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

                     A S I A   P A C I F I C

          Monday, December 7, 2020, Vol. 23, No. 244

                           Headlines



A U S T R A L I A

135 KING STREET: Second Creditors' Meeting Set for Dec. 10
ALICE MCCALL: Second Creditors' Meeting Set for Dec. 11
ALITA CORP: Creditor Appoints Voluntary Administrator
ALITA RESOURCES: First Creditors' Meeting Set for Dec. 16
BRANDON CALLUM: Second Creditors' Meeting Set for Dec. 11

GROCON PTY: Ethical Fund Terminates Building Contract
P2P TRANSPORT: First Creditors' Meeting Set for Dec. 15
SPEEDCAST INT'L: Court Approves the $12 Million Executive Bonuses


C H I N A

E-HOUSE (CHINA): S&P Rates New USD-Denominated Unsec. Notes 'BB-'
HEJUN SHUNZE: Moody's Assigns B2 Rating on Proposed Unsec. Notes
HOPSON DEVELOPMENT: Moody's Affirms B2 CFR, Outlook Stable
TIANQI LITHIUM: Moody's Lowers CFR to Caa2, Outlook Negative
WISDOM EDUCATION: Moody's Assigns Ba3 CFR, Outlook Stable



I N D I A

1 MARKET STREET: Second Creditors' Meeting Set for Dec. 10
A E INFRA PROJECTS: CARE Moves D on INR10cr Loans to NonCooperating
DEWAN HOUSING: Lenders File Personal Insolvency Case vs. Wadhawans
ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
HAMPSON INDUSTRIES: CARE Reaffirms D Rating on INR21cr LT Loan

HOLO PACK: CARE Lowers Rating on INR5.50cr LT Loan to C
IDBI BANK: Fitch Affirms BB+ Longterm IDR, Outlook Negative
INDUS UDYOG: CARE Lowers Rating on INR22.09cr LT Loan to B
LAKSHMIVENKATESHWARA RICE: CARE Cuts Rating on INR4.84cr Loan to C
LAL MAHAL: CARE Keeps D Debt Ratings in Not Cooperating Category

MAHAAJAY SPINNERS: CARE Lowers Rating on INR3.50cr LT Loan to B-
MAHAVISHNU SPINNING: CARE Lowers Rating on INR8cr Loan to B-
MEDEOR HOSPITAL: CARE Lowers Rating on INR424.21cr Loan to D
NOXX & CHEF'S: CARE Cuts Rating on INR7.33cr LT Loan to D
ONKAR INT'L: CARE Cuts Ratings on INR18cr Loan to B/A4

POLYGENTA TECHNOLOGIES: CARE Ups Rating on INR6.06cr Loan to BB-
PRAKASH CORPORATES: CARE Lowers Rating on INR8cr LT Loan to B-
PROGNOSYS MEDICAL: CARE Lowers Rating on INR2.50cr Loan to B-
RAM COTTEX: CARE Reaffirms B+ Rating on INR30cr LT Loan
RANGA TEXTILES: CARE Lowers Rating on INR8.54cr LT Loan to B+

RGS POULTRY: CARE Lowers Rating on INR5.99cr LT Loan to D
RM ROCKS: CARE Lowers Rating on INR8cr LT Loan to C
SALAS PHARMACEUTICALS: CARE Cuts Rating on INR9.44cr Loan to B-
SARAN ALLOYS: CARE Lowers Rating on INR6.35cr LT Loan to B
SGS MARKETING: CARE Lowers Rating on INR2.50cr Loans to C

SKYWORLD EXIM: CARE Keeps D on INR25cr Loans in Not Cooperating
SPR BUILDTECH: CARE Lowers Rating on INR5.50cr Loan to B-
SRINIVASA STEEL: CARE Keeps D on INR9.2cr Loans in Not Cooperating
SUGARCANE PRODUCERS: CARE Reaffirms B+ Rating on INR9cr Loan
TATHVA PROJECTS: CARE Lowers Rating on INR0.30cr LT Loan to B-

V. SATYA: CARE Lowers Rating on INR3cr LT Loan to C
VEDANTA RESOURCES: Moody's Lowers Corp. Family Rating to B2


N E W   Z E A L A N D

DEANE APPAREL: To Shut Factory in Burnside, Axes 67 Jobs


S I N G A P O R E

VALENTINA SHIPPING: Creditors' Claims Deadline Set Dec. 31

                           - - - - -


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

135 KING STREET: Second Creditors' Meeting Set for Dec. 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of 135 King Street
Pty Ltd has been set for Dec. 10, 2020, at 10:30 a.m. via virtual
meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 9, 2020, at 4:00 p.m.

Bruce Gleeson and Alan Godfrey Topp of Jones Partners were
appointed as administrators of135 King Street on Nov. 5, 2020.


ALICE MCCALL: Second Creditors' Meeting Set for Dec. 11
-------------------------------------------------------
A second meeting of creditors in the proceedings of Alice McCall
Pty Limited has been set for Dec. 11, 2020, at 2:30 p.m. via
teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 10, 2020, at 5:00 p.m.

Jason Lloyd Porter and Ian James Purchas of SV Partners were
appointed as administrators of Alice McCall on Nov. 8, 2020.


ALITA CORP: Creditor Appoints Voluntary Administrator
-----------------------------------------------------
The Business Times reports that Austroid Corp, the secured creditor
of Alita Resources, has appointed a voluntary administrator to
potentially restructure the Catalist-listed firm, a bourse filing
on Dec. 5 revealed.

The administrator, Robert Kirman, is "currently making an urgent
assessment of the group's position with a view to undertaking a
restructure or recapitalisation of the group", the filing stated,
BT relays.

BT says Austroid also appointed Richard Tucker and John Bumbak of
KordaMentha as receivers and managers for Alita, suspending the
powers of the company's directors.

A further update in respect of operations and the recapitalisation
process will be released "in due course", the filing said, the
report adds.

Alita, formerly known as Alliance Mineral Assets, was investigated
by the Singapore Exchange Regco in March for potentially breaching
listing rules, BT notes. It had obtained the bourse's nod for a
proposed delisting in February.

Trading in shares of Alita has been suspended since August last
year, after it defaulted on a AUD40 million secured loan amid a
lithium price collapse, the report notes.

Alita Resources Limited (ASX:A40) operates as a mineral exploration
and excavation company. The Company explores and produces lithium
and tantalum concentrates. Alita Resources offers its services in
Australia.


ALITA RESOURCES: First Creditors' Meeting Set for Dec. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Alita
Resources Limited, Lithco NO.2 Pty Ltd, and Tawana Resources Pty
Ltd, will be held on Dec. 16, 2020, at 11:00 a.m. at Level 19, 2
The Esplanade in Perth, West Australia.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Alita Resources on Dec. 4, 2020.


BRANDON CALLUM: Second Creditors' Meeting Set for Dec. 11
---------------------------------------------------------
A second meeting of creditors in the proceedings of Brandon Callum
Pty Ltd has been set for Dec. 11, 2020, at 11:30 a.m. via Brandon
Callum Pty Ltd.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 10, 2020, at 5:00 p.m.

Nick Cooper and Dominic Cantone of Oracle Insolvency Services were
appointed as administrators of Brandon Callum on Nov. 6, 2020.


GROCON PTY: Ethical Fund Terminates Building Contract
-----------------------------------------------------
Simon Johanson at The Sydney Morning Herald reports that an ethical
fund manager has terminated struggling developer Grocon's building
contract for a multi-storey office tower on Melbourne's city
fringe, a move likely to accelerate the company's demise.

SMH relates that the wealthy Liberman family-backed Impact
Investment Group, which bills itself as a socially and
environmentally responsible fund manager, has torn up its contract
with Grocon to construct an AUD111 million office tower in
Collingwood, a week after the developer put 39 construction
companies into administration.

The fund manager expects to lose more than AUD20 million as a
result of Grocon's demise, the report says.

According to SMH, the termination will put further pressure on
Grocon, with at least two of its construction companies linked to
the Collingwood Northumberland project that are not currently in
administration likely to be tipped over the edge.

Last month, Grocon said that its Ribbon development in Sydney's
Darling Harbour and the Northumberland development would not be
among entities put into administration under KordaMentha, SMH
relays.

Grocon appoints KordaMentha as administrator to construction arm
Work on Impact's 12-level inner-city office ground to a halt months
ago after Grocon failed to pay subcontractors on the site.

An email from Impact, seen by The Age and The Sydney Morning
Herald, that was sent to Grocon's subcontractors said the fund
manager will be "left more than AUD20 million out of pocket."

SMH relates that the email said Grocon owes subcontractors at least
AUD8 million.

"Even after calling in the administrators, Grocon wanted to
continue with the project, while at the same time advising us that
they had no money to contribute towards the cost overruns to
complete the project or to pay subcontractors for works performed
and for which we have already paid Grocon," the email, as cited by
SMH, said.

The 11-storey Northumberland office was due to finish by the end of
the year with anchor tenant cosmetic brand Aesop to start occupying
a large chunk early in 2021.

It is backed by debt funding from Wayne Lasky's MaxCap and another
lender.

The once-prolific Grocon is also struggling with a legal stoush
over its Sydney Barangaroo project.

SMH says Grocon director Daniel Grollo last month blamed the
collapse of his famed Melbourne construction firm on the NSW
government's infrastructure arm, saying its handling of a legal
dispute over the Barangaroo project tipped the group over the
edge.

Mr. Grollo said his group was now "fighting for survival" due to
the "unconscionable conduct" of Infrastructure NSW, a claim the
government denies, adds SMH.

Grocon Pty Ltd is a development, construction and funds management
company.  Craig Peter Shepard and Mark Korda of KordaMentha were
appointed as administrators of Grocon Pty on Nov. 27, 2020.


P2P TRANSPORT: First Creditors' Meeting Set for Dec. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of P2P
Transport Limited, Taxi-Link Pty Ltd, and TGT No 1 Pty Limited will
be held on Dec. 15, 2020, at 11:00 a.m. via Electronic Facilities
or at the offices of 'Bentleys' L9, 123 Albert Street, in Brisbane,
Queensland.

Tracy Lee Knight -- tknight@bris.bentleys.com.au -- and Damien Lee
Hou Lau -- dlau@bris.bentleys.com.au -- of Bentleys were appointed
as administrators of P2P Transport on
Dec. 3, 2020.


SPEEDCAST INT'L: Court Approves the $12 Million Executive Bonuses
-----------------------------------------------------------------
Steven Church of Bloomberg News reports that six top executives of
SpeedCast International may split as much as $12.2 million in
bonuses as an incentive to help reorganize the bankrupt satellite
services company, a judge ruled Wednesday, December 2, 2020.

U.S. Bankruptcy Judge Marvin Isgur approved the bonus program after
SpeedCast agreed to remove one of the three main tests that the
company must meet before the executives can get paid.

Isgur required the company to tie the bonuses mainly to cash-flow
targets, not a projection of EBITDA, which is earnings before
interest, taxes and depreciation.

                    About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services. SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band, and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local upport from more than 40
countries. Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise, and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, the
Debtors each had estimated assets of between $500 million and $1
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

Speedcast is advised by Weil, Gotshal & Manges LLP as global legal
counsel and Herbert Smith Freehills as co-counsel. Michael Healy of
FTI Consulting, Inc. is Speedcast's Chief Restructuring Officer,
and FTI Consulting, Inc. is Speedcast's financial and operational
advisor. Moelis Australia Advisory Pty Ltd and Moelis & Company LLC
are Speedcast's investment bankers. KCC is Speedcast's claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases. The committee is
represented by Hogan Lovells US, LLP.

On August 13, 2020, the Debtor received a $395 million equity
commitment from Centerbridge Partners, L.P. and its affiliates, one
of its largest lenders.




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

E-HOUSE (CHINA): S&P Rates New USD-Denominated Unsec. Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes that E-House (China)
Enterprise Holdings Ltd. (BB-/Negative/--) proposes to issue. The
China-based real estate services firm intends to use the proceeds
to repay existing debt. The issue rating is subject to its review
of the final issuance documentation.

S&P said, "We equalize the issue rating with the issuer credit
rating on E-House because the proposed notes are not significantly
subordinated to other debt in the company's capital structure. As
of June 30, 2020, E-House's capital structure consisted of about
Chinese renminbi (RMB) 2.1 billion in secured bank loans and other
bank loans at the subsidiary level as well as about RMB3.5 billion
of U.S. dollar senior notes, which we consider to be non-priority
debt. As such, secured bank loans--considered as priority
debt--accounted for only 37.6% of total debt as of June 30, 2020,
lower than our notching-down threshold of 50%.

"We expect the proposed issuance to have a mild impact on leverage,
given that the proceeds would be mainly used for refinancing
purposes. That said, E-House's heightened leverage may not improve
substantially over the next 12 months, as reflected in our negative
outlook on the company. This is largely due to the continued high
debt levels required to support operational needs, investments in
the real estate brokerage network business, and other noncore
spending. The negative outlook also reflects our view that E-House
will face negative operating cash flow in the next six to 12 months
due to tightening liquidity of some of its large customers."


HEJUN SHUNZE: Moody's Assigns B2 Rating on Proposed Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed notes to be issued by Hejun Shunze Investment Co.,
Limited, and unconditionally and irrevocably guaranteed by Sichuan
Languang Development Co., Ltd. (Languang Development, B1 stable).

Languang Development plans to use the proceeds from the proposed
notes to refinance its offshore existing debt.

RATINGS RATIONALE

"Languang Development's B1 corporate family rating (CFR) reflects
the company's good track record of developing mass market
properties in the Chengdu region, and its growing operating scale
and geographic diversification since 2015," says Celine Yang, a
Moody's Assistant Vice President and Analyst.

"On the other hand, Languang Development's rating is constrained by
the company's high debt leverage because of its ongoing land
investments which are mainly funded by debt, and its material
exposure to trust financing," adds Yang.

The proposed bond issuance will lengthen Languang Development's
debt maturity profile and improve its liquidity without having a
material impact on its credit profile, because the company will use
the proceeds to refinance maturing debt.

Moody's forecasts Languang Development's debt leverage, as measured
by revenue/adjusted debt, will trend towards 55%-60% over the next
12-18 months from 52% for the 12 months ended June 2020, as revenue
growth driven by strong contracted sales registered in the past two
years will outpace moderate debt in the next 12-18 months.

Meanwhile, Moody's expects the company's EBIT interest coverage
will remain largely stable around 2.3x over the next 12-18 months
from the 12 months ended June 2020, as its stable gross margin and
growth in revenue and EBIT will be largely offset by the growth in
interest expense.

Languang Development's total contracted sales declined about 7%
year-on-year to RMB66.2 billion for the first nine months of 2020,
primarily due to coronavirus-related disruptions. The sales decline
positions the company well behind the national property sales
growth of 4.1% over the same period, and is attributed to its
property projects' launching schedules as well as the location of
its projects, where the economic recovery from the pandemic has
been relatively slow. Moody's expects the company's sales will
decline 0%-5% for the full year in 2020, followed by 5%-10% annual
growth to RMB95.0 billion-RMB100.0 billion in 2021, supported by
its sufficient saleable resources in H2 2020 and 2021 and stable
sell-through rate.

Languang Development's liquidity is adequate. Moody's expects the
company's cash holdings, together with cash flow generated from its
strong contracted sales, will be sufficient to cover its debt
maturities and committed land premiums in the next 12-18 months.

The B2 senior unsecured debt rating is one notch lower than
Languang Development's B1 CFR due to structural subordination risk.
The subordination risk refers to the fact that the majority of
Languang Development's claims are at its operating subsidiaries and
have priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership in its chairman Yang Keng, who held an approximate 55.99%
stake as of June 2020.

Moody's has also considered (1) the fact that independent directors
chair the audit and remuneration committees; (2) the low level of
related-party transactions and dividend payouts; (3) the presence
of other internal governance structures and standards as required
by the Shanghai Stock Exchange; and (4) the company's financial
policy to pursue expansion, which has resulted in its elevated
leverage.

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

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

The stable outlook reflects Moody's expectation that Languang
Development will maintain moderate sales growth, address its
maturing debt, improve its liquidity and maintain stable credit
metrics over the next 12-18 months.

Moody's could upgrade Languang Development's ratings if the company
(1) demonstrates sustained growth in contracted sales and revenue
through the economic cycles without sacrificing its profitability;
(2) demonstrates prudence in its land acquisition and financial
management; (3) continues to improve its funding channels and
maintains adequate liquidity; and (4) improves its credit metrics,
such that EBIT/interest rises above 3.0x and revenue/adjusted debt
rises to 75%-80% on a sustained basis.

On the other hand, Moody's could downgrade Languang Development if
(1) its contracted sales or cash collections weaken; (2) its
funding access or liquidity deteriorates; or (3) debt leverage
increases substantially. Credit metrics indicative of a downgrade
include EBIT/interest coverage falling below 2.0x, or
revenue/adjusted debt falling below 50%-55% on a sustained basis.

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

Sichuan Languang Development Co., Ltd. primarily develops
residential and commercial properties in China. The company was
founded in 1993 and listed on the Shanghai Stock Exchange in 2015
through a backdoor listing. The company had a total land bank of
27.0 million square meters in terms of gross floor area as of the
end of June 2020.


HOPSON DEVELOPMENT: Moody's Affirms B2 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service affirmed Hopson Development Holdings
Limited's B2 corporate family rating (CFR).

The outlook remains stable.

"The affirmation of Hopson's CFR reflects our expectation that the
company will maintain adequate liquidity and gradually improve its
high debt leverage in the next 12-18 months while continuing its
debt-funded expansion," says Danny Chan, a Moody's Assistant Vice
President.

RATINGS RATIONALE

Hopson's B2 CFR reflects the company's (1) strong brand name and
good operating track record in its main operating regions, (2)
sizable land bank, which focuses on tier 1 and tier 2 cities, and
(3) recurring income streams from its high-quality investment
properties.

On the other hand, the CFR is constrained by Hopson's high leverage
due to its debt-funded expansion. The rating also factors in
financial risks associated with its fast-growing equity investment
portfolio, which has increased substantially to RMB17 billion at
the end of June 2020 from RMB4 billion at the end of 2019. This new
equity investment segment, which the company includes as one its
major business units this year, has consumed sizable capital and
added uncertainty around its cash flow stability, despite the
significant unrealized returns it achieved in 1H 2020.

Moody's expects Hopson's debt leverage ratio, as measured by
revenue (excluding revenue from the equity investment segment) to
debt, will recover gradually to 25%-30% in the coming 12-18 months
from the weak level of 20% for the 12 months ended June 2020, as
strong contracted sales support its revenue growth, which will
outpace its debt growth.

Hopson's EBIT/interest (excluding EBIT from the equity investment
segment), on the other hand, will likely soften to 2.1x-2.2x in the
next 12-18 months from 2.3x for the 12 months ended June 2020, as
profits margins decline from the current high level amidst the
company's fast expansion. Nevertheless, its interest coverage
remains appropriate for its B2 CFR.

The company's reported debt increased by approximately 50% in the
first half of 2020 to HKD96 billion because of increased land
acquisition and equity investment. Although Hopson will continue to
have debt-funding needs in the next 1-2 years, Moody's expects its
debt growth will slow as a result of the current tight regulations
on funding to developers in China.

At the same time, Moody's expects Hopson's gross contracted sales
growth to remain strong in the next 12-18 months, reaching RMB30-35
billion in 2020 and RMB40-45 billion in 2021 from RMB21 billion in
2019, supported by its high-quality land reserves and improved
asset turnover. Hopson's contracted sales rose to RMB24.3 billion
in the 10 months ended October 2020, a 28% increase from the
year-ago period, following strong increases of 42% and 63% in 2019
and 2018, respectively. The company's strong sales growth will
continue to support revenue growth and cash flow generation over
the next 12-18 months.

In addition, Hopson's sizable investment property portfolio and
high-quality land banks will provide the company with good
financial flexibility to execute its business expansion as compared
to many of its B-rated property peers.

Moody's expects Hopson's rental income from its investment
properties to remain stable, with adjusted rental income/interest
coverage of around 0.5x-0.6x in the next 12-18 months, which partly
buffers the volatility of its property development sales and
improves its debt-servicing ability.

Hopson's liquidity is adequate. Moody's expects that Hopson's cash
holdings, together with its operating cash flow after deducting
basic cash flow items, will be sufficient to cover its maturing
debt, committed land payments and dividend payments over the next
12-18 months.

Hopson's B2 CFR takes into account the company's ownership, which
is concentrated in its key shareholder, Chu Mang Yee, who held a
55.22% stake in the company as of the end of June 2020. This risk
is mitigated by (1) the company's internal governance structures
and disclosure standards, as required under the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange, and (2) its Audit, Remuneration and Nomination
Committees, with the first two chaired by independent non-executive
directors (INEDs) and its Audit Committee comprising solely of
INEDs.

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

The stable outlook on the rating reflects Moody's expectation that,
over the next 12-18 months, Hopson will be able to sustain its
improved sales execution and stable rental income while maintaining
adequate liquidity.

Moody's could upgrade Hopson's rating if the company grows its
scale, improves its liquidity and strengthens its financial
profile, such that adjusted EBIT/interest (excluding EBIT from the
equity investment segment) remains above 2.5x while rental
income/interest stays above 0.6x on a sustained basis.

However, Moody's could downgrade Hopson's rating if (1) its
liquidity deteriorates, reflected by declining cash or rising
short-term debt levels, (2) the company's contracted sales and
profit margins undergo a material decline, and (3) its financial
profile weakens, with adjusted EBIT/interest (excluding EBIT from
the equity investment segment) falling below 1.5x-2.0x and rental
income/interest declining below 0.3x.

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

Hopson Development Holdings Limited (Hopson) primarily develops
residential properties in cities such as Guangzhou, Beijing,
Shanghai, Tianjin and Huizhou, as well as their surrounding areas.
The company had a land bank of 31.70 million square meters (sqm) in
gross floor area as of the end of June 2020.

Hopson was listed on the Hong Kong Stock Exchange in 1998. The
company's former chairman, Chu Mang Yee, owned a 55.22% stake in
the company as of the end of June 2020. Its revenue for 2019 was
HKD18.6 billion.


TIANQI LITHIUM: Moody's Lowers CFR to Caa2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 Tianqi
Lithium Corporation's corporate family rating (CFR), and to Caa3
from Caa2 the senior unsecured rating on the bonds issued by Tianqi
Finco Co., Ltd and guaranteed by Tianqi Lithium.

The ratings outlook remains negative.

In an announcement dated December 1, Tianqi Lithium stated that it
had on November 30 signed a loan extension agreement with its banks
for a USD1.9 billion term loan facility due November 29, extending
the maturity to the earlier of December 28, 2020 or the effective
date of an amended loan agreement.

This event constitutes a missed payment default under Moody's
definition as Tianqi Lithium failed to meet its original payment
promise and was granted a maturity extension.

"The downgrade reflects our concern that the absence of a
satisfactory resolution on the term loan restructuring could lower
recovery prospects for creditors," says Gerwin Ho, a Moody's Vice
President and Senior Credit Officer. "The current situation could
also lead to an acceleration of payments relating to the company's
other obligations and impact its operations."

RATINGS RATIONALE

Tianqi Lithium's rating primarily reflects its highly strained
capital structure as a result of its sizeable debt burden, elevated
leverage, weak liquidity and weak financial management.

However, the rating considers the company's solid position in the
lithium chemical industry and good profitability, which are driven
by its supply of low-cost lithium minerals; although these
strengths have been offset by its weak capital structure.

The company's rating is also constrained by its product
concentration in lithium minerals and lithium chemicals, with
limited revenue scale, and exposure to regulatory risks.

Tianqi Lithium's leverage has increased significantly following its
acquisition of a 23.8% stake in Sociedad Quimica y Minera de Chile
S.A. (SQM, Baa1 negative) in December 2018, which brought its total
stake in the company to 25.9%.

Moody's expects Tianqi Lithium's financial leverage — as measured
by total debt to EBITDA and with SQM accounted for on an equity
method basis — will remain elevated above 10x over the next 12
months, given Moody's expectation of flat EBITDA and continued high
debt. Such high leverage renders the company's capital structure
untenable.

The company's flat EBITDA is attributable to muted lithium chemical
prices that continue to reflect Moody's expectation of supply
growth that could hinder cash flow generation and delay
deleveraging.

Tianqi Lithium's liquidity remains weak. At September 30, 2020, the
company's cash reserves — including restricted cash - of RMB1.3
billion were insufficient to cover its short-term debt of RMB16
billion, including the USD1.9 billion loan maturity that was due on
November 29.

Environmental, social and governance (ESG) issues are material to
the ratings and were assessed as follows.

The company benefits from global trends to reduce carbon emissions,
because lithium is a core input into the manufacture of electric
vehicles. At the same time, its mining and chemical production
operations are exposed to environmental and safety risks.
Nonetheless, Moody's is not aware of any major environmental or
safety incidents.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action also reflects the impact on Tianqi Lithium
of the breadth and severity of the shock, and the broad
deterioration in credit quality the event has contributed to.

From a governance perspective, Tianqi Lithium's ownership is
concentrated and only a minority of its board consists of
independent directors. Moreover, the company's debt-funded
acquisition of a 23.8% stake in SQM and inability to arrange
refinancing to meet its obligations reflect weak financial
management and an aggressive financial policy.

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

The negative outlook reflects Moody's concerns over the company's
tight liquidity and ability to arrange timely funding to meet its
obligations.

An upgrade is unlikely in the near term, given the negative
outlook. A positive rating action could be considered if the
company makes significant progress on servicing its debt
obligations and improves its liquidity and capital structure, such
as a satisfactory restructuring of its term loan facility.

Moody's could downgrade the ratings if principal losses for Tianqi
Lithium's debt holders are likely to increase.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.

The company owns a 51% stake in the Greenbushes lithium mine in
Western Australia. It also owns a 25.9% stake in Chilean chemical
producer, Sociedad Quimica y Minera de Chile S.A.


WISDOM EDUCATION: Moody's Assigns Ba3 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating (CFR) to Wisdom Education International Holdings Co. Ltd.

The outlook on the rating is stable.

RATINGS RATIONALE

"Wisdom's Ba3 CFR reflects its established position in China's
fast-growing private K12 education sector, with a track record of
organically increasing its school network and tuition fees," says
Roy Zhang, a Moody's Vice President and Senior Analyst.

The rating also considers Wisdom's solid liquidity position,
recurring revenues and predictable cash flow, which underpin the
company's resilience throughout the business cycles.

"On the other hand, Wisdom's Ba3 CFR is constrained by its high
capital needs and the execution risks associated with expanding
operations," adds Zhang, who is also Moody's Lead Analyst for
Wisdom.

The rating also factors in the company's modest revenue scale and
geographic concentration relative to global education peers. If
expansion is done aggressively and funded mainly with debt, it
could weaken its small balance sheet.

Founded in 2003, Wisdom operates 14 boarding schools with a total
enrollment of 71,362 students for the 2020/2021 school year. It is
one of the leading providers of private primary and secondary
education in Southern China in terms of student enrollment.

Wisdom's high geographic concentration is partially mitigated by
its strong market position in its operating region, especially in
the affluent Guangdong province, as reflected by a high
application-to-recruitment ratio and the large scale of its
campuses.

Its market position is supported by its track record of strong
graduate placements, including at Peking University and Tsinghua
University.

The company is expanding its school network. The associated
execution risk, especially around teacher recruitment and managing
a larger network of schools in new regions, is partially offset by
Wisdom's track record of organically growing its operating scale by
establishing new campuses and raising tuition fees.

The company's student enrollment numbers grew to 71,362 for the
2020/2021 school year from 27,644 in fiscal 2016 ended in August
2016. This growth, along with a tuition fee hike, has helped the
company to grow its revenue to around RMB1.8 billion in fiscal 2020
from RMB701 million in fiscal 2016.

The company also benefits from increasing demand for high-quality
private education, rising income levels and local communities'
strong commitment to formal education in Guangdong.

Moody's expects Wisdom's revenues to reach about RMB2.7 billion
with a solid EBITA margin of over 35% in fiscal 2022 ending August
2022, driven by rising student enrollments, higher tuition fees and
higher campus utilization rates.

Wisdom also benefits from having a stable business model, with
recurring revenues and prepaid tuition fees bringing high earnings
and cash flow visibility, while client stickiness strengthens its
business resilience.

Moody's expects Wisdom to take a prudent approach to its high
capital needs -- whether it's acquisition-led or organic expansion
with land purchase and construction cost considerations -- and fund
it via operating cashflow and a combination of debt and non-debt
means. As a result, its leverage, as measured by total debt to
EBITDA, should remain below 4.5x with good liquidity in the next
12-18 months.

The rating also considers evolving regulatory environment, as
China's (A1 stable) education industry is heavily regulated.
Moody's will continue to monitor policy developments around this
sector.

Wisdom has good liquidity. As of August 31, 2020, its total
unrestricted cash of RMB1.1 billion, along with equity placement
proceeds and cash flow from operations, is sufficient to cover its
maturing debt, capital expenditure and dividend payments over the
next 12-18 months.

Wisdom's rating also takes into account the following
environmental, social and governance (ESG) considerations.

The company benefits from rising demand for private education,
driven by Southern China's growing population and income levels.
However, the business carries significant social risks, including
the need to safeguard student safety at its boarding schools. The
company has demonstrated a good track record of managing such risks
over the years.

Wisdom's shareholding is concentrated in its two founders, who
together held a 73% stake as of February 29, 2020. The concentrated
ownership is partly mitigated by its listed and regulated status.
Moody's also expects the company to adhere to prudent financial
policy around its expansion activities.

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

The stable outlook on the rating reflects Moody's expectation that
Wisdom will sustain its positive enrollment trend, grow its revenue
and earnings, and maintain its adequate liquidity while keeping a
disciplined approach to expansion.

Moody's could upgrade the rating if Wisdom improves its scale
meaningfully while maintaining a prudent financial strategy.
Specifically, the company would need to sustain its adjusted
debt/EBITDA below 3.0x, EBITA/interest coverage above 5.0x, and
maintain a strong liquidity position.

The rating could be downgraded if Wisdom's operating performance
weakens, whereby its cash flow declines, with adjusted debt/EBITDA
rising above 4.5x or EBITA/interest falling below 3.0x on a
sustained basis. Material debt-financed acquisitions, regulatory
changes affecting its contractual agreements or a deterioration in
its liquidity could also pressure the rating.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Founded in 2003, Wisdom Education International Holdings Co. Ltd.
operates 14 boarding schools with a total student enrollment of
71,362 students for the 2020/2021 school year. It is one of the
largest providers of private primary and secondary education (Grade
1-12) in South China. It was listed on the Hong Kong Stock Exchange
on January 26, 2017.




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

1 MARKET STREET: Second Creditors' Meeting Set for Dec. 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of 1 Market Street
Pty Ltd has been set for Dec. 10, 2020, at 10:00 a.m. via virtual
meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 9, 2020, at 4:00 p.m.

Bruce Gleeson and Alan Godfrey Topp of Jones Partners were
appointed as administrators of135 King Street on Nov. 5, 2020.


A E INFRA PROJECTS: CARE Moves D on INR10cr Loans to NonCooperating
-------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of A E
Infra Projects Private Limited (AEIPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING  Category


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AEIPL to monitor the
rating(s) vide e-mail communications/letters dated May 21, 2020,
June 5, 2020, August 20, 2020, October 3, 2020 and numerous phone
calls. However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on AEIPL's bank
facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING/CARE D; ISSUER NOT COOPERATING*.

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

The rating takes into account the delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on August 28, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key rating weakness

* Ongoing delays in debt servicing: As per the banker due
diligence, the company has defaulted in repayment of interest
against the cash credit facility for the period from June 30, 2019
to till date. Further, as per the bank statements, the continuous
overdrawals for the period of 57 days starting from April 31, 2019
till June 25, 2019 were observed. Moreover, the account has been
classified as SMA -1 by the bank.

M/s AE Infra Projects Private Limited (AEIPL) was established in
the year 2009 as a private limited company by Mr. Rajesh Barot and
Mr. Mukesh Barot and is engaged into construction of civil
engineering projects such as in the field of Water supply,
Sewerage, Housing, BRTS and allied infrastructure works. AEIPL is a
Class I registered organization with Govt. of Maharashtra and Govt.
of Gujarat executing large turnkey projects in Water Supply, Waste
Water, Mass Housing with Cement Concrete Roads (CC road) etc. for
Govt. of Maharashtra & Govt. of Gujarat and Municipal corporations
and Govt. departments on EPC basis.


DEWAN HOUSING: Lenders File Personal Insolvency Case vs. Wadhawans
------------------------------------------------------------------
Livemint.com reports that lenders to Dewan Housing Finance Corp Ltd
have moved the Mumbai bench of National Company Law Tribunal (NCLT)
to initiate personal insolvency proceedings against the erstwhile
promoters Kapil and Dheeraj Wadhwan, according to a person aware of
the matter.

DHFL owes INR87,031 crore from financial creditors, including
INR39,000 crore from banks, the report discloses. "We will contact
Catalyst Trusteeship Ltd (CTL) and see if they can join it or
perhaps if they can ask banks to reduce their recovery in the
resolution proportional to the recovery from Wadhawans if any,"
said one of the bondholders who spoke on condition of anonymity.

Livemint.com relates that Union Bank of India, the lead bank, has
filed the case on behalf of all lenders against the entire exposure
of INR38,000 crore. Alvarez & Marsal has been appointed as the
resolution professional (RP) in this matter.

This recent move by the lenders comes at a time when the resolution
process for the mortgage financier is currently underway and
lenders have called for a fresh round of bidding from existing
bidders for the fourth time, according to Livemint.com.

"The process to initiate insolvency proceedings started 2 months
ago and the case was filed on Tuesday evening [Dec. 2]. The RP can
invite other creditors to seek claims on their dues," said the
person cited earlier.

In October, Wadhawan had proposed to pay more than ₹43,000 crore
to all creditors without any haircut. Last month Mint had reported
that Wadhwan had approached NCLT against the bankrupt mortgage
lender's administrator and the committee of creditors (CoC) over
the bids made by the four suitors seeking to take over its assets.

He also requested the NCLT that he should be allowed to be a part
of the CoC meetings as his plea to the administrator has not
worked, Livemint.com relays.

In an application made on November 24, Wadhawan urged that the
tribunal should not allow the bids received from the four bidders,
Oaktree Capital, Piramal Enterprises, Adani Group, and SC Lowy,
terming their offers "absurd".

Livemint.com says Adani has made the highest offer among the
bidders of INR31,250 crore for buying DHFL's entire business.

According to Livemint.com, Wadhawan highlighted the efforts to
ensure repayments to the creditors and the resolution plan offered
by him without any haircut for the lenders to whom DHFL owes around
INR88,000 crore. The plea urged the bankruptcy court to direct that
the resolution plan of DHFL be submitted to an independent expert
appointed by NCLT along with the bids received from the four
bidders.

Livemint.com relates that Wadhawan appealed that until the hearing
and the final disposal of the latest application, the tribunal
should direct the administrator to give him access to all the
documents and records of DHFL.

He has also urged the NCLT to ask the CoC and the administrator to
defer the consideration on bids received from the four bidders
until the hearing and the final disposal of the Wadhawan's latest
appeal.

Wadhawan, in a November letter to RBI-appointed administrator
Subramaniakumar, had sought a second hearing from the lenders to
reconsider the resolution proposal that he had submitted in
October, Livemint.com adds.

"Even today, I'm willing to stand by the principle of 100%
repayment of principal amounts to all the creditors without any
haircut as I do believe, from DHFL's business, that such recovery
is possible," Livemint.com quotes Wadhwan as saying in the letter.

"As an additional incentive, I'm also willing for all the
creditors, including the NCD and fixed deposit holders, to convert
part of their debt into equity so as to enjoy the equity upside
they will get once the company is revived and revitalized and the
company commences business as normal," he said.

                            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.


ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essar
Agrotech Limited (EAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.65      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated September 30, 2019, placed
the rating of EAL under the 'issuer non-cooperating' category as
EAL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. EAL continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 23, 2020, August 12, 2020,
October 19, 2020, October 22, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on September 30, 2019, following were
the rating weaknesses:

Key Rating Weaknesses

* Delays in debt servicing: As per banker interaction dated July
27, 2018, there have been ongoing delays in servicing of interest
and principal on long term debt. Timely repayment of debt is the
key rating sensitivity.

EAL was incorporated in April 1993 and is engaged in farming of
flowers, plants and vegetable and trading of milk. EAL has
established the brand name of 'Indus Fresh Brand' for Dutch roses
(13 different types of roses) and exotic vegetables. Currently EAL
is producing roses, vegetables, mango, plants and plugs in five
sites which include Lonavala, Kamshet, Ooty, Jategaon and
Jamnagar.


HAMPSON INDUSTRIES: CARE Reaffirms D Rating on INR21cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hampson Industries Private Limited (HI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           21.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to bank facilities of HI, factors on-going
delays in servicing its debt obligations due to stretched liquidity
position. The ratings also continues to be tempered by small scale
of operations, financial risk profile marked by leveraged capital
structure and weak debt coverage indicators, elongated operating
cycle and highly fragmented and competitive nature of business.

Rating Sensitivities

Positive Factors (Factors that could lead to positive rating
action/upgrade)

* Delay free repayment of debt obligations for more than 90 days

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays in servicing debt obligations: The company has
on-going delays in servicing principal and delays of more than 30
days in repayment of interest obligations on term loan, as per the
banker interaction due to stretched liquidity position. Further,
the company had availed moratorium for the period March 1, 2020 to
August 31, 2020.

* Small scale of operations: The scale of operations marked by the
total operating income has declined by 38.66% in FY20 (Prov.) and
stood small at INR7.03 crore due to decline in orders and coupled
with impact of COVID pandemic during last quarter of FY20. The
tangible net worth base stood at INR10.48 crore as on March 31,
2020.

* Financial risk profile marked by the leveraged capital structure
and weak debt coverage indicators: The capital structure of the
company marked by the overall gearing ratio stood leverage at 4.62x
as on March 31, 2020 as compared to 4.18x as on March 31, 2019.
This is due to increase in total debt levels for xx. Further, the
debt coverage indicators marked by the total debt to GCA stood at
weak at 31.17x in FY20 (Prov.), though improved from 41.85x in FY19
due to increase in cash accruals on back of decline in finance cost
during the year. The total debt to CFO deteriorated and stood weak
at 60.69x as on March 31, 2020 (prov.) as compared to 26.81x as on
March 31, 2019 due to increase in total debt levels coupled with
decline in cash flow from operations on back of absolute increase
in amount of sundry creditors during the year. However, the PBILDT
interest coverage ratios stood satisfactory 4.53x in FY20 (Prov.)
as compared to 1.96x in FY19 due to decline in finance cost on back
lower utilization of working capital limits during year.

* Elongated operating cycle: The operating cycle of the company
stood at 150 days in FY20 (Prov.) as compared to 79 days in FY19
due to high average collection period of 196 days in FY20 (Prov.)
as compared to 101 days in FY19. In general, the company provides
credit period of 45 to 75 days to its customers depending on
business relation it may extended. Further, the company received
credit up to 60 days its suppliers. To meet the working capital
gap, the company highly rely upon the working capital borrowings.

* Highly fragmented and competitive nature of business: The company
is engaged into a fragmented business segment and competitive
industry. The market consists of several small to medium-sized
companies that compete with each other along with several large
enterprises. Further, with High entry barriers due to High value
addition associated with Aeronautical products, the competition
among these players is increasing year on year.

Key Rating Strengths

* Experienced promoter: Mr. Bathina Kumaraswamy Reddy, the managing
directors of the company has experience of more than five decade in
precision tools industry. The directors are actively involved in
day to day operations of the firm. The operations of the company
are well supported by strong management team who are qualified and
experienced in their respective fields.

* Satisfactory profitability margins: The profitability margins
marked by the PBILDT margin improved significantly and stood at
27.96% in FY20 (Prov.) as compared to 16.90% in FY19 due to decline
in overhead cost like employee expenditure and raw material cost
during the year in line with decline total operating income.
Further, the PAT margin also increased and stood at 12.88% in FY20
(Prov.) as compared to 1.49% in FY19 due to decline in finance cost
during the year.

Liquidity Analysis: Stretched

Liquidity is marked by tightly matched accruals to repayment
obligations, highly utilized bank limits and modest cash and bank
balance of INR1.74 crore as on March 31, 2020 (Prov.). However, the
current ratio stood above unity at 1.07x and quick ratio of 0.99x
as on March 31, 2020 (Prov.). The company had availed moratorium
for the period March 1, 2020 to August 31, 2020 on its debt
obligations.  

Bangalore based Hampson Industries Private Limited (HIPL), formerly
known as Hampson Precision Automotive (INDIA) Private Limited was
incorporated in November, 2004 as a Private Limited Company. The
Promoter, Mr. Bathina Kumaraswamy Reddy, has an overall experience
of more than five decades in Precision tools Industry. HIPL started
its business as an exclusive manufacturer of aerospace components
and turbo charger components.


HOLO PACK: CARE Lowers Rating on INR5.50cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Holo
Pack Securities (HPS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 28, 2019, placed the
rating(s) of HPS under the 'issuer non-cooperating' category as HPS
had failed to provide information for monitoring of the rating. HPS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated from January 2020 to November 6, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

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

Detailed description of the key rating drivers

At the time of last rating on August 28, 2019 the following were
key rating weaknesses and strengths.

Key Rating Weakness

* Short track record of the entity with low net worth base: The
firm has a short track record of 3 months from commencement of
operations as it was established in May 2015 and commenced
operations from Jan. 2017. HPS has low net worth base of INR0.55
crore as compared to other peers in the industry.

* Small scale of operations with thin profit margins and high
gearing ratio: The firm achieved total sales of INR2.00 crore in
FY17 (Provisional) and produced 134 tons of packaging material in 3
months (from Jan 2017 to March 2017) being its first year of
operations. The PBILDT margin stood at 27.52% and APAT margins at
-17.23% in FY17 (Provisional) due to high depreciation and interest
cost. HPS has leveraged capital structure marked by high
debt-equity and gearing ratio, both stood at 4.43x as on March 31,
2017 (Provisional) due to high debt level coupled with low networth
base.

* Partnership nature of constitution with inherent risk of
withdrawal of capital: Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's capital
at the time of personal contingency which can affect its capital
structure. Further, partnership concern has restricted access to
external borrowing which limits their growth opportunities to some
extent.

* Susceptibility of profit margins to volatility in raw material
prices: HPS intends to procure its key raw materials i.e., LDPE
(Low-density polyethylene) domestically. However, the key raw
material being derivative of crude oil, profit margins of HPS would
be susceptible to volatility in global crude prices.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in manufacturing of flexible
packaging material which is highly fragmented industry due to
presence of large number of organized and unorganized players in
the industry resulting in huge competition.

Key Rating Strengths

* Experience of the partners for more than two decades in packaging
industry: The partners of HPS have more than two decades of
experience in packaging industry. Mrs. M.Goda Devi is associated
with M/s Reliable Packaging from 1995 onwards which was also
engaged in manufacturing of packaging material located at Krishna
district.

* Moderate debt coverage indicators and comfortable operating
cycle: The debt coverage indicators marked by interest coverage and
Total debt/GCA are moderate at 5.96x (annualized) and 8.96x
(annualized) in FY17 (Provisional) due to moderate debt levels
considering low cash accruals. The operating cycle of the firm
remained comfortable and stood at 20 days (annualized) in FY17
(Provisional). The firm receives the payment from its customers
within 2-4 months. Furthermore, the firm makes the payment to its
suppliers within 15-30 days.

* Moderate order book of INR4.10 crore to be executed by Q1FY19:
HPS has healthy order book of INR4.10crore as on August 31, 2017
which translates to 205x of total operating income of FY17 and the
same is likely to be completed by Q1FY19. The said order book
provides revenue visibility for short term period. The entire order
vsalue of INR4.10 crore pertains to packaging materials from Virat
Crane Industries Limited, Maharaja Industries among others.

* Stable industry outlook and growth prospects: The packaging
industry in India is expected to reach $ 73 billion in 2020 from $
32 billion in FY 15, according to a report prepared by FICCI and
Tata Strategic Management Group (TSMG) on plastic industry titled
Plastic packaging. In the coming years, Indian packaging industry
is anticipated to register 18 percent annual growth rate, with the
flexible packaging and rigid packaging expected to grow annually at
25 percent and 15 percent, respectively

Holo Pack Securities was established in the year 2015 and
operations were commenced from January 2017. HPS is promoted by
Mrs. M. Goda Devi along with her daughter Ms. M. Ramya Lakshmi at G
Kondur Mandal, Krishna District (Andhra Pradesh). The firm is
engaged in manufacturing of flexible packaging materials along with
secured printing. The firm purchases raw materials like polyester,
LDPE (Low-density polyethylene),aluminium foils, adhesives and
solvents among others from local suppliers. The clientele of the
firm covers Andhra Pradesh and Telangana like Virat Crane
Industries Limited, PVS Laboratories Limited and KCP Sugar
Industries among others. The firm has installed capacity of 2400
tons per annum.


IDBI BANK: Fitch Affirms BB+ Longterm IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed IDBI Bank Limited's (IDBI) Long-Term
Issuer Default Rating (IDR) at 'BB+'. The Outlook is Negative. The
agency has also upgraded the bank's Viability Rating (VR) by
one-notch to 'ccc+' from 'ccc', and affirmed the Support Rating
Floor (SRF) at 'BB+' and Support Rating (SR) at '3'.

The upgrade to IDBI's VR is due mainly to the improved core
capitalisation and the high loan-loss coverage, which provide some
resilience to the capital buffers against potential asset-quality
stress. It also factors in the possibility for more fresh capital
in the financial year ending March 2021 (FY21) which, if
successfully raised, can provide a significant fillip to the
capital buffers.

The Outlook on IDBI's IDR was revised to Negative from Stable on
April 1, 2020, before India's sovereign rating (BBB-) Outlook was
revised to Negative from Stable on June 18, 2020 due to the impact
of the escalating coronavirus pandemic on India's economy.

IDBI Bank's SRF and IDR are unchanged for now, as support prospects
have not materially altered since its last review. However, these
could shift over time in line with the government's proposed stake
sale implying weaker propensity to support the bank or if the
sovereign's ability to support were to be impacted in future,
reflected by a sovereign rating downgrade.

The operating environment for Indian banks remains challenging
despite a moderate revival in economic activity due to gradual
easing of the lockdown since May 2020. Fitch revised India's FY21
real GDP to -10.5% from -5% in September 2020, but expects India's
real GDP to rebound to 11% in FY22, largely as a result of the low
base. The economic contraction is likely to result in protracted
weakness in the asset-quality cycle, which could manifest in
significantly higher stressed loans and, ultimately, more
write-offs over the next few years, even though Indian banks'
latest 2QFY21 earnings present a more benign picture.

Fitch believes a speedy economic recovery is critical for the
sector to rebound meaningfully, even though Fitch expects to see a
moderately worse landscape for the Indian banking sector in 2021 on
weak prospects for new business and revenue generation. Private
banks with stronger loss-absorption buffers will be in a better
position to benefit from the recovery against state-owned
counterparts, which are generally burdened with greater balance
sheet challenges and weaker loss-absorption buffers.

KEY RATING DRIVERS

IDR, SUPPORT RATING AND SUPPORT RATING FLOOR

IDBI's IDR of 'BB+' is lower than the sovereign rating of 'BBB-',
and driven by the SRF and SR of '3', which reflects a moderate
probability of extraordinary state support based on the bank's
systemic importance and linkages to the state. Fitch believes the
bank's moderate size (around 2% market share each of system assets
and deposits), pan-India franchise, sizeable deposit base and
majority indirect state ownership (98%, including Life Insurance
Corporation of India's (LIC) stake) remain important considerations
in assessing systemic importance, and ultimately the prospect of
extraordinary support for the bank.

The Negative Outlook on IDBI's IDR mirrors the Outlook on India's
sovereign rating but also reflects its expectation that the state's
propensity to provide extraordinary support to IDBI may diminish
following the government's proposal to sell its stake in the bank
and dispose of part of the stake in IDBI's majority shareholder,
LIC. The state directly owns 47% of IDBI and holds another 51%
indirectly through LIC, India's largest life insurer. The state
announced plans to sell the 47% stake and dilute part of its 100%
shareholding in LIC through a market listing in its budget in
February 2020. The Reserve Bank of India also expects LIC to reduce
the insurer's shareholding in IDBI over a 12-year period.

VIABILITY RATING

IDBI's intrinsic risk profile has improved slightly since its last
VR action on April 1, 2020 on better capitalisation and the bank's
return to profitability. However, the VR continues to denote high
fundamental credit risk reflected in the significantly large
impaired loan stock and the risk of further potential stress due to
the impact of the pandemic. This could disrupt IDBI's nascent
earnings recovery and the capitalisation trajectory.

IDBI's common equity Tier 1 (CET1) ratio (1HFY21: 11.1%) has
improved over the years due to USD6 billion in equity injections
from the state and LIC in FY20, FY19 and FY18, even though it is
not necessarily commensurate with risks. Still, an improving net
non-performing loan (NPL)/CET1 ratio (1HFY21: 19.2%; FY20: 32.5%)
makes core capital comparatively less vulnerable than before. The
bank has announced plans to raise INR110 billion (32% of equity and
+683bp) in fresh equity in FY21, of which INR60 billion is already
in the process of being privately placed. The capital - if raised
successfully - will lift the CET1 ratio significantly, providing
additional buffer against near-term stress and will make a case for
a further upward revision to the capitalisation score of 'b'.

The bank returned to profitability in 1HFY21 (operating
profit/risk-weighted assets (RWA): 1.4%), after five consecutive
years of significant losses, on a reversal in loan impairment
charges and a moderately lower cost/income ratio. This more than
offset the impact of a lower net interest margin. Nonetheless, with
credit costs accounting for 57% of pre-provision operating profit,
recovery remains fragile and can be vulnerable to even moderate
stress. Fitch believes earnings will continue to be a moderate but
important influencing factor in the current environment. Fitch does
not expect a big jump in credit costs in FY21 but overall earnings
will remain muted, as Fitch expects the bank to calibrate risk
appetite and loan growth in the challenging operating environment.
However, an upward revision is likely if IDBI is able to sustain
the improvements over a longer period.

IDBI's asset quality is much weaker than peers and is also a high
influencing factor for the VR. The impaired loans ratio has been
reducing gradually since FY19 (1HFY21: 25.1%) despite a declining
loan book on lower slippages and elevated write-offs. Loan-loss
coverage has also improved to nearly 92%, which is the highest
among all state banks, but reflects the amount of legacy bad loans
that remain unresolved or unrecovered. Even so, a higher coverage
should provide some buffer against any sharp volatility in impaired
loans while projected recoveries for FY21 (INR60 billion or 3.5% of
loans) remain on track.

The bank had nearly 52% of its loans under moratorium, according to
the last available disclosures, but reported special mention loans
(overdue above 30 days and 60 days) were only around 1%. This
disconnect is prevalent across banks in the system and Fitch
believes that it may take a few more quarters before Fitch can
reasonably ascertain the true asset quality. Fitch thinks the
prospect of a further large negative asset-quality surprise is
lower for IDBI than other state banks considering reduced
concentration risk and no significant underwriting in the corporate
space, but moderate risks remain. However, it will take consistent
and material improvement in the impaired loans ratio before Fitch
can consider a higher category score for asset quality.

Funding and liquidity have been generally stable, underpinned by
depositors' perception of IDBI being a state-owned bank due to the
state's significant ownership although this will be tested once the
government lowers its majority holding in the bank. Moreover, the
bank reported further improvement in its low-cost deposit share
(48.3% 1HFY21; 47.7% FY20) and reduced dependence on high-cost bulk
deposits (1HFY21: 13.9% of total deposits; 17.6% FY20). It has
added more resilience to its funding profile but it remains to be
seen if the bank will sustain that in the event loan growth resumes
(loan/customer deposit ratio: 73% 1HFY21; 80.9% FY20). The bank's
liquidity coverage ration jumped to 155.5%% in 1HFY21 from 127.7%
in FY20.

SENIOR DEBT

IDBI's senior debt rating is at the same level as the IDR, as the
debt represents unsecured and unsubordinated obligations.

RATING SENSITIVITIES

IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBT Factors
that could, individually or collectively, lead to negative rating
action/downgrade: Weakening of the government's ability to provide
extraordinary support - reflected by a downgrade in India's
sovereign ratings - would lead to a similar negative action on
IDBI's IDR. At the same time, the SRF and IDR could be downgraded
if the government's stake in IDBI is diluted or if the bank
ultimately becomes privatised, as that could indicate a lower
propensity of support from the government. That said, Fitch sees
IDBI as systemically important, although less so than the larger
banks, meaning support will continue to be a factor in the ratings.
Factors that could, individually or collectively, lead to positive
rating action/upgrade: An upgrade of the sovereign rating appears
less likely in the near term, although a stronger ability of the
sovereign to offer support may lead to positive action on IDBI's
ratings. However, a revision of the sovereign rating Outlook to
Stable will have no impact on the Outlook of the bank's IDR, given
the government's plans to reduce its (indirect) majority
shareholding in IDBI. VIABILITY RATING Factors that could,
individually or collectively, lead to negative rating
action/downgrade: The VR is most sensitive to changes in IDBI's
asset quality and profitability, both of which will affect
capitalisation. The VR could be downgraded if significant losses
(i.e. negative operating profit/RWA) and weak asset quality
(stressed assets ratio ie. impaired loans + restructured loans
ratio approaches 30% compared with 25.1% impaired loan ratio at
end-1HFY21) compromise the bank's progress in improving its core
capital position and increases the need for extraordinary support
on a last-resort basis. However, Fitch sees less risk of that
occurring in the near term, despite the negative outlook for the
operating environment. The VR could also be affected if there are
funding difficulties after the change of ownership, although this
is not its base case. Factors that could, individually or
collectively, lead to positive rating action/upgrade: A VR upgrade
to the 'b' category could be probable in the near term if the bank
is able to significantly increase its capital base while keeping
earnings stable such as a positive operating profit/RWA for a few
quarters, as that would support the bank's core capitalisation and
reduce capital vulnerability. It will be predicated on a sustained
improvement in the stressed assets ratio to below 20% (from
impaired loan ratio of 25.1% at end-1HFY21) through meaningful
progress in NPL resolution and more stable earnings.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

IDBI has an ESG Relevance Score of '4' for Governance Structure. It
reflects its assessment that key governance aspects, in particular
board independence and effectiveness, ownership concentration and
protection of creditor or stakeholder rights are a moderate
influence on the VR. It is a negative influence since Fitch views
governance to be less developed for state banks, which is evident
from weak underwriting that results in high levels of poorly
performing loans and credit losses. The board is dominated by
government appointees, and business models often focus on
supporting government strategy with lending directed towards
promoting socioeconomic and macroeconomic policies, which may
include lending to government-owned companies. These factors also
drive its view on the bank's state linkages that affect support
prospects that drive the long-term ratings.

IDBI has an ESG Relevance Score of '4' for Financial Transparency.
It reflects its assessment that the quality and frequency of
financial reporting and the auditing process are a moderate
influence on the VR. It is a negative influence however since these
factors have become more prominent in the past few years because of
the sharp financial deterioration at state banks as well as the
widely reported divergences in NPL recognition between the banks
and the regulator, although these incidences have narrowed in
recent years. Still, financial transparency is pivotal for general
business and depositor confidence and can lead to significant
reputational risk if not managed well.

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


INDUS UDYOG: CARE Lowers Rating on INR22.09cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indus Udyog & Infrastructure Private Limited (IUIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.09      CARE B; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Indus IUIPL to monitor the
rating vide e-mail communications/letters dated October 7, 2020,
October 12, 2020 and October 14, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, Indus Udyog & Infrastructure Private Limited has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on IUIPL's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING. Further, due diligence
could not be done.

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

Detailed description of the key rating drivers

At the time of last rating in September 18, 2019 the following were
the rating strengths and weaknesses: (Updated the information
available from Ministry of Corporate Affairs).

Key Rating Weaknesses

* Small scale of operations with moderate profit margins: The scale
of operation is remained small marked by TOI of INR89.08 crore with
PAT of INR6.17 crore in FY19. Further the profitability margin is
remained moderate marked by PBILDT margin of 21.42% and PAT margin
of 6.93% in FY19.

* Working capital intensive nature of operations: The operation of
IUPL is working capital intensive in nature as the company has to
pay in advance to its raw material suppliers and further raw
material remains blocked in work in progress.

* Intense competition and exposure to auction driven process risk:
Coal India Ltd. and its various subsidiaries awards bid for coal
lifting from its coal mine to its registered bidder only through
e-auctions. There is intense competition among the registered
bidders in securing purchase bid through auction. Henceforth, there
is a risk of non-receipt of contract or bidding prices go up
significantly in a highly competitive scenario. However, the
company is enjoying the benefits as it is the single company in the
region which is providing one stop solution for coal.

* Moderate capital structure with moderate debt coverage: The
capital structure remained moderate marked by overall gearing at
1.12x as on March 31, 2019. Further, the debt coverage remained
moderate marked by interest coverage at 4.17x in FY19.

Key Rating Strengths:

* Experienced promoters and established relationship with clients:
IUIPL is managed by Mr. Raj Kumar Agrawal and his sons: Mr. Nitesh
Kumar Agrawal and Mr. Ashish Agrawal. Mr. Raj Kumar Agrawal has
more than three decades of experience in mining and logistics
services through Sarvamangla Construction Company and is looking
after the overall management of the company. Mr. Nitesh Kumar
Agrawal and Mr. Ashish Agrawal are also having over 7 years of
experience in coal mining, trading and transportation business
through M/s Ashish Enterprises. IUIPL is deriving benefits from the
experience of the promoters in the sector in terms of securing
successful bid and their established relationship with clients for
getting repeat orders.

Chhattisgarh-based IUIPL was incorporated in August 2011 for
setting up a coal rotary crusher unit. The company was promoted by
the Agrawal family of Chhattisgarh. IUIPL is into coal processing
and logistics services which includes activities like procurement
of coal by participating in e-auction, lifting of coal from mines,
crushing it as per client's requirements and supplying it to
client's location through rail and road. IUIPL's coal breaking
facility is located at Korba with an aggregate installed capacity
of 5 lakh metric ton per annum. The company has commenced
operations from November 2014 onwards.


LAKSHMIVENKATESHWARA RICE: CARE Cuts Rating on INR4.84cr Loan to C
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Lakshmivenkateshwara Rice Mill (SLV), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.84      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-

   Short Term Bank       0.65      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 20, 2019, placed
the rating(s) of SLV under the 'issuer non-cooperating' category as
SLV's had failed to provide information for monitoring of the
rating. SLV's continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated September 30, 2020 to October 19, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the public available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the ratings is on account of non- availability of
requisite information for monitoring the ratings.

Detailed description of the key rating drivers

At the time of last rating September 20, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Fluctuating total income and thin profit margins: The total
income of the firm has shown fluctuating trend over the past years
ending FY16 (Provisional). The fluctuations were mainly on account
of quantity of paddy hulled, the firm hulled 1.19 lac quintals of
paddy in FY15 as compared to 1.56 lac quintals of paddy hulled in
FY14, which has resulted in reduction in total income. Further the
decline in total income in FY16 (provisional) was also on account
of non-functioning of the mill in the month of February 2016 due to
installation of new boiler. The total income of the firm stood at
INR25.13 crore in FY16 (Provisional) as compared to INR27.43 crore
in FY15. The firm has thin PBILDT margins in the range of 3% to
4.5% in the past, In FY16 (Provisional) the margins have improved
to 7.14% due to decrease in cost of sale (mainly selling
expenditure). The PAT margins were also low and remained in the
range of 1% to 2% over the years due to low PBILDT.

* Weak Solvency position: The firm has high gearing in the range of
3x to 4x over the years due to low netwoth base and increasing debt
levels. The gearing showed slight improvement as on March'16
(Provisional) and stood at 2.96x when compared to 3.32x as on
March'15 mainly due to increase in proprietors' capital. The firm
has weak interest coverage ratios in the range of 1.5x to 2.5x due
to low profits earned.  Furthermore, TD/GCA has been deteriorating
every financial year since FY15 and stood at 13.79x in FY16
(Provisional) compared to 12.97x in FY15 due to increasing debt
levels and low cash accruals.

* Proprietorship nature of business: Proprietorship nature of
business has an inherent risk of withdrawal of capital at the time
of personal contingency, the proprietor has withdrawn INR0.11 crore
in FY15 and has infused INR0.77 crore in FY16 (Provisional). It
also has the risk of business being discontinued upon the
death/insolvency of the proprietor. The ability to raise funds is
also very low as proprietorship concerns have restricted access to
external borrowings.

* Monsoon dependent operations and high level of government
regulation: SLV's operations are dependent on agro-climatic
conditions and may get adversely impacted in case of weak monsoon
or poor crop quality. The rice industry is highly regulated by the
government as it is seen as an important sector which could affect
the food security of the country. The Government of India (GOI),
every year decides a minimum support price (MSP) of paddy, the
MSP for paddy was INR1410 per quintal for 'common' variety and
INR1450 per quintal for 'Grade A' variety. The sale of rice in the
open market is also regulated by the government through levy quota
and fixed prices. Hence, the company is exposed to the risk
associated with fluctuation in price of rice. Furthermore,
depending on the production capacity of the company, it has to make
sales to FCI (Food Corporation of India) at a fixed levy price.
Therefore companies bargaining position weakens further.

* Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however has high working capital needs. Further, rice
milling is not very technology intensive and as a consequence the
industry is highly fragmented with large number of players
operating in the organized and unorganized segments. As per
estimates (as per Tumkur district chamber of commerce and
industry), there are over 110 rice mills operating in Tumkur
district. The high level of competition has ensured limiting
bargaining power, as a consequence of which rice mills are
operating at low to moderate profitability margins.

Key Rating Strengths

* Experienced Proprietor: Mr. A. Ragunath Babu is the proprietor of
SLV. He has experience of over 15 years in rice industry. He is
also involved with another associate concern viz. Sri Venkateshwara
Rice Mill which is also into the same line of business for over 8
years now.

* Locational Advantage with presence in cluster and easy
availability of paddy: The mill is located in Tumkur district in
Karnataka which is one of the major paddy cultivation areas in
Karnataka. This ensures easy raw material access and smooth supply
of raw materials at competitive prices and lower logistic
expenditure. SLV procures paddy from the local farmers. It has its
presence in cluster where there are around 110 rice mills.

* Healthy demand outlook for rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the rice
millers and thus the demand is expected to remain healthy over
medium to long term, India is the second largest producer of rice
in the world after China and the largest producer and exporter of
basmati rice in the world. With growing consumer class and
increasing disposable incomes, demand for premium rice products is
on the rise in the domestic market. Demand for non-basmati segment
is primarily domestic market driven in India. Initiatives taken by
government to increase paddy acreage and better monsoon conditions
will be the key factors which will boost the supply of rice to the
rice processing units. Rice being the staple food for almost 65% of
the population in India, it has a stable domestic demand outlook.

Sri Lakshmivenkateshwara Rice Mill (SLV) is a proprietary concern
owned by Mr. A. Raghunath Babu. SLV started its business operations
from January 2009. The firm is engaged in milling of paddy with
total installed capacity of 6 tons of rice per hour at its
manufacturing plant located at Tumkur district in Karnataka. SLV
sells its products (rice, broken rice and bran) to the final
customer mostly through brokers in the states of Karnataka,
Tamilnadu and Kerala. The firm has a total of around 45 employees
which includes about 25 contract labours.


LAL MAHAL: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Lal
Mahal Limited (SLML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term bank       16.73      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short     840.27      CARE D; ISSUER NOT COOPERATING
   term bank                       Rating continues to remain
   facilities                      under ISSUER NOT COOPERATING
                                   category

   Long Term/Short     293.00      CARE D; ISSUER NOT COOPERATING
   Term bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 7, 2019, placed the
ratings of SLML under the 'Issuer non-cooperating' category as SLML
had failed to provide information for monitoring of the rating.
SLML continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated October 15, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The over drawls have continued and the company has been classified
as a Non-Performing Asset (NPA) by the lenders.

Shri Lal Mahal Group (SLMG) was established in year 1907 with
presence mainly in rice segment. The two main companies of the
group are Shri Lal Mahal Limited (SLML) and Kannu Aditya India
Limited (KAIL) having similar nature of operations, common
management and promoters. SLML also has a wholly owned subsidiary
Lal Mahal Retail Limited. The Group is primarily engaged in
milling, processing and selling of rice primarily basmati rice. The
company has an established Brand 'Empire' for its Basmati Rice.
Other major brands of the Company are “Supreme”, Mughalai,
Heena, for Exports, and Diamond, Tibar, Dubar and Mogra for the
Domestic sales. It also engages in trading (both export and
domestic) of various agro and non-agro commodities and also has
wind power generation capacity of 12.5MW and Gold jewellery SEZ
unit at Noida under SLML.


MAHAAJAY SPINNERS: CARE Lowers Rating on INR3.50cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahaajay Spinners India Private Limited (MSIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.50      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank       6.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 20, 2019, placed the
rating(s) of MSIPL under the 'Issuer non-cooperating' category as
MSIPL had failed to provide information for monitoring of the
rating. MSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated November 2, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the rating takes into account the non-availability
of requisite information due to non- cooperation by MSIPL with
CARE's efforts to undertake a review of the outstanding ratings as
CARE views information availability risk as key factor in its
assessment of credit risk profile. The ratings of the bank
facilities of MSIPL continues to be tempered by small scale of
operation, leveraged capital structure and weak debt coverage
indicators, and elongated operating cycle. The rating also factors
decline in PBILDT margin and cash loss in FY19. The ratings
however, continues to derive strength from long track record of the
company and experienced promoters in textile industry.

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operation: The company has small size of
operations marked by low net-worth base of INR0.56 crores as of
March 31, 2019, and total operating income of INR13.16 crore in
FY19 as against INR15.66 crore in FY18.

* Decline in PBILDT margin and cash loss in FY19: PBILDT margin has
declined by 667bps and stood at 4.16% in FY19 as against 12.50% in
FY18. The company has incurred cash loss to the tune of INR0.67
Crore in FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company marked by overall gearing
stood leveraged and deteriorated at 25.47x as on March 31, 2019,
from 7.86x as on March 31, 2018. The debt coverage indicators,
marked by total debt to GCA stood weak and negative at 21.51x in
FY19 as against 18.69x in FY18, due to cash losses incurred during
the year. Further, interest coverage ratio has deteriorated and
stood weak at 0.45x as of March 31, 2019 as against 1.57x as of
March 31, 2018.

* Elongated operating cycle: The operating cycle of the company has
stretched further to 340 days in FY19 as against 253 days in FY18
owing to elongated collection period of 103 days in FY19 viz-a viz
62 days in FY18.

Key Rating Strengths

* Long track record of the company and experienced promoters in
textile industry: The promoters of the company have long experience
of two decades in the yarn manufacturing and the company has long
track record of more than a decade in the manufacturing of cotton
and viscose yarn with established relationship with domestic
customers.

Mahaajay Spinners India Private Limited (MSIPL) was incorporated in
2005, as private limited company based out of Salem (Tamilnadu).
The board of directors of the company consists of Mr. Bharath Kumar
M (Managing Director), Mr. Maha Ajay Prasath and Mr. Hariharan. It
is an ISO 9001: 2015 quality certified company. MSIPL is engaged in
manufacturing of various types of home furnishing textile like bed,
table, kitchen, bath linens, besides others.


MAHAVISHNU SPINNING: CARE Lowers Rating on INR8cr Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahavishnu Spinning Mills Private Limited (MSMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      1.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 26, 2019, placed the
rating(s) of MSMPL under the 'Issuer non-cooperating' category as
MSMPL had failed to provide information for monitoring of the
rating. MSMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated November 2, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by MSMPL with
CARE's efforts to undertake a review of the outstanding ratings as
CARE views information availability risk as key factor in its
assessment of credit risk profile. The ratings of the bank
facilities of MSMPL continues to be tempered by small scale of
operations, decline in profitability margins, leveraged capital
structure, working capital intensive nature of operations and
highly fragmented and competitive business segment due to presence
of numerous players. The rating is also factored by improvement in
total operating income and debt coverage indicators. The ratings
however, continues to derive strength from long track record of the
company and experienced promoters in textile industry.

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operations: The company has small size of
operations marked by total operating income of INR40.43 crore in
FY19 and tangible networth base of INR3.10 crore as on March 31,
2019.

* Decline in profitability margins: The PBILDT margin of the
company has declined by 193 bps from 7.94% in FY18 to 5.91% in FY19
however continued to remain stable in absolute terms. However, PAT
margin has increased by 133 bps from 0.91% in FY18 to 2.24% in
FY19.

* Leveraged capital structure: The capital structure of the company
marked by overall gearing stood leveraged at 2.54x as on March 31,
2019, despite witnessed improvement compare to previous year (6.10x
as on March 31, 2018).

* Working capital intensive nature of operations: The working
capital cycle stood elongated at 62 days in FY19 improved as
against 109 days in FY18 due nominal improvement in collection and
creditor period (below 30 days respectively) along with decreased
inventory period of 64 days in FY19.

* Highly fragmented and competitive business segment due to
presence of numerous players: The company is into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized companies that compete with each
other along with several large enterprises.

Key Rating Strengths

* Experienced promoters in manufacturing cotton yarn: The directors
of MSMPL have experience of more than three decades in the cotton
industry. Prior to establishing MSMPL, the directors were handling
ginning of cotton fabric through their association with MPG Ginning
Factory established in 1985.

* Improvement in total operating income and debt coverage
indicators: Total operating income of the company has grown by 52%
to INR40.43 Crore in FY19 as against INR26.56 Crore in FY18. The
debt coverage indicators, marked by total debt to GCA stood
moderate at 4.81x in FY19 which has improved from 8.54x in FY18,
due to improved cash accrual level. Further, interest coverage
ratio has improved and stood stable at 3.19x as of March 31, 2019
as against 2.37x as of March 31, 2018.

Mahavishnu Spinning Mills Private Limited (MSMPL) was incorporated
in February 23, 2000 by Mr. K. Subburaj, Mr. K. Kanagaraj, Mr. G.
Veluchamy, Ms. S. Vijayalakshmi, Ms. K. Prema and Ms. V. Susithra
in Kovilpatti, Tamil Nadu. The company is engaged in manufacturing
cotton yarn which finds its application primarily in manufacturing
innerwear.


MEDEOR HOSPITAL: CARE Lowers Rating on INR424.21cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Medeor Hospital Limited (MHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       424.21     CARE D Revised from CARE BB;
   Facilities                      Stable

   Short-term Bank
   Facilities           58.00      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of MHL
factors in on-going delays in debt servicing by the company.

Rating Sensitivities

Positive factors

* Timely track record of debt servicing by the company for
continuous 3 months.

* Improvement in operational performance on sustained basis.

Detailed description of the key rating drivers

Key rating weaknesses

* Delay in servicing of debt obligations: As per discussion with
the banker, there are on-going delays in repayment of debt
obligation that was due on October 1, 2020. The same was mainly on
account of its poor liquidity, as the operations of the hospital
got impacted due to COVID 19.

Liquidity: Poor

Liquidity is poor with delays in debt servicing of bank facilities.
Further, the company had availed moratorium for its debt obligation
under the COVID-19 regulatory package announced by RBI.

Medeor Hospital Limited (formerly known as Rockland Hospital
Limited) was promoted by Mr. Rajesh Srivastava and was incorporated
in 2004. In 2016, the company was acquired by VPS Healthcare Group
of Dubai. MHL operates three multispecialty hospitals in NCR with a
combined capacity of 808 beds (operational beds around 450 as on
February 29, 2020).


NOXX & CHEF'S: CARE Cuts Rating on INR7.33cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Noxx
& Chef's Deck Private Limited (NCDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.33      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank       0.54      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4 and moved
                                   to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NCDPL to monitor the ratings
vide e-mail communications/letters dated May 5, 2020, September 10,
2020, November 4, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, NCDPL has
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on NCDPL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in debt
servicing of the company.

Detailed description of the key rating drivers

* On-going delay in debt servicing: There are ongoing delays in
debt servicing of the company.

Liquidity: The liquidity position was stressed as reflected by its
on-going delay in debt servicing.

Noxx & Chefs Deck Pvt Ltd (NCDPL) was incorporated during September
2013 as Merven Developers Pvt Ltd (MDPL). However, after
incorporation, the company remained dormant and during September
2015 MDPL was rechristened as NCDPL and started trading of
agricultural and textile products. However, during July 2017, the
company stopped trading operations and entered into a restaurant
business at Howrah with the facility located at Dumurjala, Howrah,
West Bengal. Further, off late the company has ventured into
Packaged Drinking Water Business (PDW) with its plant located at
Domjur, NH-6, Howrah with an installed capacity of 14000 litres per
day. The company sells its products under the brand name of
“Eveque”. The PDW businesses have partly started its operation
from April 2019. The company currently managed by Mrs. Amrita
Banerjee, Director, along with other director Mr. Pritish Roy. All
the directors are having around a decade of experience in
construction and retailing of electronic goods business looks after
the day to day operations of company along with a team of
experienced professionals in restaurant and PDW business.


ONKAR INT'L: CARE Cuts Ratings on INR18cr Loan to B/A4
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Onkar International Private Limited (OIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           18.00      CARE B; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable/CARE A4;
      
   Short Term Bank       1.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 24, 2019, placed the
rating(s) of OIPL under the 'issuer non-cooperating' category as
OIPL had failed to provide information for monitoring of the
rating. OIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated November 6, 2020, November 5, 2020,
November 3, 2020 and November 2, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account non-availability
of information due to non-cooperation by OIPL with CARE's efforts
to undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on October 24, 2019 the following were
the rating strengths and weaknesses (Updated for FY19 financials
available from Registrars of Companies.)

Key Rating Weaknesses

* Modest scale of operations with moderate profitability margins:
Scale of operations remains moderate though improved as reflected
in total operating income (TOI) of INR53.11 crore in FY19 (PY:
INR42.26 crore). The company books only commission income as
against the actual sales value. The PBILDT margins has declined to
7.40% in FY19 (PY: 9.16%) due to increased payment to airlines for
tickets and bad debt provisioning. The solvency ratio has
moderately improved but remains leveraged with overall gearing of
2.17x in FY19. (PY: 2.6x).

* Working capital intensive nature of business: The nature of
business in which the company operates is working capital
intensive, as the receivables comprise the total ticket value
whereas the company earns only a part of the total ticket value as
commission income. In view of the fact that collections have a
longer tenure compared to payments to International Air Transport
Association (IATA), the company relies on working capital limit to
bridge the gap, leading to high dependence on the bank limit.

* Fragmented nature of tourism industry leading to intense
competition: The Indian tours and travel industry is highly
fragmented, with a large number of small unorganized tour operators
as well as established players resulting in intense competition
within the tourism space. Furthermore, with advent of newer forms
of booking travel tickets (i.e. smart phones, internet and social
media), the company's ability to garner higher sales is critical
due to intense competition prevalent in the industry.

Key Rating Strengths

* Experienced promoters with long track record in the airline
ticketing industry: Key promoter – Mr. Karanvir Singh Bahia has
around 25 years of experience in travel and tourism industry. The
company has a long track record of operations of around four
decades, which coupled with promoter's extensive experience helps
in better understanding of business cycle and develop established
relationships with the customers.

* Diversified and established customer base: Over the years, OIPL
has established long-standing relations with reputed corporate
clients spread across various industries and continues to receive
repeat orders from them.

Incorporated in 1980, Onkar International Private Limited (OIPL)
provides corporate travel management solutions. The company is
engaged in the business of airline ticketing services, and other
travel related services including visa/passport services and
documentation, insurance services. OIPL is promoted by Mr. Karanvir
Singh Bahia. The company is an International Air Transport
Association (IATA) registered ticketing agency, and is also the
member of Travel Agent Federation of India. ATIPL derives
commission from the booking of domestic and international tickets.
The company derives majority of the ticket sales turnover (~90%)
from overseas travel booking and remaining through domestic travel
bookings. OIPL offers services in business to business (B2B)
segment.


POLYGENTA TECHNOLOGIES: CARE Ups Rating on INR6.06cr Loan to BB-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Polygenta Technologies Limited (PTL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Proposed Long         6.06      CARE BB-; Stable Rating revised
   Term Bank                       from CARE B and removed from
   Facilities                      credit watch with developing
                                   implications; Outlook assigned
                                   'Stable'

Detailed Rationale & Key Rating Drivers

CARE has removed the rating of PTL from 'Credit Watch with
developing implications' on account of emergence of clarity about
impact of COVID-19 pandemic on company's business and financial
risk profile. PTL has optimized its plant operations and has
generated cash profits in FY20. The company is also generating cash
profits on monthly basis post resuming operations from May, 2020
after the plant was shut for almost 52 days due to the COVID-19
pandemic. The revision in the rating assigned to proposed bank
facilities of Polygenta Technologies Limited is on account of
significant improvement in its operational performance over last 6
quarters. The rating assigned to Polygenta Technologies Limited
derives strength from experienced promoters in the area of
environmental sustainability, regular support from parent company,
significant improvement in operational performance and
profitability. However, ratings are constrained by weak capital
structure, customer and supplier concentration risk and upcoming
capacity expansion project.

Rating Sensitivity:

Positive Factors:

* Turnaround in operations with the company reporting profits at
PAT level on sustained basis.

* Improvement in capital structure with positive net worth on a
continuous basis

Negative Factors:

* Delay in support from parent company.

* Delay or cost overrun in upcoming project.

Detailed description of the key rating drivers

Key Rating Strengths

* Experienced promoter and management in the area of environmental
sustainability: Post the investments by Perpetual Global
Technologies Limited (PGTL) from 2008 to 2010, Polygenta plant was
substantially reconditioned and modified, key equipment was
salvaged and re-used, and an integrated state of the art plant was
installed focusing on making PFY products by recycling
post-consumer PET bottles based on the patented recycling
technology owned by PGTL. Currently, the Nashik plant converts
approximately 3 million plastic bottles a day into high-quality
sustainable filament yarns and PET chips for the textile industry.
Dr. Vivek Tandon, one of the founders of PGTL, is a PhD from
University College, London, and a BSc in Physics from Imperial
College has been involved in plastic recycling sector since 2004
and has successfully founded number of companies focused on
environmental sustainability. The management team at PTL also have
rich and diverse experience.

* Regular support from Parent company: Given the stressed liquidity
situation of PTL over past few years, PGTL has been providing
regular financial support to PTL in the form of interest waivers on
ECB and reschedulement of ECBs. PGTL has been supporting PTL to
fund its losses till December, 2018 through infusion of ECB. After
December, 2018, PTL has been generating positive cash profits and
support itself. PGTL has extended interest waiver in ECBs till
March 31, 2021 and repayments of the ECBs are expected to start
from March 31, 2022.

* Significant improvement in operational performance: PTL has
successfully revamped its operations backed by strong orders from
branded customers (Premium sales). PTL's select customer base
include brands such as Adidas, Decathlon, Puma, H&M, Zara, TNF,
C&A, Target etc. PTL's operating income grew with CAGR of ~20% for
period of FY16 to FY20. PTL has reported 11% increase in volume
sales of DTY/POY/Chips while 24% increase in value sales on y-o-y
basis for FY20. With the improved product performance, PTL's sales
in the branded segments has improved over the years. With better
operating efficiency, PTL is consistently improving its PBILDT
margin, and turned PBILDT positive for FY20. Further, PTL's net
cash flow from operation turned positive in FY20. Further, for
H1FY21, the company has registered sales of close to INR50 crore
with PBILDT of INR6.63 crore. Owing to process optimization and
focus on high margin yarns, PTL was able to generate positive PAT
profit of INR2.48 crore in Q2FY21. PTL's improvement in operational
performance is supported by volume growth as well as value growth.
Since FY16, PTL has focused on high margin premium segment which
has grew from 10% to 77% of total volume sale. Also, realisation
improved from INR125/kg in FY15 to INR142/kg in FY20.  PTL has
successfully improved plant operations by debottlenecking the
process as well as reducing overheads. Due to various cost
reduction and process improvement initiatives, PTL's manufacturing
expenses reduced from 39% of total expenses in FY16 to 17% of total
expenses in FY20. In FY20, PTL has started exporting recycled PET
chips to US market based on strong demand for sustainable yarn.
Further, FDY plant was fully commissioned in November, 2019. Fully
Drawn Yarn is a speciality yarn which yields better margin.

Key Rating Weaknesses

* Weak capital structure; albeit improvement in debt coverage
indicators in FY20: PTL's capital structure continues to be weak
due to accumulated losses and negative net worth over last several
years. The company continued to post losses at PAT level till FY20.
However, with better sales realization in premium segment and
improvement in operating efficiency, losses are decreasing year on
year. As a result, PTL was able to generate GCA of INR11.31 crore
for FY20 as against GCA of INR(7.29) crore for FY19. Consequently,
interest coverage improved to 8.66x for FY20 against -3.59x in FY19
and total debt to cash flow from operations improved to 43x in FY
as against 208x in FY19, while other debt coverage matrices remains
poor due to PTL's negative net worth. PTL's interest coverage
further improved to 13.27x in H1FY21 as against 8.04x in H1FY20.
For H1FY21, the company has generated GCA of INR6.21 crore.

* Customer and supplier concentration risk; albeit reputed client
base: PTL remains vulnerable to customer and supplier risk given
the dependence on few players for sales and purchases. The
aggregate sales generated from top 3 customers amounted to 40% of
total sales for FY20 signifying revenue concentration risk.
However, over the past few years the company has been expanding its
customer base and presently its select customers include global
brands like Decathlon, Adidas, Puma, Reebok, C&A, Target, etc.
Further, the risk is partially mitigated as the company has long
standing relationship with these customers. It is pertinent to note
that the demand for the Company's products i.e. recycled PET chips
and yarns is huge owing to the increased focus of more and more
brands towards environmental sustainability, which is USP of PTL.
However, given the present (plant) capacity limitation the company
had to turn down orders from customer. In order to meet this demand
and to further improve the profitability the company has planned
for capacity expansion. Focused and continued business from reputed
customers gives comfort on the quality adherence of PTL and also on
the ability to execute orders. Similarly, aggregate purchase from
top 3 suppliers amounted to 85% of its total purchases for FY20. As
per the management, as the present operating capacity is relatively
small, it has preferred working with only limited number of
suppliers. Further, PTL has worked and assisted DPIPL (i.e.
supplier of PET flakes which is the key feedstock) in his
manufacturing operations and making PET flakes are per PTL's
desired specifications. PTL has already shortlisted various other
PET flakes suppliers based on quality parameters and may source the
feedstock if and when desired.

* Upcoming project for capacity expansion: PTL is considering
expansion of its current capacity of 35 TPD to 135 TPD as the
demand for sustainable yarns is significantly higher than the
supply. The Project will focus on making 100% recycled textile
grade rPET chips and thus consists of setting up a recycling unit
based on the Group's patented recycling technology and a
polymerisation plant with the capacity of 100 TPD. The cost of the
project is estimated to be in the range of USD 22 to 25 million and
implementation time frame is expected to be about 18 months from
the date funds are available. The projected will be funded through
a mix of debt and equity in ratio of 3:2. PTL is in the process of
raising funds for the project. For the purpose of expansion, PTL
has identified adjacent land of 10 acre near its current plant and
planning to take it on lease with “first right to buy”. Any
delay in project leading to cost overrun may have an adverse impact
on the liquidity of the company.

Liquidity: Adequate

PTL's liquidity profile remains adequate with unencumbered cash
balance of INR4.27 crore as on September 30, 2020. The company also
has a satisfactory current ratio at 2.72x as on March 31, 2020. PTL
does not have any cash credit facility. Since turning positive cash
profit in Q1FY20, PTL is being able to support its operations on
its own, without taking any financial support from PGTL. Further,
the company is undertaking a capacity expansion project of US$25
million with debt to equit adequate to meet any incremental working
capital requirement in near term.

Incorporated in 1981, Polygenta Technologies Limited is engaged in
the business of manufacturing sustainable polyester filament yarn
(SPFY) by recycling post-consumer polyethylene terephthalate (PET)
flakes using patented recycling technology owned by the Parent
Group of PTL. The Company is principally engaged in the
manufacturing of synthetic or artificial yarns, tenacity yarns
whether or not texturized, including high tenacity yarn. The
Company sells its polyester yarn products for various applications
in the fields of apparel, denim, home furnishings, floor coverings
and industrial applications. The Company has a plant near Nashik.
The Company's plant is integrated from feedstock, which uses PET
bottles through to the manufacturing of SPFY and is operating at
about 34 tons per day capacity depending upon the product-mix. The
Company's operating capacity of the plant is processing 3 million
plastic bottles a day.


PRAKASH CORPORATES: CARE Lowers Rating on INR8cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prakash Corporates (PCS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PCS to monitor the rating
vide e-mail communications/letters dated October 7, 2020, October
12, 2020 and October 14, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further,
Prakash Corporates (PCS) has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
PCS's bank facilities will now be denoted as CARE B- Stable; ISSUER
NOT COOPERATING. Further, due diligence could not be conducted.

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

Detailed description of the key rating drivers

At the time of last rating in September 6, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Short track record with small scale of operation and low profit
margin: PCS has commenced operations since March 2017 and thus has
extremely short track record of operations. Further, PCS is a small
player in the trading and civil construction industry with total
operating income of INR5.46 crore in FY17. The net worth base of
the firm also remained low at INR2.70 crore as on
March 31, 2017. However, in 7MFY18, the firm has booked revenue of
INR20.00 crore. The profitability margin remained low marked by
PBILDT margin of 0.51% and PAT margin of 0.48% in FY17 mainly due
to trading nature of operations which is inherently a low margin
business.

* Volatility in prices of trading/input materials: PCS is engaged
in trading of steel, cement, related commodities and construction
activities. The prices of traded/input materials like steels,
cements, etc. are volatile in nature. Since, cost of traded/input
material is the major cost driver of PCS, any volatility witnessed
in the prices of traded/input materials can narrow the
profitability margins.

* Working capital intensive nature of operations: PCS's business,
being trading of construction materials and civil construction is
working capital intensive in nature. The firm maintains inventory
of around a month for timely supply of its customer's demands as
well as smooth running of construction activities. Furthermore, it
also provides on an average one month credit to its customers.

* Moderate capital structure & debt coverage indicators: The
capital structure of the firm remained moderate marked by overall
gearing ratio at 1.72x as on March 31, 2017. Furthermore, the debt
coverage indicators also remained moderate marked by interest
coverage of 16.03x and total debt to GCA of 12.92x in FY17.

* Partnership nature of constitution: PCS's, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Intensely competitive industry: The firm is into trading of
construction materials which is highly fragmented and competitive
in nature due to low entry barriers. Further all the entities
trading the same products with a little product differentiation
resulting into price driven sales. Intense competition restricts
the pricing flexibility of the firm in the bulk customer segment.
Further, the firm also faces intense competition in construction
segment thereby limiting the pricing flexibility of the firm.

Key Rating Strengths

* Experienced partners: The key partners Mr. Shailesh Goyal (aged
about 32 years) has more than a decade of experience in PVC cables
and construction industry. Mr. Goyal has gained the experience
through his proprietary business "Prakash Cable Products" which is
into PVC Cable and construction activities. He looks after the day
to day operations of PCS, supported by other partners.

Prakash Corporates (PCS) was set up as a partnership firm in
January 2017 by the Goyal family of Raipur, Chhattisgarh. The firm
has been engaged in trading of construction materials like steels,
cements etc. and civil construction activities. The firm has
commenced operations from March 1, 2017 onwards.


PROGNOSYS MEDICAL: CARE Lowers Rating on INR2.50cr Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prognosys Medical Systems Private Limited (PMSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.50      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank       7.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 9, 2019, placed
the rating(s) of Prognosys Medical Systems Private Limited under
the 'issuer non-cooperating' category as PMSPL had failed to
provide information for monitoring of the rating. PMSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated September
30, 2020 to October 19, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the public
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in ratings is on account of non-availability of
requisite information. The ratings assigned to the bank facilities
of Prognosys Medical Systems Private Limited (PMSPL) takes into
account small scale of operations during FY19 (refer to the
period from April01 to March31), declining profitability margins,
leverage capital structure and weak debt coverage indicators.

The rating continue to remain constrained by working capital
intensive nature of operations due to high collection period and
inventory holding period, profitability margins being susceptible
to fluctuation in foreign exchange prices, highly fragmented
industry with intense competition from large number of players. The
ratings continue to derive strength from long track record of the
company and experience of the promoters for more than two decades
in medical supplies industry, stable outlook of medical equipment
industry.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Company
Affairs (ROC)

Key Rating Weaknesses

  * Small scale of operations:  The scale of operations of the
company marked by total operating income declined and stood at
INR38.08 crore in FY19 as compared to INR52.94 crore in FY18. The
tangible net worth of the company stood at INR19.04 crore as on
March 31, 2019 as compared to INR20.71 crore as on March 31, 2018.

  * Declining profitability margins:  The PBILDT margin of the
company declined and stood at 2.59% in FY19 as compared to 12.68%
in FY18 due to decline in scale of operation. Further the PAT
margin stood negative at 0.85% in FY19 as compared to 8.43% in FY18
due to decline in PBILDT in absolute terms.

  * Leverage capital structure and weak debt coverage indicators:
The capital structure of the company marked by overall gearing
deteriorated and stood leverage at 1.17x as on March 31, 2019 as
compared to 0.95x as on March 31, 2018 due to increase in the total
debt level. The debt profile of the company consists of preference
share capital of INR0.77 crore, Working capital borrowings of
INR3.32 crore, NBFC loans of INR1.85 crore, Unsecured loan from
related parties of INR4.35 crore and unsecured loan of INR11.99
crore as on March 31, 2019 The debt indicators of the company
marked by total debt/GCA and interest coverage ratio stood weak at
63.77x and 1.14x as on March 31, 2019 as compared to 3.73x and
4.02x as on March 31, 2018 due to decline in cash accruals and
increase in debt level.

  * Working capital intensive nature of operations due to high
collection period and inventory holding period:  The operating
cycle of the company has stood elongated at 370 days in FY19 as
compared to 226 days in FY18 due to elongated collection period and
inventory period of 338 days and 137 days as on March 31, 2019. The
average collection days have improved in FY18 which stood at 194
days.

  * Profitability margins are susceptible to fluctuation in foreign
exchange prices:  The profitability margins are susceptible to
fluctuation in foreign exchange prices as the company is engaged in
exports and imports. The company makes payment to its suppliers and
receipt from customers at current exchange rate only.

  * Highly fragmented industry with intense competition from large
number of players:  The company is engaged in designing,
manufacturing, integrating and installing products related to
digital radiology equipment which is highly fragmented industry due
to presence of large number of organized and unorganized players in
the industry resulting in huge competition.

Key Rating Strengths

  * Long track record of the company and experience of the
promoters for more than two decades in medical supplies industry:
PMSPL was incorporated in 2003 by Mr.V. Krishna Prasad (Managing
Director), Mr.Kesava (Director) and Mr. Sunil Monga (Director).
Mr.V. Krishna Prasad and Mr. Sunil Monga are Electronic Engineers
and Mr.Kesava is Chartered accountant by qualification. All have
more than two decades of experience in medical equipment industry.

  * Stable outlook of medical equipment industry:  India is fast
growing as a key market for medical devices outsourcing. The
industry has seen tremendous growth over the last decade and the
current development trends indicate even greater potential in the
coming years. Several joint ventures, agreements and loan licensing
procedures have influenced the market. The government has also
taken several reforms to develop the market by regulating it to
bring out more transparency and by allowing foreign investments in
the industry.

Prognosys Medical Systems Private Limited (PMSPL), a Bangalore
(Karnataka) based company, was incorporated in 2004 by Mr.V.
KrishnaPrasad (Managing Director), Mr.Kesava (Director ) and Mr.
Sunil Monga (Director) at Chamarajpet, Bangalore, Karnataka. PMSPL
is engaged in designing, manufacturing, integrating and installing
products related to digital radiology equipment. The company is
also engaged in manufacturing other related accessories, providing
endto -end solutions in the healthcare industry through the
integrated delivery of medical devices, communication equipment,
computers, servers, software supply, installation and maintenance
of the same on a turnkey basis under the brand name of ProRad.
PMSPL is an ISO 9001:2000 certified company for radiology imaging
equipment and other allied healthcare products.


RAM COTTEX: CARE Reaffirms B+ Rating on INR30cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Shree
Ram Cottex Industries Private Limited (SRC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           30.00      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SRC continues to
remain constrained on account of its thin profitability in light of
limited value addition in the cotton ginning business, weak debt
coverage indicators and stretched liquidity on the back of low cash
accruals and high reliance on external borrowings. The ratings also
remain constrained due to susceptibility of its operating margin to
volatile cotton prices and its presence in highly fragmented,
seasonal and regulated cotton ginning industry and high working
capital intensity. The rating, however, derives strength from vast
and rich experience of the promoters in the cotton ginning business
and location advantage emanating from its proximity to raw cotton.
The rating also take into account the improvement in capital
structure during FY20 (FY; refers to period April 1 to March 31) as
compared to FY19 mainly due to subordination of unsecured loans to
bank limits.

Key Rating sensitivities

Positive Factors

  * Sustained improvement in PBILDT margin beyond 5%

  * Improvement in debt coverage indicators marked by
    interest coverage ratio above 2.5 times

Negative Factors

  * Significant decline in total operating income

  * Sizable withdrawal of unsecured loans from promoters
    and relatives

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Thin profitability margin:  The profitability margin continued
to remain thin primarily on account of SRC's presence in the lowest
segment of the cotton textile value-chain with limited value
addition. During FY20, PBILDT margin and PAT margin remained thin
at 2.60% and 0.26% respectively. This kind of very low
profitability margins results very low cash accruals and restricts
liquidity.

  * Weak debt coverage indicators:  The debt coverage indicators
continued to remain weak marked by total debt/GCA of 45.80 years
and PBILDT interest coverage of 1.19 times during FY20 largely due
to low profitability and cash accruals coupled with higher reliance
on external debt for working capital requirement.

  * Large working capital requirement with elongation in working
capital cycle in FY20:  Of the total capital employed of INR58
crore as on March 31, 2020, almost INR56 crore is deployed for
working capital whereas the requirement of fixed capital investment
is very minimum. Due to seasonal nature of business, SRC is
required to keep minimum amount of inventory to serve the demand in
non-season period. Apart from this, having low bargaining power
with its reputed customers, SRC needs to extend credit to its
customers which further enhances the working capital requirement.
Operating cycle of SRC elongated to 124 days in FY20 from 95 days
in FY19 largely due to higher inventory holding
period which increased from 45 days in FY19 to 63 days in FY20. The
elongation in inventory holding was largely due to decline in scale
of operation during FY20.

  * Susceptibility of operating margins to volatile cotton prices:
Raw cotton is the key raw material for ginning and pressing
activities. Prices of raw cotton are highly volatile in nature.
Cotton ginners usually procure raw materials in large volumes to
bargain bulk discount from suppliers hence, the volatility in
cotton price along with the high inventory requirements results in
high susceptibility of operating margins to cotton price
fluctuations.

  * Presence in highly fragmented cotton ginning industry and
government regulations:  Cotton ginning business involves very
limited value addition and is highly dominated by small and medium
scale units resulting in highly fragmented nature of the industry.
Moreover, the competition in the ginning industry remains stiff
restricting the profitability margins. Furthermore, Government
policies with regard to minimum support price (MSP) and
export-import policy affect cotton prices.

  * Impact of Covid-19 on operational and financial performance of
SRC: The operation of the company affected during the period of the
nation-wise lockdown due to Covid-19 pandemic. However, SRC resumed
its operations fully from May 2020 post relaxation of lockdown
norms. As informed by management, SRC is now operating at its full
capacity. Further, despite the challenges of Covid-19, SRC is able
to grow its total operating income during 7MFY21 which stood at
INR88 crore as compared to INR73 crore during 7MFY20.

Key Rating Strengths

  * Vast and rich experience of promoters:  SRC is promoted by Mr.
Ramnik Bhalala along with his brother Mr. Dinesh Bhalala. Mr.
Ramnik Bhalala has an extensive experience of more than 25 years in
the cotton ginning industry and looks after finance and marketing
function of SRC. Mr. Dinesh Bhalala has an experience of more than
a decade and manages administration and overall plant operations.
The promoter group has regularly infused funds, either through
capital or unsecured loans to support the operations of the company
as and when required. During FY20, the promoters has infused
additional unsecured loan of INR0.60 crore to support the operation
of SRC.

  * Easy availability of raw material due to close proximity of SRC
to cotton producing region:  SRC's processing facility is situated
in Gondal (Gujarat), which is one of the cotton producing belts.
Gujarat produced around 26% of total national production of cotton
in FY19. Due to its proximity to cotton growing region of Gujarat,
SRC benefits by way of lower logistic cost (both on transportation
and storage) along with procurement of raw materials at effective
prices.

  * Improvement in capital structure:  As per the terms of the
latest sanction letter of bank, SRC is required to maintain
unsecured loans of INR20.78 crore which are subordinated to bank
loan till the pendency of bank facilities. Hence, the unsecured
loan of INR20.78 crore is considered as a quasi-equity leading to
strengthening of its net-worth base as on March 31, 2020. The
capital structure of the company improved and remain moderate at
1.06 times as on March 31, 2020 as against 7.13 times as on March
31, 2019 mainly due to subordination of unsecured loans.

Liquidity: Stretched

The liquidity of the company remained stretched marked by low cash
accruals and higher reliance on working capital borrowings to
supports the higher inventory holding period and elongated debtor
collection period. The receivable for more than 6 months stood at
INR6.80 crore as on March 31, 2020 (Provisional) which was
increased from INR5.15 crore as on March 31, 2019. It is noted that
more than 6 months receivable constitutes 25% of total receivable
(total receivable of INR26.90 crore as on March 31, 2020) and 24%
of tangible net-worth as on March 31, 2020. The company largely
funds its working capital requirement through bank borrowings where
average utilization of fund based working capital limits remained
high at around 97% ended August 2020. However, the liquidity of the
company is supported by the available unnumbered cash & bank and
investment in fixed deposit of INR3.31 crore as on September 30,
2020. Moreover, as informed by the management and confirmed by the
banker, the company has not applied for any moratorium in interest
payments on its working capital limits. However, bank had suo-moto
granted the moratorium to all its borrowers including SRC.

Gondal, Gujarat-based SRC is engaged in cotton ginning and pressing
to produce cotton bales. Initially, SRC operated as partnership
firm - Shree Ram Cottex Industries - and was subsequently converted
to a private limited company in September 2013. As on March 31,
2020, SRC was equipped with 32 ginning machines with a production
capacity of 360 bales per day at its facility in Gondal, Rajkot.


RANGA TEXTILES: CARE Lowers Rating on INR8.54cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Ranga Textiles Private Limited (SRTP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.54      CARE B+; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 28, 2019, placed the
rating(s) of SRTP under the 'Issuer non-cooperating' category as
SRTP had failed to provide information for monitoring of the
rating. SRTP continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated October 08, 2020 In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Sri Ranga Textiles
Private Limited (SRTP) continue to remain constrained by working
capital intensive nature of operations. The rating also takes into
account increase in total operating income and improved capital
structure in FY19, and moderately satisfactory debt coverage
indicators and decline in profitability margins. The rating,
however continue to derive strength from long experience of the
promoters in the textile industry.

Key Rating Weakness

* Decline in profitability margins: The PBILDT margin has declined
by 293bps and stood at 7.02% in FY19 viz a viz 9.93% in FY18.
Further the PAT margin also has dropped down by 287bps in FY19
owing to decline in PBILDT on absolute terms and continued to be
thin at 0.99% as against 1.39% in FY18.

* Working capital intensive nature of operations: The working
capital cycle has improved to 88 days in FY19 compare to previous
year (116days in FY18) on the back of improved collection and
creditor periods of 35 days and 33 days respectively in FY19 as
against 52 days and 49 days respectively in FY18.

Key rating strengths

* Long experience of the promoters in the textile business: SRTP
was promoted in 1980 by Mr. R. Ethirajulu with three of his family
members. Mr. E. Silesh is engaged in this business for more than
two decades. Currently, daily operations of the company are managed
by Mr. E. Silesh, Managing Director. Mr. Silesh had been engaged
with other group entities, M/s. Ramalakshmi Spinning and Weaving
Mills and M/s. R.E.R Textiles. Financial performance of the company
marked by increase in total operating income and improved capital
structure in FY19. The total operating income has increased from
INR20.32 crore in FY18 to INR24.31 crore in FY19.
Reduction in debt profile coupled with marginal increase in
networth base on the back of accretion of profits has resulted in
improvement of capital structure. It is marked by overall gearing
of 1.22x as on March 31, 2019 as against 2.06x as on March 31,
2018.

* Moderately satisfactory debt coverage indicators: The debt
coverage indicators marked by TD/GCA, though improved stood
moderately satisfactory at 6.09x as on March 31, 2019, as against
8.84x as on March 31, 2018 on account of reduction in debt profile.
Further interest coverage ratio also has improved to 2.63x as on
March 31, 2019 as against 2.21x as on March 31, 2018 due to
reduction in interest costs, though there was decrease in operating
profits.

SRTP, incorporated in 1980 is engaged in the manufacturing of
cotton yarn in the super fine count range of 100's and 120's (which
finds its application in sarees and shirtings). The company was
incorporated by Mr. R. Ethirajulu and three of his family members.
SRTP was established with 5,920 spindles in Coimbatore.
Subsequently another unit was added in 2002 with spindle capacity
of 4,800 spindles in Aruppukottai. SRTP has an aggregate spindle
capacity of 24,600 spindles as on February 25, 2016. SRTP also
sells 2/100's count (value added by doubling 100's count yarn)
based on the requirement of the customers. Mr. E. Silesh (s/o Mr.
R. Ethirajulu) is the managing director of the company who takes
care of day to day activities. Mrs. E. Ramalakshmi (W/o Mr. R.
Ethirajulu) and Mr. Ranga Rao (s/o Mr. R. Ethirajulu) are the other
directors of the company. Further the company has not availed
moratorium for COVID-19 for its bank facilities.


RGS POULTRY: CARE Lowers Rating on INR5.99cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RGS
Poultry Farm, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.99       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RGS Poultry Farm to monitor
the rating vide e-mail communications dated October 23, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of best available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on RGS Poultry Farm bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of RGS
Poultry Farm takes into account of on-going delays in the servicing
of debt obligations.

Key Rating Weakness

* On-going delays: The firm is unable to generate sufficient cash
flows leading to strained liquidity position resulting in on-going
delays in meeting its debt obligations.

RGS Poultry Farm (RPF) was established as a proprietorship concern
in 2004 by Mr. R. Ganesan in Namakkal, Tamil Nadu. RPF was
re-established as a partnership firm with equal profit sharing
ratio between Mr. R. Ganesan and Mr. V.G. Sakthivel in the year
2017. The firm is engaged in rearing of chicks for production of
eggs and culling. The chicks are purchased from the local suppliers
in Namakkal and the firm procures chick feeds from Sri Venkateswara
Poultry feeds (associate concern) and SKM Feeds. There are four
stages in poultry farming, namely the brooder stage, grower stage,
layer stage and culling stage. The chicks are reared for about 16
weeks until it starts to lay eggs. Once the chick reaches 90-100
weeks of age, it is sold for culling. The firm supplies 75% of eggs
to their associate concern (SVPF) and remaining 25% of eggs are
supplied to local customers and RPF supplies the chicken for
culling to different customers located in Tamil Nadu, Kerala and
Karnataka. RPF rears chicks of different varieties like BV-300,
Bovans and Babcock. RPF has its farm located in Vazhavanthi,
Namakkal, Tamil Nadu. The firm has availed moratorium from March
2020 to August 2020.


RM ROCKS: CARE Lowers Rating on INR8cr LT Loan to C
---------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RM
Rocks and Sand Private Limited (RMRSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated September 4, 2019, placed the
rating(s) of RMRSPL under the 'issuer non-cooperating' category as
RMRSPL had failed to provide information for monitoring of the
rating. RMRSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated September 30, 2020 to October 19, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the ratings is on account of non- availability of
requisite information. The ratings assigned to the bank facilities
of RM Rocks and Sand Private Limited (RMRSPL) takes into account
net losses and cash losses during FY19 (refer to the period from
April 1 to March 31). Further the ratings assigned continues to be
tempered by short track record and small scale of operations,
leverage capital structure and weak debt coverage indicators,
working capital intensive nature of operations, geographic
concentration risk and highly fragmented industry with intense
competition from other established and upcoming players. The rating
continue to derive strength from moderate experience of promoter in
rock metal industry, stable outlook of rock industry.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Company
Affairs (ROC)

Key Rating Weaknesses

* Short track record and small scale of operations: The company
though established in 2011 started its commercial operations in
October 2013. The scale of operations marked by total operating
income stood small at INR0.44 crore in FY19 as compared to INR1.32
crore in FY18.

* Net losses and cash losses during FY19: The company has incurred
net losses, hence the PBILDT margin stood negative at 20.92% in
FY19 as compared to 68.18% in FY18 due to decline in the scale of
operations. Further the PAT margin also stood negative at 223.47%
in FY19 as compared to 5.09% in FY18 due to decline in PBILDT in
absolute terms.

* Leverage capital structure and weak debt coverage indicators: The
capital structure marked by overall gearing stood leverage at 4.26x
as on March 31, 2019 as compared to 2.58x as on March 31, 2018 due
to increase in total debt levels. The debt profile of the company
consists of term loan of INR5.81 crore, Working capital borrowings
of INR0.67 crore and Unsecured loan of INR2.94 crore as on March
31, 2019 The debt coverage indicators marked by PBILDT interest
coverage and TD/GCA also stood at negative on back of net losses
and cash losses during FY19.

* Working capital intensive nature of operations: The operating
cycle of the company stood elongated at 291 days in FY19 due to
elongated collection period and creditors period of 573 days and
354 days as on March 31, 2019.

* Geographic concentration risk: The company is engaged in
manufacturing of rock metals and sand and supplies the finished
products to its customers who are based in Kerala. The company has
around 40 customers with them and all the customers are based in
Kerala. Even though the revenue of the company is going up y-o-y,
it has geographic risk as all the customers are based in only one
region.

* Highly fragmented industry with intense competition from other
established and upcoming players: The company RM Rocks & Sand
Private Ltd is facing stiff competition from many organized and
unorganized players in the business of rocking of metals and stones
as many companies easily enter the business due to low capital
intensity nature of the business.

Key Rating Strengths

* Moderate experience of promoter in rock metal industry: RMSPL was
promoted by Mr. Mathai Roger who is qualified BBA and has total 3
years' of experience in the field of granite and rock industry
since the inception of company. Ms Minu Roger who is qualified Msc
(Botany) and also has similar experience in
rock metal industry.

* Stable outlook of rock industry: India is among the leading
countries in mining and export of granite. Geographically, the
southern and eastern belts of India are abundant in granite
deposits. Indian granite stone has become most sought after and
extensively used stone material in building constructions and
massive structures throughout the world.

Kerala Based, R.M. Rocks and Sand Private Limited (RMSPL) was
incorporated in the year 2011 promoted by Mr. Rohit Mathai Roger
and Mrs. Miinu Roger. The company carries quarrying and mining of
rocks activities on its own quarry land and then converts the
blocks of rock into small stones. The rock is converted into metal
aggregate of different sizes and sells the products to its
customers Viz. Indtech Interior & Contractors Private Limited
(Interior designers), Sanu Industries, SeenaiEldho and Roger Mathew
& company among all. All the customers are based out of Kerala.


SALAS PHARMACEUTICALS: CARE Cuts Rating on INR9.44cr Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Salas Pharmaceuticals Private Limited (SPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.44       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPPL to monitor the rating
vide e-mail communications/letters dated October 7, 2020, October
12, 2020 and October 14, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further,
Salas Pharmaceuticals Private Limited has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The rating on SPPL's bank facilities will now be denoted as CARE
B-; Stable; ISSUER NOT COOPERATING. Further, due diligence could
not be conducted.

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

Detailed description of the key rating drivers

At the time of last rating in September 14, 2019 the following were
the rating strengths and weaknesses: (Updated the information
available from Ministry of Corporate Affairs).

Key Rating Weaknesses

* Small scale of operations with moderate profit margins: The scale
of operation of the company remained small marked by its total
operating income of INR13.84 crore with a PAT of INR0.67 crore in
FY19 (refers to the period April 1 to March 31). Further, the
profit margin of the company remained weak marked by PBILDT margin
of 30.65% and PAT margin of 4.86% in FY19.

* Exposure to regulatory and raw material price volatility risk:
Pharmaceutical industry is a closely monitored and regulated
industry and as such there are inherent risks and liabilities
associated with the products and their manufacturing. Regular
compliance with product and manufacturing quality standards of
regulatory authorities is critical for selling products across
various geographies. Furthermore, the key raw materials required
for the manufacturing primarily include API (Active Pharmaceuticals
Ingredients) that constitute major cost of sales, hence the company
remains susceptible to commodity price variation risks.

* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained leveraged
marked by overall gearing ratio of 3.33x and debt-equity ratio of
2.60x as on March 31, 2019. Furthermore, debt coverage indicators
remained moderate marked by interest coverage of 3.89x and total
debt to GCA of 2.85x in FY19.

* Presence in a competitive industry: Competitive pressure in
domestic formulation market has been rising steadily prompted by
significant increase in investments by domestic players in
marketing efforts through expansion in field force; on the other
hand multinational companies have also renewed their focus on
India. Further, Government regulations, including those implemented
by the National Pharmaceutical Pricing Authority (NPPA), may also
squeeze the industry growth and profitability. Though, domestic
formulations segment is expected to grow led by rise in chronic
diseases, increasing per capita income and improvement in access to
healthcare facilities along with growing penetration of health
insurance.

Key Rating Strengths

* Experienced promoters: SPPL started its commercial operations
since November 2009 and thus has satisfactory track record of
operations. Due to satisfactory track record of operations, the
promoters have established satisfactory relationship with its
clients. Furthermore, the promoters, Mr. Prem Sagar, Mr. Suman
Chaudhary, Mr. Vindhya Prakash and Mr. Viresh Kumar Verma have more
than 10 years of experience in pharmaceutical industry, look after
the day to day operations of the company. They are further
supported by a team of experienced professionals who are also
having long experience in the same line of business.

SPPL was incorporated on November 13, 2009 and promoted by Mr. Prem
Sagar, Mr. Suman Chaudhary, Mr. Vindhya Prakash and Mr. Viresh
Kumar Verma, having more than 10 years of experience in
formulations and active pharmaceutical ingredients (API). Earlier,
the main business of SPPL was marketing of products of other
pharmaceutical companies. Subsequently, it developed and began
manufacturing of its own formulation products (medicines) on its
own brand name, i.e. Salas since March 22, 2017. The manufacturing
plant of the company is located at Kharpani, Mamring, South Sikkim,
Sikkim with an installed capacity of 1.00 crore tablets and 0.25
crore capsules annually.


SARAN ALLOYS: CARE Lowers Rating on INR6.35cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saran Alloys Private Limited (SAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.35       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAPL to monitor the rating
vide e-mail communications/letters dated October 7, 2020, October
12, 2020 and October 14, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further,
Saran Alloys Private Limited has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
rating on SAPL's bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING. Further, due diligence could not be
conducted.

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

Detailed description of the key rating drivers

The revision in the rating takes into account the decline in total
operating income along with significant decline in operating profit
and deterioration in debt coverage indicators in FY19 Audited
(obtained from Ministry of Corporate Affairs). Moreover, the rating
continue to remain constrained by small scale of operation with low
profit margins, exposure to volatility in raw material prices,
working capital intensive nature of operations, leveraged capital
structure with weak debt coverage indicators and intensely
competitive industry with sluggish growth in end user industries
and cyclical industry. However, the rating continues to derive
strength from experienced promoters with long track record of
operations.

Key Rating Weaknesses

* Small scale of operations with low profit margins: The scale of
operations of the company remained small marked by total operating
income of INR23.92 crore with a PAT of INR0.30 crore in FY19. The
profit margins of the company also remained low marked by PBILDT
margin of 2.17% and PAT margin of 1.24% in FY19.

* Volatility in raw material prices: The company does not have
backward integration for its basic raw-materials (iron ore,coal
etc.) and it procures the same from open market at spot prices.
Since the raw-material is the major cost driver and the prices of
which are volatile in nature, the profitability of the company is
susceptible to fluctuation in raw-material prices.

* Working capital intensive nature of business: The operations of
the company remained working capital intensive marked by high
collection period. Due to delay by its customers like Baba Ispat
Private Limited, Baba Structural Private Limited, it stretches its
creditors which mitigate its working capital requirement to a
certain extent. Further, the company maintains adequate level of
raw material inventory for smooth running of its production
process.

* Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company remained leveraged marked
overall gearing ratios of 4.28x as on March 31, 2019. The debt
coverage indicators of the company remained weak marked by interest
coverage of 0.57x and total debt to CGA of 19.65x in FY19.

* Intensely competitive industry with sluggish growth in end user
industries and cyclical industry: SAPL is engaged in the
manufacturing of iron and steel products which is primarily
dominated by large players and characterized by high fragmentation
and competition due to the presence of numerous players in India
owing to relatively low entry barriers.

* High competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability. The
fortunes of companies like SAPL from the iron & steel industry are
heavily dependent on the automotive, engineering and infrastructure
industries. Steel consumption and, in turn, production mainly
depends upon the economic activities in the country. Construction
and infrastructure sectors drive the consumption of steel. Slowdown
in these sectors may lead to decline in demand of steel& alloys.
Furthermore, all these industries are susceptible to economic
scenarios and are cyclical in nature.

Key Rating Strengths

* Experienced promoters with long track record of operations: SAPL
is into manufacturing of MS ingots since 2008 and thus has around a
decade of track record of operations. Being in the same line of
business since long period, the promoters have built up established
relationship with its clients and the company is deriving benefits
out of this. Mr. Sobhi Nath Rai has more than two decade of
experience in the same line of business through his associates
company 'Shivam Dhatu Pvt. Ltd.', looks after the day to day
operations of the company.

Saran Alloy Private Limited (SAPL) was incorporated on July 17,
2008, promoted by Mr. Sobhi Nath Rai and Mr. Aniket Gaurav of
Durgapur, West Bengal. Since its inception, SAPL has been engaged
in manufacturing of MS ingots. The manufacturing facility of the
company is located at industrial area, Durgapur, West Bengal with
an installed capacity of 24000metric tons per annum.


SGS MARKETING: CARE Lowers Rating on INR2.50cr Loans to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of SGS
Marketing (SGSM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE c; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short      2.00       CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B;Stable/CARE A4

   Short Term Bank      5.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGSM to monitor the rating
vide e-mail communications/letters dated October 7, 2020, October
12, 2020 and October 14, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further, SGS
Marketing has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on SGSM's
bank facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING*/CARE A4; ISSUER NOT COOPERATING*. Further, due
diligence could not be done.

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

Detailed description of the key rating drivers

At the time of last rating in September 18, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Inherently low margin business due to trading nature of
operations & pricing constraints: SGSM operates at low
profitability margins mainly due to the trading nature of firm's
operations and profitability is largely linked to dealership and
distributorship margin. However, there is no major price risk to
the firm as most of price changes in the final product are pass
through the customers. Accordingly, profitability margins remained
on the lower side with the PBILDT margin and the PAT margin
remaining at 2.50% and 0.95% respectively in FY16.

* Risk of non-renewal of dealership and distributorship agreement:
SGSM has entered into a dealership agreement with Gionee since
October 2014. The dealership is guided by an agreement between the
two parties, which is valid for a period of 1 years, which is
expiring in April 2017. On the expiry of the term a fresh agreement
shall be signed between the two parties based on mutual consent.
Though the renewability of the same would pose a risk to the
business sustenance of the firm, the healthy growth achieved by the
firm specifically in the last two years mitigates the risk related
to renewability to an extent. This apart, other distributorship
agreement is also renewable in every one to three years, which also
leads to risk of non-renewability.

* Primarily linked to the fortunes of Gionee: The dealership
business of Gionee handsets provides around 75% of total sales on
an average for SGSM. Thereby, the fortune is largely depending to
the performance of Gionee. The financial risk profile of the firm
has a high degree of correlation with the performance of Gionee's
products in the market and ability of Gionee to launch new products
as per the market dynamics. However, the risk is marginally
mitigated by the multiproducts FMCG distributorship and retailing
business operates by the company.

* Stiff competition and fast changing dynamics of the mobile
handset industry: Even though the overall outlook for the mobile
handset industry is positive, increasing competition with the
advent of number of brands and need for constant innovation have
made the industry highly demanding. Though Gionee's market share in
the mobile handset industry has seen impressive growth in recent
times, rising competition may impact the profitability of the
incumbent players including distributors.

Key Rating Strength

* Experienced partners: The firm is managed by Mr. Nitin Jain,
partner, with the help of other partner -- Mr. Sushil kr Chhabara.
The partners are having around over two decades of experience in
trading operation.

* Wide distribution network and increasing trend in sales: SGSM
deals in dealership of wide ranges of Gionee's mobiles and
accessories through a chain of 26 distributors scattered across
seven states in North-East India. The firm has witnessed sharp jump
in revenues over the past three years on the back of robust demand
of Gionee mobile phones coupled with wide distribution network
resulting into continued increase in the volumes. The company
reported sales of about INR29.40 crore in FY14 which jumped to
INR107.85 crore in FY16. The growth in sales are also got momentum
from other revenue segments like FMCG products and Titan showroom
business.

* Association with renowned brands: SGSM has long association with
renowned brands like Gionee, Cadbury India, Everest Spices,
L'Oréal India, Titan watches etc. As the said brands are reputed
players in their own segments and has established distribution
network, providing the firm a competitive advantage over its
peers.

Guwahati-Assam based SGS Marketing (SGSM) was established in 2007
as a partnership firm by Mr. Nitin Jain and Mr. Sushil Kumar
Chhabara. Since its inception, the firm has been engaged in
dealership business of various FMCG products,mobile handsets and
accessories. During October 2014, the firm has been offered sole
dealership of Gionee mobile handsets for entire North-East India
which accounted around 75% of total operating income for the firm.
This apart, the firm is enjoying the distributorship of FMCG
products like Cadbury chocolates, Everest cooking articles, Loreal
beauty products etc. The firm also owns a showroom of Titan watches
in Guwahati.


SKYWORLD EXIM: CARE Keeps D on INR25cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Skyworld
Exim (SWE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term bank       25.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 7, 2019, placed the
ratings of SWE under the 'Issuer noncooperating' category as SWE
had failed to provide information for monitoring of the rating. SWE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated October 15, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

There are ongoing delays in debt servicing and the account of firm
has been classified as Non-Performing Asset (NPA) by bank.

Skyworld Exim (SWE) was formed in the year 2007 by Mr. Rajnish
Gupta. The firm is managed by Mr. Gupta and his father, Mr. Jai
Bhagwan Gupta. SWE is engaged in the import & domestic trading of
fabrics, paper, paper material, foils & multilayer packaging films.
During FY17 (Prov.), 97.99% of revenue was contributed from trading
of fabrics, 1.50% from paper and rest from sprinkler pipes. It
operates in north India with major operations in Delhi NCR,
Rajasthan and Gujarat states and a marketing network consisting of
15 wholesalers and distributors.


SPR BUILDTECH: CARE Lowers Rating on INR5.50cr Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of SPR
Buildtech Limited (SBL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under Issuer not
                                   cooperating category and
                                   Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2019, placed
the ratings of SBL under the 'issuer non-cooperating' category as
SBL had failed to provide information for monitoring of the rating.
SBL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated October 15, 2020, October 7, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating is revised taking into account non-availability of
requisite information and no due-diligence conducted due to
non-cooperation by SPR Buildtech Limited with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The ratings assigned to the bank facilities of SPR
Buildtech Limited (SBL) is constrained owing to real estate
industry being cyclical in nature and marketing risk. The ratings
however derived strength from experienced promoters, successful
completion of project and favourable location of the projects.

Detailed description of the key rating drivers

At the time of last rating on September 30, 2019, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

* Industry risk as industry being cyclical in nature: The real
estate in India is highly fragmented and is capital intensive in
nature. The life cycle of a real estate project is long and the
state of the economy at every point in time, right from land
acquisition to construction to actual delivery, has an impact on
the project. This capital intensive sector is extremely vulnerable
to the economic cycles. Adverse movement in interest rate affects
the real estate players in both ways by hampering demand as well as
increasing the cost of construction. The expectations of many, the
developers have been able to hold on to the prices so far.

* Marketing risk: SBL has booked all the units in Phase I & II and
Phase III viz. Imperial Signature. All the 65 units (61 flats and 4
penthouses) have been booked as on March 15, 2019 with registration
of around 52 flats been done. Further, SBL has received customer
advances of INR35.00 crore as on March 13, 2019 and customer
advances amounting to INR18.00 crore are yet to be received for the
units booked. Thus the timely recovery of the balance customer
advances needs to be seen as the debt repayment which has commenced
from June 2018 is dependent on the same. Also, the timely repayment
of bank debt repayment needs to be ensured going forward.

Key Rating Strengths

* Experienced promoters and past track record: The directors, Mr.
Sanjeev Saluja, Mr. Sudesh Gupta, Mr. Pawan Saluja and Mr. Rajesh
Nagar are qualified and have more an a decade of experience in the
construction and real estate development. Mr. Sanjeev Saluja is
into automobile industry with dealership of Maruti Bajaj motor
cycle and TATA motors. Further, he is also engaged in automobile
spare parts trading business, petrol pumps, transport business and
education with having ownership in one paramedical institute as
well under various companies. Furthermore, the group has
experienced key management team to carry out the day-today
operation of the entity.

* Favourable location of the project: SBL's project is located in
Faridabad, Haryana region, the same being well established
residential location and are well connected through railways and
roadways with proximity to schools, colleges, markets, leisure
places and other day to day necessities, reflected from the faster
and successful completion of the project. Nonetheless, its ability
to monetize in timely manner amidst the cyclical nature of industry
and avoid cash flow mismatches shall be critical from credit
perspective.

* Successful completion of project: SBL had completed the
construction of Phase I & II and repaid the debt availed against it
in timely manner. Further SBL has undertaken the construction of
Phase - III (Imperial Signature) of its residential project viz.
'Imperial Estate' in March 2016, and the entire construction of the
project has been successfully completed in March 2017 with a total
cost of INR43.02 crore funded through term loan from bank, customer
advances amounting and balance through own funds. The said project
comprises of Ground Floor plus 16 floors with 61 flats and 4
penthouses, with four flats on each floor. The OC for the said
project was received in March 2018.

Established in 2006 by Mr. Sanjeev Saluja and Mr. Sudesh Gupta, SPR
Buildtech Limited (SBL) is engaged into development of residential
and commercial project in Faridabad, Haryana. SBL had undertaken
development of residential project in Sector 82, Tigaon Road,
Faridabad, Haryana, viz. 'Imperial Estate' admeasuring 10.256 acre.
The company had undertaken the construction work of the said
project in three phases.


SRINIVASA STEEL: CARE Keeps D on INR9.2cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Steel Products (SSP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under Issuer Not Cooperating
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019 placed the
rating(s) of SSP under the 'issuer non-cooperating' category as SSP
had failed to provide information for monitoring of the ratings.
SSP continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated January 2020 to November 04 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on August 27, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Delays in debt servicing: The firm has been facing stretched
liquidity position with cash flow mismatch resulting in delays in
servicing of debt Obligations.

Key Rating Strengths

* Experienced promoters with track record of more than a decade in
the iron and steel industry: Mr. S Ashok Kumar, Managing Partner
has an experience of more than three decades in the iron and steel
industry. The other partners, Mr. S Sravan Kumar and Mr. Bharat
Kumar, have an experience of around 5 years each in a similar line
of business. All the three partners are actively involved in the
day-to-day activities of the firm.

SSP was established in the year 2007 by Mr. S Ashokumar (Managing
Partner), Mr. Bharat Kumar among other partners. SSP is engaged in
the manufacturing of hot rolled steel stripes, Electric Resistance
Welded (ERW) pipes and other steel Structural products. SSP is
specialized in manufacturing of iron and steel structural products
which are used in furniture, Racks and hoardings, etc. SSP sells
ERW pipes and structural products to distributors across India. Raw
material comprises steel and iron which are procured from local
suppliers and hot rolled steel stripes manufactured are used in
Manufacturing of ERW pipes and structural products.


SUGARCANE PRODUCERS: CARE Reaffirms B+ Rating on INR9cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sugarcane Producers Vividh Karykari Sahakari Society
Limited (SPVK), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.00      CARE B+; Stable Reaffirmed
   Facilities           

Detailed Rationale & Key Rating Drivers

The reaffirmation of the ratings assigned to the bank facilities of
SPVK is constrained on account of its small scale of operations
with moderate profitability margins, weak debt coverage indicators,
stretched liquidity position, and its presence in highly fragmented
industry industry leading to intense competition faced by the
society. The rating however, is underpinned by the extensive
experience of the promoters with long track record of operations of
society of more than six decades and comfortable capital structure
of the society.

Key rating sensitivities

Positive factors: Factors that could lead to positive rating
action/upgrade:

  * Significant increase in scale of operations along with
improvement in the profitability margins on sustained basis.

  * Improvement in debt coverage indicators marked by interest
coverage ratio of more than 3 times and total debt/GCA of less than
8 times

Negative factors: Factors that could lead to negative rating
action/downgrade:

  * Decline in total operating income along with decline in
profitability margins

  * Deterioration in capital structure with overall gearing more
than 1.5 times

  * Adverse climatic condition leading to lower demand of the
traded goods

  * Deterioration in liquidity position

Detailed description of the key rating drivers

Key Rating Weakness

  * Small scale of operations and moderate profitability margins:
The scale of operations of SPVK as marked by total operating income
(TOI) has declined continuously for the past three years ended FY20
(provisional ). TOI registered a de-growth of ~28.30% to INR4.13
crore in FY20 Provisional (refers to the period from April 01 to
March 31) as against INR5.76 crore in FY19 led by decrease in
trading of seeds due to unfavorable monsoon during the year.
Further, the total capital employed stood at INR8.82 crore as on
March 31, 2020 (provisional). The small scale of operations
restricts its financial flexibility in times of stress and deprives
it of scale benefits. Moreover, the society has registered a
turnover of INR1.57 crore during H1FY21 ended on September 30,
2020. Furthermore, the profit margins of the society have
continuously improved and remained moderate with PBILDT margin in
range of 10.46%-18.34% for last three years ended FY20, on account
of limited value addition nature of business. Moreover, the PAT
margin also improved in FY20 by 191 bps due to lower interest cost
incurred by the company during the year and stood in the range of
1.37%-3.28% during the aforementioned period.

  * Weak debt coverage indicators: The debt coverage indicators of
SPVK though improved, continues to remain weak on account of lower
accruals and moderate debt levels with total debt to GCA of
22.55xand interest coverage of 1.29x as at the end of FY20
(Provisional).

  * Presence in highly fragmented and competitive industry: SPVK
operates in highly fragmented and competitive trading industry,
which is marked by presence of large number of small sized players
operating on wafer thin margins on account of low entry barriers in
the industry.

Key Rating Strengths

  * Established track record with experienced promoters: SPVK has a
track record of more than six decades and has reinforced its
footings in trading of agro products business. The society is
currently handled by Mr. Ghanshyam Vijayrao Jadhav, in the strength
of Chairman and has gained an experience of one decade in trading
and service industry. Till October 2018, the society was managed by
Ex-chairman i.e Mr. Subodh Girme. Being in the industry for such a
long period has helped him to gain an adequate acumen about the
industry which aids the society in running its operations
smoothly.

  * Comfortable capital structure: The capital structure of SPVK
further improved owing to its reduce reliance on external
borrowings and repayment of unsecured loans, stood comfortable as
reflected by an overall gearing ratio of 0.72x , as on March 31,
2020 (provisional).

Liquidity indicator: Stretched

Liquidity remains stretched marked by low gross cash accruals (GCA)
of INR0.16 crore in FY20 (provisional) moderate utilized bank
limits of 60% during the last 12 months ended October 31, 2020 and
modest cash balance of INR1.96 crore as on March 31, 2020; thus
limiting financial flexibility of the society. The operations of
the society are characterized by high gross current asset of 573
days with funds mainly blocked in receivables and inventory.
Further, SPVK has not availed moratorium for the period of six
months from March to August 2020 for deferment of interest payments
of cash credit facility as per Covid-19 Regulatory Package
announced by RBI.

SPVK is Malshiras, Solapur based cooperative society established in
the year 1957 under the Societies Registration Act 1860. The
society is currently handled by the Mr. Ghanshyam Vijayrao Jadhav
in his strength as Chairman. The society generates income from
trading of fertilizers, pesticides and seeds and financial
activities.


TATHVA PROJECTS: CARE Lowers Rating on INR0.30cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tathva Projects Private Limited (TPPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      0.30       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
                                  And Revised from CARE B+

   Short Term Bank     4.70       CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 5, 2019 placed the
rating(s) of TPPL under the 'issuer non-cooperating' category as
TPPL had failed to provide information for monitoring of the
rating. TPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an e-mail communications dated from January 31, 2020 to
November 6, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers
(Updated for the information available from ROC)

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Tathva Projects Private Limited, with CARE'S
efforts to undertake a review of the rating outstanding.

CARE views information availability risk as a key factor in its
assessment of credit risk. The revision in the rating also takes
into consideration decline in total operating income and cash
accruals along with elongation of creditor and collection period
during FY19.  The rating Continues to be tempered by small scale of
operations. Presence in a highly competitive construction industry
and Susceptibility of margins to fluctuation in raw material prices
in the absence of price escalation clause. The ratings however
underpinned by Experience of the promoters and strong management
team and comfortable capital structure and debt coverage
indicators.

Key Rating Weakness

* Decline in total operating income along with elongation of
creditor and collection period during FY19: The company reported
cash accrual of INR0.03 crore in FY19 as against INR0.16 crore as a
result of declining net profits in FY19. Creditors and debtors days
elongated significantly during the review period resulting in
average working capital days of 621 in FY 19 as against working
capital days of 155 in FY18.The TOI declined from INR2.50 crore
from in FY18 to INR1.38 in FY19.

* Small scale of operations: The scale of operations of the company
stood small marked by total operating income of INR1.38 crore in
FY19 and tangible net worth of INR6.57 crore as of March 31, 2019.
Presence in a highly competitive construction industry The company
is engaged in execution of civil construction works like canal and
Layout development works, Water pipelines, construction of
buildings. The business operations of the company are highly
competitive due to low entry barriers and presence of innumerable
players executing small civil construction projects.

* Susceptibility of margins to fluctuation in raw material prices
in the absence of price escalation clause: The prices of the key
raw materials viz., iron, cement, sand and aggregates are very
volatile in nature. TPPL does not have price escalation clauses in
current contracts. Volatility in input prices also impacts the
profitability margins. Moreover, the  2 Credit Analysis & Research
Limited safeguard its margins and against any increase in labour
prices thus it remains susceptible to the same. Hence, any adverse
fluctuation in the prices can adversely affect the profitability
margins of the company.

Key Rating Strengths

* Experience of the promoters and strong management team: TPPL is
managed by Mr. Phaneendra Kumar (Director) along with Mr. M B
Srinivas (Director), the average experience of the directors being
around 23 years in this industry. Along with the directors, the key
managerial team comprises of experienced and qualified personnel
who head their respective departments with extensive experience in
the related industry.

* Comfortable capital structure and debt coverage indicators: The
capital structure and debt coverage indicators continues to be
comfortable as on March 31, 2019 on account of nil debt levels for
the said period.

Tathva Projects Private Limited (TPPL) was incorporated in March,
2006 by Mr. R Phaneendra Kumar (Managing Director) and Mr. B
Srinivas (Director). The company is engaged in the construction
activities like layout development works, dredging works, water
pipelines works, etc. for private companies. The company has an
associate concern; Tathva Developers Private Limited (TDPL) which
is also engaged in construction business to which TPPL assigns job
work activities of their projects.


V. SATYA: CARE Lowers Rating on INR3cr LT Loan to C
---------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of V.
Satya Murthy (VSM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B

   Long Term/           11.00      CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 23, 2019 placed the
rating(s) of VSM under the 'issuer noncooperating' category as VSM
had failed to provide information for monitoring of the ratings.
VSM continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated January 2020 to November 04 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

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

Detailed description of the key rating drivers

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

Key Rating Weakness

  * Relatively small size and scale of operation despite long track
record: Satya Murthy is having presence in construction industry
for about two decades and has considerable track record. However
due to slowdown in implementation of the orders, company's income
has not increased considerably from FY13 to FY15. In FY14, Satya
Murthy's revenue improved by about 33.52% compared to 2.94% in
FY15. Ability of the proprietary concern to take-up large size
projects will be critical for growth of the company. Further, the
works executed include majorly irrigation works which are procured
from government organizations, representing concentration of
revenues.

  * Working capital intensive nature of operation: The company
operates in a working capital intensive industry and has been
resorting to creditors (sub-contractors) for partly financing the
working capital requirement. The same has resulted in significantly
high creditor days. However, the company has been receiving
payments within a time period of 30 days from the date of billing
for the works executed. The average working capital utilization has
been about 95%-100% in last 12 months ended February 2016. Further,
the existing limits have not been commensurate with the growth in
scale of operation which has resulted in continued resorting to
creditors and full utilization of bank limits.

Key Rating Strengths

  * Experienced Promoters: The proprietor has been associated with
the construction industry since last two decades and takes care of
day to day operations of the concern. Mr. V. Satya Murthy has been
involved in the execution of various construction projects for the
Government of Andhra Pradesh. Mr. SatyaMurthty is a first
generation entrepreneur and started the construction firm in the
year 1979 at the age of 24. The industry experience of the
proprietor has helped in procuring contracts from government
organizations.

  * Industry prospects: Construction industry contributes around
7.5% towards India's Gross domestic product (GDP). During the last
few years (FY13-FY14), the economic slowdown coupled with the
policy impediments, high interest rates and liquidity concerns
hampered overall investment climate in the country. Amid the
challenging economic environment, new project announcements across
various infrastructure segments slowed down. Also, industrial
capital expenditure declined owing to lower demand and utilization
rates. Furthermore, the construction industry struggled with
slow/delayed execution of projects mainly attributable to the
issues related to land acquisition and environment clearances.

M/s V. Satya Murthy was established as proprietary concern in
November, 2003 by Mr. Vemula Satya Murthy. The propriety concern is
engaged in the civil construction business as a special class
contractor. It is engaged in the works like laying of roads and
irrigation works for government organizations covering Irrigation &
C.A.D. Department. Mr. Murthy is a special class contractor and has
experience of more than two decades in civil contract works.


VEDANTA RESOURCES: Moody's Lowers Corp. Family Rating to B2
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Vedanta Resources Limited (VRL) to B2 from B1.
Moody's has also downgraded the ratings on the senior unsecured
bonds issued by VRL and those issued by Vedanta Resources Finance
II Plc (VRF) and guaranteed by VRL to Caa1 from B3.

All ratings remain under review for further downgrade.

"The downgrade primarily reflects the holding company VRL's
persistently weak liquidity and high refinancing needs amid growing
signs of an aggressive risk appetite, with implications for the
company's financial strategy and risk management, a key component
of our governance risk assessment framework," says Kaustubh Chaubal
a Moody's Vice President and Senior Credit Officer.

The rating action also considers the impact of the company's
governance practices on its credit profile, which Moody's regard as
credit negative.

RATINGS RATIONALE

Holdco VRL's liquidity is severely challenged with $2.8 billion of
its debt maturing from January 2021 through June 2022, including
intercompany debt maturities of $507 million and a $325 million
debt maturity at VRL's sole shareholder Volcan Investments, which
Moody's expects to be serviced out of VRL group cash flows. Further
weakening the holdco's liquidity is an estimated $470 million of
annual interest expense. And following the upstreaming of the
intercompany loan from Cairn India Holdings Limited (CIHL) earlier
this fiscal year and VDL's commitment to investors that no further
intercompany loans will be extended without approval from the VDL
board, cash movement options from operating subsidiaries to the
holdcos may be restricted to dividends and a nominal
management/branding fee from its operating subsidiaries. However,
Moody's cautions that the group's complex structure with less than
100% shareholding in key operating and cash rich subsidiaries,
restricts the amounts of such dividends.

"VRL's funding access had been underpinned by continued support
from Indian and multinational banks not only at the operating
entities, but also at various holding companies," adds Chaubal, who
is also Moody's Lead Analyst for VRL. "However, VRL had to repay
its $425 million debt maturity from one of its relationship banks,
as opposed to rolling it over or refinancing it with other
long-term debt, a sign of reduced bank support."

On November 20, VRL announced it had appointed a top-15 accountancy
firm, MHA Maclntyre Hudson as its statutory auditors for the fiscal
year ending March 31, 2021 (fiscal 2021) following Ernst & Young's
-- the company's former statutory auditors -- decision not to be
reappointed as auditors. Ernst & Young were statutory auditors of
VRL for the fiscal years 2017 through 2020 and had issued a
qualified audit report for fiscal 2020. However, the exiting
auditor has confirmed that there were no reasons or matters that
need to be brought to the attention of the members/creditors of the
company in connection with them ceasing to hold office.

S R Batliboi & Co and other Ernst and Young member firms continue
as statutory auditors of VRL's 50.1% owned subsidiary Vedanta
Limited (VDL) and its subsidiaries. However, VDL's unaudited
interim financial statements for fiscal 2021 also contain a
qualified conclusion from the auditors pertaining to the $956
million intercompany loan from VDL's wholly owned subsidiary CIHL
to holdco VRL.

Earlier in November, VDL announced that one of its independent
directors resigned for personal reasons, marking the fourth senior
departure in 2020. Departures in the senior management/board at
such frequent intervals can be alarming, especially at a time when
the company's liquidity is weak, statutory auditors opt not to be
reelected and are providing qualified reports and qualified
conclusions.

Further adding pressure to VRL's credit profile is an accident in
November at one of its mines in Gamsberg, South Africa, where
mining activity remains suspended due to a geotechnical failure.
The geotechnical failure trapped 10 of the company's employees,
killing two. With 108,000 tons of zinc production in fiscal 2020,
the Gamsberg mine is relatively small and the suspension in its
mining is unlikely to meaningfully dent VRL's consolidated earnings
or cash flow generation. Even so, the accident underscores social
risks, with plausible implications for the company's globally
diversified mining operations.

Meanwhile, VDL's operations continued to improve steadily with
performance in the second quarter of the fiscal year ending March
2021 (Q2 fiscal 2021) significantly higher than Q1 fiscal 2021.
More importantly, against consolidated revenues and operating
EBITDA of $4.9 billion and $1.6 billion respectively in H1 fiscal
2021, Moody's expects VDL to achieve consolidated revenues of $9.5
billion - $10.0 billion and consolidated EBITDA of $3.5 billion -
$3.6 billion in full year fiscal 2021. With these operating
metrics, Moody's expects VRL's consolidated adjusted debt/EBITDA
leverage at March 2021 to marginally improve to less than 5.0x from
around 5.5x in September 2020 and 5.3x in March 2020.

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

Moody's expects to conclude the review within 90 days. The ratings
review will focus on VRL's ability to refinance its upcoming debt
maturities in a timely manner with long-term debt.

An upgrade is unlikely, given the review for downgrade. However,
Moody's could conclude its review for downgrade and confirm all
ratings if VRL successfully simplifies its complex group structure
and refinances its upcoming debt maturities, in particular its bank
loans, with long-term debt and also addresses the $670 million
maturity of the June 2021 notes.

The ratings could be downgraded if the company fails to secure a
firm refinancing plan, if there are further signs of reduced bank
support, or if the company undertakes a large debt-financed
acquisition without any immediate and meaningful impact on
earnings.

The principal methodology used in these ratings was Mining
published in September 2018.

Vedanta Resources Limited, headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Ltd, a 50.1%-owned subsidiary.
Through Vedanta Resources' various operating subsidiaries, the
group produces oil and gas, zinc, lead, silver, aluminum, iron ore
and power.

Delisted from the London Stock Exchange in October 2018, Vedanta
Resources is now wholly owned by Volcan Investments Ltd. Founder
chairman of Vedanta Resources, Anil Agarwal, and his family, are
the key shareholders of Volcan.

For the fiscal year ending 31 March 2020, Vedanta Resources
generated revenues of USD11.8 billion and adjusted EBITDA of USD3.4
billion.




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

DEANE APPAREL: To Shut Factory in Burnside, Axes 67 Jobs
--------------------------------------------------------
Otago Daily Times reports that staff at clothing factory Deane
Apparel are angry and upset after their company confirmed its
Christchurch operations will close down just two days before
Christmas.

According to ODT, Deane Apparel's decision to close the factory in
Burnside will result in 67 job losses.

ODT relates that First Union southern regional secretary Paul
Watson said while Deane Apparel workers have known the writing was
on the wall since parent company ALSCO NZ opted to import its
workwear instead of continuing to manufacture the garments
domestically, there are further challenges ahead for the workers.

"ALSCO's decision to pull the plug took a lot of work out of
Christchurch, and coupled with clients opting for cheaper imported
products over quality NZ garments, there was clearly a major
problem for the plant's longevity," ODT quotes Mr. Watson as
saying.

"It's unfortunate and ironic that Deane Apparel's own parent
company were the ones who ended up sealing its fate by prioritising
unit cost over quality."

"This is a mainly mature and female workforce that are highly
skilled, and they've been through a brutal year of redundancies,
reduced hours and compromises in an attempt to keep the business
open."

"They're sad to see an iconic business like Deane closing but
certainly frustrated about being laid off just before the Christmas
season; particularly those women with spouses who may not be
eligible for income support if their partners are still working."

ODT says ALSCO's decision to no longer support the apparel workers
in Christchurch was made earlier this year, and staff faced shorter
working weeks and an earlier bout of redundancies in June this year
as the consequences of that decision began to be felt.

"It's particularly nonsensical given that elsewhere in our union,
we are hearing that employers are having trouble sourcing quality
workwear due to Covid-19, so there's demand and an opportunity
there for the taking," Mr. Watson, as cited by ODT, said.

"Poor procurement policies, the erosion of tariff protections,
reckless Free Trade Agreements that have downgraded our ability to
buy and support local industry - all of these have contributed to
this unnecessary closure as well."

"It is not beyond businesses and Governments to look past the
bottom-line and prioritise local jobs and quality products over
cheaper prices and ‘convenience' - Covid-19 has taught us that
much."

FIRST Union will be supporting workers made redundant from Deane
Apparel to find alternate employment where possible and desired,
ODT adds.




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

VALENTINA SHIPPING: Creditors' Claims Deadline Set Dec. 31
----------------------------------------------------------
Manifold Times reports that a notice in the Government Gazette was
published by Valentina Shipping Co Pte Ltd, Letitia Shipping Co Pte
Ltd and Edwina Shipping Co Pte Ltd on November 30, regarding
resolutions passed in relation to the voluntary liquidation of the
companies.

According to Manifold Times, the resolutions were passed during
three separate Extraordinary General Meetings for all three
companies held on November 27.

The meeting resolved that Mr. Liew Khee Soon be appointed as
Liquidator of the Companies for the purpose of such winding-up,
Manifold Times discloses.

Creditors are required on or before December 31, 2020 to send in
their names and address with particulars (if any) to:

     Mr. Liew Khee Soon
     60 Paya Lebar Road
     #04-51, Paya Lebar Square
     Singapore 409051

Valentina Shipping Co Pte Ltd engages in chartering of ships,
barges and boats with crew (freight) and shipping lines (scheduled
services).



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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