King Fish.


MANOJ TRADING: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR30.00 crore bank facilities of
Manoj Trading Co. continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+ (Stable)/A4 ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         30.00      [ICRA]B (Stable) ISSUER NOT
   Fund Based-                   COOPERATING; Rating continues
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category

   Short term–       (1.00)      [ICRA]A4; ISSUER NOT
   Fund Based–                   COOPERATING; Rating Continues
   Cheques/DD                    to remain under issuer not
   Purchases                     cooperating category
   (Sublimits)       

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.

Manoj Trading Company is a proprietorship concern which sells
cotton and polyester-based saris manufactured on an external job
work basis. Mr. Manoj Jain is the proprietor of the firm who has
been involved with this business since 1983. The firm has its
registered office located at Kalbadevi, Mumbai.


MATHSTRAMAN MANUFACTURERS: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: M/s. Mathstraman Manufacturers and
        Traders Private Limited
        Plot No. 71 & 72
        Major Industrial Estate
        Kalamassery Industrial Estate P.O.
        South Kalamassery, Ernakulam
        Kerala PIN 683109

Insolvency Commencement Date: November 20, 2020

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: May 20, 2021

Insolvency professional: Mr. K Easwara Pillai

Interim Resolution
Professional:            Mr. K Easwara Pillai
                         Vijayakumar & Easwaran
                         Chartered Accountants
                         6th Floor
                         Amrita Trade Towers
                         S A Road, Pallimukku
                         Kochi, Kerala 682016
                         E-mail: keaswaran@gmail.com

Last date for
submission of claims:    December 7, 2020


NOBLE EDUCATIONAL: Ind-Ra Lowers Loan Rating to D, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating of
Noble Educational Trust's (NET) bank facilities to 'IND D' from
'IND BB'. The Outlook was Stable.

The detailed rating actions are:

-- INR69.28 mil. Term loans (Long-term) due on March 31, 2025
     downgraded with IND D rating; and

-- INR2.50 mil. Fund-based working capital (Long-term) downgraded

     with IND D rating.

KEY RATING DRIVERS

The downgrade reflects NET's delays in debt servicing over the
three months ended November 2020 due to a stretched liquidity
position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

NET was established as Public Charitable Trust in 2002 by Dr. A S A
Jerald Gnanarathinam. The trust manages Noble Matriculation Higher
Secondary School (NMHSS) in Aruppukottai, Tamil Nadu, which
provides education to K-12 students. NET also established a college
- Noble College of Arts & Science for Women in July 2018.


NXTGEN DATACENTER: ICRA Hikes Rating on INR100cr Term Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of NxtGen
Datacenter and Cloud Technologies Private Limited (Nxtgen), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          100.0      [ICRA]B+ (Stable); upgraded
   Term Loan                       from [ICRA]D

   Fund based-           15.0      [ICRA]B+ (Stable); upgraded
   Cash Credit                     from [ICRA]D

Rationale

The upgrade in ratings factors in the improvement in debt servicing
track record by NxtGen. The ratings continue to factor in the
favorable presence of the company's data center (DC) and cloud
business operations in Bangalore further the ratings are also
supported by the positive industry demand outlook reflecting
healthy growth potential of Nxtgen. The rating draws comfort from
the longstanding experience of the company's promoter group and the
management team in the telecom/datacenter industry. Additionally,
the company's diversified customer profile across business segments
lends comfort.

ICRA, however, takes note of the stretched liquidity position of
the company as reflected by the extended credit period provided by
the suppliers, fully utilised working capital limits and limited
cash levels. Given the high capex intensity of the business in the
initial years of operations and associated debt availed, Nxtgen's
financial profile is modest characterised by losses and weak cash
flows. Moreover, high debt repayment obligations over near to
medium term necessitate substantial profit improvement on the back
of higher occupancies and alternatively refinancing. ICRA also
notes the company's exposure to high competitive intensity as is
prevalent in the business though mitigated to an extent by existing
good client relationships. The risk of breach of data security /
technical break-downs could also impact the reputation of the DC
and cloud players.

The Stable outlook reflects ICRA's expectations that Nxtgen will
continue to benefit from the extensive experience of its promoters
in the DC and cloud business and the healthy industry outlook.
Going forward, apart from improvement in liquidity position, the
company's ability to ramp up its operations by better rack
utilization enabling it to generate adequate cash accruals and
improve its debt coverage metrics will remain crucial.

Key rating drivers

Credit strengths

* Favorable geographical presence and uuninterrupted power supply:
Nxtgen hosts its Tier 3 High Density Datacenter or HDDC in Bidadi,
Bangalore which is home to a large number of software companies.
Also, low seismic risk, available talent pool, relatively favorable
weather and strong demand potential in the region positively
influences demand. As availability of uninterrupted power remains
critical to operations, the company has tied up with a partner for
the supply of power at a concessional rate. It also has assets in
Ahmedabad, Faridabad and Mumbai through strategic tie up with
Bharat Sanchar Nigam Limited (BSNL).

* Healthy demand outlook for DC and cloud business: With increased
focus on mobility and big data activities in India, software
defined networking has highest adoption rate amongst corporates.
Also, storage modernization and efficient storage options have
paved way for cost optimization initiatives for corporates creating
positive outlook for the data center industry, more so post
occurrence of the Covid pandemic. Regulatory support from the
Indian government on data localisation has also bolstered business
potential. The company's majority revenues is derived from its
cloud segment.

* Diversified customer profile: The company has a total clientele
of more than 500 customers across various industries including both
government entities and private enterprises. The company's tie up
with BSNL enables it to execute projects for various government
departments. Private enterprises include entities in entertainment,
financial services and manufacturing entities among others. The
large investments made by customers and the downtime risks
associated with shifting result in high customer stickiness in DC
business.

* Long experience of promoter group and management team: The
promoter group has rich experience in the field of IT/data center
industry which support growth prospects.

Credit weaknesses

* Limited track record of operations: The company has been heavily
investing in its infrastructure since inception in 2012 and due to
the long gestation period of the business, the company is yet to
turn profitable on a net profit basis. As of September 2020, the
company's Bangalore data center occupancy was at 60% which improved
from 47% occupancy in March 2020. Further the company expects to
keep adding more enterprise clients which would also aid in
improving the profitability of the company.

* Modest financial profile characterized by weak return metrics and
stretched working capital position: Nxtgen's operating margins are
healthy in the range of 23-24 % in FY2020, rising to to 25% in
H1FY2021 on a provisional basis. However, high interest outgo along
with depreciation continues to result in net losses. The company's
DSCR was weak at 0.8 time in FY2020 due to the higher debt
repayment obligations. Additionally, the working capital position
of the company is stretched as indicated by stretched creditors
(TOL/TNW of 3.5 times as on Sep 2020), fully utilised working
capital limits and limited cash levels.

* Exposed to breach of data impacting reputation of DC as an
industry: Confidentiality, integrity and availability remain
critical to operations and the reputation of the DC. However,
strategic tie ups to mitigate the risks associated with breach of
data security and technical break-downs at its DCs lend comfort.
Additionally, it is to be noted that NxtGen has maintained the
uptime as per the service level commitment and never went down
since the inception.

* Competition from other established players: Given the high demand
potential this industry has witnessed entry of various new players
which keeps the competitive intensity high for the company.

Liquidity position: Stretched

The company's liquidity position is stretched as evident from the
high reliance on the working capital borrowings, high funding from
creditors and modest cash levels. As of September 2020, company's
cash credit limits are almost fully utilised leaving limited
undrawn buffer. The company has high debt repayment obligations in
the near to medium term. The company had availed the first
moratorium of three months upto May 2020 on its principal
obligations.

Rating sensitivities

Positive triggers – ICRA may upgrade Nxtgen's ratings if
sustained improvement in its revenues leads to improved net
profitability and coverage indicators. Specific credit metric that
could lead to an upgrade of ratings include DSCR of more than 1.1
times on a sustained basis. Further improvement in liquidity will
be a key rating trigger.

Negative triggers – Negative pressure on the ratings may arise,
if the company's fails to show improvement in its return metrics
which would weakens its liquidity position and debt coverage
metrics. Specific credit metric that could lead to a downgrade of
ratings include TOL/TNW of more than 3.5 times.

NxtGen Datacenter and Cloud Technologies Private (Nxtgen) Limited
was initially incorporated as PVRR Data City Private Limited on
21st March 2012 with the primary objective of setting up a
Datacenter. The Company is promoted by Mr. A S Rajgopal, Mr.
Prasad, Mr. Ritesh Khandelwal & Mr. Viral Thakkar. The Company has
set up a high efficiency and highdensity data centre (HDDC) in
Bangalore. The Company is primarily providing Enterprise Cloud
Services (ECS) which account for a significant amount of its
topline. Nxtgen has multiple strategic tie ups and provides add-on
services ranging from procurement to artificial intelligence to
disaster recovery which supports its revenue prospects.

In FY2020, the company reported a profit after tax (PAT) of
INR-15.3 crore on an OI of INR153.6 crore, compared to a PAT of
INR-16.5 crore on an OI of INR146.0 crore in FY2019. In H1 FY2020,
on a provisional basis, the company has clocked a revenue of INR88
crore with a PAT of INR-1.54 crore.


ORIGIN MINERALS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Origin Minerals
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 now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR350 mil. Non-fund-based limits maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR50 mil. Proposed fund-based working capital limit withdrawn

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

-- INR550 mil. Proposed non-fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Origin Minerals was incorporated in April 2013 and is engaged in
trading coal, electronic goods, bitumen and its products, iron ore,
rock phosphate & fertilizers, base oil.


PROGRESSIVE AUTOMOBILES: ICRA Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR17.00 crore bank facilities of
Progressive Automobiles 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
   ----------       -----------    -------
   Long Term-          9.70        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          7.30        [ICRA]B+ (Stable)/A4 ISSUER
   Short Term-                     NOT COOPERATING; Rating
   Unallocated                     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 August, 2015, Progressive Automobiles Private
Limited (PAPL) is a sole authorised dealer of Tata Motors Limited
(TML) in Tripura and deals in the entire range of commercial
vehicles manufactured by TML. The company commenced its operations
in February 2016 with a 3S (sales-service-spares) facility in
Agartala. The workshop facility of the company houses 11 workshop
bays and two accident bays. In addition to this, PAPL also operates
five customer touch-points across Tripura.


PROTAC FOODS: ICRA Keeps D on INR22cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR22.00-crore bank facilities of
Protac Foods International Private Limited (PFIPL) continue to
remain under 'Issuer Not Cooperating' category'. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Long Term-       4.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                  Rating continues to remain in
   Cash Credit                 the 'Issuer Not Cooperating'
                               Category

   Long Term-      18.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                  Rating continues to remain in
   Term Loan                   the 'Issuer Not Cooperating'
                               category

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

Incorporated in February 2014, PFIPL started its commercial
operations from July 2016. The company is engaged in processing of
poultry birds for production of dressed and frozen chicken. The
product portfolio of the company consists of fresh chilled chicken,
frozen chicken, chicken cut parts (whole, boneless and portions)
and ready to eat product(marinated chicken pieces). The company's
processing plant is located in Kolar district of Karnataka and has
an installed capacity of processing 6000 birds per hour. However,
with certain capital expenditure yet to undertaken, the current
operational capacity stands at 2500 birds per hour. As per
provisional results for FY2017, the company reported a net loss of
INR5.64 crore on an operating income of INR10.96 crore for the
period from July 2016 to November 2016.


SARVODAYA POLYMERS: ICRA Keeps B+ on INR13cr Debt in NonCooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR13.00 crore bank facilities of
Sarvodaya Polymers Pvt Ltd 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          8.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       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.

Sarvodaya Polymers Pvt. Ltd. (SPPL) was incorporated in 2011 by
members of the Anjana family. The company is engaged in the
business of manufacturing polypropylene (PP) woven sacks and the
manufacturing facility of the company is located in RIICO
Industrial Area in Nimbahera, District (Rajasthan). The company
commenced its manufacturing operations during FY13. The promoter
group of SPPL has been involved in various businesses such as
construction, real estate, edible oil extraction and limestone
mining. The promoters do not have any previous experience in
manufacturing of PP woven bags and entered into this business owing
to the large number of cement manufacturers (which are the end
consumers of PP woven bags) located in this region.


SHARDA CONSTRUCTION: ICRA Cuts Rating on INR78.23cr Loan to B+
--------------------------------------------------------------
ICRA has downgraded the ratings for the INR222.30 crore bank
facilities of Sharda Construction And Corporation Pvt. Ltd. and
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based–       78.23       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                     COOPERATING/Rating downgraded
                                 from [ICRA]BB+ (Stable) and
                                 Continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long term–        33.00       [ICRA]B+(Stable) ISSUER NOT
   Fund based                    COOPERATING/Rating downgraded
   Working Capital               from [ICRA]BB+ (Stable) and
                                 Continues to remain under
                                 'Issuer Not Cooperating'
                                 category
   
   Long term–       100.00       [ICRA]B+(Stable) ISSUER NOT
   Non Fund Based                COOPERATING/Rating downgraded
                                 from [ICRA]BB+ (Stable) 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–       1.00        [ICRA]A4 ISSUER NOT
   Non Fund based                COOPERATING/Rating downgraded
                                 from [ICRA]A4+ and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Long term/       0.07         [ICRA]B+(Stable)/A4 ISSUER NOT
   Short term–                   COOPERATING/Rating downgraded
   Unallocated                   from [ICRA]BB+ (Stable)/A4+
                                 and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

The Long-Term rating downgrade is because of lack of adequate
information Sharda Construction And Corporation Pvt. Ltd.
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 Sharda Construction And
Corporation Pvt. 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 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Sharda Construction and Corporation Pvt. Ltd. (SCCPL) was
constituted to undertake civil construction and related business in
1994 by Mr. Ganpati Baliram Morge as a partnership firm which was
subsequently converted into a private limited company in April
2009. Currently, the operations of the company are managed by Mr.
G.B. Morge who has an experience of over a decade in the civil
construction industry. SCCPL is primarily engaged in civil
construction of sewage canals, dams, tunnels, barrages, roads etc.
for government departments of Maharashtra and Karnataka. Apart from
civil construction, the company has also set-up three solar plants
of 10MW, 7MW and 4MW respectively in Latur & Santpur region.


SITA POLYWEAVE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR8.00 crore bank facilities of Sita
Polyweave Pvt. Ltd. continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA] A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          0.95       [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Term Loan            4.65       [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Unallocated         2.40        [ICRA]B (Stable)/[ICRA] A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Incorporated in 2014, SPPL is engaged in manufacture of Knitted
fabrics. The company has both registered office and manufacturing
unit in Surat which is one of the biggest textile hubs in Gujarat.
The company is jointly managed by the Kanodia and Agarwal family.


SOLID STATE: ICRA Lowers Rating on INR4.75cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Solid
State Systems Private Limited (SSSPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         4.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                    COOPERATING; Rating downgraded
   Cash Credit                   from [ICRA]BB- (Stable) and
                                 continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category
                                 
   Long Term-         3.20       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                    COOPERATING; Rating downgraded
   Term Loan                     from [ICRA]BB- (Stable) and
                                 continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-        3.51       [ICRA] A4 ISSUER NOT
   Non-Fund Based                COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

The ratings are downgraded because of lack of adequate information
regarding SSSPL 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 Solid State Systems 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.

Solid State Systems Private Limited (SSSPL), founded in 1972 by
Late Mr. Irshad Basith, manufactures metalised polypropylene (MPP)
film capacitors. It also manufactures aluminum cans, poly-urethane
resin and MPP film, which are components for manufacturing
capacitors. It has quality certifications, including ISO 9001-2000,
ISO 14000 and ISO 18000the American UL Certification, the European
ENEC Certification (for lighting capacitors) and the S1 and S2
Certification from International Electrotechnical Commission (IEC).
At present, the company is run by its directors, Mr. Omer
Basith,Mr. Jawad Basith, Mr. Naushad Hasan, and Mr. Iqbal Basith.
It has an installed capacity to manufacture 10 million pieces per
annum at its manufacturing facility located at Hoskote, Bangalore.


SPEEDY MULTIMODES: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Speedy
Multimodes 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 BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR5 mil. Fund-based limits maintained in non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR340 mil. Non-fund-based limits maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR75 mil. Proposed non-fund-based limits* is withdrawn.

*The rating has been withdrawn since the instrument was
outstanding for over 180 days

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1986 as Speedy Transport Private Limited, the
company initially provided transport solutions within Mumbai port.
In December 2005, the company was awarded a contract to operate and
manage as a container freight station at Jawaharlal Nehru Port for
an initial period of 20 years and an extension of another 10
years.


VEE RUBBER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Vee Rubber India Private Limited
        Rev. Block No. 510, 511, 514 and 516
        Village - Kunpur
        Taluka - Mandal Kunpur
        Ahmedabad GJ 382130

Insolvency Commencement Date: November 24, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 23, 2021

Insolvency professional: Tejas Shah

Interim Resolution
Professional:            Tejas Shah
                         B 201, Narayan Krupa Avenue
                         Opp. Prernatirth Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9/B, Vardan Complex
                         Lakhudi Circle
                         Navrangpura
                         Ahmeadbad 380014
                         E-mail: iptejaskshah@gmail.com

Last date for
submission of claims:    December 10, 2020


ZED VITRIFIED: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR34.12 crore bank facilities of Zed
Vitrified Private Limited Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable)/A4 ISSUER NOT COOPERATING".

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

   Fund-based-        10.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Non-fund based-     4.50      [ICRA]A4; ISSUER NOT
   Bank Guarantee                COOPERATING; Rating Continues    
                                 to remain under issuer not
                                 cooperating category

   Non-fund based      0.06      [ICRA]A4; ISSUER NOT
   Credit Exposure               COOPERATING; Rating Continues
   Limit                         to remain under issuer not
                                 cooperating category

   Unallocated         9.60      [ICRA]B+ (Stable)/[ICRA]A4;
   Limit                         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
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.

Zed Vitrified Private Limited (ZVPL) was incorporated in 2010, and
its commercial production commenced in April 2011. The company is
owned and managed by Mr. Karmshi Patel, Mr. Dayalji Patel, Mr.
Ashok Kumar Rangpariya, Mr. Mahesh Rangpariya and Mr. Manish Patel.
ZVPL manufactures vitrified tiles and glazed vitrified tiles of
sizes 600mmx600mm and 600mmx1200mm, which find wide application in
commercial and residential buildings.




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

MITSUBISHI CHEMICAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB
------------------------------------------------------------------
Egan-Jones Ratings Company, on November 27, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsubishi Chemical Holdings Corporation to BB from
BB+.

Headquartered Chiyoda City, Tokyo, Japan, Mitsubishi Chemical
Holdings Corporation manufactures and distributes chemical
products.




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

CEBU AIR: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CCC+
--------------------------------------------------------------
Egan-Jones Ratings Company, on November 23, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air Incorporated to CCC+ from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered in Pasay, Philippines, Cebu Air Incorporated operates
an airline which provides air transportation services.


SAN FERNANDO RURAL: Placed Under PDIC Receivership
--------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited San Fernando Rural Bank, Inc. from doing business in the
Philippines through MB Resolution No. 1514.A dated Nov. 26, 2020.
The MB also directed the Philippine Deposit Insurance Corporation
(PDIC) as Receiver to proceed with the takeover and liquidation of
the bank. PDIC took over the bank on Nov. 27, 2020.

For the safety of the bank clients, local residents, and PDIC
personnel, the PDIC field personnel will comply with the health
protocols of the Corporation and the City of San Fernando including
Covid-19 testing and observance of quarantine period. They will
resume takeover operations in the bank premises on Dec. 7, 2020.

San Fernando Rural Bank, Inc. is a single-unit rural bank located
at G/F Safer Bank Bldg., A. Consunji St., Brgy. Santo Rosario
(Pob.), City of San Fernando, Pampanga. Latest available records
show that as of March 31, 2020, San Fernando Rural Bank, Inc. has
1,349 deposit accounts with total deposit liabilities of PHP76.6
million, of which 80.5% or PHP61.7 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual account holders of valid deposits with balances of
PHP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with San Fernando Rural Bank,
Inc. These individual depositors must ensure that they have
complete and updated addresses with the bank. Mailing Address
Update Forms (MAUF) will be made available at the bank premises and
may be downloaded from the PDIC website, www.pdic.gov.ph, for
update of depositors' addresses. Depositors may submit the forms
until December 14, 2020, either through the dropbox available at
the bank premises, or by sending a scanned copy of said Form and
valid ID to email address, saferbankpad@pdic.gov.ph

Insurance payments for valid deposits with balances of
PHP100,000.00 and below will be made through postal money order and
targeted to be sent via mail starting on Dec. 21, 2020.

For business entities and all other depositors who are required to
file claims for insured deposit, receiving of claims is targeted to
start by Dec. 22, 2020. Details will be announced through the PDIC
website www.pdic.gov.ph, and PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed San Fernando Rural Bank, Inc. and to
transact only with designated PDIC representatives. The procedures
for settlement of loan obligations are available in the PDIC
website.

For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
virtual Depositors-Borrowers' Forum scheduled on December 21, 2020.
Details of the Forum will also be announced in the PDIC website and
Facebook page.

As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating San Fernando Rural Bank, Inc. Letters of
intent should be submitted within 60 days from takeover date
subject to compliance with the requirements prescribed under the
Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks which can be accessed in the PDIC
website.

To ensure the safety of all concerned and observance of health
protocols, all clients of the bank may communicate with PDIC
through any of the following modes: Public Assistance Hotline
during office hours at (02) 8841-4141, Toll-Free Hotline at
1-800-1-888-PDIC (7342) during office hours for those outside Metro
Manila, e-mail to saferbank-pad@pdic.gov.ph or Facebook private
message. In view of the strict health protocols, visits to the PDIC
will be on appointment basis only. Appointment schedule may be
secured through telephone, email or Facebook private message.




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

LIBRA GROUP: Inks LoI with Potential White Knight on Investment
---------------------------------------------------------------
Sharanya Pillai at The Business Times reports that distressed Libra
Group has entered a letter of intent (LOI) with SMTM Investment, a
potential white knight, for a SGD6 million investment, the
Catalist-listed firm disclosed in a Dec. 1 bourse filing.

BT relates that the SGD6 million injection would be used to
restructure Libra and its wholly-owned unit Kin Xin Engineering. It
would comprise a SGD3 million tranche to subscribe for new ordinary
shares in the capital of Libra and a SGD3 million working capital
loan.

Under the equity tranche, SGD1 million would be used to fund the
scheme of arrangement for Libra and its creditors, and SGD1.3
million for that of Kin Xin; SGD700,000 would be retained as
working capital for the restructured entity, the report says.

Under the loan, SGD1.3 million would be extended as rescue
financing to Kin Xin, and the remainder, as a working capital loan
to Libra and/or Kin Xin.

SMTM is "an unrelated third party" of Libra and does not hold any
of its shares, Libra said. The parties intend to finalise
definitive agreements by Jan. 15, BT notes.

                         About Libra Group

Libra Group Limited provides integrated M&E services as a
sub-contractor. The Company's services include the contracting and
installation of ACMV systems, fire alarms and fire protection
systems, electrical systems as well as sanitary and plumbing
services. Libra also manufactures and sells ACMV related products.

In October 2019, the Singapore High Court has granted Libra Group a
six-month reprieve against its creditors, according to The Business
Times. Libra's creditors include UOB, which issued a letter of
demand on Oct. 8, 2019, for US$18.8 million, and Maybank Singapore,
which on Sept. 3, 2019, issued a letter of demand to possess
Libra's property at 34 Sungei Kadut Loop.


SINGAPORE POST: Loss-Making Indian Unit Under Liquidation
---------------------------------------------------------
Sharanya Pillai at The Business Times reports that the India unit
of Quantium Solutions (QS), the e-commerce logistics business of
Singapore Post (SingPost), has been placed under voluntary
liquidation, the mainboard-listed firm announced in a Dec. 1 bourse
filing.

The Business Times understands that the 66 per cent indirect
subsidiary of SingPost, Quantium Mail Logistics Solutions (India),
had been loss-making. Following a 2019 strategic review of QS'
operations, a decision was made to shut down the India unit and
pivot to other core Asia-Pacific markets.

QS India had offered a range of e-commerce logistics services, such
as warehousing, mailroom operations, cross-border and last-mile
delivery services, BT discloses. SingPost does not expect its
liquidation to have a material impact on its financial showing for
the year ending March 2021, adds BT.

Singapore Post Limited, commonly abbreviated as SingPost, is a
postal service and courier company in Singapore.




===============
X X X X X X X X
===============

SCOUTCAM INC: Reports $1MM Net Loss for the Sept. 30 Quarter
------------------------------------------------------------
ScoutCam Inc. filed its quarterly report on Form 10-Q, disclosing a
net loss of $1,027,000 on $12,000 of revenues for the three months
ended Sept. 30, 2020, compared to a net loss of $366,000 on
$128,000 of revenues for the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $5,636,000,
total liabilities of $2,324,000, and $3,312,000 in total
shareholders' equity.

ScoutCam said, "During the nine months ended September 30, 2020,
the Company incurred a loss of US$3,410 thousand and negative cash
flows from operating activities of approximately US$2,710 thousand.
Based on the projected cash flows, the Company's Management is of
the opinion that without further fundraising it will not have
sufficient resources to enable it to continue its operating
activities including the development, manufacturing and marketing
of its products within one year after the issuance date of these
financial statements.  As a result, there is a substantial doubt
about the Company's ability to continue as a going concern within
one year after the issuance date of these financial statements."

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

                       https://bit.ly/3medPd7

ScoutCam Inc. develops and manufactures customized visual solutions
for organizations across various industries in the form of highly
resistant micro cameras and supplementary technologies. Its
smallest cameras with high resolution technology has unique
properties that have been authenticated by customers, such as NASA
in the environmental conditions, including extreme temperatures,
vibrations, and radiation. Its devices are used in the medical,
aerospace, industrial, research, and defense industries. ScoutCam
Inc. was founded in 2019 and is based in Omer, Israel.



                           *********


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
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                *** End of Transmission ***