/raid1/www/Hosts/bankrupt/TCRAP_Public/201214.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, December 14, 2020, Vol. 23, No. 249

                           Headlines



A U S T R A L I A

AVENTEDGE PTY: First Creditors' Meeting Set for Dec. 22
GREVILLE STREET: Second Creditors' Meeting Set for Dec. 21
NORTH QUEENSLAND EXPORT: S&P Alters Outlook on BB+ ICR to Negative
P2P TRANSPORT: Business as Usual for Black & White Cabs
PEPPER SPARKZ 3: Fitch Assigns B+(EXP) Rating on Class F Notes

RESIMAC TRIOMPHE 2020-3: S&P Assigns B Rating on Class F Notes
SPEEDCAST INT'L: Centerbridge Accused of Buying Votes
UNION STANDARD: ASIC Starts Civil Penalty Proceedings Against Firm
VECTOR RESOURCES: First Creditors' Meeting Set for Dec. 22
VIP CABS: Second Creditors' Meeting Set for Dec. 21



C H I N A

CHINA: Financial Regulators Sound Alarm Over 15 Small Anhui Banks
CHONGQING HECHUAN: Fitch Affirms BB+ LT IDRs, Outlook Stable
HUAYUAN PROPERTY: Moody's Assigns B2 Rating on Unsec. Notes
SEAZEN HOLDINGS: Fitch Assigns BB+ Rating on Proposed Sr. Notes
WISDOM EDUCATION: Fitch Publishes BB- LT IDR, Outlook Stable

XINJIANG GUANGHUI: S&P Cuts ICR to 'B-' on Rising Refinancing Risk


H O N G   K O N G

LIONBRIDGE CAPITAL: S&P Withdraws 'B/B' Issuer Credit Ratings


I N D I A

ADORATION CERAMICA: ICRA Reaffirms B+ Rating on INR20cr Term Loan
ARIHANT SOLVEX: ICRA Lowers Rating on INR16cr Loan to B+
ATUL MOTORS: ICRA Lowers Rating on INR18cr Loan to B+
BHAGABAN MOHAPATRA: Ind-Ra Moves D Issuer Rating to NonCooperating
BRILLIANT ETOILE: Ind-Ra Cuts & Reassigns Loan Rating to 'BB'

BRISK FACILITIES: ICRA Keeps B on INR105cr Loan in Not Cooperating
D.R. COATS: ICRA Keeps B+ on INR13.04cr Loans in Not Cooperating
DECOR PAPER: ICRA Keeps B+ on INR13cr Loan in Not Cooperating
DS TOLL ROAD: ICRA Lowers Rating on INR332cr Term Loan to B
EASTMADE SPICES: ICRA Raises Rating on INR5.50cr Loan to B+

FERRO ALLOYS: ICRA Keeps D on INR109cr Loans in Not Cooperating
G3 MOTORS: ICRA Keeps D on INR50cr Bank Loans in Not Cooperating
HILLTOP HIRISE: ICRA Lowers Rating on INR20cr Loan to B+
HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
HINDUSTAN AGENCIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'

HINDUSTAN DISTRIBUTORS: Ind-Ra Cuts LongTerm Issuer Rating to 'BB+
KAURSAIN EXPORTS: Ind-Ra Keeps BB+ Issuer Rating in Not Cooperating
KHODAY INDIA: ICRA Reaffirms B+ Ratings on Certain Bank Loans
MAX INTERNATIONAL: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
METAL CARE: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating

MUKTI PROJECTS: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
NAGPAL EXPORTS: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
NBM IRON: ICRA Withdraws B+ Rating on INR19.38cr Unallocated Loan
OYO CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
PANKAJ STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating

PRAVIN ELECTRICALS: ICRA Keeps B+ on INR7cr Loan in Not Cooperating
PROGNOSYS MEDICAL: ICRA Keeps B+ on INR9cr Loans in Not Cooperating
RAM'S ASSORTED: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
RAMKRISHNA AGENCIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
RANGANI TIMBERS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating

RELIANCE POWER: ICRA Keeps D Debt Rating in Not Cooperating
SANGAT PRINTERS: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
SECURE INDUSTRIES: Ind-Ra Keeps 'BB+' LT Rating in Non-Cooperating
SHRIHARI GINNING: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
SINGLA FORGING: ICRA Lowers Rating on INR11cr Loan to B+

SKM INFRAVENTURE: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
STEEL AND METAL: Ind-Ra Updates 'BB+' Rating, Outlook Negative
SVM CERA: ICRA Keeps D Debt Rating in Not Cooperating Category
TATA STEEL: S&P Alters Outlook to Stable & Affirms 'B+' ICR
VIDARBHA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating

WIINTRACK EXPORTS: ICRA Keeps D on INR10cr Loans in Not Cooperating
ZENOVA BIO: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
ZETA MICRONS: ICRA Keeps B Debt Rating in Not Cooperating
ZIPPY EDIBLE: ICRA Keeps B+ on INR16cr Loans in Not Cooperating


J A P A N

[*] JAPAN: Restaurant Bankruptcies to Hit All-time High in 2020


M O N G O L I A

[*] Moody's Ups Foreign Deposit Ratings of 8 Mongolian Banks to B3


S I N G A P O R E

GEO ENERGY: Moody's Upgrades CFR to Caa1, Outlook Stable
GEO ENERGY: S&P Raises ICR to 'CCC' on Reduced Refinancing Risk
NOVENA GLOBAL: High Court Grant DBS Bank's Wind Up Application


S R I   L A N K A

BANK OF CEYLON: Fitch Lowers LongTerm IDR to CCC
SRI LANKA INSURANCE: Fitch Cuts Insurer Fin Strength Rating to CCC+

                           - - - - -


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

AVENTEDGE PTY: First Creditors' Meeting Set for Dec. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Aventedge
Pty Ltd will be held on Dec. 22, 2020, at 10:00 a.m. at the offices
of Pearce & Heers Insolvency Accountants, Level 12, 127 Creek
Street, in Brisbane, Queensland.

Michael Dullaway and Mark William Pearce of Pearce & Heers
Insolvency Accountants were appointed as administrators of
Aventedge Pty on Dec. 10, 2020.


GREVILLE STREET: Second Creditors' Meeting Set for Dec. 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Greville Street
Enterprises Pty Ltd has been set for Dec. 21, 2020, at   11:00 a.m.
at the offices of Condon Associates, Level 6, 87 Marsden Street, in
Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 18, 2020, at 4:00 p.m.

Schon Gregory Condon of Condon Associates was appointed as
administrator of Greville Street on Sept. 11, 2020.


NORTH QUEENSLAND EXPORT: S&P Alters Outlook on BB+ ICR to Negative
------------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable on
North Queensland Export Terminal Pty Ltd.'s (NQXT, formerly known
as Adani Abbot Point Terminal) debt. At the same time, S&P affirmed
the 'BB+' issue credit rating on NQXT's debt.

S&P also assigned its recovery rating of '2' to the terminal's debt
issues, reflecting its expectation for substantial (70%-90%;
rounded estimate 75%) recovery prospects in the event of a payment
default.

S&P said, "We revised the liquidity assessment to less than
adequate to reflect the delay in NQXT's refinancing of its US$140
million bullet facility due in September 2021, as compared with our
previous expectation of refinancing completion before 12 months' of
maturity. The revision indicates that sources over uses of fund are
below the 1x mark for the next 12 months. Further delay is likely
to increase liquidity risks as the maturity moves closer.

"The negative outlook captures any potential increase in borrowing
costs compared with our current base case. In addition, continued
uncertainty on the receipt of handling charges may put further
downward pressure on our base case DSCR of NXQT's debt."

In August 2020, the Queensland Supreme Court decided against the
port in an ongoing case and ordered the company to pay about A$125
million to four of its shippers. We understand that the company has
paid a significant portion of this amount to these shippers to date
and has also filed for an appeal." The port has paid out a portion
of the amount from surplus cash, which would otherwise have been
available to pay distributions to equity, with the balance coming
from additional subordinate loans from the wider Adani Group.  

NQXT's plan for its long-term capital structure continues to be
under development. Of the A$270 million shareholder loans, the
company has during the year converted A$100 million into equity and
the balance A$170 million is likely to be replaced with senior
debt. The terminal has subsequently drawn down part of the A$100
million to meet its legal liabilities. In addition, the company is
considering an amortization structure for its senior debt. For now,
S&P continues to rate NQXT based on the original level of senior
debt and assume the shareholder funding as debt-like in its
analysis.

The recovery rating of '2' reflects S&P's expectation of
substantial (70%-90%) recovery prospects in the event of a
simulated default scenario. The recovery rating does not affect the
project finance issue credit ratings.

The negative outlook reflects NQXT's increasing refinancing risk,
borrowing costs, and uncertainty around the timing of the
resolution of the terminal's handling charges dispute. The outlook
also captures the company's less than adequate liquidity and
uncertainty as to the nature and timing of repayment of the
September 2021 maturity. A combination of these factors is likely
to put downward pressure on the DSCRs. S&P does note that the
company has indicated that it is in advanced stages of discussion
for arranging the refinancing.

S&P said, "We may lower the rating if uncertainty around the timing
of resolution of handling charges, increased costs of borrowing, or
any other operational challenges were to lead to a decline in our
forecast base-case DSCR to below 1.6x. Continued liquidity
pressures can also lead to a downgrade as the port approaches the
September 2021 maturity.

"We could revise the outlook to stable if clarity around the
handling charges payment dispute, costs of borrowing, and changes,
if any, to the company's capital structure lead to a forecast DSCR
remaining in the range of 1.6x to 1.8x. A precursor to revision in
the outlook would also include resolution of the current liquidity
shortfall through refinancing of the September 2021 maturity."


P2P TRANSPORT: Business as Usual for Black & White Cabs
-------------------------------------------------------
Mirage News reports that Black & White Cabs' former owner and taxi
industry veteran Greg Webb has announced he is leading a group of
investors who will recapitalise and then acquire the cab company
after its holding company, P2P Transport Limited entered into
voluntary administration on Dec. 3. Black & White Cabs is not
impacted by the parent company's situation.

According to the report, the Black & White Cabs boss assured
passengers, clients and drivers it's business as usual for Black &
White Cabs, which has operated profitably for the past 26 years and
throughout the COVID-19 period. The company's growth can be seen in
the 42 per cent increase in the number of Black & White Cabs on the
road from July 2017 to now.

Mirage News says the recapitalisation will save 140 jobs and keep
the fleet on the roads in Queensland, NSW, Victoria and Western
Australia.

Mirage News relates that Mr. Webb said he expects Black & White
Cabs to emerge as a stronger, more profitable company, having seen
year-on-year growth through geographic expansion, long-term
revenue-steady corporate accounts, and a return of passengers from
rideshare to taxis in recent times.

"Black & White Cabs has been a profitable business for 26-years,
and will continue to be profitable," the report quotes Mr. Webb as
saying.

"Today's Black & White Cabs is a modern transport company with
revenue from long-term contracts with councils, companies and state
and federal government to transport staff, elderly people, students
and people with a disability. These contracts are all held directly
with Black & White Cabs, so they'll continue to operate as business
as usual.

"Black & White Cabs is a well-known brand, with a well-oiled
booking service and mobile app, and more than 3,000 cab drivers,
operators and owners.

"Black & White Cabs will focus on marketing the booking service and
generating long-term transport contracts for our drivers.

"Over the past year, we've seen ongoing growth in the business."

"The honeymoon period with rideshare is coming to an end. Drivers
are coming back to Black & White Cabs because they know we can give
them more consistent work from our transport contracts, plus they
get fares from ranks or people hailing cabs, representing 50% of
all fares in the past six months.

"We will retain all our staff."

As one of P2P's largest creditors, Mr. Webb will lead a group of
investors in revitalising and recapitalising Black & White Cabs.

Black & White Cabs has continued to expand into new markets in
recent years and we launched a new service on the Gold Coast just
last week (23 November 2020)," Mr. Webb, as cited by Mirage News,
said.

He said the well-known and trusted brand of Black & White Cabs will
continue stronger than ever and financially sound, the report
relays.

On Dec. 3, 2020, Tracy Knight and Damien Lau of Bentleys Corporate
Recovery were appointed as Voluntary Administrators of the
following entities: P2P Transport Limited, Taxi-Link Pty Ltd, and
TGT No 1 Pty Ltd.


PEPPER SPARKZ 3: Fitch Assigns B+(EXP) Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No. 3's pass-through floating-rate notes. The issuance consists of
notes backed by a pool of first-ranking Australian automotive and
equipment loan and lease receivables originated by Pepper Asset
Finance Pty Limited, a subsidiary of Pepper Group Pty Limited
(Pepper). The notes will be issued by BNY Trust Company of
Australia Limited as trustee for Pepper SPARKZ Trust No. 3.

The total collateral pool at the October 31, 2020 cut-off date was
sized at AUD600 million and consisted of 23,752 receivables with a
weighted-average (WA) remaining maturity of 69.9 months.

RATING ACTIONS

Pepper SPARKZ Trust No. 3

Class A1-a; LT AAA(EXP)sf Expected Rating

Class A1-x; LT AAA(EXP)sf Expected Rating

Class B; LT AA(EXP)sf Expected Rating

Class C; LT A(EXP)sf Expected Rating

Class D; LT BBB(EXP)sf Expected Rating

Class E; LT BB(EXP)sf Expected Rating

Class F; LT B+(EXP)sf Expected Rating

Class G1; LT NR(EXP)sf Expected Rating

Class G2; LT NR(EXP)sf Expected Rating

KEY RATING DRIVERS

Default Risk Higher due to Potential COVID-19 Impact: Fitch
assigned base-case default expectations and 'AAAsf' default
multiples for each risk-tier classification, with a WA default-rate
assumption of 7.4% for the portfolio and a WA default multiple of
4.0x for 'AAAsf'. The analysis is supported by comparable proxy
data from similar Fitch-rated issuers, given the limited historical
data available, as well as the performance of US auto-loan
receivables during the 2007-2008 global financial crisis and
Pepper's response to the pandemic in Australia.

Base case defaults were adjusted by 1.5x and Fitch decreased
recoveries by 0.86x to account for the potential COVID-19 impact.
Base-case default expectations (and 'AAAsf' default multiples) are
as follows:

Tier A: 4.7% (4.2x)

Tier B: 9.3% (4.0x)

Tier C: 16.5% (3.2x)

The multiples reflect the quantity and volatility of historical
data and expected performance through the economic cycle. Tier C's
multiple also reflects the absolute base case of the tier's
base-case gross loss.

The recovery base case applied was 17.2% for all risk grades, with
a 55.8% 'AAAsf' recovery haircut.

Commentary describing Fitch's credit views and analytical approach
as a consequence of the coronavirus is available in the following
reports:

- "Global Economic Outlook - September 2020", published on
September 7, 2020.

- "Fitch Ratings Coronavirus Scenarios: Baseline and Downside Cases
- Update", published on September 8, 2020.

- "Global SF Rating Assumptions Updated to Reflect Coronavirus
Risk", published on April 3, 2020.

Excess Spread Supports Class A1-x Note Issuance: The transaction
includes a class A1-x note that will be issued to fund the
component of the purchase price relating to the unamortised
commission that is paid to introducers in connection with the
origination of the receivables. This will not be collateralised,
but will amortise in line with a specified amortisation schedule.

Repayment of the class A1-x note limits the availability of excess
spread to cover losses, as the note ranks senior in the interest
waterfall, above interest on the class B to F notes. Despite this,
the rated notes passed the cash-flow scenario analysis at their
respective rating levels.

Structural Risks Addressed: Potential counterparty risk is
mitigated by the structural mechanisms documented, which ensure
remedial action takes place should the swap providers or trust
account bank fall below certain ratings.

The class A to F notes will receive principal repayments pro rata
upon satisfaction of the pro rata conditions. The percentage credit
enhancement provided from the G note will thus increase as the
class A to F notes continue to amortise.

Fitch's cash flow analysis incorporates the transaction's specific
structural features and tests the robustness of each note by
stressing default rates, recovery rates, prepayments, interest rate
movements and default timing.

Adequate Liquidity Protection: The transaction benefits from a
liquidity facility sized at 1.25% of the classes A1-a to F notes'
invested balance, which is available to ensure stable cash flow for
these notes. The transaction can withstand 88% of the portfolio
being granted a payment holiday for six months before needing to
draw on principal and the liquidity facility. This is significantly
above the proportion of receivables under payment holiday
arrangements with Pepper. Principal collections can also be used to
pay interest if not all borrowers take up a payment holiday. No
receivables in the pool were under payment holidays at the cut-off
date.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated an adequate capability
as originator, underwriter and servicer. Pepper is not rated by
Fitch and servicer disruption risk is mitigated via back-up
servicing arrangements. The nominated back-up servicer is BNY
Mellon. Fitch undertook an operational and file review and found
that the operations of the originator and servicer were comparable
with those of other auto and equipment lenders. The servicer's
operations have not been disrupted by the pandemic, as staff are
able to work remotely and have access to the office.

Medium-Term Economic Rebound Supports Outlook: Fitch expects loan
performance to deteriorate in the near term, but to continue to
support the Stable Outlook on the rated notes. Fitch forecasts
Australia's GDP to contract by 3.6% in 2020, with the unemployment
rate at 7.1%. This is to be partially offset by a low official cash
rate of 0.1% and the application of both central bank and
government stimulus measures. Fitch expects GDP growth to bounce
back to 3.9% in 2021 and for the unemployment rate to fall to
6.7%.

The key rating drivers listed in the applicable sector criteria,
but not mentioned, are not material to this rating action.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up- and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

Upgrade Sensitivity

Class A1-a and A1-x are at rated at 'AAA(EXP)sf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded.

Class B / C / D / E / F

Current rating: AAsf / Asf / BBBsf / BBsf / B+sf

Decrease defaults by 10%; increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BBB-sf / BB-sf

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

-A longer pandemic than Fitch expects that leads to deterioration
in macroeconomic fundamentals and consumers' financial position in
Australia beyond Fitch's baseline scenario.

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to potential negative rating action, depending
on the extent of the coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.

Downgrade Sensitivity:

Expected Rating Sensitivity to Increased Default Rates

Notes: A1-a/A1-x/B/C/D/E/F

Current rating: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Defaults increase 10%: AA+sf/AAAsf/AA-sf/A-sf/BBB-sf/BBsf/Bsf

Defaults increase 25%: AAsf/AAAsf/A+sf/BBB+sf/BB+sf/B+sf/less than
Bsf

Defaults increase 50%: A+sf/AA+sf/A-sf/BBB-sf/BB-sf/less than
Bsf/less than Bsf

Expected Rating Sensitivity to Reduced Recovery Rates

Notes: A1-a/A1-x/B/C/D/E/F

Current rating: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Recoveries decrease 10%: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Recoveries decrease 25%: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf

Recoveries decrease 50%: AAAsf/AAAsf/AA-sf/Asf/BBB-sf/BBsf/Bsf

Expected Rating Sensitivity to Increased Defaults and Reduced
Recoveries

Notes: A1-a/A1-x/B/C/D/E/F

Current rating: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Defaults increase 10%/recoveries decrease 10%:
AA+sf/AAAsf/AA-sf/A-sf/BBB-sf/BBsf/Bsf

Defaults increase 25%/recoveries decrease 25%:
AAsf/AAAsf/Asf/BBB+sf/BBsf/Bsf/less than Bsf

Defaults increase 50%/recoveries decrease 50%:
A+sf/AA+sf/BBB+sf/BB+sf/B+sf/less than Bsf/less than Bsf

Coronavirus Downside Scenario Sensitivity:

Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in major economies and no meaningful
recovery until around the middle of the decade. Under this more
severe scenario, Fitch tested a 1.33x increase in defaults combined
with a 1.10x increase at the 'AAAsf' level, which is scaled down
with the lower rating stresses, and a 0.90x decrease in recoveries.
This results in a WA default base case of 9.9% as well as a lower
WA recovery base case of 15.5%. This compares with default and
recovery base cases of 7.4% and 17.2%, respectively, in the
baseline scenario. The 'AAAsf' default multiple is reduced to 3.3x,
compared with 4.0x in the baseline scenario, to reflect the higher
degree of stress already included in the base case, while the
'AAAsf' recovery haircut is also reduced to 53.5%, from 55.8% in
the baseline.

Notes: A1-a/A1-x/B/C/D/E/F

Current rating: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Downside scenario: AA+sf/AAAsf/A+sf/BBB+sf/BBsf/Bsf/less than Bsf

The class A1-x note benefits from a specified amortisation schedule
and is repaid in a senior position in the waterfall, thus making
its ratings less sensitive when compared to the remaining rated
notes.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Pepper Asset Finance's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset portfolio.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool is available
by clicking the link to the Appendix. The appendix also contains a
comparison of these RW&Es to those Fitch considers typical for the
asset class as detailed in the Special Report titled
'Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions'.

ESG CONSIDERATIONS

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


RESIMAC TRIOMPHE 2020-3: S&P Assigns B Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2020-3 (see list). RESIMAC Triomphe Trust - RESIMAC
Premier Series 2020-3 is a securitization of prime residential
mortgages originated by RESIMAC Ltd. (RESIMAC)

The ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each rated class of notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC's underwriting standards and
approval process, which are consistent with industrywide practices;
the strong servicing quality of RESIMAC; and the support provided
by the LMI policies on 21.7% of the portfolio.

The rated notes can meet timely payment of interest, excluding
residual class F note interest, and ultimate payment of principal
under the rating stresses.

Key rating factors are the level of subordination provided, the LMI
cover, the cross-currency swap, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date and it does not
assume the notes are called at or beyond the call date.

S&P's ratings also take into account the counterparty exposure to
National Australia Bank Ltd. as cross-currency swap provider and
liquidity facility provider, and Westpac Banking Corp. as bank
account provider.

A currency swap is provided to hedge the Australian dollar receipts
from the underlying assets and the yen payments on the class A1
notes. The transaction documents for the swap and liquidity
facility include downgrade language consistent with S&P Global
Ratings' counterparty criteria. Interest-rate swaps might be
provided (subject to RESIMAC's hedging policy) to hedge the
fixed-rate receipts from the mortgage loans and the floating-rate
obligations on the notes. S&P has also factored into its ratings
the legal structure of the trust, which is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

Loss of income for borrowers in the coming months due to the
effects of COVID-19 might put upward pressure on mortgage arrears
over the longer term. S&P said, "We updated our outlook assumptions
for Australian RMBS in response to changing macroeconomic
conditions as a result of the COVID-19 outbreak. The collateral
pool at close for this transaction does not include any loans where
the borrower has applied for a COVID-19 hardship payment
arrangement. Nevertheless, we undertook additional cash-flow
sensitivity analysis to assess the rated notes' sensitivity to
delays in borrower payments should some borrowers enter hardship
arrangements following the closing date."

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

  RATINGS ASSIGNED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3

  Class      Rating        Amount (mil.)
  A1         AAA (sf)      ¥18,750.000
  A2         AAA (sf)        A$650.000
  AB         AAA (sf)         A$58.000
  B          AA (sf)          A$15.000
  C          A (sf)           A$12.000
  D          BBB (sf)          A$6.500
  E          BB (sf)           A$3.500
  F          B (sf)            A$2.000
  G          NR                A$3.000
  
  NR--Not rated.


SPEEDCAST INT'L: Centerbridge Accused of Buying Votes
-----------------------------------------------------
Steven Church of Bloomberg News reports that Centerbridge is
accused of a vote-buying plot in SpeedCast's bankruptcy case. A
rival hedge fund says Centerbridge Partners is improperly trying to
buy creditor votes as part of a scheme to take over bankrupt
satellite services provider SpeedCast International. SpeedCast
President Joe Spytek sent a text message to company Chief Executive
Peter Shaper in August 2020 saying Centerbridge had a "plan to buy
the votes" of key creditors, according to a copy of the message
displayed during a bankruptcy court hearing held on Monday, Dec. 7,
2020. A lawyer for Centerbridge said the message was being
misconstrued and simply referred to the normal give and take of
negotiations.

                   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.


UNION STANDARD: ASIC Starts Civil Penalty Proceedings Against Firm
------------------------------------------------------------------
The Australian Securities and Investments Commission has commenced
civil penalty proceedings in the Federal Court against Union
Standard International Group Pty Ltd (trading as usgfx) and its
former corporate authorised representatives, Maxi EFX Global AU Pty
Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as
TradeFred).

ASIC alleges Union Standard provided financial services including
trading in margin FX products to clients in China in circumstances
where it was illegal for Chinese residents to deal or trade in
those foreign exchange contracts. ASIC alleges Union Standard's
conduct placed its China-based clients at risk of contravening
Chinese law, and thereby exposed them to potential administrative
and criminal penalties under Chinese law.

ASIC alleges that Union Standard failed to comply with its
obligation to do all things necessary to ensure that the financial
services covered by its licence were provided efficiently, honestly
and fairly (s912A(1)(a) of the Corporations Act).

ASIC also alleges that each of EuropeFX and TradeFred:

   * provided personal advice to clients when not licensed to do
     so;

   * made false or misleading representations to clients including

     about the level of risk to which clients' funds were exposed
     and the profits which clients could expect to generate; and

   * engaged in unconscionable conduct, including by:

     - using high-pressure sales tactics to encourage clients to
       deposit more money, open more positions or discourage
       clients from withdrawing funds;

     - facilitating trading by clients who were at a disadvantage,

       for example, by virtue of the client's trading
       inexperience, low level of income and lack of understanding

       of the complex products issued by Union Standard; and

     - failing to adequately explain or disclose to clients the
       risks involved in investing in its financial products.

ASIC also alleges Union Standard:

   * as the Australian financial services licensee, is liable for
     the above conduct of its corporate authorised representatives

     by operation of the general responsibility provisions of the
     Corporations Act and ASIC Act; and

   * made false or misleading representations to potential
     clients.

ASIC is seeking a range of relief including declarations of
contraventions and pecuniary penalties.

A case management hearing is set for March 8, 2021.

      Prohibition on retail OTC products by overseas regulators

Regulators in many jurisdictions have restricted or prohibited the
provision to retail investors of certain OTC derivatives, such as
binary options, margin foreign exchange and other contracts for
difference (CFDs).

In April 2019, ASIC put AFS licensees on notice that in addition to
overseas consequences of potential breaches of overseas law, ASIC
will consider whether breaching overseas law is consistent with
obligations under Australian law to provide services 'efficiently,
honestly and fairly'.

                     Product Intervention Order

ASIC has made a product intervention order imposing conditions on
the issue and distribution of contracts for difference (CFDs) to
retail clients.

ASIC's order strengthens consumer protections by reducing CFD
leverage available to retail clients and by targeting CFD product
features and sales practices that amplify retail clients' CFD
losses. It also brings Australian practice into line with
protections in force in comparable markets elsewhere.

                       About Union Standard

Union Standard was a Sydney-based retail over-the-counter (OTC)
derivatives issuer offering clients opportunities to trade in
margin foreign exchange contracts and contracts-for-difference
(CFDs). Union Standard and its former corporate authorised
representatives, EuropeFX and TradeFred operated under Union
Standard's Australian financial services (AFS) licence 302792.

In December 2019, ASIC obtained asset restraint orders in the
Federal Court against EuropeFX and TradeFred to protect customers'
funds while an investigation was underway. Union Standard gave an
undertaking to the Court to keep specified monetary amounts in a
separate bank account. On July 8, 2020, Union Standard entered into
voluntary administration; liquidators were appointed on September
3, 2020. On March 10, 2020, TradeFred went into liquidation.

In July 2020, ASIC suspended the AFS licence of Union Standard and
in September 2020, ASIC cancelled its AFS licence.


VECTOR RESOURCES: First Creditors' Meeting Set for Dec. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Vector
Resources Limited will be held on Dec. 22, 2020, at 10:00 a.m. via
teleconference.

Richard Tucker and Benjamin Forster Carruthers of KordaMentha were
appointed as administrators of Vector Resources on Dec. 10, 2020.


VIP CABS: Second Creditors' Meeting Set for Dec. 21
---------------------------------------------------
A second meeting of creditors in the proceedings of VIP Cabs Pty.
Limited has been set for Dec. 21, 2020, at 11:00 a.m. at the
offices of Rodgers Reidy, Level 12, The University Centre, 210
Clarence Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 18, 2020, at 4:00 p.m.

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



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

CHINA: Financial Regulators Sound Alarm Over 15 Small Anhui Banks
-----------------------------------------------------------------
Caixin Global reports that financial regulators in eastern China's
Anhui province said 15 small and medium-sized banks there face high
risks from bad loans following an anti-graft crackdown sweeping
through local rural banks.

The 15 institutions with high risks held a combined CNY27 billion
(US$4.13 billion) of nonperforming loans as of the end of 2019, the
Anhui branch of the Ministry of Finance said in an article
published on Dec. 9, Caixin relays. Those banks' nonperforming
assets amount to 77.9% of the total of non-performing loans in
Anhui's banking system. The banks face a total capital shortfall of
CNY23.2 billion, the Finance Ministry unit said.

Most of the risky banks flagged by the regulator are rural
institutions that account for a major part of Anhui's banking
system, Caixin learned. The province's 83 rural lenders were
rattled by a corruption crackdown this year that has brought down
11 senior officials and executives in the local rural credit
system, the report notes.


CHONGQING HECHUAN: Fitch Affirms BB+ LT IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed China-based Chongqing Hechuan City
Construction Investment (Group) Co., Ltd's (HCCT) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BB+'.
The Outlook is Stable. Fitch has also affirmed HCCT's US-dollar
senior unsecured bonds due 2022 at 'BB+'.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: HCCT was established
as limited liability company under China's company Law. Hechuan
district government maintains full control over the company by
appointing its senior management, approving its budget and
investment plans, and performing annual assessments through
Chongqing Hechuan District State-owned Assets Management Centre.

'Strong' Support Record: Hechuan district government injected
several important local government-related entities (GRE), with
total assets of around CNY37 billion, into HCCT in 2016. This made
HCCT the district's primary urban development platform and largest
GRE by total assets. The local government has also provided HCCT
with annual operating subsidies and substantial capital injections
to relieve its debt burden and refinancing risk.

'Moderate' Socio-Political Implications of Default: HCCT is engaged
in infrastructure construction, primary-land development and
commodity wholesale in Hechuan district. Fitch assesses the
socio-political implications of its default to be 'Moderate', as
the projects are partially undertaken by subsidiaries. Hence,
HCCT's default would not necessarily fully stop the services and
the local government could appoint other entities to perform part
of its function in the interim.

'Very Strong' Financial Implications of Default: HCCT and its
subsidiaries are frequent bond issuers in the domestic and offshore
markets, most of their debt is raised for key local infrastructure
projects of a public-service nature. Fitch believes its default
would severely damage the local government's reputation and
constrain its financing capability.

'b+' Standalone Credit Profile: Fitch assesses HCCT's revenue
defensibility and operating risk at 'Midrange', as the company is
Hechuan district's flagship urban developer and has a stable cost
structure and an adequate supply of resources in the region. Fitch
assesses its financial profile at 'Weaker' due to its net adjusted
debt/EBITDA of around 32x at end-2019. Fitch expects this to rise
around 35x by 2024 under its rating case scenario, although the
company has received continued capital injections from the local
government that supplement its debt servicing sources and mitigate
refinancing risk.

DERIVATION SUMMARY

HCCT's IDR was derived from the four factors under the
Government-Related Entities Rating Criteria and the Standalone
Credit Profile of 'b+' from its Public Sector, Revenue-Supported
Entities Rating Criteria.

RATING SENSITIVITIES

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

An upward revision in Fitch's credit view of Hechuan district's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations.

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

A lowering of Fitch's credit view of Hechuan district's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations or a significant weakening
of the socio-political or financial implications of default, its
assessment of the government's support record or a dilution of the
government's shareholding or weaker control.

A deterioration of HCCT's Standalone Credit Profile would also
affect the ratings.

Rating action on HCCT would lead to similar action on its US-dollar
notes.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


HUAYUAN PROPERTY: Moody's Assigns B2 Rating on Unsec. Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the USD notes to be issued by Huayuan Property Co., Ltd. (B1
stable).

Huayuan Property will use the proceeds of the notes to refinance
its existing debt.

RATINGS RATIONALE

"Huayuan Property's B1 corporate family rating (CFR) reflects its
long operating history and well-recognized brand in Beijing, as
well as the company's good funding access, underpinned by its close
linkage with the Beijing government," says Cedric Lai, a Moody's
Vice President and Senior Analyst.

"However, the company's B1 CFR is constrained by its relatively
small operating scale, volatile operating performance and weak
credit metrics," adds Lai.

The proposed note issuance will improve Huayuan Property's
liquidity profile but not materially affect its credit metrics,
because the company will use the proceeds to refinance existing
debt.

Moody's expects that Huayuan Property's debt leverage, as measured
by revenue/adjusted debt, will improve to 40% level over next 12-18
months from 30% for LTM June 2020, supported by its expectation of
the company's strong revenue recognition, as well as its
disciplined approach to control debt increase in the next 12-18
months. Similarly, Moody's expects its EBIT/interest will trend
towards 2.0 over the next 12-18 months from 1.7x for LTM June
2020.

The company's total contracted sales grew 19.1% to RMB11.0 billion
in the first nine months of 2020 compared with the same period last
year. Moody's expects Huayuan Property's contracted sales will
slightly increase to RMB16 billion-RMB17 billion in the next 12-18
months, supported by its sufficient saleable resources and
recovering economic activity in China. Huayuan Property's growing
contracted sales will support its future revenue recognition.

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

In terms of environmental, social and governance (ESG) factors,
Moody's has considered (1) its majority ownership by Huayuan Group,
which is under the supervision and monitoring of Beijing
government; (2) the disclosure of material related-party
transactions as required under the Corporate Governance Code for
companies listed on the Shanghai Stock Exchange; and (3) the
existence of three special committees (including Audit Committee,
Nomination and Remuneration Committee, and Strategic Committee) to
supervise operations.

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, because of the
substantial implications for public health and safety.

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

Huayuan Property's stable outlook reflects Moody's expectation that
Huayuan Property will manage the refinancing of its short-term debt
and adopt a measured approach to land acquisitions to keep its debt
leverage at appropriate levels over the next 12-18 months.

Moody's could upgrade Huayuan Property's ratings if the company
improves its leverage while achieving substantial growth in its
operating scale. Credit metrics indicative of a possible upgrade
include: (1) revenue/adjusted debt above 80%-85%; or (2) adjusted
EBIT/interest coverage above 3x, both on a sustained basis.

Moody's could downgrade the ratings if there is any deterioration
in its credit metrics or liquidity, or the ownership by its
government parent reduces significantly. Credit metrics indicative
of a ratings downgrade include EBIT/interest coverage remaining
below 1.5x-2.0x on a sustained basis.

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

Huayuan Property Co., Ltd. is a Chinese residential developer. Its
parent company, Beijing Huayuan Group Co., Ltd, effectively owned
53.24% of Huayuan Property at June 30, 2020, through a direct
shareholding of 46.40% and a 6.84% ownership by a party acting in
concert.

Huayuan Group is 100% owned by the Xicheng SASAC under the Xicheng
District People's Government of Beijing.

Huayuan Property listed on the Shanghai Stock Exchange in 2008.

The company operates in Beijing, Tianjin, Zhuozhou, Xi'an,
Chongqing, Changsha, Guangzhou and Foshan. At December 31, 2019,
its land bank totaled around 5.15 million square meters by gross
floor area.


SEAZEN HOLDINGS: Fitch Assigns BB+ Rating on Proposed Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to China-based
homebuilder Seazen Holdings Co., Ltd.'s (SHCL, BB+/Stable) proposed
US dollar senior notes. The notes are issued by Seazen Holdings'
indirect wholly owned subsidiary, New Metro Global Limited.

The proposed notes are unconditionally and irrevocably guaranteed
by SHCL and rated at the same level as its senior unsecured rating
because they constitute its direct and senior unsecured
obligations. SHCL intends to use the net proceeds to refinance
existing debt.

Fitch upgraded the Long-Term Foreign-Currency Issuer Default
Ratings (IDR) and senior unsecured ratings of SHCL and its parent,
Seazen Group Limited (SGL), to 'BB+' from 'BB' on December 3, 2020.
The rating upgrade reflects Fitch's view that SGL's large
attributable sales scale of CNY160 billion-180 billion in 2019-2020
is comparable with that of low investment-grade peers, and that it
will be able to keep its leverage below 40% after dropping to 32%
in 1H20. In addition, recurring rental income from the group's
shopping mall portfolio has increased. Fitch estimates recurring
EBITDA/interest of 0.5x in 2020, despite the coronavirus pandemic.

Fitch uses a consolidated approach to rate SHCL, which is 67% owned
by SGL, based on its Parent and Subsidiary Linkage Rating
Criteria.

KEY RATING DRIVERS

Large Scale, Sales Recovering: SGL's monthly sales resumed positive
yoy growth of 10% in October and 20% in November 2020, although
total sales were down by 11% in 11M20 to CNY220 billion, with an
average selling price (ASP) of CNY10,840/sq m. Attributable and
consolidated sales accounted for around 70% and 60%, respectively,
of the group's total sales.

SGL reported satisfactory moving-average cash collection of around
90% and Fitch believes it remains on track to achieve its CNY250
billion total contracted sales target for 2020, which is 8% lower
than its 2019 sales. Fitch expects SGL to keep sales at CNY250
billion-270 billion in 2021-2022 to support its ranking as a top-20
property developer.

Lower Leverage Levels: Fitch expects SGL's year-end leverage to
remain below 40%, as Fitch believes it is committed to controlling
leverage at current levels, despite some fluctuation from land
replenishment to maintain its large scale. SGL's leverage,
including proportionate consolidation of joint ventures and
associates, dropped to 26% in 2019, from 44% in 2018, after it
suspended land acquisitions and asset disposals in 2H19. However,
leverage climbed back to 32% in 1H20 and Fitch estimates that it
reached 36% in September based on SHCL's 3Q20 reporting.

SGL spent CNY69 billion on attributable land premium in 10M20,
which Fitch estimates to be 60% of sales proceeds, up from CNY41
billion, or 25%, in 2019. It has budgeted CNY75 billion, or 40%-45%
of cash collection, for land purchases in 2020-2021. Its estimates
are more conservative, as Fitch expects the company to spend
50%-55% of sales proceeds on land in the next two years, although
actual land payments may be delayed and lower than publicly
disclosed.

Recurring Income Supports Rating: Fitch expects recurring income of
CNY5.0 billion in 2020 and CNY8.0 billion in 2021 to boost SGL's
interest coverage to 0.5x and 0.6x, respectively. Fitch estimates
that CNY2.3 billion of recurring EBITDA from CNY4.0 billion in
rental and management fee income covered 0.4x of interest paid in
2019. SGL halved rents for two months in response to the pandemic,
but this should be offset by expanded leasable gross floor area
(LFA). SHCL's rental revenue reached CNY3.4 billion before tax in
3Q20, while LFA rose 13% from 2019 to four million sq m. SGL added
23 Wuyue Plazas in 2019 and is on track to add 30 each in 2020 and
2021.

Stabilised Operation: SGL's operational and financial risks, as
well as its access to liquidity, did not deteriorate significantly
after its former chairman was sentenced to gaol in June 2020. The
former chairman's son, previously a non-executive director, has
assumed the role of chairperson of SGL and SHCL. The former
chairman no longer has a role in the group, but retains a 68% stake
in SGL.

Focus on Yangtze River Delta: SGL's sales contribution was mainly
from the Yangtze River Delta (YRD) and tier three and four cities
and Fitch expects the group to benefit from strong demand in YRD as
well as in central and western China. The group's focus on the YRD
has driven its expansion and strong sales turnover, as measured by
consolidated contracted sales/gross debt, although SGL reduced its
reliance on the region to 55% of contracted sales in 1H20, from 80%
in 2017. SGL's successful fast-churn strategy is evident from its
high sales turnover of 1.8x in 2019.

Diversified and Sufficient Land Bank: SGL had total land bank of
137 million sq m at end-1H20. Fitch estimates its
available-for-sale portion of 124 million sq m will support sales
for three to four years. The group will continue to focus on YRD,
but has been increasing its land bank outside the region to buffer
against regional market uncertainty. YRD accounted for 46% of SGL's
land bank by gross floor area at end-2019 and 44% at end-1H20. New
land acquisitions in YRD still accounted for 37% of total land
premium in 2019 and 56% in 1H20.

Margin Decline Credit Neutral: Fitch expects SGL's full-year EBITDA
margin, without adjusting for capitalised interest, to recover to
16%, a level similar to SHCL's 3Q20 results, after dropping to 13%
in 1H20, from 21% in 2019. Fitch thinks the fall was in line with
industry trends. Land costs are stable, but unit construction cost
rose to CNY4,147/sq m in 1H20, from CNY3,919/sq m in 2019, as more
decoration costs are being embedded in construction expenses. The
company also attributes the margin drop to government-imposed price
ceilings to clamp down on speculative housing purchases.

DERIVATION SUMMARY

Fitch's consolidated approach to rating SGL and SHCL is based on
its Parent and Subsidiary Linkage Rating Criteria due to SGL's 67%
stake in SHCL. The strong strategic and operational ties are
reflected by SGL representing SHCL's entire exposure to the China
homebuilding business, while SGL raises offshore capital to fund
the group's business expansion. The two entities share the same
chairman.

SGL's quick sales churn strategy contributed to the rapid expansion
of its contracted sales to a level that is higher than that of most
'BB' category peers. SGL's total sales and attributable sales
reached CNY270 billion and CNY180 billion, respectively, in 2019,
almost double the size of Logan Group Company Limited (BB/Stable)
and China Aoyuan Group Limited (BB/Stable), while the leverage of
32% at end-1H20 is similar to Logan's 32% and Aoyuan's 35% at
end-2019. SGL lowered its leverage - defined by net debt/adjusted
inventory after joint ventures and associate proportionate
consolidation - to 26% in 2019 due to fewer land acquisitions, but
leverage increased during 2020 after land acquisitions resumed,
although Fitch estimates the company will maintain its leverage
below 40%.

SGL has also rapidly expanded its investment properties, which
generated CNY3.9 billion of recurring income and had recurring
EBITDA/interest of 0.4x in 2019, a level higher than Sino-Ocean
Group Holding Limited's (BBB-/Stable) 0.3x and China Jinmao
Holdings Group Limited's (BBB-/Stable) 0.2x. SGL's
investment-property portfolio of around CNY66 billion at end-1H20
was much larger than that of all 'BB' rated peers, which helps
justify the one-notch difference.

Compared with investment-grade peers, SGL has a much shorter track
record of maintaining a stable financial profile as it aggressively
expanded and built-up land bank in 2016-2019. Shimao Group Holdings
Limited (BBB-/Stable) had lower leverage of below 35% in 2016-2019
while also enjoying 55% CAGR growth in attributable sales to reach
CNY182 billion in 2019. Shimao also had an investment-property
portfolio that generates recurring income to cover 0.3x of cash
interest paid.

KEY ASSUMPTIONS

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

  - total contracted sales of about CNY250 billion per year in
2020-2021 with around 70% attributable interest.

  - attributable land premium represents 55% and 50% of
attributable sales proceeds in 2020 and 2021, respectively, based
on actual attributable land premium from the company's A-share
financial disclosures.

  - attributable property development and Wuyue Plaza construction
costs equivalent to 35%-40% of attributable sales collection in
2020-2021

  - Investment-property revenue to reach CNY5.0 billion and CNY8.0
billion in 2020 and 2021, respectively, with a stable gross profit
margin at 68%.

  - Overall EBITDA margin (excluding capitalised interest) to
remain above 25%

  - SGL maintains controlling shareholding in SHCL and no weakening
in the operational ties between the two entities

RATING SENSITIVITIES

For both SGL and SHCL:

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

  - Net debt/adjusted inventory (after proportionate consolidation
of joint ventures) sustained below 30%

  - Recurring EBITDA/interest paid sustained above 0.6x

  - Sustained neutral to positive cash flow from operations.

  - Longer track record of operational and financial stability
comparable with that of investment-grade peers.

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

  - Net debt/adjusted inventory (after proportionate consolidation
of joint ventures) above 40% for a sustained period

  - Recurring EBITDA/interest paid sustained below 0.3x

  - For SGL, a weakening of linkages between SGL and SHCL may lead
to negative rating action.

All ratios mentioned are based on SGL's consolidated financial
data.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: SGL had an unrestricted cash balance of
CNY59.8 billion at end-1H20, sufficient to cover short-term
borrowings of CNY45 billion. SHCL also showed sufficient liquidity
at end-September 2020, with CNY52 billion in available cash to
cover CNY33 billion in short-term debt. The group's funding cost
came back down to 6.8% in 1H20, after temporarily climbing to 7.0%
in 2H19, from 6.6% in 1H19. The company issued asset-based
securities totaling CNY2.9 billion at 4.8% in early 2020, backed by
four of its Wuyue malls. Fitch expects the group to gradually
monetise its malls to obtain low-cost funding.

Stable Funding Access Ensures Liquidity: The arrest of the former
chairman temporarily affected the group's funding access, but it
has managed to obtain financing from a large number of onshore and
offshore banks since August 2019. Funding access further improved
with multiple domestic and offshore issuance in 2020. The group's
continued growth in contracted sales, project disposals and its
decision to slow land acquisitions in 2H19 have helped maintain
adequate liquidity.

The group's onshore and offshore bonds have change of control
covenants, whereby the group has to make an offer to repurchase all
outstanding notes if a change of control is accompanied by negative
rating action, a Negative Outlook or a downgrade by an onshore
rating agency for its onshore bonds or an international rating
agency for its offshore bonds. The group has not breached its bond
covenants since the former chairperson's arrest.

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

Seazen Group Limited: Governance Structure: 4

Seazen Holdings Co., Ltd.: Governance Structure: 4

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


WISDOM EDUCATION: Fitch Publishes BB- LT IDR, Outlook Stable
------------------------------------------------------------
Fitch has published Wisdom Education International Holdings Company
Limited's Long-Term Issuer Default Rating (IDR) of 'BB-' and senior
unsecured rating of 'BB-'. The Outlook on the Long-Term IDR is
Stable.

Wisdom's ratings reflect its solid position as a leading private
education company. The ratings are supported by its stable and
recurring cash flows and good growth prospects, but they are
constrained by the company's limited operational scale and
geographical concentration.

KEY RATING DRIVERS

High Cash Flow Visibility: High revenue and cash flow visibility,
limited price sensitivity and high switching costs underpin
Wisdom's strong business profile. Tuition is collected in advance
and cash flow was stable even during the coronavirus pandemic, as
refunds for tuition fees collected were minimal. Its mature
schools, which have been operating for more than five years, have
consistent high student enrolment, providing steady cash flow.

Wisdom plans to increase its student capacity by more than 50% over
the next four years and it has capacity of around 10% that is not
utilised at existing schools as of September 2020, which will drive
revenue growth.

Strong Profitability: The ability to increase tuition fees and good
cost control contributed to Wisdom's high EBITDA margin of around
40%. Fitch expects profitability to rise modestly, driven by
greater economies of scale and ramp-up of new schools. However, the
company faces potential challenges in getting local government
approval for raising tuition fees and ancillary service fees as a
result of regulatory changes.

Leverage to Stabilise: Wisdom's leverage increased over the past
few years due to substantial capex to build new schools, and FFO
adjusted net leverage rose to 2.6x in the financial year ended
August 2020 (FY20) from 1.5x in FY17. Rating headroom is limited,
but Fitch expects leverage to stay within its negative sensitivity
of 3.0x over the next few years due to improved cash flow from the
ramp-up of newer schools, fewer capex projects and the absence of
large acquisitions due to regulatory restrictions.

Free cash flow has been negative, but Fitch expects the outflow to
narrow over the next few years. The company's access to non-debt
funding could also help it maintain a reasonable capital structure
while investing for growth.

Limited Diversification, Small Scale: Wisdom's ratings are
constrained by its small scale, with EBITDA of around USD120
million in FY20, and limited diversification. Wisdom derived 100%
of its revenue from primary and secondary schools. Its two flagship
schools in Dongguan accounted for 65.6% of revenue in FY19 despite
the addition of schools in other areas in recent years. The company
plans to expand into the higher-education sector after obtaining
relevant regulatory approvals, which could improve its
diversification but would require high upfront investment.

COVID-19 Impact: K-12 schools in China were mostly shut in February
to May due to the outbreak of coronavirus. Wisdom's schools have
reopened since May 2020. Tuition income is intact as online
learning was offered during the shutdown. It refunded a small
amount for boarding fees as its campuses were closed. Revenue
increased by 6.6% in FY20 due to the fall in ancillary services,
which offset the growth in tuition income and student enrolment.

Positive Industry Dynamics: The private-education industry enjoys
stable and highly visible growth, driven by rising household income
and higher emphasis on education quality. A Frost and Sullivan
report said the industry has a CAGR of 12% over the next five
years. The industry is highly fragmented but has high barriers to
entry due to stringent regulatory oversight, a lengthy regulatory
approval process, large capital requirements and the need for a
record of successful operations to build brand recognition.

Established Record: Wisdom is the largest private K-12 education
company by student enrolment in China with over 70,000 students as
of September 2020. Dongguan Guangming School is Wisdom's oldest and
largest school and the strong brand recognition has allowed it to
consistently operate near or at full capacity over the past few
years. Fitch thinks the company's reputation and recognised
education quality will help the ramp-up of new schools particularly
in Guangdong province near its flagship schools.

Regulatory Uncertainty: The private-education sector in China is
highly regulated and subject to stringent regulatory scrutiny.
Fitch expects the impact of the current regulations on Wisdom's
existing school operations to be manageable in the short term,
although the evolving framework and uncertainties regarding the
interpretation and implementation of regulations present risks.

DERIVATION SUMMARY

Wisdom has slightly larger EBITDA scale than Chinese private-school
operator Bright Scholar Education Holdings Limited (BB-/Stable).
Wisdom is less diversified than Bright Scholar in terms of school
locations and education formats, but its revenue visibility is
higher and its cash flow generation is more stable.

Wisdom has a weaker financial profile with negative free cash flow
and higher leverage compared with Bright Scholar. This is mainly
due to Wisdom's model of building its own schools versus Bright
Scholar's asset-light model. However, Wisdom has a much stronger
EBITDA margin.

KEY ASSUMPTIONS

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

  - Double-digit growth in revenue in FY21, driven by new school
additions and increase in tuition fees

  - EBITDA margin of 40%-42% in FY21-FY23

  - Capex of CNY900 million to CNY1,000 million per year in
FY21-FY23

  - Dividend payout ratio of 40%

RATING SENSITIVITIES

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

  - Positive rating action is not expected in the medium term until
Wisdom achieves a substantially larger operating scale while
maintaining its FFO adjusted net leverage below 2x

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

  - FFO adjusted net leverage sustained above 3.0x (FY20: 2.6x) as
a result of deterioration in operating performance or sustained
negative free cash flow

  - Evidence of greater government, regulatory or legal
intervention leading to an adverse change in the company's
operating and business profile

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: The company had CNY1,123 million in cash and
CNY376 million in short-term wealth-management products as of 31
August 2020, which were more than enough to cover its short-term
borrowings of CNY123 million. The company raised CNY550 million
from an equity placement in August 2020, which further strengthened
its liquidity.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has chosen to use the multiple approach to capitalise leases
for Wisdom and assess leverage on an adjusted leverage basis. Fitch
thinks the multiple approach is more appropriate for
education-service companies under the generic navigator, including
Wisdom, as the decision to lease or buy key operating assets like
school and facility premises is a core financial decision among
peers. A multiple of 8x was used as the company is based in China.

Wisdom typically collects tuition and fees at the beginning of the
semester and there are usually large "contract liabilities" on its
balance sheet. Fitch has classified part of its cash that is not
expected to generate EBITDA (contract liabilities * (1-EBITDA
margin)) as "not readily available", and this amount is excluded
from net debt calculations.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


XINJIANG GUANGHUI: S&P Cuts ICR to 'B-' on Rising Refinancing Risk
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Xinjiang Guanghui Industry Investment (Group) Co. Ltd. (Guanghui)
to 'B-' from 'B'. At the same time, S&P lowered the long-term issue
rating on the China-based company's senior unsecured notes to
'CCC+' from 'B-'.

The negative outlook on Guanghui reflects tightening liquidity and
significant refinancing needs at the parent level over the next 12
months.

Guanghui faces heightening refinancing risk at the parent level,
owing to the heavy use of short-term debt and tightening financial
conditions in China.

As of Sept. 30, 2020, the company had about Chinese renminbi (RMB)
71 billion of debt due in the next 12 months (RMB14 billion at the
parent level). This amount is much higher than its unrestricted
cash and short-term investments of about RMB19 billion (RMB765
million at the parent level). At the parent level, Guanghui lowered
its outstanding debt balance to about RMB21 billion as of Sept. 30,
2020, from RMB24 billion as of Dec. 31, 2019, and concentrating its
funding sources on bank facilities while reducing the use of
capital market debt. S&P sees growing reliance of short-term bank
facilities as a credit risk, given higher refinancing risk as
average maturity shortens, fewer funding options, and higher
exposure to changing market sentiment.

The use of short-term bank facilities was supported by the lower
cost of debt and the easing credit environment in China in the
second quarter as banks extended credit to cushion the COVID-19
shock in the first quarter. However, financial conditions have
since tightened and real interest rates have continued to climb
higher. S&P said, "We believe Guanghui's refinancing strategy
heightens refinancing risk at the parent level, given that the
parent generates limited operating cash flows and relies on
dividends from listed subsidiaries and cash flows from other
privately owned businesses to fulfill its financial obligations. As
a result, we revised our assessment of Guanghui's liquidity to weak
from less than adequate."

S&P said, "In our view, Guanghui's muted long-term debt raising in
the capital market after the first quarter of 2020 could signal the
company's waning capital market standing and ability to obtain
fresh financing.

"We believe the parent company continues to have capital market
access, though it may be facing difficulties in obtaining long-term
financing. We expect Guanghui to refinance most of its bullet debt
due in 2021 with short-term bank facilities, as it continues to
maintain sound relationships with banks. This will increase the
company's exposure to changing market sentiment and ongoing
refinancing risk."

Guanghui may also source cash from its wholly owned real estate
subsidiary and other onshore funding sources such as share pledges
to repay maturities, if needed. S&P believes the company could also
dispose some assets at its real estate arm or lower its equity
interest in listed subsidiaries in the worst-case scenario.

Solid recovery in auto retail sales could provide some support to
the group's credit profile, but the significant cash leak could
make it less effective for the listed subsidiaries to upstream
dividends when necessary.

As China's largest auto retailer, Guanghui is poised to benefit
from solid auto sales in the country, helped by incentives and the
desire to upgrade private transportation in a post-pandemic world.
However, Guanghui does not have direct access to the cash flows
generated by its listed operating subsidiaries and relies heavily
on upstream dividend income. The listed auto and energy
subsidiaries ceased cash dividends for the financial year ended
Dec. 31, 2019, likely owing to the challenging operating
environment.

More importantly, S&P believes Guanghui does not have full control
over payment decisions given significant public shareholding at the
listed subsidiaries. Substantial cash leakage could also make it
hard for the listed subsidiaries to upstream dividends. Guanghui
owns approximately 33% of China Grand Automotive Services Group Co.
Ltd., 44% of Guanghui Energy Co. Ltd., and 46% of Guanghui
Logistics Co. Ltd. as of end-June 2020. The parent's liquidity
position could deteriorate if the listed subsidiaries cease cash
dividends.

The proposed sale of China Evergrande Group's stake in Guanghui to
Shenergy, if it materializes, could be modestly positive for
Guanghui's credit profile.

On Nov. 3, 2020, China Evergrande, Guanghui' second-largest
shareholder, announced the potential sale of its entire 40.964%
equity stake in Guanghui to Shenergy for a consideration of
RMB14.85 billion. Given its state-owned enterprise background,
Shenergy could help Guanghui strengthen its banking relationships
and capital market access in the long run. Whether Shenergy will
provide further support for Guanghui to materially improve its
liquidity at the parent level remains uncertain.

Shenergy is the largest independent power producer and gas
distributor in Shanghai. S&P anticipates collaborations between
Shenergy and Guanghui Energy in the future.

The negative outlook on Guanghui reflects tightening liquidity and
significant refinancing needs at the parent level over the next 12
months. S&P expects the parent company to refinance most of its
bullet debt due in 2021 with short-term bank facilities, as it
continues to maintain sound relationships with banks. However, lack
of access to long-term financing could heighten refinancing risk at
the parent level, in our view.

S&P said, "We may lower the rating if Guanghui's debt capital
structure comprises nearly all short-term bank debt or if the
parent's liquidity further deteriorates. This would happen if
Guanghui is unable to access the bond market and is only able to
refinance upcoming maturities with short-term bank loans. This
would meaningfully increase the company's ongoing refinancing
risk.

"We could also lower the rating if Guanghui's banking relationships
erode such that it cannot roll over some of its bank facilities.

"We could revise the outlook to stable if Guanghui significantly
improves its liquidity and refinancing risk at the parent level
eases. This could happen if Guanghui regains access to long-term
financing from capital markets or banks. This could also occur
through capital injections from shareholders or asset disposals to
repay debts."




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

LIONBRIDGE CAPITAL: S&P Withdraws 'B/B' Issuer Credit Ratings
-------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term and 'B' short-term
issuer credit ratings on Lionbridge Capital Co. Ltd. at the request
of the Hong Kong-incorporated Chinese leasing company. The outlook
on the long-term rating was stable at the time of the withdrawal.




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

ADORATION CERAMICA: ICRA Reaffirms B+ Rating on INR20cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Adoration
Ceramica Pvt. Ltd. (ACPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based           7.50       [ICRA]B+(Stable); Reaffirmed
   Cash Credit                     and removed from Issuer Not
                                   Cooperating category

   Fund-based          20.00       [ICRA]B+(Stable); Reaffirmed
   Term Loan                       and removed from Issuer Not
                                   Cooperating category

   Non-fund             2.50       [ICRA]A4; Reaffirmed and
   Based Bank                      removed from Issuer Not
   Guarantee                       Cooperating category

Rationale

The reaffirmation in the ratings is constrained by the weakening
financial risk profile of ACPL's as the change in the management in
FY2020 moderated revenues and resulted in net losses, thereby
eroding the company's net worth. However, the erstwhile management
has reacquired control in the current fiscal and the sales has
started picking up, which along with interest free unsecured loans
are expected to support cash flows in the current fiscal. The
ratings also factor in the intense competition in the ceramic
industry and the exposure of the company's profitability to
volatility in raw material and fuel prices. The ratings further
take into account the exposure of the company's operations and cash
flows to the cyclicality in the real-estate industry, which is the
main end-user sector. The ratings, however, favourably factor in
the extensive experience of the promoters in the ceramic industry
and the proximity to raw material sources, by virtue of its
presence in Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that ACPL will continue to benefit from the extensive experience of
its promoters in the ceramic industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in ceramic industry: ACPL is
currently managed by directors who have extensive experience in the
ceramic industry by virtue of their association with other entities
involved in the ceramic business.

* Location-specific advantage: The company benefits from the low
transportation cost and the easy access to quality raw materials as
well as power and fuel sources by virtue of the plant's strategic
location in the Morbi region of Gujarat, which is considered to be
the ceramic hub of India.

Credit challenges

* Weak financial risk profile: The company's financial performance
worsened in FY2020 as the change in the management in FY2020
moderated the operating income to INR22.0 crore (compared to
INR35.5 crore in FY2019) and resulted in net losses. Consequently,
the net worth eroded, which along with the high debt level, led to
adverse capital structure and coverage indicators. Further, the
company's working capital intensity remained high, with NWC/OI at
38% as on March 31, 2020, due to high inventory levels (271 days)
and stretched receivables (debtor days were at 125). Consequently,
the creditors also remained stretched to support the liquidity. The
erstwhile management reacquired the control in the current fiscal
and the sales has started picking, which along with interest free
unsecured loans are expected to support cash flows in the current
fiscal.

* Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: The company's profitability remains
exposed to fluctuations in raw materials (body clay, feldspar and
glazed frit) as well as power and fuel (coal and PNG) prices. Raw
materials and fuel are the two major components that determine the
cost competitiveness in the ceramic industry. The company has
little control over the prices of key inputs and thus its margins
are exposed to raw material and fuel price fluctuations since it
has limited ability to pass on any upward movement in prices to its
customers.

* Intense competition and cyclicality in real estate industry: The
ceramic tile manufacturing industry is highly competitive because
of low-entry barriers. The presence of both organised as well as
numerous unorganised players in Gujarat limits the company's
pricing flexibility and the bargaining power with customers,
thereby putting pressure on its revenues and margins. Further, the
real estate industry is the major end user of ceramic tiles, and
hence the company's profitability and cash flows are highly
vulnerable to the cyclicality in the real estate industry.

Liquidity position: Poor

ACPL's liquidity is poor because of negative cash accruals in
FY2020, which along with high working capital requirements resulted
in full utilisation of the cash credit limits. Further, the
creditors also remained stretched to support the liquidity. In the
current fiscal, the liquidity will be supported by a moratorium on
loan repayments by lenders from March 2020 to August 2020 and
infusion of INR5 crore worth unsecured loans by promoters. Further,
timely support from promoters through equity infusion/unsecured
loans will remain crucial in case of any cash-flow mismatch.

Rating sensitivities

Positive triggers - ICRA could upgrade ACPL's ratings if the
company demonstrates substantial increase in revenues and
profitability, resulting in higher-than-expected cash accruals on a
sustained basis. Additionally, better working capital management
and significant improvement in net worth, leading to improvement in
the overall financial risk profile, may result in a rating
upgrade.

Negative triggers - Negative pressure on ACPL's rating could arise
if the company is unable to demonstrate a turnaround in operations,
leading to further decline in revenues and lower-than-expected cash
accruals. Further, any major debt funded capital expenditure or
stretch in the working capital cycle, which further weakens the
company's capital structure
and liquidity profile, may lead to a rating downgrade.

Adoration Ceramica Pvt. Ltd. (ACPL) was incorporated as a private
limited company in February 2017. Its manufacturing facility is at
Morbi, Rajkot (Gujarat). The company manufactures polished glaze
vitrified tiles of sizes 600"x600" and 600"x1200" at an installed
capacity of 63,000 MTPA. The company is promoted by Mr. Kantilal
Vasiyani, Mr. Mayur Rajpara and Mrs. Jasmin Vasiyani, who have
extensive experience in the ceramic industry vide their association
with other concerns involved in the similar line of business.
However, a change in the management in FY2020 weakened the
company's financial performance.

In FY2020, on a provisional basis, the company reported a net loss
of INR6.1 crore on an operating income of INR22.0 crore compared to
a net loss of INR0.1 crore on an operating income of INR35.5 crore
in FY2019.


ARIHANT SOLVEX: ICRA Lowers Rating on INR16cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Arihant
Solvex Private Limited (ASPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based          16.00       [ICRA]B+ (Stable) ISSUER NOT
   Working                         COOPERATING; Rating downgraded
   Capital Limits                  from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short-term–          0.03       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long/Short-          0.72       [ICRA]B+(Stable)/A4 ISSUER NOT
   term–Unallocated                COOPERATING; Long term Rating

                                   Downgraded from [ICRA]BB-
                                   (Stable) and continues to
                                   Remain under the 'Issuer Not
                                   Cooperating' category

Rationale

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

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

Incorporated in the year 1990, Arihant Solvex Private Limited
(ASPL) is engaged in the business of oil extraction from groundnuts
and mustard seeds. ASPL has a solvent extraction plant with
capacity of 60,000 Metric tonnes per annum (MTPA), a refinery with
a capacity of 15,000 MTPA and an expeller with a capacity of 45,000
MTPA at its plant located in 2 Bikaner, Rajasthan. The company
sells its oil primarily (~90%) to institutional buyers and de-oiled
cake to brokers and traders, who further sell the same to poultry
farm owners and cattle feed manufacturers.


ATUL MOTORS: ICRA Lowers Rating on INR18cr Loan to B+
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Atul
Motors Private Limited (AMPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           8.94       [ICRA]B+ (Stable) ISSUER NOT
   Loan                            COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term           18.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long-term/         100.00       [ICRA]B+(Stable)/A4 ISSUER
   Short-term,                     NOT COOPERATING; Rating
   Fund based                      downgraded from [ICRA]BB+
   Inventory                       (Stable)/[ICRA]A4+ and
   Funding                         Continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

   Long-term/           1.16       [ICRA]B+(Stable)/A4 ISSUER NOT
   Short-term                      COOPERATING; Rating downgraded
   Unallocated                     From [ICRA]BB+( Stable)/
                                   [ICRA]A4+ and continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Short-term,          16.00      [ICRA]A4 ISSUER NOT
   Non-fund based                  COOPERATING; Rating
                                   downgraded from [ICRA]A4+ and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Atul Motors Private Limited (AMPL) is a leading company of the
Chandra family run Rajkot (Gujarat) based Atul Group of companies.
The company was established in 1999 and is an authorised passenger
cars (PV) dealer, spares distributor and service provider for MSIL.
The company has eight showrooms (Rajkot - 2, Ahmedabad – 2,
Jamnagar - 2, Amreli and Porbandar) and 13 sales outlets and 19
service centers across Rajkot, Jamnagar and Ahmedabad region of
Gujarat. In FY2017, the company has also taken up MSIL's dealership
for the Commercial Vehicle (CV) channel by setting up an exclusive
showroom in Rajkot. Besides its car dealership business, the
company is also engaged in servicing of vehicles and selling of
Maruti Genuine spare parts (MGP) and Maruti Genuine Accessories
(MGA). Additionally, the company also provides car finance and car
insurance facilities through its reputed channel partners (leading
banks and insurance companies). The company belongs to the Atul
Group of companies having strong presence in Saurashtra region of
Gujarat and operating across three-wheeler manufacturing, auto
dealerships (MSIL, Honda, Eicher, M&M), auto-parts dealerships and
auto financing businesses.


BHAGABAN MOHAPATRA: Ind-Ra Moves D Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhagaban Mohapatra
Constructions and Engineers Private Limited's Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR49 mil. Fund-based limit (Long-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR250 mil. Non-fund-based limit (Short-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1.10 mil. Term Loan (Long-term) due on September 2020
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 26, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bhagaban Mohapatra Constructions and Engineers undertakes execution
of civil and mechanical construction projects, with a primary focus
on piling activities. The company is promoted by Bhagaban
Mohapatra.


BRILLIANT ETOILE: Ind-Ra Cuts & Reassigns Loan Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded and reassigned
Brilliant Etoile Private Limited's (BEPL) Bank Facilities to 'IND
BB (ISSUER NOT COOPERATING)' from 'IND A- (CE)(ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


The instrument-wise rating actions are:

-- INR2.5 bil. Term loan due on March 2023 downgraded and
     reassigned with IND BB (ISSUER NOT COOPERATING) rating;

-- INR250 mil. Overdraft (sub-limit of term loan) downgraded and
     reassigned with IND BB (ISSUER NOT COOPERATING)/ IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Letter of credit (sub-limit of term loan)
     downgraded and reassigned with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade is pursuant to the SEBI Circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer having an investment-grade rating and
remaining non-cooperative with the rating agency for more than six
months should be downgraded to a sub-investment grade rating.

BEPL has been non-cooperative with the agency from February 4,
2020. The current outstanding rating of 'IND BB (ISSUER NOT
COOPERATING)' may not reflect its credit strength as the issuer has
been non-cooperative with the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

COMPANY PROFILE

Incorporated in February 2017, BEPL is an indirect subsidiary of
Country Garden Holdings Co Ltd. The latter entered the Indian real
estate market through various subsidiaries incorporated in various
cities in India. BEPL has been incorporated to build and sell real
estate projects in Delhi/National Capital Region.


BRISK FACILITIES: ICRA Keeps B on INR105cr Loan in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR105.00 crore bank facilities of
Brisk Facilities (Sugar Division) Private Limited continue to
remain in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based             105      ICRA]B(Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category

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

Brisk Facilities (Sugar Division) Private Limited was incorporated
in June 2013 as Gadhlinglaj Sugars Private Limited. The company
currently conducts the operations of Appasaheb Nalawade Sahakari
Sakhar Karkhana Limited based out of Gadhinglaj, Kolhapur
(Maharashtra). Appasaheb Nalawade Sahakari Sakhar Karkhana Limited
which was established in 1979. The operations of the sugar
cooperative were taken over by Brisk India Private Limited (BIPL),
Pune in FY2014 following a collaborative agreement of 10 years
starting from SY2014 onwards. In June 2017, BIPL demerged its sugar
business effective April 1, 2016 to a separate company called
Gadhlinglaj Sugars Private Limited which immediately changed its
name to Brisk Facilities (Sugar Division) Private Limited. The
cooperative has 24,744 members who supply cane to the company.
Under the collaborative arrangement between Brisk Sugar and
Appasaheb Nalawade Sahakari Sakhar Karkhana Limited, the company
pays a royalty to the cooperative. The current installed crushing
capacity of the  company is 2000 TCD while the distillery has
installed capacity of 25 KLPD. The company currently does not have
the power generation operations.


D.R. COATS: ICRA Keeps B+ on INR13.04cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR25.84-crore bank facility of D.R.
Coats Ink & Resins Private Limited (DRCL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA] A4 ISSUER NOT COOPERATING".

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

   Fund based–           1.04      [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based–           3.40      [ICRA]A4 ISSUER NOT
   Packing Credit                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund              9.40      [ICRA]A4 ISSUER NOT
   Based limits                    COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

D.R. Coats Ink & Resins Private Limited (DRCPL) was incorporated in
the year 2003. The company is in the business of manufacturing
synthetic resins such as polyamides, ketonic resins and epoxy
resins, which mainly find applications in paint & ink
manufacturing, production of adhesives, wood polish and acrylic
production. The company has steadily expanded its capacity over the
years from around 360 MTPA in 2006 to current levels of about
10,000 MTPA.


DECOR PAPER: ICRA Keeps B+ on INR13cr Loan in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR13.13 crore bank facilities of
Decor Paper Mills Limited continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           13.00      [ICRA]B+(Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continue
   Cash Credit                     to remain in 'Issuer Not
                                   Cooperating' category

   Short Term–          0.13       [ICRA]A4 ISSUER NOT
   Non fund Based                  COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category


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

Incorporated in 2007, Decor Paper Mills Limited (DPML) is engaged
in the manufacturing of kraft paper which finds applications in the
packaging industry, especially for making corrugated boxes. The
company has its manufacturing unit located in Hyderabad having a
production capacity of around 60,000 MTPA of kraft paper of various
grades. The grades manufactured by the company include 12 BF, 14
BF, 16 BF, 18 BF, 20 BF, and 22 BF. DPML is promoted by the Agarwal
group, which has a long track record in the paper and pulp
industry. The key group companies are Bazargaon Paper and Pulp
Mills Private Limited (Nagpur, 25,000 MTPA) and Kolar Paper Mills
Limited (plant being setup at Chittoor, Andhra Pradesh with an
installed capacity of 105,000 MTPA).


DS TOLL ROAD: ICRA Lowers Rating on INR332cr Term Loan to B
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of DS Toll
Road Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-         332.00      [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Incorporated on June 29, 2005, DSTRL, a 100% subsidiary of Reliance
Infrastructure Limited (R Infra), has been set up for the purpose
of widening and up - gradation of the stretch between Dindigul
Bypass - Samyanallore from existing 2-lanes to 4-lanes. The total
length of the road under the project is 53.025 kilometre (km). The
project has been awarded to the company under a competitive bidding
process on a Build, Operate and Transfer (BOT) basis. The key bid
variable was the grant receivable from the National Highway
Authority of India (NHAI) which was bid at INR31 crore by R Infra.
The concession period is for 20 years from the appointed date
(i.e., July 29, 2006). The project was issued a provisional
completion certificate on September 29, 2009.


EASTMADE SPICES: ICRA Raises Rating on INR5.50cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Eastmade
Spices & Herbs Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         3.75       [ICRA]B+(Stable); Upgraded from
   Cash Credit/                   [ICRA]B(Stable)
   Packing Credit      
                                  
   Fund-based-         5.50       [ICRA]B+(Stable); Upgraded from
   Term Loan                      [ICRA]B(Stable)

Rationale

The upgrade in the company's rating factors in the stabilisation
and subsequent ramp-up of operations, which increased the scale and
profitability in FY2020. The ratings further favorably factors in
the extensive experience of the promoters in the processing and
trading of agro commodities, and the proximity to raw material
sources because of its presence in Unjha (Gujarat) and major ports
(near to Mundra port).

The ratings, however, remain constrained by the company's weak
financial risk profile, characterised by small-scale operations,
modest capital structure and high working capital intensity. The
ratings continue to factor in the highly competitive and fragmented
industry structure, which limits the company's pricing flexibility.
The ratings further factor in the exposure of the company's
profitability to raw material availability, which remains a
function of agro-climatic conditions as well as regulatory policies
with respect to export. The Stable outlook on the [ICRA]B+ rating
reflects ICRA's opinion that the company is expected to maintain
its business positioning.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in agro-commodity business: The
company is managed by the Patel family with promoters having more
than three decades of experience in the agro-commodity business.
The promoters are also associated with Satnam Psyllium Industries
and Super Psyllium, which are also involved in the agro-commodity
business.

* Location-specific advantage: The company has a location-specific
advantage by virtue of its presence in Unjha, which provides easy
access to raw materials (agro-commodities) as well as enables easy
export of products because of proximity to the Mundra port.

Credit challenges

* Weak financial risk profile: The company's scale of operations
improved, with an operating income of INR12.7 crore in FY2020
against INR5.8 crore in FY2019, though it continues to be small.
The operating profitability also improved to 18.0% in FY2020 from
14.4% in FY2019 with job work income and export incentives. The
capital structure stood moderate, with gearing at 2.5 times in
FY2020, because of low net worth base. However, with improvement in
profitability, the coverage indicators improved, with interest
coverage of 4.9 times and Total Debt/OPBDITA of 2.5 times as on
FY2020-end. The working capital intensity remained high, at 22% as
on FY2020-end, because of high receivables and inventory levels.

* Vulnerability of profitability to adverse fluctuations in raw
material prices and forex rates: The company's profitability
remains exposed to fluctuations in raw material (agri-commodities)
prices, which are dependent on agro-climatic conditions as well as
the demand-supply scenario. Further, the proportion of export sales
was high at ~86% in FY2020, exposing the company's profitability to
foreign exchange fluctuations in absence of any formal hedging
policy.

* Intense competition and exposure to regulatory changes: The
agro-commodity manufacturing industry is highly competitive because
of low entry barriers, limiting the firm's pricing flexibility and
bargaining power with customers. Further, its revenues and
profitability remain exposed to the regulatory changes pertaining
to export policies and incentives, given the high dependence of
firm on the export market.

Liquidity position: Stretched

The company's liquidity is stretched because of working capital
intensive operations. The working capital limit was fully utilised
as on September 2020. Thus, timely support from promoters through
equity infusion/unsecured loans remains crucial in case of any
cash-flow mismatches.

Rating sensitivities

Positive triggers - ICRA could upgrade the company's ratings if the
latter demonstrates substantial growth in revenues and
profitability, leading to higher-than-expected cash accruals on a
sustained basis. Additionally, strengthening of the net worth base
and moderation in the working capital intensity, which improve
capital structure and liquidity, may also lead to a rating
upgrade.

Negative triggers - Negative pressure on the company's ratings
could arise if any significant deterioration in scale and
profitability leads to lower-than-expected cash accruals; or if any
major debt-funded capex, or stretch in the working capital cycle
impacts the capital structure and the liquidity profile.

Incorporated in 2015, Eastmade Spices & Herbs Pvt. Ltd. is promoted
by members of the Patel family, who have extensive experience in
the agro-commodity business. The company processes food grains and
spices. Its commercial operations began in FY2020. Besides, the
company is also involved in trading agro-commodities. The company
has an installed processing capacity of 4,680 MTPA. The promoters
are also associated with Satnam Psyllium Industries and Super
Psyllium, which are also involved in the agri-commodities
business.

In FY2020, the company reported a net profit of INR1.3 crore on an
operating income of INR12.7 crore compared to a net loss of INR0.5
crore on an operating income of INR5.8 crore in FY2019.


FERRO ALLOYS: ICRA Keeps D on INR109cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR109.89-crore bank facilities of
Ferro Alloys Corporation Limited (FACOR) continue to be under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         37.29       [ICRA]D ISSUER NOT COOPERATING;
   Fund-based                    Rating continues to be under
   Bank Facility                 'Issuer Not Cooperating'
   (Cash Credit)                 Category

   Long-term         21.03       [ICRA]D ISSUER NOT COOPERATING;  
   Unallocated                   Rating continues to be under
   Limits                        'Issuer Not Cooperating'
                                 Category

   Short-term         51.57      [ICRA]D ISSUER NOT COOPERATING;
   Non-fund Based                Rating continues to be under
   Bank Facility                 'Issuer Not Cooperating'
   (Letter of Credit)            Category

ICRA has taken a note of the acquisition of FACOR by Vedanta group
under the Corporate Insolvency Resolution Process during the
current fiscal. While ICRA has also taken a note of management's
submission that the rated banking limits have been settled and the
company is not using the said limits, in absence of documentary
evidence as per ICRA's withdrawal policy, ICRA has not been able to
process the company's withdrawal request.

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

Ferro Alloys Corporation Limited was incorporated in 1957 by Mr.
Uma Shankar Agarwal and the Saraf family. The company's performance
was satisfactory till early 1990s. However, certain factors, such
as debt-funded capital expenditure on diesel-generator (DG) based
power plants, adverse foreign exchange fluctuations and decline in
ferrochrome realisations, affected the company's ability to repay
the debt on its books. Subsequently, as a part of a restructuring
scheme approved by all the lenders, FACOR was trifurcated into
three separate companies, namely FACOR, Facor Alloys Limited (FAL)
and Facor Steels Limited (FSL), w.e.f. April 1, 2004 based on
division of operations and manufacturing facilities.

FACOR was admitted under Corporate Insolvency Resolution Process in
terms of the Insolvency and Bankruptcy Code, 2016 (IBC) and the
insolvency proceedings were commenced against FACOR pursuant to the
order dated July 6, 2017 and March 4, 2019 of the Hon'ble NCLT,
Kolkata. NCLT Cuttack, vide its order dated January 30, 2020 under
Section 31(1) of the IBC, approved the Resolution Plan submitted by
Vedanta group for FACOR under the corporate insolvency resolution
process filed by REC Limited. Pursuant to the order, Vedanta group
now holds 100% of the paid-up share
capital of the company.

FACOR manufactures high-carbon ferro-chrome in its unit located at
Randia, Odisha. The unit has an installed capacity of 72,000 tonne
per annum (TPA). It also has two operational captive chrome ore
mines in Odisha. The mined chrome ore is primarily used to meet its
own raw material requirements. FACOR also owns a 100-MW power plant
through its subsidiary, FPL, located adjacent to its ferro-chrome
manufacturing unit.


G3 MOTORS: ICRA Keeps D on INR50cr Bank Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR50.00 crore bank facilities of G3
Motors Limited (Erstwhile G3 Motors Pvt. Ltd.) (GML) continue to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Fund based-        2.72       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non-Fund          20.00       [ICRA]D ISSUER NOT COOPERATING;
   Based Letter                  Rating continues to remain under
   of Credit                     the 'Issuer Not Cooperating'
                                 category

   Unallocated       15.28       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

GML is an authorized dealer for M&M. The company started dealership
business of passenger vehicles (PV) manufactured by Mahindra &
Mahindra (M&M) in 2007. The company has seven show rooms and eight
workshops in Mumbai, Navi Mumbai and Surat.

HILLTOP HIRISE: ICRA Lowers Rating on INR20cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Hilltop
Hirise Private Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based          20.00       [ICRA]B+ (Stable); ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) ISSUER
                                   NOT COOPERATING and continues
                                   to remain under Issuer Not
                                   Cooperating' category

   Non-Fund            10.50       [ICRA]A4; ISSUER NOT
   Based Limits                    COOPERATING; Rating continues
                                   to remain under Issuer Not
                                   Cooperating' category

Rationale

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

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

Incorporated in 2010, Hilltop Hirise Private Limited (HHPL) is a
contract miner, providing various coal mining services in Eastern
India. The service provided by HHPL primarily includes removal of
overburden (OB), extraction of coal, drilling, site levelling and
grading, transportation etc. The operations of the company started
in January 2015 and it operates three mines in Jharkhand at
present.


HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR206.00-crore bank facilities of
Himalaya Food International Ltd. continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA]D/D
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-         61.64      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/CC                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term-        136.11      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term-          7.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-         1.25      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Himalya International Limited (HIL) was promoted by Mr. Man Mohan
Malik and Mr. Sanjay Kakkar in 1992 as Himalya Cement & Calcium
Carbonate Private Limited (HCC) for manufacturing precipitated
calcium carbonate and hydrate of lime. HCC was reconstituted as a
public limited company with its current name in 1994. In 1998-99,
these operations were discontinued. Currently, HIL cultivates
mushrooms and manufactures canned mushrooms, canned soups, ready to
eat and other processed food items, cottage cheese, yoghurt,
sweets, snacks, and breaded appetizers (French Toast Sticks, Bites,
Veg Patty, Samosa). HIL has its manufacturing facility in Sirmaur
(Himachal Pradesh) and Mehsana (Gujarat).


HINDUSTAN AGENCIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
-----------------------------------------------------------------
India Ratings and Research (-Ra) has downgraded Hindustan Agencies'
(HA) Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-'. The
Outlook is Negative.

The instrument-wise rating actions are:

-- INR296 mil. Fund-based working capital limits downgraded with
     IND BB+/ Negative rating; and

-- INR4 mil. Non-fund-based working capital limits downgraded
     with INR A4+ rating.

Change in Analytical Approach:-Ra has changed its analytical
approach for HA's rating review. The agency has now taken a
standalone view of HA as opposed to the earlier approach wherein-Ra
had been taking a consolidated view of the Hans group, which
includes HA, Hindustan Distributors ('IND BB+'/Negative), Sai
Shakti Agencies ('IND BBB-'/Stable), Shakti Agencies Private
Limited ('IND BBB-'/Stable), Max International ('IND BB+'/Negative)
and Ramkrishna Agencies ('IND BB+'/Negative).-Ra takes a
consolidated view only in cases wherein there are strong financial,
operational and strategic linkages. However, the agency has
considered the availability of financial support for HA from the
Hans group. The group companies are engaged in the trading and
retailing of FMCG, mobile phones, consumer durables, gems/jewelry,
etc.   

The downgrade reflects the deterioration in HA's operating margins
and credit metrics in FY20. The Negative Outlook reflects the
likelihood of the credit metrics deteriorating further in FY21.
Moreover, the firm liquidity position would remain stretched over
the short-to-medium term.

KEY RATING DRIVERS

Deterioration in Margins and Credit Metrics: HA's absolute EBITDA
stood at NR50.95 million in FY20 (FY19: INR46.70 million), with the
EBITDA margin declining to 2.27% (2.41%), due to a decline in
incentive and other income. This along with an increase in the
short-term debt to INR307.99 million during FYE20 (FYE19: INR227.62
million) along with the utilization of other short-term debt during
the year, aimed at funding the working capital requirement, caused
the credit metrics to deteriorate in FY20. The interest coverage
(operating EBITDA/gross interest expense) was 1.34x in FY20 (FY19:
1.64x), and the net leverage (net debt/operating EBITDA) was 6.43x
(5.18x).-Ra expects the metrics to deteriorate further in FY21 due
to a likely increase in short-term borrowings and decline in the
absolute EBITDA. HA's revenue increased to INR2,241.00 million in
FY20 (FY19: INR1,937.40 million, FY18: INR1,594.60 million) due to
higher demand for traded goods. The figures for FY20 are
provisional in nature

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was over 99% during the 12 months ended
September 2020. HA's cash flow from operations remained negative at
INR76.05 million in FY20 (FY19: negative INR42.41 million) owing to
higher working capital requirements. The working capital cycle
deteriorated to 52 days in FY20 (FY19: 48 days), mainly because of
an increase in debtor days to 30 days (21 days), The firm borrows
funds from various financial institutions for meeting its working
capital requirements and also avails unsecured loans from the
promoters' families and friends. Although the firm does not have
any major long-term loans, its demand for working capital has been
increasing steadily to sustain the growth in operations. The Hans
group's consolidated cash flow from operations remained positive
but declined to INR3.32 million in FY20 (FY19: INR47.07 million,
FY18: negative INR32.23 million) due to an increase in working
capital requirements. The group's net cash cycle elongated to 61
days in FY20 (FY19: 50 days), mainly on account of an increase in
inventory days to 60 days (47 days). The group's unencumbered cash
and cash equivalents increased to INR140.36 million at FYE20
(FYE19: INR107.62 million).

Experienced Promoters: The firm is owned by the Odisha-based Hans
family, which has diversified interests in various segments such as
gems and jewellery, fast moving consumer goods and electronics. The
family has more than four decades of experience in the trading of
these products in Odisha, giving it an edge in supply chain
management as well as strong distribution capabilities, which is
critical in the trading business. As a result, the group is a
preferred supplier/distributor for large multinationals that cater
to the Odisha market.

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Group Credit Metrics to Remain Weak in FY21: The Hans group's
credit metrics remained weak in FY20 due to an increase in interest
costs, resulting from higher utilization of short-term facilities
to fund incremental working capital requirements. The consolidated
interest coverage (operating EBITDA/gross interest expenses)
deteriorated to 1.71x in FY20 (FY19: 1.74x, FY18:1.87x), mainly on
account of an increase in interest and financial costs. The
consolidated net leverage (net debt/operating EBITDA) improved
marginally to 3.03x in FY20 (FY19: 3.17x, FY18: 3.04x) due to an
increase in the absolute EBITDA. The consolidated EBITDA margin
improved to a healthy 4.64% in FY20 (FY19: 3.77%, FY18: 3.64%),
against-Ra's expectations of 3.73%, due to higher aggregated
incentive and commission received from principal manufacturers. The
group's return on capital employed was 18% in FY20 (FY19: 18%).-Ra
expects the metrics to remain weak in FY21 due to an increase in
short-term borrowings and interest costs.

Group's Revenue Declined in FY20: In FY20, the group's revenue
declined to INR13,702.66 million (FY19: INR15,070.43 million; FY18:
INR14,294 million) owing to a decline in demand for traded goods;
however, the growth was low compared to-Ra's expectations of
revenue of INR15830.23 million. The absolute EBITDA improved to
INR635.80 million in FY20 (FY19: INR568.62 million), FY18:
INR519.64 million) on the back of higher incentive and commission
income received at a few of the standalone entities. The agency
expects further moderation in the group`s revenue in FY21 due to
COVID-19-led economic disruptions.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and EBITDA margin,
along with an improvement in the liquidity position and credit
metrics, with the standalone interest coverage exceeding 1.50x, on
a sustained basis, would lead to a positive rating action.

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
    operations

- the standalone interest coverage remaining below 1.50x

- the absence of any improvement in the liquidity position over
    the near term

- any weakening of the linkages with the Hans group

COMPANY PROFILE

HA is engaged in the distribution of food items, mainly tin food
items, for companies such as Dabur, MDH, Britania, Nestle,
Himalaya, Vicco, Coco-Cola, Mother Dairy, Tata Tea, Kellogg's and
many others, with an exclusivity arrangement for Bhubaneshwar and
also for some other brands. HA is the super stockist for Orrisa as
a whole.


HINDUSTAN DISTRIBUTORS: Ind-Ra Cuts LongTerm Issuer Rating to 'BB+
------------------------------------------------------------------
India Ratings and Research (-Ra) has downgraded Hindustan
Distributors' (HD) Long-Term Issuer Rating to 'IND BB+' from 'IND
BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR200 mil. (increased from INR170 mil.) Fund-based working
     capital limits downgraded with IND BB+/ Negative rating.

Change in Analytical Approach:-Ra has changed its analytical
approach for HD's rating review. The agency has now taken a
standalone view of HD as opposed to the earlier approach wherein-Ra
had been taking a consolidated view of the Hans group, which
includes HD, Hindustan Agencies ('IND BB+'/Negative), Sai Shakti
Agencies ('IND BBB-'/Stable), Shakti Agencies Private Limited ('IND
BBB-'/Stable), Max International ('IND BB+'/Negative) and
Ramkrishna Agencies ('IND BB+'/Negative).-Ra takes a consolidated
view only in cases wherein there are strong financial, operational
and strategic linkages. However, the agency has considered the
availability of financial support for HD from the Hans group. The
group companies are engaged in the trading and retailing of FMCG,
mobile phones, consumer durables, gems/jewelry, etc.  

The downgrade reflects the deterioration in HD's operating margins
and credit metrics in FY20. The Negative Outlook reflects the
likelihood of the credit metrics deteriorating further in FY21.
Moreover, the firm's liquidity position would remain stretched over
the short-to-medium term.

KEY RATING DRIVERS

Deterioration in Margins and Credit Metrics: HD's absolute EBITDA
declined to NR29.40 million in FY20 (FY19: INR30.75 million), with
the EBITDA margin declining to 2.88% (3.18%), due to a decline in
incentive and other income. This along with an increase in the
short-term debt to INR193.36 million during FYE20 (FYE19: INR153.23
million) along with the utilization of other short-term debt during
the year, aimed at funding the working capital requirement, caused
the credit metrics to deteriorate in FY20. The interest coverage
(operating EBITDA/gross interest expense) was 1.40x in FY20 (FY19:
1.42x), and the net leverage (net debt/operating EBITDA) was 6.41x
(5.06x).-Ra expects the metrics to deteriorate further in FY21 due
to a likely increase in short-term borrowings and decline in the
absolute EBITDA. HD's revenue increased to INR1,020.11 million in
FY20 (FY19: INR966.00 million, FY18: INR831.73 million) due to
higher demand for traded goods. The figures for FY20 are
provisional in nature.

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was over 97% during the 12 months ended
September 2020. HD's cash flow from operations turns negative at
INR40.08 million in FY20 (FY19: INR13.12 million) owing to higher
working capital requirements. The working capital cycle
deteriorated to 93 days in FY20 (FY19: 80 days), mainly because of
an increase in debtor days to 76 days (64 days), The firm borrows
funds from various financial institutions for meeting its working
capital requirements and also avails unsecured loans from the
promoters' families and friends. Although the firm does not have
any major long-term loans, its demand for working capital has been
increasing steadily to sustain the growth in operations. The Hans
group's consolidated cash flow from operations remained positive
but declined to INR3.32 million in FY20 (FY19: INR47.07 million,
FY18: negative INR32.23 million) due to an increase in working
capital requirements. The group's net cash cycle elongated to 61
days in FY20 (FY19: 50 days), mainly on account of an increase in
inventory days to 60 days (47 days). The group's unencumbered cash
and cash equivalents increased to INR140.36 million at FYE20
(FYE19: INR107.62 million).

Experienced Promoters: The firm is owned by the Odisha-based Hans
family, which has diversified interests in various segments such as
gems and jewellery, fast moving consumer goods  and electronics.
The family has more than four decades of experience in the trading
of these products in Odisha, giving it an edge in supply chain
management as well as strong distribution capabilities, which is
critical in the trading business. As a result, the group is a
preferred supplier/distributor for large multinationals that cater
to the Odisha market.

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Group Credit Metrics to Remain Weak in FY21: The Hans group's
credit metrics remained weak in FY20 due to an increase in interest
costs, resulting from higher utilization of short-term facilities
to fund incremental working capital requirements. The consolidated
interest coverage (operating EBITDA/gross interest expenses)
deteriorated to 1.71x in FY20 (FY19: 1.74x, FY18:1.87x), mainly on
account of an increase in interest and financial costs. The
consolidated net leverage (net debt/operating EBITDA) improved
marginally to 3.03x in FY20 (FY19: 3.17x, FY18: 3.04x) due to an
increase in the absolute EBITDA. The consolidated EBITDA margin
improved to a healthy 4.64% in FY20 (FY19: 3.77%, FY18: 3.64%),
against-Ra's expectations of 3.73%, due to higher aggregated
incentive and commission received from principal manufacturers. The
group's return on capital employed was 18% in FY20 (FY19: 18%).-Ra
expects the metrics to remain weak in FY21 due to an increase in
short-term borrowings and interest costs.

Group's Revenue Declined in FY20: In FY20, the group's revenue
declined to INR13,702.66 million (FY19: INR15,070.43 million; FY18:
INR14,294 million) owing to a decline in demand for traded goods;
however, the growth was low compared to-Ra's expectations of
revenue of INR15830.23 million. The absolute EBITDA improved to
INR635.80 million in FY20 (FY19: INR568.62 million), FY18:
INR519.64 million) on the back of higher incentive and commission
income received at a few of the standalone entities. The agency
expects further moderation in the group's revenue in FY21 due to
COVID-19-led economic disruptions.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and EBITDA margin,
along with an improvement in the liquidity position and credit
metrics, with the standalone interest coverage exceeding 1.50x, on
a sustained basis, would lead to a positive rating action.

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
    operations

- the standalone interest coverage remaining below 1.50x

- the absence of any improvement in the liquidity position over
    the near term

- any weakening of the linkages with the Hans group

COMPANY PROFILE

HD is engaged in the distribution business in modern trade as well
as retail channels for companies such as Hindustan Unilever
Limited, Colgate-Palmolive (India) Limited, Cadbury, Dabur, and
others for the Bhubaneshwar region. The firm also works as a dealer
for LG and Sharp TV and washing machines. The firm has been
associated with brands such as Samsung, Dabur, and Hindustan
Unilever for 25-30 years.


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

The instrument-wise rating actions are as follows:

-- INR 80 mil. Non-fund based maintained in non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR28.85 mil. Term loan due on March 2022 maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR16.15 mil. Proposed non-fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001 and promoted by Amneesh Mittal and Rajneesh
Mittal, Kaursain Exports manufactures readymade and hosiery
garments and exports them mainly to the US, the UAE and Saudi
Arabia.


KHODAY INDIA: ICRA Reaffirms B+ Ratings on Certain Bank Loans
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Khoday
India Limited (KIL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Issuer Rating          -        [ICRA]B+ (Stable); Reaffirmed
   Fund based TL        20.00      [ICRA]B+ (stable); Assigned
   Fund based CC        15.00      [ICRA]B+ (stable); Assigned

Rationale

The rating reaffirmation takes into account KIL's established
presence in the domestic alcoholic beverages industry spanning
several decades, favorable long-term demand prospects, and periodic
fund infusion by promoters to support the company's operations. The
company has an extensive operational track record and an
established presence in the domestic IMFL (Indian Made Foreign
Liquor) market through its flagship brand, Khoday XXX rum. KIL's
portfolio includes other established brands like Peter Scot
Whiskey, Red Knight Whiskey, Khodays XXX Rum, Hercules XXX Rum,
Hercules XXX White Rum, Hercules Beer, Constantino Brandy and
Honeywell Brandy. The company has a strong pan-India distribution
network with almost 35,000 retail touch points. The long-term
demand outlook in the domestic market remains favourable
demographically and with anticipated rise in disposable incomes and
urbanization. KIL's promoters have infused INR211.2 crore in the
form of unsecured loans till date and are expected to provide
further need-based funding going forward.

The rating remains constrained by KIL's high working capital
intensity (87.3% in FY2020), its intense competition in the
domestic Indian Made Foreign Liquor (IMFL) industry and KIL's high
geographical concentration with the Karnataka market accounting for
85% of sales in FY2020. The industry remains tightly governed with
the state governments controlling sales and distribution and
remains vulnerable to regulatory and route-to-market changes. KIL
has weak debt metrics, with external debt/OPBDITA1 of 10.8x and
interest cover of 0.5x for FY2020. The debt metrics are likely to
remain stretched in FY2021.

The company's revenues remained flattish during FY2020 due to
consumption slowdown during the year which was further impacted by
Covid-19 led lockdown in March 2020, high competition from the
larger industry incumbents and elections in some states where KIL
is present. Further, with relatively higher raw material prices and
lower capacity utilization, the company's operating margins
contracted to 3.3% during FY2020 from 7.8% in FY2019. During Q1
FY2021, amidst the pandemic restricting distribution and sale,
KIL's revenues declined by ~40% on YoY basis with the company
reporting operating losses. While Karnataka went into unlock phase
from May 04, 2020 and volumes picked up on sequential basis for the
company in Q2 FY2021; however, continued to be weaker on YoY basis.
While sequential pickup is expected in H2 FY2021, full year
revenues are expected to be lower in FY2021 compared to FY2020,
because of the H1 FY2021 impact. Any further lockdown/second wave
of the pandemic would impact revenues further. The full year
margins are likely to be impacted by lower volumes and the
anticipated increase in raw material prices in H2 FY2021.

Key rating drivers

Credit strengths

* Steady financial support in the form of unsecured loans from
promoters; further need-basis financial support expected going
forward: The promoters have infused INR211.2 crore in the form of
unsecured loans till date (INR22.0 crore in FY2020) to fund KIL's
losses repayment obligations and working capital requirements.
These loans have no interest or scheduled repayment obligations and
are subordinated to the external debt. Further, the promoters are
likely to support the company through timely need-based funding
going forward. The promoters own extensive land parcels (either in
a personal capacity or through Group entities), which can be
liquidated for fund infusion.

* Established presence with pan-India distribution network;
favorable long-term demand prospects: The company has an extensive
operational track record and an established presence in the
domestic IMFL market through its flagship brand, Khoday XXX rum.
KIL's portfolio includes other established brands like Peter Scot
Whiskey, Red Knight Whiskey, Khodays XXX Rum, Hercules XXX Rum,
Hercules XXX White Rum, Hercules Beer, Constantino Brandy and
Honeywell Brandy. The company has a strong pan-India distribution
network with almost 35,000 retail touch points. While it has a
stronger presence in the southern region with almost 50% of its
total retail touch points being in Karnataka, Andhra Pradesh,
Telangana and Tamil Nadu, it has a reasonable presence in the
western and northern markets (barring the north-eastern states) as
well. While the revenues could remain subdued in the near term
because of the pandemic, the long-term demand outlook in the
domestic market remains favourable demographically and with
anticipated rise in disposable incomes and urbanization.

Credit challenges

* Revenues and margins to be impacted in FY2021, following the
pandemic; revenues exposed to risks arising from a tight regulatory
environment: The company's revenues remained flattish during FY2020
due to consumption slowdown during the year which was further
impacted by Covid-19 led lockdown in March 2020, high competition
from the larger industry incumbents and elections in some states
where KIL is present. Further, with relatively higher raw material
prices and lower capacity utilization, the company's operating
margins contracted to 3.3% during FY2020 from 7.8% in FY2019.
During Q1 FY2021, amidst the pandemic restricting distribution and
sale, KIL's revenues declined by ~40% on YoY basis with the company
reporting operating losses. While Karnataka went into unlock phase
from May 4, 2020 and volumes picked up on sequential basis for the
company in Q2 FY2021, it continued to be weaker on YoY basis. While
sequential pickup is expected in H2 FY2021, full year revenues are
expected to be lower in FY2021 compared to FY2020, because of the
H1 FY2021 impact. Any further lockdown/second wave of the pandemic
would impact revenues further. The full year margins are likely to
be impacted by lower volumes and the anticipated increase in raw
material prices in H2 FY2021.

* Weak capital structure and debt coverage indicators: KIL's
operations are working capital intensive, and KIL has been
debt-funding its inventory through maturation term loans and
unsecured promoter loans, given its weak accruals. The company had
high external debt of INR50.4 crore as on March 31, 2020, apart
from unsecured promoter loans of INR211.2 crore (no interest or
scheduled repayment obligations and subordinated to external debt).
The relatively high external debt and the gradual reduction in
KIL's net worth to negative due to net losses have resulted in
stretched external debt/TNW of -36.2x as on March 31, 20202. The
coverage metrics also remained weak with external debt/OPBDITA3 of
10.8x and interest cover of 0.5x for FY2020. The debt metrics are
likely to remain stretched in FY2021.

* Khoday witnesses intense competition, with the presence of large
incumbents; also, high geographic concentration: The company
generates over 85% of its revenues from Karnataka. This exposes the
company to the risk of any adverse policy changes in the state.
However, KIL has been focusing on reducing its dependence on the
Karnataka market by strengthening its presence in other regions.
Also, KIL witnesses intense competition from the larger industry
incumbents, though KIL's established brands and the highly
regulated environment acting as an entry barrier for new players,
mitigate competitive risk to an extent.

Liquidity position: Stretched

KIL's liquidity position is stretched, with negative free cash
flows in FY2020 and relatively high repayment obligations of
INR12.7 crore in FY2021 (taking into account the deferment because
of moratorium availed), INR15.7 crore in FY2022 and INR22.4 crore
in FY2023 compared to anticipated accruals. ICRA expects the
promoters to infuse funds, as and when required, to ensure the
timely repayment of debt obligations, akin to the past. As on
September 30, 2020, KIL had about INR10.0 crore unencumbered cash
and bank balance and its average working capital utilization has
been moderate at 70% of the sanctioned limits for the 12-month
period ended October 2020. Its capex is also expected to be modest
at 2.0 crore per annum for FY2021-FY2023.

Rating sensitivities

Positive triggers – ICRA could upgrade Khoday's ratings if it
achieves material improvement in earnings, resulting in significant
improvement in coverage metrics and liquidity position on a
sustained basis. Specific credit metrics that could lead to a
rating upgrade include Interest coverage of more than 2.0x and DSCR
of >1.1 on a sustained basis.

Negative triggers – Downward pressure on Khoday's rating could
emerge with sharp deterioration in the earnings or significant rise
in external debt, either due to withdrawal of unsecured loans from
the promoters or stretch in working capital. Inability by the
promoters to infuse funds in a timely manner as and when required,
would also be a negative trigger.

Khoday India Limited (KIL), incorporated on September 28, 1965 as
Khoday Distilleries Limited, primarily manufactures and markets
IMFL such as malt whisky, gin, brandy and rum. Some of its alcohol
brands include Peter Scot Whiskey, Red Knight Whiskey, Khodays XXX
Rum, Hercules XXX Rum, Hercules XXX White Rum, Hercules Beer,
Sovereign Brandy and Hercules XXX Deluxe Rum, among others.

KIL is a part of the Bangalore-based Khoday Group, which was
founded in 1906 by Mr. Khoday Eshwarsa. The Khoday Group of
companies includes Khoday Engineering, Khoday Contact Center, Ram
Mohan Travels, Khoday Biotech, Khoday Agro, Khoday Technologies,
Khoday Glass, Khodays Silks and Khoday LK Power, among others.


MAX INTERNATIONAL: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
----------------------------------------------------------------
India Ratings and Research (-Ra) has downgraded Max International's
(MI) Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-'. The
Outlook is Negative.

The instrument-wise rating actions are:

-- INR225 mil. (increased from INR200 mil.) Fund-based working
     capital limits downgraded with IND BB+/ Negative rating.

Change in Analytical Approach:-Ra has changed its analytical
approach to MI's rating review. The agency has now taken a
standalone view of MI as opposed to the earlier approach wherein-Ra
had been taking a consolidated view of the Hans group, which
includes MI, Hindustan Agencies ('IND BB+'/Negative), Hindustan
Distributors ('IND BB+'/Negative), Sai Shakti Agencies ('IND
BBB-'/Stable), Shakti Agencies Private Limited ('IND BBB-'/Stable)
and Ramkrishna Agencies ('IND BB+'/Negative).-Ra takes a
consolidated view only in cases wherein there are strong financial,
operational and strategic linkages. However, the agency has
considered the availability of financial support for MI from the
Hans group. The group companies are engaged in the trading and
retailing of FMCG, mobile phones, consumer durables, gems/jewelry,
etc.  

The downgrade reflects the deterioration in MI'S operating revenue
and credit metrics in FY20. The Negative Outlook reflects the
likelihood of the credit metrics deteriorating further in FY21.
Moreover, the firm's liquidity position would remain stretched over
the short-to-medium term.

KEY RATING DRIVERS

Decline in Revenue and Deterioration in Credit Metrics: MI's
revenue declined 13.58% in FY20 to INR1,899.80 million (FY19:
INR2,198.35 million, FY18: INR2,026.55 million) due to lower demand
for traded goods. The absolute EBITDA increased to INR61.41 million
in FY20 (FY19: INR59.11 million), with the EBITDA margin rising to
3.23% (2.69%), due to an increase in incentive and other income.
However, an increase in the short-term debt to INR218.08 million in
FYE20 (FYE19: INR219.77 million) along with the utilization of
other short-term debt during the year, aimed at funding the working
capital requirement, led to a deterioration in the credit metrics.
The interest coverage (operating EBITDA/gross interest expense) was
1.10x in FY20 (FY19: 1.46x), and the net leverage (net
debt/operating EBITDA) was 3.60x (3.58x).-Ra expects the metrics to
deteriorate further in FY21 due to a likely increase in short-term
borrowings and decline in the absolute EBITDA. The figures for FY20
are provisional in nature.

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was over 99% during the 12 months ended
September 2020. MI's cash flow from operations remained negative at
INR2.82 million in FY20 (FY19: negative INR26.39 million) owing to
higher working capital requirements. The working capital cycle
deteriorated to 54 days in FY20 (FY19: 44 days), mainly because of
an increase in inventory days to 65 days (40 days), The firm
borrows funds from various financial institutions for meeting its
working capital requirements and also avails unsecured loans from
the promoters' families and friends. Although the firm does not
have any major long-term loans, its demand for working capital has
been increasing steadily to sustain the growth in operations. The
Hans group's consolidated cash flow from operations remained
positive but declined to INR3.32 million in FY20 (FY19: INR47.07
million, FY18: negative INR32.23 million) due to an increase in
working capital requirements. The group's net cash cycle elongated
to 61 days in FY20 (FY19: 50 days), mainly on account of an
increase in inventory days to 60 days (47 days). The group's
unencumbered cash and cash equivalents increased to INR140.36
million at FYE20 (FYE19: INR107.62 million).

Experienced Promoters: The firm is owned by the Odisha-based Hans
family, which has diversified interests in various segments such as
gems and jewelry, fast-moving consumer goods, and electronics. The
family has more than four decades of experience in the trading of
these products in Odisha, giving it an edge in supply chain
management as well as strong distribution capabilities, which is
critical in the trading business. As a result, the group is a
preferred supplier/distributor for large multinationals that cater
to the Odisha market.

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India, and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Group Credit Metrics to Remain Weak in FY21: The Hans group's
credit metrics remained weak in FY20 due to an increase in interest
costs, resulting from higher utilization of short-term facilities
to fund incremental working capital requirements. The consolidated
interest coverage (operating EBITDA/gross interest expenses)
deteriorated to 1.71x in FY20 (FY19: 1.74x, FY18:1.87x), mainly on
account of an increase in interest and financial costs. The
consolidated net leverage (net debt/operating EBITDA) improved
marginally to 3.03x in FY20 (FY19: 3.17x, FY18: 3.04x) due to an
increase in the absolute EBITDA. The consolidated EBITDA margin
improved to a healthy 4.64% in FY20 (FY19: 3.77%, FY18: 3.64%),
against-Ra's expectations of 3.73%, due to higher aggregated
incentive and commission received from principal manufacturers. The
group's return on capital employed was 18% in FY20 (FY19: 18%).-Ra
expects the metrics to remain weak in FY21 due to an increase in
short-term borrowings and interest costs.

Group's Revenue Declined in FY20: In FY20, the group's revenue
declined to INR13,702.66 million (FY19: INR15,070.43 million; FY18:
INR14,294 million) owing to a decline in demand for traded goods;
however, the growth was low compared to-Ra's expectations of
revenue of INR15830.23 million. The absolute EBITDA improved to
INR635.80 million in FY20 (FY19: INR568.62 million), FY18:
INR519.64 million) on the back of higher incentive and commission
income received at a few of the standalone entities. The agency
expects further moderation in the group's revenue in FY21 due to
COVID-19-led economic disruptions.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and EBITDA margin,
along with an improvement in the liquidity position and credit
metrics, with the standalone interest coverage exceeding 1.50x, on
a sustained basis, would lead to positive rating action.

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
operations

- the standalone interest coverage remaining below 1.50x

- the absence of any improvement in the liquidity position over
the near term

- any weakening of the linkages with the Hans group

COMPANY PROFILE

MI is engaged in the distribution of Samsung mobile phones and
electrical appliances. The firm is one of the Samsung mobile
dealers of Ramkrishna Agencies for Bhubaneshwar and Rourkela,
Orissa. The firm also works as a dealer for Voltas, Whirlpool, and
Hundai for washing machines, refrigerators, televisions etc. The
firm is also engaged in the trading of Titan watches Fast Track
watches and sunglasses, and R-pure masala for Bhubaneshwar,
Rourkela, and other regions.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities maintained in non-
     cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Proposed fund-based facilities* is withdrawn; and

-- INR100 mil. Proposed non-fund-based facilities* are withdrawn.

*The rating has been withdrawn since it was outstanding for more
than 180 days

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 20, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2015, Metal Care Alloys manufactures bronze ingot,
copper ingot and brass ingot at its plant in Palghar
(Maharashtra).


MUKTI PROJECTS: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (-Ra) has withdrawn Mukti Projects
Limited's (MPL) Long-Term Issuer Rating of 'IND D (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR32.4 mil. Fund-based working capital limit is withdrawn;
     and

-- INR1,549.7 bil. Term loan is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Mukti Projects, incorporated in 1993, is a closely held public
limited company with its registered office in Kolkata. The company
operates a shopping mall-cum-entertainment center named Mukti World
and also owns a five-star hotel named Park Plaza in Kolkata.


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

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit maintained in non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND

     A4 (ISSUER NOT COOPERATING) rating;

-- INR10.5 mil. Non-fund-based working capital limit maintained
     in non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR34.5 mil. Proposed fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 1, 2016.-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1995, Nagpal Exports manufactures hosiery goods for
kids and adults as well as various types of yarns such as acrylic
and polyester yarn.


NBM IRON: ICRA Withdraws B+ Rating on INR19.38cr Unallocated Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of NBM
Iron & Steel Trading Private Limited ('NBM'), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non fund-            49.98      [ICRA]A4; ISSUER NOT
   based limits                    COOPERATING; Withdrawn

   Unallocated          19.38      [ICRA]B+ (Stable) ISSUER NOT
   limits                          COOPERATING; Withdrawn

   Long-term/         (49.00)      [ICRA]B+(Stable)/A4 ISSUER
   Short term                      NOT COOPERATING; Withdrawn
   non fund
   based limits       
                                   
Rationale

The long-term and short-term ratings assigned to NBM Iron and Steel
Trading Private Limited have been withdrawn at the request of the
company and based on the No Objection Certificate received from the
banker, and in accordance with ICRA's policy on withdrawal and
suspension. ICRA is withdrawing the rating and it does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed.

Key rating drivers and their description: Key rating drivers have
not been captured as the rating is being withdrawn.

Liquidity position: Not captured as the rating is being withdrawn.

Rating sensitivities:  Not captured as the rating is being
withdrawn.

NBM Iron & Steel Trading Private Limited ('NBM') was originally
incorporated in August 1997 as Hussain Sheth Ship Breakers Private
Limited, in Bhavnagar. After temporarily suspending ship-breaking
activities, the company was renamed as NBM Iron and Steel Trading
Private Limited in 2005 and resumed ship-breaking activities in
2009. Presently, NBM operates from Plot No. 61 (2,178 square
metres) at Alang-Sosiya Ship breaking Yard, Bhavnagar on a lease
basis from Gujarat Maritime Board (GMB). NBM procures ships from
the international market for the purpose of ship-breaking,
recycling and selling the scrap in the domestic market.


OYO CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR9.16 crore bank facilities of Oyo
Ceramic Pvt. Ltd. continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as
[ICRA]B+(Stable)/A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-           2.50       [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long term-           3.01       [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long term            1.85       [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Short term-          1.80       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term         (1.25)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in February 2014, Oyo Ceramic Pvt. Ltd. manufactures
digital ceramic wall tiles in two sizes - 12"X18" and 12"X24". Its
manufacturing facility is located at Morbi (Gujarat), with an
installed production capacity of ~60,000 Metric Tonnes Per Annum
(MTPA). OCPL was promoted by Mr. Dipak Fultariya and family, who
have significant experience in the ceramic business through their
association with other entities engaged in the same sector, such as
Lexo Ceramic, 2 Blue Lake Ceramic, Wipro Marketing, Romex Tiles
Private Limited, Emboza Granito Private Limited, M-Bo Granito LLP
and Roqo Mineral LLP. The promoters are also associated with other
concerns, namely Captain PVC Industries, involved in the
manufacturing of PVC pipe-fitting, and Pari Industries, involved in
manufacturing corrugated boxes and sheets.


PANKAJ STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR8.00-crore bank facility of Pankaj
Steel Corporation continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA] A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          (4.50)     [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based        8.00      [ICRA]A4 ISSUER NOT
   Import Letter                   COOPERATING; Rating continues
   of Credit                       to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based       (5.00)     [ICRA]A4 ISSUER NOT
   Letter of Comfort/              COOPERATING; Rating continues
   Buyers Credit                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based       (2.00)     [ICRA]A4 ISSUER NOT
   Inland Letter                   to remain under 'Issuer Not
   of Credit                       Cooperating' category

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

Pankaj Steel Corporation (PSC), promoted by Mrs. Usha Agarwal was
established as a proprietorship concern in 1978.  PSC primarily
trades in iron and steel scrap and waste. Apart from trading PSC is
also involved in processing both long and flat steel products on a
job work basis. PSC has its registered office at Reay Road, Mumbai
and rented warehouse facility at Kalamboli, Navi Mumbai.


PRAVIN ELECTRICALS: ICRA Keeps B+ on INR7cr Loan in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR64.50-crore bank facility of
Pravin Electricals Private Limited (PEPL) continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA] A4; ISSUER NOT COOPERATING".

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

   Non-fund based–     57.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Pravin Electricals Private Limited (PEPL) was set up by Mr. M.G.
Philip who has over thirty years of experience in electrical
contracting industry. Until 1999, the company operations were
carried out through a proprietorship firm in the name of Mr. M.G.
Philip. PEPL was incorporated in 2000 and the business operations
of the firm were taken over by the company. The company is 100%
owned by the promoter family.

The company is primarily engaged in design, supply, installation,
testing and commissioning of electrical installation projects. The
company caters to companies across various segments like
residential, commercial, infrastructure and industrial among
others. The company is ISO 9001:2008 certified and has a pan India
presence with branch offices across eight locations in India. PEPL
offers services including complete HT (High Tension) and LT (Low
Tension) electrical installations, lighting, earthing, telephone
and intercom systems, security and access control, fire detection
and alarm systems, closed circuit TV surveillance and integrated
building management systems.


PROGNOSYS MEDICAL: ICRA Keeps B+ on INR9cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Prognosys Medical Systems Pvt Ltd (PMSPL) Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

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

   Long Term-           6.50       [ICRA]B+ (Stable); ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short Term-          1.00       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2004, Prognosys Medical Systems Pvt Ltd is engaged
in designing, developing, integrating, and installing products
related to digital radiology equipment. The company is also engaged
in manufacturing other related accessories, providing end-to-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. PMSPL is an ISO 9001:2000 certified company for
radiology imaging equipment and other allied healthcare products.
The company's film processors are also FDA and CE certified. Its
major business operations range from high frequency x-ray, digital
radiography systems, C-Arm, tele-radiology, telemedicine, home
health and m-health solutions, and accessories such as automatic
film processors.


RAM'S ASSORTED: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (-Ra) has maintained Ram's Assorted Cold
Storage Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR350 mil. Fund based working capital limit maintained in
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR150 mil. Proposed fund based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

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

COMPANY PROFILE

Incorporated in 1986, Ram's Assorted Cold Storage is engaged in
seafood processing and exports.


RAMKRISHNA AGENCIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
------------------------------------------------------------------
India Ratings and Research (-Ra) has downgraded Ramkrishna
Agencies' (RA) Long-Term Issuer Rating to 'IND BB+' from 'IND
BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR430 mil. Fund-based working capital limits downgraded with
     IND BB+/ Negative rating; and

-- INR60 mil. Non-fund-based working capital limits downgraded
     with INR A4+ rating.

Change in Analytical Approach:-Ra has changed its analytical
approach for RA's rating review. The agency has now taken a
standalone view of RA as opposed to the earlier approach wherein-Ra
had been taking a consolidated view of the Hans group, which
includes RA, Hindustan Agencies ('IND BB+'/Negative), Hindustan
Distributors ('IND BB+'/Negative), Sai Shakti Agencies ('IND
BBB-'/Stable), Shakti Agencies Private Limited ('IND BBB-'/Stable)
and Max International ('IND BB+'/Negative).-Ra takes a consolidated
view only in cases wherein there are strong financial, operational
and strategic linkages. However, the agency has considered the
availability of financial support for RA from the Hans group. The
group companies are engaged in the trading and retailing of FMCG,
mobile phones, consumer durables, gems/ jewellery, etc.

The downgrade reflects the deterioration in RA's operating revenue
and credit metrics in FY20. The Negative Outlook reflects the
likelihood of the credit metrics deteriorating further in FY21.
Moreover, the firm's liquidity position would remain stretched over
the short-to-medium term.

KEY RATING DRIVERS

Decline in Revenue and Deterioration in Credit Metrics: RA's
revenue declined 31.38% in FY20 to INR4,460.93 million (FY19:
INR6,501.15 million, FY18: INR7,294.92 million) due to lower demand
for traded goods. The absolute EBITDA increased to INR117.80
million in FY20 (FY19: INR110.26 million), with the EBITDA margin
rising to 2.64% (1.70%), due to an increase in incentive and other
income. However, an increase in the short-term debt to INR383.59
million in FYE20 (FYE19: INR285.12 million) along with the
utilization of other short-term debt during the year, aimed at
funding the working capital requirement, led to a deterioration in
the credit metrics. The interest coverage (operating EBITDA/gross
interest expense) was 1.27x in FY20 (FY19: 1.38x), and the net
leverage (net debt/operating EBITDA) was 5.22x (4.77x).-Ra expects
the metrics to deteriorate further in FY21 due to a likely increase
in short-term borrowings and decline in the absolute EBITDA. The
figures for FY20 are provisional in nature.

Liquidity Indicator - Stretched:  The average peak utilization of
the fund-based limits was over 93% during the 12 months ended
September 2020. RA's cash flow from operations turned negative at
INR15.49 million in FY20 (FY19: INR141.26 million) owing to higher
working capital requirements. The working capital cycle
deteriorated to 44 days in FY20 (FY19: 28 days), mainly because of
an increase in inventory days to 24 days (10 days), The firm
borrows funds from various financial institutions for meeting its
working capital requirements and also avails unsecured loans from
the promoters' families and friends. Although the firm does not
have any major long-term loans, its demand for working capital has
been increasing steadily to sustain the growth in operations. The
Hans group's consolidated cash flow from operations remained
positive but declined to INR3.32 million in FY20 (FY19: INR47.07
million, FY18: negative INR32.23 million) due to an increase in
working capital requirements. The group's net cash cycle elongated
to 61 days in FY20 (FY19: 50 days), mainly on account of an
increase in inventory days to 60 days (47 days). The group's
unencumbered cash and cash equivalents increased to INR140.36
million at FYE20 (FYE19: INR107.62 million).

Experienced Promoters: The firm is owned by the Odisha-based Hans
family, which has diversified interests in various segments such as
gems and jewellery, fast moving consumer goods and electronics. The
family has more than four decades of experience in the trading of
these products in Odisha, giving it an edge in supply chain
management as well as strong distribution capabilities, which is
critical in the trading business. As a result, the group is a
preferred supplier/distributor for large multinationals that cater
to the Odisha market.

Long Association with Reputed Brands: The Hans group is associated
with reputed brands such as Samsung India, Hindustan Unilever
Limited, Britannia Industries Limited, Tata Global Beverages
Limited, Nestle India and Tanishq (a brand of Titan Company
Limited), among others. The group has been associated with some of
these brands for more than 30 years.

Group Credit Metrics to Remain Weak in FY21: The Hans group's
credit metrics remained weak in FY20 due to an increase in interest
costs, resulting from higher utilization of short-term facilities
to fund incremental working capital requirements. The consolidated
interest coverage (operating EBITDA/gross interest expenses)
deteriorated to 1.71x in FY20 (FY19: 1.74x, FY18:1.87x), mainly on
account of an increase in interest and financial costs. The
consolidated net leverage (net debt/operating EBITDA) improved
marginally to 3.03x in FY20 (FY19: 3.17x, FY18: 3.04x) due to an
increase in the absolute EBITDA. The consolidated EBITDA margin
improved to a healthy 4.64% in FY20 (FY19: 3.77%, FY18: 3.64%),
against-Ra's expectations of 3.73%, due to higher aggregated
incentive and commission received from principal manufacturers. The
group's return on capital employed was 18% in FY20 (FY19: 18%).-Ra
expects the metrics to remain weak in FY21 due to an increase in
short-term borrowings and interest costs.

Group's Revenue Declined in FY20: In FY20, the group's revenue
declined to INR13,702.66 million (FY19: INR15,070.43 million; FY18:
INR14,294 million) owing to a decline in demand for traded goods;
however, the growth was low compared to-Ra's expectations of
revenue of INR15830.23 million. The absolute EBITDA improved to
INR635.80 million in FY20 (FY19: INR568.62 million), FY18:
INR519.64 million) on the back of higher incentive and commission
income received at a few of the standalone entities. The agency
expects further moderation in the group's revenue in FY21 due to
COVID-19-led economic disruptions.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and EBITDA margin,
along with an improvement in the liquidity position and credit
metrics, with the standalone interest coverage exceeding 1.50x, on
a sustained basis, would lead to a positive rating action.

Negative: Future developments that could, individually and
collectively, would lead to a negative rating action are as
follows:

- lower-than-expected operating profitability or cash flow from
operations

- the standalone interest coverage remaining below 1.50x

- the absence of any improvement in the liquidity position over
    the near term
- any weakening of the linkages with the Hans group

COMPANY PROFILE

RA is a super stockist for Samsung products for the Odisha region
as it is a Samsung preferred distributor. The firm has a total of
72 dealers in Odisha. One of them is Max International. RA has been
associated with Samsung for 20-25 years, since the brand's launch
in India. RA also has one showroom in Bhubaneshwar, which is the
exclusive brand outlet for Sreeleathers. The firm also has four
showrooms for brands such as Caratlane, Tanishq, iPlus, Titan,
Helios watches, and Mia Diamonds. The firm also work as a
distributor for Priti, Phillips – home appliances and Airtel
DTH.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR129 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 9, 2019. -Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Rangani Timbers was incorporated in 2000 as a partnership firm and
is engaged in the trading of timber in Trichy, Tamil Nadu.


RELIANCE POWER: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR2289.00 -crore bank facilities of
Reliance Power Limited (R-Power) continue to be under 'Issuer Not
Cooperating' category.  

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term,          795.00     [ICRA]D ISSUER NOT COOPERATING,
   fund-based NCD                 rating continues to remain
                                  under issuer not cooperating
                                  category

   Long-term,        1,200.00     [ICRA]D ISSUER NOT COOPERATING,
   fund-based                     rating continues to remain
   term loans                     under issuer not cooperating
                                  category

   Long-term,          49.00      [ICRA]D ISSUER NOT COOPERATING,
   fund-based                     rating continues to remain
   cash credit                    under issuer not cooperating
                                  category

   Long/Short-        245.00      [ICRA]D ISSUER NOT COOPERATING,
   term, non-fund                 rating continues to remain
   based letter                   under issuer not cooperating
   of credit                      category

Rationale

The rating is based on limited cooperation from the entity since
the time it was last rated in August 2019. As a part of its process
and in accordance with its rating agreement with Reliance Power
Limited (R-Power), ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating continues to remain in the
Issuer Not Cooperating category on fee. The rating factors in the
continuing delays in debt servicing by R-Power to the lenders. On
July 6, 2019, an Inter Creditor Agreement (ICA) was signed between
R-Power and its six lenders, basis which a standstill was achieved
for 180 days for submission and implementation of the resolution
plan. While the ICA expired on January 6, 2020, the debt resolution
plan is yet to be finalised for which continuous discussion are
underway between R-Power and its lenders. The company's liquidity
profile continues to be poor as evident from the considerable
decline in its net cash accruals in the last two fiscals and the
net worth erosion due to significant impairment of assets.

Key rating drivers and their description:

Credit challenges

* Continuing delays in debt servicing: On July 6,2019, an Inter
Creditor Agreement (ICA) was signed between R-Power and its six
lenders, basis which a standstill was achieved for 180 days for
submission and implementation of the resolution plan. While the ICA
expired on January 6, 2020, the debt resolution plan is yet to be
finalised for which continuous discussion are underway between
R-Power and its lenders. The liquidity profile of the company
continues to remain poor as evident from considerable decline in
its net cash accruals in the last two fiscals and net-worth erosion
due to significant impairment of assets. The company continues to
delay on its debt servicing to the lenders.

* Limited asset base and revenue streams given its status as
holding company: R-Power is a primary vehicle of Reliance Power
Group for investments in the power generation sector. It mainly
acts as a holding company for different SPVs, and has limited asset
base and revenue streams (except the 45-MW wind project). As a
result, debt servicing by the company remains dependent on the
timely ploughing back of funds from the project SPVs.

* Deterioration in financial risk profile of Vidarbha Industries
Power Limited (VIPL), which operates Butibori power project: The
financial risk profile of VIPL, which operates a 600-MW coal-based
thermal power project in Butibori, Nagpur (Maharashtra), has been
severely impacted in the recent years by stretched receivables,
protracted delays in issuance of regulatory orders and lack of fuel
supply for one of the units. The company's operations have remained
shut from January 15,2019 and consequently, it has continued to
default on its debt servicing obligations. Following the expiry of
the Inter Creditor Agreement (ICA) which was signed between VIPL
and its lenders on July 6,2019, one of the lenders of VIPL has
filed an application under the provisions of the Insolvency &
Bankruptcy Code (IPC), 2016 in January 2020 seeking debt resolution
of VIPL. The matter is still pending for consideration by NCLT and
the company is yet to be
admitted to NCLT for insolvency proceedings. VIPL has been pursuing
debt resolution with its lenders outside the Corporate Insolvency
Resolution Process. Further, the offtaker, Adani Electricity Mumbai
Limited (AEML) issued PPA termination letter to VIPL in April 2019,
citing below-threshold availability in certain years. While the
company had challenged the validity and legality of the termination
letter, it has received unfavourable rulings from MERC and
Appellate Tribunal of Electricity (APTEL) and currently, the matter
is pending at the Supreme Court. Meanwhile, after the PPA
termination notice by the procurer, the lenders have exercised
their right to substitute VIPL with other entity for operating the
thermal station for recovery of their dues, as per the provisions
of the PPA.

* Significant uncertainty with regards to non-operational Samalkot
project:  The Samalkot project continues to face significant
uncertainty given its non-operational status. The debt servicing of
the project commenced in April 2015 and was being met through
support from R-Power. Given the concerns related to gas
availability in India, the company has planned to deploy the unused
equipment/module of 750-MW capacity (out of the total planned
capacity of 2,250 MW) at Samalkot to the Group's ongoing project in
Bangladesh. Reliance Bangladesh LNG & Power Limited (RBLPL), the
wholly owned subsidiary of R-Power, is developing this power
project at Meghnaghat in Bangladesh. RBLPL signed all the project
agreements (Power Purchase Agreement, Implementation Agreement,
Land Lease Agreement and Gas Supply Agreement) with the Government
of Bangladesh authorities in September 2019, and also inducted a
strategic partner, JERA Power International (the Netherlands), a
subsidiary of JERA Co. Inc. (Japan) to invest 49% equity in RBLPL
on September 2, 2019. Samsung C&T (South Korea) has been appointed
as the EPC contractor for the Bangladesh project.

SMPL has signed an equipment supply contract in March 2020 to sell
equipment/module of 750-MW capacity. The present outstanding US
Exim debt pertaining to the Samalkot project is USD 347 mn, payable
in three equal annual yearly instalments in FY2021, FY2022 and
FY2023. The company expects to realise USD 210 mn from sale of this
equipment, which will be utilised for paring the US exim debt.

* Exposure to counterparty credit risks associated with state-owned
distribution utilities: The projects under different SPVs of
R-Power remain exposed to counterparty credit risks, associated
with the sale of power to state-owned distribution utilities, as
well as fuel-supply risks, both for coal and gas. The counterparty
credit risks are partially mitigated by adequate payment security
mechanisms, availability of fuel under FSA for most of the
operational capacity, and cost plus-based nature of PPA for Rosa
and Butibori thermal power plants, which allows pass through of
fuel cost and mitigates the fuel price risk.

* High capex related to installation of Flue Gas Desulphurisation
(FGD) systems: As per the revised environmental norms prescribed by
the Ministry of Environment and Forests, the Government of India,
all thermal power plants in the country are required to reduce
their emissions of Nitrogen Oxide, Sulphur Dioxide and particulate
matter. To comply with these norms, the Group's operational thermal
power plants at Sasan (Madhya Pradesh) and Rosa (Uttar Pradesh) are
required to install FGD systems by FY2022. The total capital cost
is estimated at Rs 2434 crore for Sasan power plant and Rs 809
crore for Rosa power plant, proposed to be funded by a
debt-to-equity mix of 70:30. While the cost incurred is expected to
be a pass through under the tariff, the Group will remain exposed
to funding and execution risks for timely completion of this capex
within the budgeted cost. As on date, the debt funding tie-up as
well as equity infusion is pending.

Liquidity position: Poor

R-Power's liquidity position is poor as reflected by its ongoing
delays in debt servicing.

Rating Sensitivities:

Positive triggers - Regular debt servicing for minimum three
consecutive months would be a positive rating trigger.

Negative triggers - Not applicable

R-Power, a part of the Reliance Group, promoted by Mr. Anil D
Ambani, is the primary vehicle for investments in the power
generation sector. The company came out with an IPO in February
2008 and raised INR11,560 crore for funding the equity contribution
of some of the identified projects. As on date, the company's
generation capacity stood at 5945 MW, including 5,760 MW of thermal
capacity and 185 MW of renewable energy-based capacity. Its
operational projects include Rosa Project at Shahajahnapur, Uttar
Pradesh (1,200 MW), Butibori Project at Nagpur, Maharashtra (600
MW), UMPP at Sasan (3,960 MW), solar PV Project at Dhursar,
Rajasthan (40 MW), concentrated solar power project at Pokhran,
Rajasthan (100 MW) and wind project at Vashpet, Maharashtra (45
MW).


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limit maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR16 mil. Term loan maintained in non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR1 mil. Proposed fund-based working capital limit withdrawn
     (the company did not proceed with the instrument as
     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 4, 2016.-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994 by Sarabjit Singh and Malveen Kaur, Sangat
Printers is engaged in the printing of food packaging materials,
magazines, banners and cartons. It has two servicing facilities in
Haryana and one each in Delhi and Hyderabad.


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

The instrument-wise rating actions are:

-- INR180.00 mil. Fund-based working capital limits maintained in

     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR68.90 mil. Term loan due on May 2021 maintained in non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR50.00 mil. Proposed term loan is withdrawn*.

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1999, Secure Industries manufactures caps and
closures for polyethylene terephthalate bottles used for packaging
carbonated soft drinks, fruit juice and water at its
12-million-cap-per-day site in Telangana.


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

The instrument-wise rating actions are:

-- INR30 mil. Proposed fund-based working capital limit* assigned

     and migrated to non-cooperating category with IND B+ (ISSUER
     NOT COOPERATING) rating; and

-- INR69.9 mil. Proposed term loans* assigned and migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

* The provisional rating of the proposed bank facilities has been
converted to final rating as per Ind-Ra's updated policy. This is
because the agency notes that debt seniority and the general terms
and conditions of working capital facilities and term loan tend to
be uniform across banks, and are not a rating driver.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Nagpur-based Shrihari Ginning and Oil Industries were established
in July 2016 for setting up raw cotton ginning, pressing and oil
extraction unit.


SINGLA FORGING: ICRA Lowers Rating on INR11cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Singla
Forging Private Limited (SFPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           11.00      [ICRA]B+ (Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating downgraded
   Limits                          from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

   Short-term–           1.00      [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short-term–           0.50      [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

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

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

Incorporated in 1994, SFPL is a private limited company involved in
the manufacturing of forged fasteners and components, which are
primarily used in the auto industry. The company is promoted by Mr.
Surender Jain and Mr. Surender Gupta and its manufacturing
facilities are located at Rohtak in Haryana.


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

The instrument-wise rating actions are:

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

-- INR10 mil. Non-fund based working capital limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR80 mil. Proposed fund based working capital limit*
     withdrawn (the company did not proceed with the instrument as

     envisaged).

* As the company did not proceed with the instrument as envisaged

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SKM Infraventure was incorporated in 2014 by Satyendra Kumar Mishra
in Keonjhar (Odisha). The company is primarily involved in civil
engineering works.


STEEL AND METAL: Ind-Ra Updates 'BB+' Rating, Outlook Negative
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Steel and Metal Tubes
(India) Private Limited (SMT) at 'IND BB+' with a Negative Outlook.
As part of the ongoing rating review exercise and in line with the
regulatory requirement,-Ra had requested the issuer on August 19,
2020, September 9, 2020 and September 18, 2020, for updated
information on the company's performance. In view of the
COVID-19-led lockdown, the issuer has informed the agency that it
needs more time to provide the required data. The company had opted
for the debt moratorium allowed by the Reserve Bank of India.

Ind-Ra is working with Steel and Metal Tubes (India) Private
Limited to see if any information can be readily provided, so that
the agency can update its credit view as per the regulatory
requirement.-Ra will try to complete the process by December 22,
2020 using the best available information. If-Ra is unable to do so
due to the lack of adequate data, then the rating may have to be
migrated into the issuer non-cooperating category, so that banks
are aware that the agency is unable to update its credit view.   


SVM CERA: ICRA Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the INR8.30 crore bank facilities of SVM
Cera Private Limited continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based–        5.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non-fund Based–    2.80       [ICRA]D ISSUER NOT COOPERATING;

   Letter of Credit              Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non-fund Based–   (0.50)      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

SVM Cera Private Limited (formerly known as M/s. Matalvuoto Films
(India)) was incorporated in January 1986. With effect from April
1, 2014, the name was changed from the erstwhile SVM Cera Tea
Limited to SVM Cera Limited. Further, with effect from September
29, 2015, the name was changed from SVM Cera Limited to SVM Cera
Private Limited. The company manufactures ceramic glaze frit (CGF)
at its unit located at Ankleshwar, Gujarat. The company's
operations are handled by Mr. K.M. Bhanderi, under the leadership
of Chairman Mr. S.V. Mohta and other professional directors.


TATA STEEL: S&P Alters Outlook to Stable & Affirms 'B+' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Tata Steel and its
subsidiary ABJA Investment Co. Pte. Ltd. to stable from negative.
At the same time, S&P affirmed its 'B+' long-term issuer credit
ratings on the two companies and the 'B+' long-term issue rating on
the senior unsecured notes issued by ABJA.

The stable outlook reflects S&P's expectation that Tata Steel's
earnings would improve over the next 18 months such that its key
financial metrics would be at levels appropriate for the current
rating.

S&P said, "Tata Steel's earnings outlook is more positive than we
previously anticipated. We expect the company to sustain solid
earnings over the next 12-18 months following a rebound in the
second quarter of fiscal 2021 (year ending March 31, 2021), helped
by a benign steel price environment and lower input costs. A key
factor driving improved near-term profitability for most steel
producers is the sharp decline in coking coal prices. Prices are
down around 30% year on year, and we expect them to remain soft at
least for the next two quarters. At the same time, we estimate
domestic steel prices for Tata Steel's Indian operations will be
higher in the second half of fiscal 2021, with a price increase of
about Indian rupee (INR) 3,000 per ton already implemented in
October 2020. Weakness at the European operations has also been
lower than we previously expected, thanks to the company's earlier
cost reduction initiatives as well as sizable government wage
support (about GBP100 million received in the first half of 2020).

'According to our revised base case, Tata Steel's ratio of funds
from operations (FFO) to debt will increase to about 12% in fiscal
2022, compared with our previous expectation of about 6%. The
debt-to-EBITDA ratio will likely decline to less than 5x as of
March 2022, from 6.7x as of March 2020. Tata Steel's deleveraging
is also supported by free operating cash flow, especially in fiscal
2021, where we see meaningful improvement in working capital. We
forecast the company's EBITDA interest coverage will remain well
above 2x -- our previous downgrade trigger -- in the next 12-18
months."

Tata Steel has adequate headroom at the current rating but high
leverage limits further upside.

Downside rating risk has reduced significantly owing to the
expected improvement in the company's earnings. However, Tata
Steel's leverage remains high, limiting further rating upside for
now. An upgrade to 'BB-' will require the company to further
deleverage materially or grow its earnings well beyond its current
base case. Furthermore, operating risks remain high despite
improved sentiment. Key risks include volatile steel prices due to
the potential economic impact from renewed surges of COVID-19
infections and an increase in input prices, especially coking
coal.

The current rating also does not assume any growth projects over
the next two years or any material proceeds from asset sales. Tata
Steel has initiated discussions with Sweden-based SSAB AB to
potentially sell its Netherlands steel business and expects
significant progress in the next six to nine months. S&P has cnot
included the transaction in its base case given that it is still in
the early stages. However, S&P views a sale as positive for Tata
Steel's credit profile because it could result in meaningful
deleveraging.

S&P believes Tata Steel's adequate liquidity will continue to
support the rating.

S&P said, "We expect the company to maintain adequate liquidity
over the next 12-18 months, underpinned by a strong cash position,
positive operating outlook, and manageable debt maturities. As of
Sept. 30, 2020, Tata Steel had INR178 billion of cash and cash
equivalent. In comparison, debt maturities over the next year were
only about INR18 billion, apart from about INR130 billion of
short-term debt. We also view the company's sound relationships
with banks and its high standing in capital markets as supportive
of its liquidity position.

"The stable outlook reflects our expectation that Tata Steel's
earnings would strengthen over the next 18 months such that its key
financial metrics would improve to levels appropriate for the
current rating. The stable outlook also assumes no major growth
projects or asset divestments over the period.

"Our base case indicates adequate headroom at the current rating
level. However, we could lower the rating on Tata Steel if its
earnings deteriorate or the company takes on additional debt such
that its FFO-to-debt ratio declines to less than 6% or if its
EBITDA interest coverage falls below 2x.

"We could upgrade Tata Steel if the company's earnings outperform
our base case such that we expect its FFO-to-debt ratio to remain
comfortably above 15% on a sustained basis. The sale of Tata
Steel's steel business in the Netherlands, which could lead to
material deleveraging, may contribute to this scenario."

Tata Steel is one of the largest steel producers globally with an
annual crude steel capacity of close to 30 million tons--about 18
million tons in India and 10.5 million tons in Europe. Its India
operations are well integrated with captive access to iron ore
although it still supplements its coal needs with imports. The
company's business position is a mix of low-cost highly efficient
steelmaking capacities in India and comparatively high-cost
capacities in Europe. Tata Steel is part of Tata Group and is about
34% owned by Tata Sons Pte. Ltd.


VIDARBHA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR3264.24-crore bank facilities of
Vidarbha Industries Power Limited (VIPL) continue to be under
'Issuer Not Cooperating' category.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term,       2,654.24     [ICRA]D ISSUER NOT COOPERATING,
   fund-based                    rating continues to remain under
   term loans                    issuer not cooperating category

   Short-term,        500.00     [ICRA]D ISSUER NOT COOPERATING,
   fund-based                    rating continues to remain under
   working capital               issuer not cooperating category  
   facilities         

   Short-term,        110.00     [ICRA]D ISSUER NOT COOPERATING,
   non-fund based                rating continues to remain under
   letter of credit/             issuer not cooperating category
   bank guarantee     

The rating is based on limited cooperation from the entity since
the time it was last rated in August 2019. As a part of its process
and in accordance with its rating agreement with VIPL, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative.

In the absence of requisite cooperation and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating continues to remain in the Issuer Not
Cooperating category on fee. The rating factors in the continuing
delays in debt servicing by VIPL to the lenders. On July 6, 2019,
an Inter Creditor Agreement (ICA) was signed between VIPL and its
lenders, basis which a standstill was achieved for 180 days for
submission and implementation of the resolution plan. While the ICA
expired on January 6, 2020, the debt resolution plan is yet to be
finalised for which continuous discussions are underway between
VIPL and its lenders. One of the lenders of VIPL has filed an
application under the provisions of the Insolvency & Bankruptcy
Code (IBC), 2016 in January 2020 seeking debt resolution of VIPL.
The matter is still pending for consideration by NCLT and the
company is yet to be admitted to NCLT for insolvency proceedings.
VIPL has been pursuing debt resolution with its lenders outside the
Corporate Insolvency Resolution Process. The company's liquidity
profile continues to be poor as evident from the considerable
decline in its net cash accruals, given the non-operational status
of the plant since January 15, 2020 caused by stretched
receivables, protracted delays in issuance of regulatory orders and
lack of fuel supply for one of the units. Further, the offtaker,
Adani Electricity Mumbai Limited (AEML) issued PPA termination
letter to VIPL in April 2019, citing below-threshold availability
in certain years. While the company had challenged the validity and
legality of the termination letter, it has received unfavourable
rulings from MERC and Appellate Tribunal of Electricity (APTEL) and
currently, the matter is pending at the Supreme Court. Meanwhile,
after the PPA termination notice by the procurer, the lenders have
exercised their right to substitute VIPL with any other entity for
operating the thermal station for recovery of their dues, as per
the provisions of the PPA.

Key rating drivers and their description:

Credit challenges

* Continuing delays in debt servicing: VIPL and its lenders signed
an ICA on July 6, 2019, basis which a standstill was achieved for
180 days for submission and implementation of the resolution plan.
The ICA has expired on January 6, 2020, but the debt resolution
plan is yet to be finalised. Meanwhile, the company has continued
to delay in servicing of its debt obligations to the lenders. The
company is in continuous discussion with its lenders for the
resolution of its debt. However, one of the lenders of VIPL has
filed an application under the provisions of the IBC, 2016 in
January 2020 seeking debt resolution of VIPL. The matter is
currently pending for consideration by NCLT.

* Non-operational status of plant from January 15, 2019: The entire
capacity of the Butibori power plant (600 MW) plant has remained
non-operational from January 15, 2019 due to protracted delays in
issuance of regulatory orders and lack of fuel supply for one of
the units. Subsequently, there has not been any income from sale of
power, which has impacted the company's accruals and has resulted
in continuing delays in its debt servicing obligations.

* PPA termination notice by offtaker and subsequent exercise of
'substitution right' by lenders: The offtaker, AEML, has issued PPA
termination letter to VIPL in April 2019, citing below-threshold
availability in certain years. While the company had challenged the
validity and legality of the termination letter, it has received
unfavourable rulings from MERC and APTEL and currently, the matter
is pending at the Supreme Court. Meanwhile, post PPA termination
notice by the procurer, the lenders have exercised their right to
substitute VIPL with other entity for operating the thermal station
for recovery of their dues, as per the provisions of the PPA.

* Stretched liquidity due to disallowance of certain part of fuel
cost as per actual by MERC: The company's cash flow position has
been impacted owing to significant increase in receivables due to
the disallowance of certain part of the fuel cost as per the tariff
order approved by the MERC. While the company appealed against the
MERC's order to the APTEL, which in turn issued an order in favour
of the company in November 2016, the MERC subsequently filed an
appeal against the APTEL order in the Supreme Court in January
2017. While VIPL continued to raise the invoices to its off-taker
as per the terms of the PPA without factoring in the disallowance,
it was receiving payments as per the MERC order, which resulted in
the significant under-recovery. Subsequently, VIPL has filed an
application before MERC for grant of relief and compensation under
Change in Law due to non-signing of FSA for Unit 1. Consequently,
upon the petitions filed by VIPL, MERC, vide its Order dated
September 14, 2018 directed VIPL to file a revised Mid Term Review
Petition (MTR). With reference to the said MTR petition, MERC held
a public hearing on January 8, 2019 and has reserved the order. The
same has not been issued till date. To expedite the MTR Order, VIPL
has filed an interim application before the Honorable Supreme Court
seeking direction to Hon'ble MERC for releasing the MTR order.

* Absence of Fuel Supply Agreement (FSA) for 300 MW capacity: VIPL
has coal linkages in the form of Letter of Assurances (LOAs) for
both units, i.e., 1.23 Million Metric Ton (MMT) for one unit of 300
MW and 1.11 MMT for other unit of 300 MW from South Eastern
Coalfields Limited (SECL). After entering a long-term PPA with
R-Infra, the company signed FSA with WCL in March 2014 for one unit
of 300 MW for 1.11 MMT. However, for the balance 300 MW, it has not
been able to sign FSA till date. Its dependence on the costlier
sources of e-auction, forward auction, other domestic supplies and
imported coal to meet the shortfall in domestic coal supplies has
impacted its cost competitiveness. VIPL was provisionally allocated
certain annual quantity of coal in the second round of e-auction
conducted under clause B(ii) of the SHAKTI policy. It also received
a Letter of Intent (LoI) for long-term supply of coal for its Unit
1 from WCL; however, post the termination notice by AEML to VIPL,
WCL cancelled the LoI for Unit 1 on the assumption that PPA has
been terminated by AEML, which VIPL is contesting at the
appropriate forum.

VIPL, a subsidiary of Reliance Power Limited, belongs to the
Reliance Group promoted by Mr. Anil D Ambani. It operates a
domestic coal-based project with a capacity of 600 MW (2X300 MW) at
the Butibori Industrial Area in Nagpur, Maharashtra. The project
was awarded to the erstwhile Reliance Energy Limited (currently
R-Infra) in 2005 (which was subsequently transferred to R-Power) as
a group captive power project (GCPP) by the Maharashtra Industrial
Development Corporation (MIDC) on a competitive bidding basis.
Initially, the scope of the project involved developing a 1X300 MW
power plant; however, subsequently, to derive the economies of
scale through better utilisation of certain common facilities, the
company decided to change the scope of the project by doubling its
size to 600 MW (2 X 300 MW). Also, VIPL decided to operate the
entire project as an Independent Power Producer (IPP) and signed a
PPA (approved by MERC) under a cost-plus regime for its entire
contracted capacity of 600 MW for supply of power from April 1,
2014 onwards. The PPA was signed with Reliance Infrastructure Ltd
(R-Infra) a distribution licensee in Mumbai RInfra and subsequently
assigned to Adani Electric Mumbai Limited (AEML) following
R-Infra's acquisition by AEML. The commercial operation date (CoD)
for the Unit I of VIPL was declared on April 3, 2013, while the CoD
for Unit II was declared on March 28, 2014.


WIINTRACK EXPORTS: ICRA Keeps D on INR10cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of
Wiintrack Exports continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based/TL                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

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

Wiintrack Exports was established in the year 2002 as a partnership
firm and is engaged in the business of manufacturing of readymade
garments. The Firm manufactures knitted and woven garments meant
for overseas customers and mainly caters to European market. The
Firm operates from its own factory located in Tirupur (Tamil Nadu).
The Firm procures yarn from domestic market and the same in knitted
into fabric. The firm has in-house knitting, printing and garment
manufacturing capabilities while it outsources dyeing and
embroidery processes to job workers. Mr. K Velusamy is the managing
partner of the firm and has an experience of more than 15 years in
the textile industry.


ZENOVA BIO: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Zenova Bio
Nutrition Private Limited (ZBNPL) a Long-Term Issuer Rating of 'IND
B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit assigned with
     IND B-/Stable/ IND A4 rating;

-- INR3.56 mil. Term loans due on August 2021 assigned with
     IND B-/Stable rating;

-- INR6.5 mil. Working capital demand loan assigned with IND B-/
     Stable rating; and

-- INR19.94 mil. Proposed fund-based working capital limit*
     assigned with IND B-/Stable/ IND A4 rating.

* Unallocated

KEY RATING DRIVERS

The ratings reflect ZBNPL's small scale of operations, as indicated
by the revenue of INR122.8 million in FY20 (FY19: INR106.3
million). The revenue rose in FY20 on increased domestic (90% of
total revenue) and overseas orders (10%). Ind-Ra expects ZBNPL's
revenue to improve in FY21, as its products are classified as
essential commodities and the company plans to increase its
exports. The company booked a revenue of INR88.4 million, as of
end-1HFY21 (1HFY20: INR65.9 million). FY20 financials are
provisional in nature.

The ratings factor in the company's continued EBITDA losses, which
narrowed to negative INR1.3 million in FY20 (FY19: negative INR2.2
million), and resulted in negative credit metrics. The company's
interest coverage (operating EBITDA/gross interest expense) stood
at negative 0.3x in FY20 (FY19: negative 0.5x) and net leverage
(total adjusted net debt/operating EBITDAR) at negative 50.7x
(negative 28.1x). The agency expects the company to turn EBITDA
positive in FY21 due to the increased high-margin export sales.
This, Ind-Ra believes, along with the absence of any debt-led
capex, will also lead an improvement in ZBNPL's credit metrics.

Liquidity Indicator - Poor: The company's fund-based facilities
were almost fully utilized during the 12 months ended September
2020. ZBNPL's cash flow from operation deteriorated to negative
INR6.53 million in FY20 (FY19: negative INR3.3 million) due to an
elongation in the working capital cycle to 81 days (59 days),
mainly on account of a stretched inventory period of 127 days (58
days). Ind-Ra expects the company's liquidity position to
deteriorate further in FY21 due to the continued high utilization
of the working capital limits owing to stretched inventory holding
period and debtor days. ZBNPL availed of the Reserve Bank of India
prescribed moratorium from all the banks under the COVID-19 relief
package during March to August 2020.

The ratings, however, are supported by the promoters' over a decade
of experience in manufacturing nutrition products, leading to the
company's longstanding relationships with its customers and
suppliers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, and/or
improvement in the liquidity profile, leading to an improvement in
the credit metrics, on a sustained basis, will be positive for the
ratings.

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or the liquidity profile,
on a sustained basis, will be negative for the ratings.

COMPANY PROFILE

ZBNPL was incorporated in April 2010 by K V Rambabu and Yeshwant
Rege. Post the resignation of Yeshwant Rege, C Sarat Chandra joined
the company as a director. The company has set up a plant to
manufacture medicinal nutraceutical products in the form of powders
as well as compressed biscuits. ZBNPL is also focused on the
production of nutritional supplements.


ZETA MICRONS: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR11.07 crore bank facilities of
Zeta Microns LLP continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B(Stable)/A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based:          2.80       [ICRA]B(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based:          7.47       [ICRA]B(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund Based:      0.80       [ICRA]A4 ISSUER NOT
   Short Term                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2016, Zeta Microns LLP (ZML) is a green-filed
project to manufacture feldspar powder, which is one of the major
raw materials used in manufacturing vitrified tiles. The firm's
plant is located in Wankaner, Gujarat with a manufacturing capacity
of 150,000 metric tonne of feldspar powder per annum. ZML's
production commenced from January 2018.


ZIPPY EDIBLE: ICRA Keeps B+ on INR16cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR16.00 crore bank facilities of
Zippy Edible Products Private Limited continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based            2.0       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund-based           14.0       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

ZEPPL was incorporated in August 2013 and is engaged in the
manufacturing of pasta and vermicelli. The commercial production
commenced from April 2015. The unit is located in Jaspur in
Uttarakhand and has a total production capacity of 18,120 Metric
Tons Per Annum. The main raw materials required for manufacturing
semolina which is coarse and is derived by purified wheat middlings
of durum wheat. The company sells its products directly in the
local markets in Uttar Pradesh, Uttrakhand and Delhi under its
brands "Digraono" and "Dilizia".




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

[*] JAPAN: Restaurant Bankruptcies to Hit All-time High in 2020
---------------------------------------------------------------
The Japan Times reports that the number of bankruptcies in Japan's
restaurant industry will likely hit an all-time high in 2020 as
many establishments struggle to restore their cash flow amid the
ongoing coronavirus pandemic, the results of a recent survey
showed.

According to the survey conducted by Tokyo Shoko Research,
bankruptcies of companies with debts of at least ¥10 million from
January to November stood at 792, an increase of 8% compared with
the same period last year, The Japan Times discloses.

With Tokyo and some other local governments once again requesting
that dining establishments shorten their business hours due to a
resurgence in infections, the figure is almost certain to surpass
the previous annual record of 800 set in 2011, according to the
report.

Eateries specializing in a particular cuisine made up the largest
portion of bankruptcies at 192, the report says. That was followed
by family-style restaurants at 184, and izakaya pubs at 162.

By prefecture, Osaka saw the most bankruptcies among eateries with
146 followed by Tokyo at 129 and Aichi at 76, the Japan Times
discloses.

In a sign that COVID-19 is also taking a toll on smaller
establishments, the number of bankruptcies totaled around 2,400
when taking into account businesses that have voluntarily closed
down or gone bankrupt with debts of less than ¥10 million, the
Japan Times discloses.

"Even if companies have ample funds in hand due to loan services at
zero interest rates and without securities, it seems they are
unable to cover wages and other costs without sales recovering,"
the report quotes a Tokyo Shoko Research official as saying.




===============
M O N G O L I A
===============

[*] Moody's Ups Foreign Deposit Ratings of 8 Mongolian Banks to B3
------------------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit ratings of eight Mongolian banks to B3 from Caa1.
At the same time, Moody's has downgraded the long-term foreign
currency counterparty risk ratings of all nine Mongolian banks that
Moody's rates to B3 from B2.

The rating actions are driven by changes in the foreign currency
(FC) country ceilings applied to Mongolia following the publication
of Moody's updated Country Ceilings Methodology on December 7,
2020.

The rating actions cover: (1) Bogd Bank LLC, (2) Capitron Bank LLC,
(3) Development Bank of Mongolia LLC (DBM), (4) Golomt Bank LLC,
(5) Khan Bank LLC, (6) State Bank LLC, (7) Trade and Development
Bank of Mongolia LLC (TDBM), (8) Transport and Development Bank LLC
(TransBank), and (9) XacBank LLC.

All other ratings and assessments of the above banks are unaffected
by the actions.

RATINGS RATIONALE

The rating actions on nine Mongolian banks are driven by changes in
country ceilings under Moody's updated country ceilings
methodology. Country ceilings indicate the highest rating level
that generally can be assigned to the financially strongest
obligations of issuers domiciled in a country.

The updated ceilings methodology has unified deposit ceilings with
the typically higher debt ceilings, whereby LC and FC country
ceilings are no longer distinguished between deposit and debt
ceilings. These changes reflect Moody's view that the risks that
affect access to bank deposits are not materially different from
those that affect the ability of banks and non-banks to service
their debt obligations.

FOREIGN CURRENCY CEILINGS

As a result of the methodology change, Mongolia's FC ceiling has
been changed to B3. Consequently, the long-term FC deposit ratings
of eight Mongolian banks have been upgraded to B3, because these
ratings were previously constrained by FC deposit ceiling.

At the same time, long-term FC counterparty risk ratings of all
nine rated Mongolian banks were downgraded to B3, because these
ratings are now subject to the new FC ceiling of B3, as opposed to
the FC debt ceiling of B1 previously.

OUTLOOK

The outlook on all nine rated Mongolian banks is negative. The
negative outlook, in place since May 2020, is driven by the
negative outlook on the Mongolian government's B3 issuer rating,
reflecting rising external vulnerability risks related to a sharp
fall in export revenue at a time when access to external financing
is highly uncertain.

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

Bogd Bank LLC:

Given the negative outlook, an upgrade of the bank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if the sovereign's
outlook returns to stable and the risks in the operating
environment remain broadly stable.

Moody's could downgrade the bank's ratings if its BCA is downgraded
and/or the sovereign rating is downgraded. The bank's BCA could be
downgraded if its problem loans rise significantly without a
strengthening of capitalization, or if its funding and/or liquidity
strength deteriorates significantly.

Capitron Bank LLC:

Given the negative outlook, an upgrade of the bank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if the sovereign's
outlook returns to stable and the risks in the operating
environment remain broadly stable.

Moody's could downgrade Capitron Bank's ratings if its BCA is
downgraded and/or the sovereign rating is downgraded. The bank's
BCA could be downgraded if its problem loans increase significantly
without a strengthening of capitalization, or if its funding and/or
liquidity strength deteriorates significantly.

Development Bank of Mongolia LLC:

Given the negative outlook, an upgrade of the bank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term issuer rating to stable if the sovereign's outlook is
changed to stable and the risks in the operating environment remain
broadly stable.

Moody's could downgrade DBM's ratings if its BCA is downgraded
and/or the sovereign rating is downgraded. The bank's BCA could be
downgraded if its problem loans increase significantly without a
strengthening of capitalization, or if its funding and/or liquidity
strength deteriorates significantly.

Golomt Bank LLC:

Given the negative outlook, an upgrade of the bank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if the sovereign's
outlook returns to stable and the risks in the operating
environment remain broadly stable.

Moody's could downgrade Golomt Bank's ratings if its BCA is
downgraded and/or the sovereign rating is downgraded. The bank's
BCA could be downgraded if its problem loans rise significantly
without a strengthening of capitalization, or if its funding and/or
liquidity strength deteriorates significantly.

Khan Bank LLC:

Given the negative outlook, an upgrade of the bank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if the sovereign's
outlook returns to stable and the risks in the operating
environment remain broadly stable.

Moody's could downgrade Khan Bank's ratings if its BCA is
downgraded and/or the sovereign rating is downgraded. The bank's
BCA could be downgraded if its problem loans increase significantly
without a strengthening of capitalization, or if its funding and/or
liquidity strength deteriorates significantly.

State Bank LLC:

Given the negative outlook, an upgrade of the bank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if the sovereign's
outlook returns to stable and the risks in the operating
environment remain broadly stable.

Moody's could downgrade State Bank's ratings if its BCA is
downgraded and/or the sovereign rating is downgraded. The bank's
BCA could be downgraded if its problem loans rise significantly
without a strengthening of capitalization, or if its funding and/or
liquidity strength deteriorates significantly.

Trade and Development Bank of Mongolia LLC:

Given the negative outlook, an upgrade of TDBM's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if (1) the outlook on
the sovereign rating returns to stable, (2) the risks in the bank's
operating environment remain broadly stable, and (3) the bank
maintains stable credit metrics.

Moody's could downgrade TDBM's ratings if its BCA is downgraded or
if the sovereign rating is downgraded. The bank's BCA could be
downgraded if its problem loans rise significantly without a
strengthening in its capitalization, or if its funding and/or
liquidity materially deteriorates.

Transport and Development Bank LLC:

Given the negative outlook, an upgrade of the bank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if the sovereign
rating outlook returns to stable and the risks in the operating
environment remain broadly stable.

Moody's could downgrade TransBank's ratings if its BCA is
downgraded and/or the sovereign rating is downgraded. The bank's
BCA could be downgraded if its problem loans rise significantly
without a strengthening of its capitalization, or if its funding
and/or liquidity strength materially deteriorates.

XacBank LLC:

Given the negative outlook, an upgrade of XacBank's ratings is
unlikely in the near future. Moody's could change the outlook on
the long-term deposit ratings back to stable if the sovereign's
outlook returns to stable and the risks in the operating
environment remain broadly stable.

Moody's could downgrade XacBank's ratings if its BCA is downgraded
and/or the sovereign rating is downgraded. The bank's BCA could be
downgraded if its problem loans rise significantly without a
strengthening of capitalization, or if its funding and/or liquidity
strength deteriorates significantly.

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

All entities are headquartered in Ulaanbaatar. The banks reported
the following assets as of December 31, 2019:

Bogd Bank LLC: MNT249 billion (USD91 million)

Capitron Bank LLC: MNT1.0 trillion (USD369 million)

Development Bank of Mongolia LLC: MNT4.27 trillion (USD1.56
billion)

Golomt Bank LLC: MNT6.64 trillion (USD2.43 billion)

Khan Bank LLC: MNT10.19 trillion (USD3.72 billion)

State Bank LLC: MNT3.30 trillion (USD1.20 billion)

Trade and Development Bank of Mongolia LLC: MNT7.80 trillion
(USD2.85 billion)

Transport and Development Bank LLC: MNT524 billion (USD191
million)

XacBank LLC: MNT3.45 trillion (USD1.26 billion)

LIST OF AFFECTED RATINGS

Issuer: Bogd Bank LLC (Analyst: Sean Roh)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative

Issuer: Capitron Bank LLC (Analyst: Sean Roh)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative

Issuer: Development Bank of Mongolia LLC (Analyst: Tae Jong Ok)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Issuer: Golomt Bank LLC (Analyst: Tae Jong Ok)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative

Issuer: Khan Bank LLC (Analyst: Tae Jong Ok)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative

Issuer: State Bank LLC (Analyst: Sean Roh)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative

Issuer: Trade and Development Bank of Mongolia LLC (Analyst: Tae
Jong Ok)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative

Issuer: Transport and Development Bank LLC (Analyst: Sean Roh)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative

Issuer: XacBank LLC (Analyst: Sean Roh)

Long-term Counterparty Risk Rating (Foreign Currency), Downgraded
to B3 from B2

Long-term Deposit Rating (Foreign Currency), Upgraded to B3,
negative from Caa1, negative




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

GEO ENERGY: Moody's Upgrades CFR to Caa1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
(CFR) of Geo Energy Resources Limited to Caa1 from Caa3.

In addition, Moody's has upgraded to Caa1 from Caa3 the senior
unsecured guaranteed notes issued by Geo Coal International Pte.
Ltd., a wholly-owned subsidiary of Geo Energy.

The outlook on these ratings remains stable.

"The ratings upgrade reflects the elimination of near-term
refinancing risk for Geo Energy, as the company announced that it
has met the conditions required to prevent triggering a put option
on its US dollar notes in April 2021," says Maisam Hasnain, a
Moody's Assistant Vice President and Analyst.

RATINGS RATIONALE

On December 2, Geo Energy announced that its updated coal reserve
report showed its combined reserves at its two operating mines, PT
Sungai Danau Jaya (SDJ) and PT Tanah Bumbu Resources (TBR) were 86
million tons (MT) as of October 30, 2020 [1]. This follows the
company's announcement in August that it had secured mine license
extensions at the two mines to 2027 and 2028, respectively, from
their previous 2022 expiry dates.

These two factors mean the company has satisfied the minimum
reserve conditions needed to prevent the triggering of a put option
on its outstanding US dollar notes in the next four months. These
minimum reserve conditions included (1) extension of existing
mining licenses at SDJ and TBR to beyond October 4, 2025 and (2)
having more than 80 MT of coal reserves, with the reserves measured
no earlier than six months before April 4, 2021.

As a result, the US dollar notes will mature as originally
scheduled in October 2022, affording the company time to increase
cash generation prior to the maturity.

Over the past 12 months Geo Energy has cumulatively repurchased
around $241 million of the notes' original $300 million principal
amount, at a considerable discount to the original par value,
crystalizing a significant loss of value for creditors relative to
the original obligation. The remaining notes outstanding total only
$59 million.

"Despite significantly lower leverage and lower interest costs, Geo
Energy's credit profile remains constrained by its small scale and
limited financial flexibility, including a low cash buffer which
hinders its ability to make acquisitions in order to grow and
replenish its declining coal reserves," adds Hasnain, who is also
Moody's Lead Analyst for Geo Energy.

Moody's estimates Geo Energy will generate sufficient internal cash
to repay the outstanding notes at maturity while maintaining a
minimum cash balance, similar to its $25 million balance as of 30
September 2020. However, this limited buffer could erode in the
event of persistently low coal prices or cuts in production volumes
over the next 12-18 months.

Moody's expects the company may seek to raise money via prepayment
facilities under its existing coal offtake agreements to help
bridge any small funding gap when its notes come due in October
2022.

However, Moody's expects Geo Energy's ability to raise large
amounts of capital to invest in growth will be challenging because
the company's credit profile will weaken as its existing coal
reserves continue to decline. With total proved and probable
reserves of 86 MT as of October 31, Geo Energy has a relatively
short reserve life of about seven years at its target production
level of 12 MT per annum.

In addition, Geo Energy has not yet established a track record of
executing on its growth plans. While a majority of proceeds from
its $300 million notes issued in September 2017 were earmarked for
coal mine acquisitions, the company has been unable to complete an
acquisition in the last three years. At the same time, its cash
available to make acquisitions has eroded primarily due to
continued discounted buybacks of its US dollar notes.

ESG CONSIDERATIONS

Geo Energy faces elevated environmental risks associated with the
coal mining industry, including carbon transition risks as
countries seek to reduce their reliance on coal power.

Geo Energy's two operating mines are adjacently located in South
Kalimantan and vulnerable to adverse weather. For example,
operations at one of its mines were temporarily halted for around a
week in June 2019 due to prolonged flooding.

Geo Energy is exposed to social risks associated with the coal
mining industry, including health and safety, responsible
production and societal trends. The company has implemented an
Environmental and Social Management System, which seeks to address
issues such as workplace health and safety procedures, and local
community development.

With respect to governance, Geo Energy's ownership is concentrated
in its promoter shareholders, who own around 39% of the company.
Other governance risks entail the company's financial policies,
including its willingness to use cash for discounted notes
repurchases, resulting in a loss of value for creditors relative to
the original obligation.

OUTLOOK

The outlook is stable, reflecting Moody's expectation that Geo
Energy will maintain profitable and cash-generative operations, and
sufficient cash sources to meet its cash needs over the next 12-18
months. The stable outlook also assumes Geo Energy does not make
further discounted notes buybacks.

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

An upgrade is unlikely over the next 12-18 months given Geo
Energy's small scale, short reserve life and limited financial
flexibility to grow its business while repaying its outstanding
notes in full at maturity.

Nevertheless, prospects for an upgrade could arise over time if Geo
Energy improves its business profile by growing its coal reserves,
while adhering to conservative financial policies and maintaining a
prudent approach toward investments and shareholder distributions.

On the other hand, Moody's could downgrade the ratings if Geo
Energy's cash generation declines, such that its cash sources are
insufficient to meet its needs over the next 12-18 months.

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

Established in 2008 and listed on the Singapore Stock Exchange in
2012, Geo Energy Resources Limited is a coal mining group with
mining concessions in South and East Kalimantan. Its promoter
shareholders, including Charles Antonny Melati and Huang She Thong
own around 39% of the company.


GEO ENERGY: S&P Raises ICR to 'CCC' on Reduced Refinancing Risk
---------------------------------------------------------------
S&P Global Ratings, on Dec. 8, 2020, raised its long-term issuer
credit rating on Geo Energy Resources Ltd. (GERL) to 'CCC' from
'SD'. S&P also raised its long-term issue rating on the
Singapore-listed coal producer's guaranteed senior unsecured notes
due in October 2022 to 'CCC' from 'D'.

S&P said, "The stable outlook reflects our view of GERL's reduced
refinancing risk and that it is likely to maintain EBITDA per tonne
above US$4 on a sustained basis. The rating also reflects the risk
of further bond buybacks, which we would consider as tantamount to
a distressed exchange.

"The upgrade to 'CCC' rating reflects our expectation that
near-term refinancing risk on GERL's outstanding debt has been
alleviated."

GERL has met the conditions necessary to prevent the put option on
its U.S. dollar-denominated senior unsecured notes from being
triggered on April 4, 2021. This means that the company will have
until Oct. 4, 2022, before the remaining bond of US$59.2 million
comes due, significantly reducing its near-term refinancing risk.
To satisfy the conditions, GERL must demonstrate within six months
of the put option it has no less than 80 million metric tonnes
(MMT) of reserves, all of which must be from mines with licenses
that expire on or after Oct. 4, 2025. The company's recent
exploratory activities at the southern part of its PT Tanah Bumbu
Resources (TBR) mine in Indonesia increased its qualified coal
reserves to more than 86MMT as of Oct. 31, 2020. In addition, in
August, GERL extended the licenses on its operating mines PT Sungai
Danau Jaya (SDJ) and TBR to 2027 and 2028, respectively, from
2022.

With a more manageable capital structure and low near-term
refinancing risks, the likelihood of GERL conducting further bond
repurchases has reduced, albeit S&P does not view this risk to be
eliminated entirely.

Over the next 12 months, S&P estimates that GERL may generate US$70
million-US$80 million in cash and operating cash flow, which should
adequately cover any potential outflow from working capital,
dividends, and capital expenditure of close to US$30 million.
Therefore, S&P believes the company has no imminent need to
repurchase its outstanding bonds, given GERL's significantly
reduced debt quantum. Nevertheless, GERL's next major strategic
growth initiative and any associated potential capital funding
remains unclear at this stage. This uncertainty raises the
possibility of capital being allocated to further bond buybacks up
until the bond's maturity date, in S&P's view.

S&P forecasts a significant improvement in leverage and cash flow
despite the weak macroeconomic environment and subdued thermal coal
prices.

S&P said, "GERL will save close to US$20 million in annual interest
expense with the 80% reduction in total debt. Furthermore, we
estimate the company's revenue to grow by at least 15% on average
through 2022, supported by an additional 50% in production quota to
12MMT, which GERL had obtained in June. This is despite of our
expectation for a tepid recovery in coal prices through 2022,
depressed by the COVID-induced global recession. Due to its
coal-index-linked cash cost, we believe GERL has some flexibility
in reducing its cost base with mining service contractors. For the
second and third quarter of 2020, the company lowered its total
cash cost per tonne (including selling, general, and administrative
expenses) by more than 27% to an average of US$22, from US$31 in
the same period last year, through renegotiations of its mining
costs with its mining service contractors. We believe this
improvement in cost structure better positions the company for a
soft market environment. We anticipate GERL's cash cost per tonne
to hover at US$23-US$26 through 2021, with EBITDA per tonne
improving above US$4 (2019: EBITDA per tonne below US$2). These
factors will culminate in adjusted funds from operations
(FFO)-to-debt ratio improving above 10% in 2020 and 40% in 2021
(2019: -10%)."

Still, the rating remains constrained by GERL's short debt maturity
profile, earnings volatility, and governance risks.

S&P said, "Notwithstanding our expectations of significant
improvement in GERL's financial risk profile, the company's
weighted average debt maturity will be less than 1.8 years, which
falls below our minimum threshold of two years. We believe the
outstanding debt in 2022 may tighten the company's liquidity should
coal prices remain weak. Despite GERL's recent financial and
operational improvement, the company's history of earnings
volatility will continue to weigh on the rating, given its small
scale, mine concentration, sensitivity to coal prices, and the
potential for adverse weather conditions. In 2019, the company's
adjusted EBITDA fell 80% to US$13.5 million, which is also
approximately the quarterly run-rate for the first half of 2020 as
the company was hit by various operational difficulties.

"In our view, GERL's governance, indicated by its track record on
strategic planning and execution, will remain a risk for the
rating. The company could not execute its growth strategy amid
depleting reserves. GERL had intended to use the proceeds of the
bonds raised in 2017 to grow reserves but was unable to secure any
timely and suitable investment. Besides bearing a significant carry
cost, the company's inability to lengthen its reserves on a timely
basis led to elevated refinancing risk previously, given the put
option under its U.S. dollar-denominated notes. We also consider
management's willingness to repurchase bonds at significant
discounts to par value to negatively weigh on GERL's credit
profile, which could affect its standing in credit markets."

Limited funding diversity will continue to curb the coal producer's
acquisition options and growth prospects.

GERL may be reliant on additional financing to repay its
outstanding debt, should internal cash flow generation be
insufficient. The company also has a short and declining reserve
life. S&P said, "By the end of 2020, we estimate GERL to have a
qualified reserve life of approximately seven years, which is short
compared with rated peers, such as PT Bayan Resources Tbk.'s of
almost 30 years and PT Bumi Resources Tbk.'s of more than 20 years.
This means GERL has to make acquisitions to replenish its declining
coal reserves and improve its earnings quality. We also believe
raising funds in the coal industry will become increasingly
difficult, given the ongoing global energy transition and reduction
in financiers' appetite toward coal plants." Thermal coal companies
with little market track record, weak business fundamentals, or a
highly leveraged balance sheet, are likely to face increased
financial difficulty as capital becomes increasingly scarce in the
sector.

S&P said, "The stable outlook reflects our expectations that Geo
Energy has reduced refinancing risks and will maintain EBITDA per
tonne above US$4 over the next 12 months. The rating also
incorporates the risk of further bond buybacks which we would
consider tantamount to a distressed exchange.

"We may lower the rating if the company undertakes further capital
market transactions, including bond buyback below par, which we are
likely to treat as distressed. Negative rating pressure could also
arise if we foresee GERL having difficulty in refinancing its
remaining debt, incurring persistent negative free operating cash
flows, or depleting its liquidity. We believe this scenario could
materialize if EBITDA per tonne falls below US$3 sustainably.

"We may raise the rating by at least one notch if we have certainty
that there will be no further bond repurchases. Further rating
upside would rely on GERL being able to maintain low leverage and
stable earnings on a sustainable basis and our view of the
company's longer-term business and financial strategy, including
the sustainability of its capital structure and liquidity beyond
the next 12-24 months. "

Established in 2008 and listed in Singapore since 2012, GERL is a
holding company that controls a group of thermal coal mining
companies in Indonesia. It owns four assets in Kalimantan, with the
production concentrated on two main assets in one seam, PT Sungai
Danau Jaya (SDJ) and PT Tanah Bumbu Resources (TBR). The company
had combined qualified reserves of 86MMT as of Oct. 31, 2020.


NOVENA GLOBAL: High Court Grant DBS Bank's Wind Up Application
--------------------------------------------------------------
The Business Times reports that Singapore's High Court on Dec. 11
granted an application from DBS Bank to wind up Novena Global
Healthcare Group (NGPL).

Meanwhile, its subsidiary Novu Fasthetics (NOVU) said in a
statement on Dec. 11 that operations will continue as usual, and
that several parties have expressed interest in acquiring part or
all of NOVU's businesses, BT relates.

RSM, which has been appointed the liquidator, confirmed that the
winding up order granted by the court relates only to NGPL and not
other entities or subsidiaries, according to BT.

Scandal-hit NGPL - which owed DBS over SGD14 million - was
co-founded by Singaporean cousins Terence and Nelson Loh. It is the
Singapore subsidiary of the Cayman Islands-incorporated Novena
Global Healthcare Group (NGHG), which made headlines after Ernst &
Young filed a police report alleging that its unauthorised
signatures had appeared on NGHG's financial statements, the report
says.

BT relates that the Accounting and Corporate Regulatory Authority
(Acra) has also said it will take enforcement action after it was
discovered that entities linked to the Lohs had not filed annual
returns.

In a statement on Dec. 11, Mr. Terence Loh said: "We respect the
court's decision and will abide fully by the legal process."

Mr. Nelson Loh has left Singapore.

According to the report, medical aesthetics chain NOVU - which
operates its aesthetics centres under the trade name Novu
Aesthetics - emphasised that the winding-up order made against its
Singapore-registered parent company will not affect NOVU's
day-to-day operations.

Mr. Terence Loh added that there are parties which have expressed
interest to acquire the Novu business, owing to its track record
and growth potential, BT relays. He went on to say: "Some have
already begun conducting due diligence. I believe that through RSM
we are in good hands to conclude negotiations quickly to realise
value and to protect Novu as a going concern."

BT adds that Marjory Loh, executive director of NOVU, emphasised in
a statement that it is "business as usual" for NOVU's six outlets
in Singapore, despite the corporate and legal issues besieging its
parent company.

According to BT, the chain said that it will continue to honour
packages that had been purchased by its customers. Most of them are
said to be Singaporeans. Formerly known as PPP Laser, NOVU was
rebranded in 2016.

Ms. Loh added that NOVU will continue to hire more doctors and
therapists to manage the volume of patients it is receiving.

Mr. Terence Loh and Mr. Nelson Loh also formed Bellagraph Nova
Group (BN Group) this year with Evangeline Shen. The group, which
made a bid for the Newcastle United football club, came under fire
after it was found to have doctored photos of former US president
Barack Obama in its marketing materials, the report says.

Singapore-based Novena Global Healthcare Pte. Ltd. provides
management consultancy services to the health care organizations.




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

BANK OF CEYLON: Fitch Lowers LongTerm IDR to CCC
------------------------------------------------
Fitch Ratings has downgraded Bank of Ceylon's (BOC) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'CCC',
from 'B-'. The ratings do not carry an Outlook because of the
potentially high volatility at this rating level, in line with
Fitch's rating definitions. Fitch has also downgraded BOC's
Viability Rating to 'ccc' from, 'b-', and has revised the Support
Rating Floor to 'No Floor', from 'B-'.

BOC's National Long-Term Ratings were not considered in this
review.

KEY RATING DRIVERS

IDR and VIABILITY RATING

The downgrade of BOC's Long-Term IDR and Viability Rating stems
from the November 27, 2020 downgrade of the sovereign IDR to 'CCC',
from 'B-', and its assessment of the operating environment. BOC's
Long-Term IDR is driven by the bank's intrinsic strength, as
expressed by its Viability Rating. The ratings are constrained by
the sovereign IDR.

Fitch believes the operating environment ('ccc'/negative) continues
to have a high influence on bank ratings, as it affects the level
of risk of doing business and banks' financial and non-financials
rating factors. Its assessment reflects that risks are skewed to
the downside given the sovereign's weakened credit profile and the
impact of the coronavirus pandemic. Fitch expects GDP to contract
by 6.7% in 2020 and to begin recovering in 2021 by 4.9%, partly
driven by the low-base effect. Its forecasts are subject to a high
degree of uncertainty regarding the evolution of the pandemic
globally and in Sri Lanka. The downgrade and negative outlook on
risk appetite and most of the financial profile factors reflect the
downside risks to borrowers' credit worthiness and the stability of
the bank's financial metrics stemming from the operating
environment.

Fitch lowered BOC's risk appetite score to 'ccc'/negative to
reflect heightened risk from its significant exposure to the
sovereign and non-state exposures that could be susceptible to
deteriorating operating conditions. Fitch believes the bank's
exposure to state and state-related entities could rise in the near
to medium term, as it may be asked to take the lead in supporting
businesses and individuals affected by the pandemic. BOC's loans
rose by 25% in 9M20; a much higher increase than the sector average
of 10% and that of private-sector peers.

BOC's asset quality score of 'ccc'/negative is aligned with its
risk appetite score and reflects its expectation of higher
impairment ratios. It also reflects its belief that its asset
quality may come under more pressure than that of domestic peers.
Fitch expects underlying asset-quality stress to build from already
elevated levels despite relief measures, such as restructuring
under loan-repayment moratoriums, which have largely halted the
recognition of credit impairment thus far.

Fitch lowered BOC's earnings and profitability score to
'b-'/negative, despite higher-than-sector loan expansion, as
pre-provision operating profit may not be able to provide
sufficient headroom if credit costs outpace income growth.

Fitch also lowered BOC's funding and liquidity score to
'b-'/negative due to rising challenges in accessing and pricing
foreign-currency funding, even though BOC is likely to benefit from
its state linkages and entrenched domestic deposit franchise for
local-currency funding. BOC has the largest foreign-currency
deposit base in Sri Lanka and has significant foreign-currency
denominated non-deposit funding.

Fitch maintained the bank's capitalisation and leverage score at
'b-'/negative, reflecting the heightened constraints on accessing
capital given the state's weak ability to provide support should
BOC's capital need to be replenished, since it is a fully
state-owned bank. BOC's exposure to the state sector bolsters its
reported ratios, which are mostly risk-weighted at 0%. Still, its
core capitalisation remains thin, and its capital buffers may
reduce further if it uses its capital-conservation buffer of 1%, as
permitted by the Central Bank of Sri Lanka under the country's
pandemic-related relief measures.

Support Rating and Support Rating Floor

The revision of the Support Rating Floor to 'No Floor' and the
affirmation of the Support Rating of '5' reflects its opinion that
extraordinary sovereign support for the bank cannot be relied upon.
Fitch believes the sovereign's ability to provide extraordinary
support is severely constrained by its weakened financial
flexibility, the size of the banking sector relative to the economy
and high vulnerability to large banking system losses in the
downturn, despite a high propensity for the sovereign to extend
support to its bank.

RATING SENSITIVITIES

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

IDR and VIABILITY RATING

BOC's ratings are constrained by the sovereign rating. Fitch does
not anticipate developments that might lead to positive rating
action in the near-term given the pressure on the sovereign rating
and the deteriorating operating environment.

SUPPORT RATING and SUPPORT RATING FLOOR

BOC's Support Rating and Support Rating Floor are constrained by
the sovereign rating. An upward revision of the ratings is possible
provided the sovereign's ability to provide support improves
materially. However, Fitch does not expect this in the near to
medium term.

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

IDR and VIABILITY RATING

BOC's IDRs and Viability Rating could be downgraded upon further
pressure on the sovereign rating, indicating increased risk of a
sovereign default. Fitch expects operating conditions to
deteriorate significantly under such a scenario, with heightened
risk for BOC's financial profile and a downgrade of its ratings. A
lack of access to foreign-currency funding that restricts the
bank's operations or a significant deterioration in loan quality
that erodes the bank's capital base could also lead to a
downgrade.

SUPPORT RATING and SUPPORT RATING FLOOR

The ratings are already at their lowest level and thus have no
downside risk.

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

BOC has an ESG Relevance Score of '4' for Corporate Governance due
to ownership concentration with a 100% state shareholding and
several related-party transactions with the state and state-owned
entities. This has a negative effect on the bank's credit profile,
and has a moderate influence on the rating in conjunction with
other factors.

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.

BOC has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No
shareholder other than Fitch, Inc. is involved in the day-to-day
rating operations of, or credit reviews undertaken by, Fitch
Ratings Lanka Ltd.


SRI LANKA INSURANCE: Fitch Cuts Insurer Fin Strength Rating to CCC+
-------------------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka Insurance Corporation
Limited's (SLIC) Insurer Financial Strength (IFS) Rating to 'CCC+'
from 'B'. Fitch typically does not apply Outlooks to ratings in the
'CCC' category or below. SLIC's National IFS Rating was not covered
in this review.

KEY RATING DRIVERS

The rating action follows the downgrade of the Sri Lankan sovereign
rating to 'CCC' from 'B-' on November 27, 2020, which heightened
SLIC's investment and asset risks on the international rating
scale, and increased the pressure on the operating environment and
the insurer's business profile. SLIC's rating continues to reflect
its 'Favourable' business profile, and a capital position and
financial performance better than that of the domestic insurance
industry.

Fitch believes the sovereign's downgrade underscores SLIC's
investment risks due to its high exposure to sovereign and
sovereign-related investments. Fitch, under its credit-factor
scoring guidelines, scores the insurer's investment and asset risk
at 'cc' on the international rating scale due to its high
'risky-asset' exposure. SLIC's Fitch-calculated risky-asset ratio
was 331% at end-1H20, and Fitch estimates the ratio to have
increased to 487% on a pro forma basis following the sovereign
downgrade.

Fitch lowered the country's Industry Profile and Operating
Environment score after the sovereign rating downgrade, resulting
in the lowering of SLIC's business profile score under its
credit-factor scoring guidelines to 'b-' from 'b+' on the
international rating scale. Fitch continues to regard SLIC's
business profile as 'Favourable' compared with that of other Sri
Lankan insurance companies due to its leading business franchise,
participation in well-diversified and stable business lines, and
large domestic operating scale.

SLIC's regulatory risk-based capital ratios of 451% for its life
and 203% for its non-life segments at end-1H20 were well above the
industry average and the 120% regulatory minimum. Fitch evaluated
SLIC's capital score, measured by the Fitch Prism Model, at
'Adequate' on a consolidated group basis at end-2019. Fitch expects
the insurer's capital buffers, strengthened partly by its
unallocated participating surpluses, to mitigate the impact from
any potential investment losses stemming from volatile financial
markets as a result of the coronavirus pandemic, although the
unallocated participating surpluses declined significantly in 1H20
due to lower market interest rates.

Fitch believes the slowdown in economic activity due to the
pandemic will hamper the industry's new business growth. Fitch
expects new business generation for life insurance to be subdued in
the near term as most insurers use agency networks that rely on
human interaction for distribution. Fitch expects non-life business
growth to slow in light of the government's restriction on the
import of motor vehicles to control currency depreciation.

Fitch expects the potential pressure on earnings from rising price
competition, fueled by constrained business growth and softer
investment yields, to be somewhat mitigated by lower claims from
motor insurance lines due to a drop in traffic accidents following
the implementation of pandemic-related travel restrictions. SLIC
has consistently maintained its non-life combined ratio below 100%
(1H20: 96%; 2019: 95%) for the past five years, buoyed by its scale
advantages and prudent underwriting practices.

RATING SENSITIVITIES

The IFS Rating remains sensitive to any material change in Fitch's
rating case assumptions on the pandemic. Periodic updates to its
assumptions are possible in light of the rapid pace of changes in
government action in response to the pandemic, and the speed with
which new information is available on the medical aspects of the
outbreak.

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

  - A material adverse change in Fitch's rating assumptions on the
coronavirus impact.

  - A further increase in SLIC's investment and asset risks on a
sustained basis.

  - Deterioration in the Fitch Prism Model score to well below
'Somewhat Weak' for a sustained period.

  - Significant deterioration in financial performance and earnings
for a sustained period.

  - Significant weakening in SLIC's business profile.

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

  - A material positive change in Fitch's rating assumptions on the
coronavirus impact.

  - A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the pandemic on the financial
profile of both the Sri Lankan insurance industry and SLIC.

  - Significant reduction in SLIC's investment and asset risks on a
sustained basis.

  - Sustained maintenance of SLIC's 'Favourable' business profile;
and

  - Maintenance of the Fitch Prism Model score well into the
'Somewhat Weak' level on a sustained basis.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



                           *********


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

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

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

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