/raid1/www/Hosts/bankrupt/TCRAP_Public/201230.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

          Wednesday, December 30, 2020, Vol. 23, No. 261

                           Headlines



A U S T R A L I A

AUSTRALIA: Introduces Further Insolvency Laws for Small Business
HUNGA BUSTERS: First Creditors' Meeting Set for Jan. 11


C H I N A

GUANGZHOU FINELAND: Moody's Affirms B2 CFR on Sales Growth
SICHUAN TRUST: Appoints New Chairman; Taps CCB to Manage Trust


H O N G   K O N G

BRIGHTOIL PETROLEUM: To Propose Restructuring Scheme for SG Unit


I N D I A

ADIG JEMTEX: CARE Keeps D on INR27cr Loans in Not Cooperating
ADVANCE NATH: Insolvency Resolution Process Case Summary
AMBIENCE PRIVATE: Insolvency Resolution Process Case Summary
AMBIKA BRICKWELL: CARE Cuts Rating on INR50cr LT Loan to D
ARYAVIR BUILDCON: Insolvency Resolution Process Case Summary

ASSOCIATED TOOLINGS: CARE Reaffirms B+ Rating on INR8.10cr Loan
BANSAL MULTIFLEX: Bankruptcy Court Admits Insolvency Plea v. Firm
E COMPLEX PRIVATE: Insolvency Resolution Process Case Summary
ENN AAR: CARE Lowers Rating on INR5cr LongTerm Loan to B-
FPL AUTOMOBILES: CARE Lowers Rating on INR13cr LT Loan to B

GOYAL SONS: CARE Lowers Rating on INR4.50cr LT Loan to B+
GREENLINE BUILDERS: Insolvency Resolution Process Case Summary
HBS VIEW: CARE Keeps D on INR100cr Loans in Not Cooperating
HEAT THERM: Insolvency Resolution Process Case Summary
INDIA: Suspension of Insolvency Initiation Extended Until March 25

INDIGO FACILITY: CARE Lowers Rating on INR10.85cr LT Loan to B-
ISHWAR CHAND: Insolvency Resolution Process Case Summary
IVRCL CHENGAPALLI: CARE Keeps D Debt Ratings in Not Cooperating
JINDAL PRL: CARE Lowers Rating on INR3cr Bank Loans to B
JOSHI AUTO: CARE Lowers Rating on INR8cr LT Loan to C

KAMRAN EXPORTS: CARE Keeps D on INR30cr Loans in Not Cooperating
KATALIST VIEWSPAPER: Insolvency Resolution Process Case Summary
MAXTAR BIO: CARE Lowers Rating on INR10cr LT Loan to B-
MAYUR LEATHER: CARE Moves D Debt Ratings to Not Cooperating
MODERN DAIRIES: CARE Keeps D on INR121cr Loans in NonCooperating

MURLIDHAR RATANLAL: CARE Moves D Debt Ratings to Not Cooperating
MYTRAH ABHINAV: CARE Lowers Rating on INR527cr LT Loan to D
MYTRAH ADARSH: CARE Lowers Rating on INR544.08cr LT Loan to D
NAMDHARI RICE: CARE Keeps D Debt Ratings in Not Cooperating
NIKKAMAL JEWELLERS: CARE Cuts Rating on INR18cr LT Loans to B-

NORTH RAJASTHAN: Insolvency Resolution Process Case Summary
PANVELKAR INFRASTRUCTURE: CARE Assigns B+ Rating to INR1.31cr Loan
POINT TEXTILES: CARE Lowers Rating on INR17.64cr LT Loan to B-
PREM INDUSTRIES: CARE Lowers Rating on INR9.61cr LT Loan to B
PREMIER PLASTIC: CARE Cuts Rating on INR5.80cr LT Loan to B-

SALASAR BALAJI: CARE Keeps B+ Debt Ratings in Not Cooperating
SBS TRANSPOLE: CARE Keeps D Debt Ratings in Not Cooperating
SHIRISH HOTELS: CARE Lowers Rating on INR12.85cr LT Loan to B-
SINGAN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
SINTEX-BAPL LIMITED: Insolvency Resolution Process Case Summary

SOHUM WORLD: CARE Lowers Rating on INR7.49cr LT Loan to D
ULTRA SPACE: CARE Keeps D on INR200cr Loans in Not Cooperating


I N D O N E S I A

REJEKI ISMAN: Moody's Lowers CFR to B1 on Weak Liquidity


S I N G A P O R E

OCEAN TANKERS: First Creditors Meeting Set for January 6
XIHE HOLDINGS: Units' First Creditors Meeting Set for January 12


S O U T H   K O R E A

HANJIN INTERNATIONAL: S&P Rates Senior Secured First-Lien Loan 'B'
MITSUBISHI HEAVY: Legal Steps Completed for Liquidation of Assets


T H A I L A N D

THAI AIRWAYS: To Ask More Time to Submit Rehabilitation Plan

                           - - - - -


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

AUSTRALIA: Introduces Further Insolvency Laws for Small Business
----------------------------------------------------------------
The Australian Government has introduced further insolvency reforms
for small businesses, to come into effect on Jan. 1, 2021. These
reforms follow the temporary measures introduced in March 2020 in
response to the COVID-19 pandemic. These measures only apply to
eligible incorporated small businesses with liabilities of less
than AUD1 million.

The reforms include a new:

- debt-restructuring process for incorporated small businesses

- simplified liquidation process for incorporated small
   businesses

- 'class' of registered liquidator who can only undertake the
   debt-restructuring process.

These reforms apply to small business if (1) it is incorporated
(structured as a company), and (2) it has liabilities of less than
AUD1 million.

"If you are a sole trader or in a partnership, these reforms do not
apply to your business," ASIC said.

"If you (in your role as company director) wish to access these
measures:

- for a debt-restructuring, you are required to make a
   declaration that your company is eligible to access the new
   process. To be effective you must publish it on ASIC's
Published
   Notices Website and give a copy of this to ASIC.

- for a simplified liquidation, you are required to give the
   liquidator you appointed a declaration that you believe the
   company will meet the eligibility criteria for a simplified
   liquidation. This declaration must happen within five business
   days after appointment.


HUNGA BUSTERS: First Creditors' Meeting Set for Jan. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hunga
Busters Pty Ltd and Pan Pen Pty Limited, trading as Panarottis
Penrith, Panarottis Pitza Pasta and Panas Italian Ristorante',  
will be held on Jan. 11, 2021, at 2:00 p.m. via teleconference.

Jason Porter and Joshua-Lee Robb of SV Partners were appointed as
administrators of Hunga Busters on Dec. 29, 2020.




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

GUANGZHOU FINELAND: Moody's Affirms B2 CFR on Sales Growth
----------------------------------------------------------
Moody's Investors Service has affirmed Guangzhou Fineland Real
Estate Development Co., Ltd.'s B2 corporate family rating and B3
senior unsecured rating.

The outlook remains stable.

"The ratings affirmation reflects our expectation that Fineland
will achieve decent contracted sales growth over the next 1-2 years
thanks to its well-located land bank in the Greater Bay Area, and
the growing contribution from urban redevelopment projects," says
Danny Chan, a Moody's Assistant Vice President.

"We also expect Fineland will maintain stable credit metrics and
adequate liquidity over the next 1-2 years," adds Chan.

RATINGS RATIONALE

Fineland's B2 CFR reflects the company's long operating history and
established brand in its core market of Guangdong province, where
there is good demand for residential properties, its adequate
liquidity to cover near-term refinancing needs and its ability to
foster relationships with domestic banks to support its property
development business.

On the other hand, the CFR is constrained by the company's small
scale, geographic concentration in Guangdong province and high
exposure to lower-tier cities, and modest credit metrics and
ongoing funding needs to support its business growth over the next
1-2 years.

Moody's expects Fineland's debt leverage ratio, as measured by
revenue to debt, will recover slightly to around 50% in the coming
12-18 months from 45% for the 12 months ended June 2020, as revenue
more than offset an increase in debt to fund its business
expansion.

Meanwhile, Fineland's EBIT/interest will stay around 2.0x in the
next 12-18 months, similar to the 2.0x for the 12 months ended June
2020, on the back of a likely mild decline in gross margins during
the same period.

Fineland's gross margin will fall slightly to around 31% in the
next 1-2 years from 34% for the 12 months ended June 2020 because
of the cap on the selling prices of new housing and increased land
costs in some of its major markets. Nevertheless, Fineland's margin
remains robust relative to its single-B rated Chinese property
peers, thanks to the contribution of high-margin urban
redevelopment projects.

The growing contribution from its urban redevelopment projects and
robust housing demand in Fineland's core markets in Guangdong
Province will also support the company's contracted sales growth in
the next 12-18 months.

Moody's expects the company's gross contracted sales to grow to
RMB20 billion in 2021 from an estimated RMB17 billion in 2020 and
RMB12 billion in 2019. This sales growth will support Fineland's
revenue growth and cash flow generation over the next 12-18
months.

Fineland's liquidity is adequate. Although the company's cash to
short-term debt coverage dropped to 93% as of June 30, 2020 from
117% at year-end 2019, Moody's expects that the company's cash
holdings, together with its operating cash flow after deducting
basic cash flow items, will be sufficient to cover its maturing
debt, committed land payments and dividend payments over the next
12-18 months.

Fineland's B2 CFR takes into account its private company status.
Comparatively, its information disclosure and corporate governance
are less transparent than that of listed property developers.

The company is also exposed to the risk associated with its
concentrated ownership and related party transactions because the
chairman owns 100% of the company. However, there have been limited
related party transactions relative to its scale over the past 3
years. The chairman has also demonstrated his ability to manage the
company through the industry cycles for the last two decades.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. The
majority of Fineland's claims are at its operating subsidiaries and
have priority over claims at the holding company in a liquidation
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

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

Fineland's stable outlook reflects Moody's expectation that the
company will execute its business expansion plan while maintaining
adequate liquidity and stable credit metrics over the next 12-18
months.

Moody's could upgrade the ratings if Fineland executes its business
plan to grow its scale; strengthens its financial profile; and
maintains sufficient liquidity.

Financial ratios indicative of an upgrade include revenue/adjusted
debt above 70%-75%, EBIT/interest above 3.0x and cash/short-term
debt above 1.5x on a sustained basis.

Conversely, Moody's could downgrade the ratings if Fineland's
contracted sales weaken as a result of weak execution or a delay in
the conversion of urban redevelopment projects; it accelerates its
land acquisitions such that its financial metrics and liquidity
weaken, or it encounters high near-term refinancing needs.

Financial metrics indicative of a downgrade include EBIT/interest
falling below 1.5x-2.0x; or cash/short-term debt dropping below
1.0x on a sustained basis.

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

Founded in 1995, Guangzhou Fineland Real Estate Development Co.,
Ltd. is a property developer based in Guangdong Province targeting
mid to high-end customers. The company adopts Eastern-style design
within its development to cater for different customers. At the end
of June 2020, the company was wholly owned by Fang Ming, who is
also the founder and chairman of the company.


SICHUAN TRUST: Appoints New Chairman; Taps CCB to Manage Trust
--------------------------------------------------------------
Liang Hong, Wu Hongyuran and Guo Yingzhe at Caixin Global report
that Sichuan Trust Co. Ltd. has agreed to a management overhaul
after financial regulators seized control of the local trust
company for failing to make good on a pledge to repay many of its
investors in a debt crisis that has dragged on since May.

The southwestern province-based company has hired CCB Trust Co.
Ltd., a state-owned trust company, to run "daily operations and
management" until Dec. 25 of next year, according to a company
statement issued on Dec. 26, Caixin relays.

The reshuffle of Sichuan Trust's board has resulted in Huang
Xiaofeng, the chairman of Zhonghai Trust Co. Ltd., being appointed
as the new chairman, sources with knowledge of the issue told
Caixin.  Shanghai-based Zhonghai Trust is the company's second
largest shareholder.

Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.




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

BRIGHTOIL PETROLEUM: To Propose Restructuring Scheme for SG Unit
----------------------------------------------------------------
Manifold Times reports that Hong Kong-based Brightoil Petroleum
(Holdings) Limited is planning to propose a restructuring scheme
for subsidiary Brightoil Petroleum (Singapore) Pte Ltd, a former
bunker supplier operating at the republic, in January 2021,
according to a December 23 operational update.

Manifold Times relates that the restructuring scheme will be
proposed during the next hearing at the Singapore Court which has
been fixed on either Jan. 18, 2021, or Jan. 25, 2021; it has been
planned for implementation by end of January 2021, subject to the
comments to be received from the scheme creditors.

Since the last update, the net proceeds from the sale of
Brightoil's six series vessels, namely Brightoil Lion and Brightoil
Grace, by the High Court of Singapore were successfully paid out to
the respective parties. As of end of September 2020, the legal
cases in Singapore court due to arrested vessels were completed,
Manifold Times discloses.

An earlier winding up petition filed by a creditor with the High
Court of Hong Kong in relation to an alleged unpaid sum pursuant to
a deed of guarantee allegedly signed by Brightoil has reached a
settlement on October 20 and the winding up petition was dismissed
by an order of the High Court on November 9, Manifold Times
recalls.

In addition, Brightoil's loan restructuring and loan settlements
with one of its major creditors, Luso International Banking Ltd,
has been fully paid off pursuant to the terms of the respective
settlement agreements, Manifold Times relays.

Manifold Times says the company continued to make progress with its
upstream business. Though Covid-19 has severely damaged global
economic activity the production of the Group's oil fields, oil
wells and natural fields was not affected, it said.

Brightoil has earlier stated it intends to focus on its upstream
business, going forward, Manifold Times adds.

Brightoil Petroleum (Holdings) Limited is a Hong Kong-based
investment holding company principally engaged in the provision of
petroleum products and marine bunkering services. The Company
operates through five segments. International Trading and Bunkering
Operation segment is engaged in the international supply of
petroleum.




=========
I N D I A
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ADIG JEMTEX: CARE Keeps D on INR27cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adig Jemtex
Private Limited (AJPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.43       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 15, 2019, placed
the rating of AJPL under the 'issuer non-cooperating' category as
AJPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. AJPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated December 7, 2020, December 8, 2020, December 9, 2020, and
December 11, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating continues to remain constrained on account of delay in
debt servicing owing to poor liquidity position.

Detailed description of the key rating drivers

At the time of last rating on November 15, 2019, the following were
the rating strengths and weaknesses (Updated for the information
available as per banker interaction)

Key Rating Weaknesses

* Delay in the debt servicing: As per banker interaction the
account is currently NPA.

Bhilwara (Rajasthan) based Adig Jemtex Private Limited (AJPL) was
incorporated by Mr. Nand Kishore Jindal and Mr. Madhur Jindal in
2010. Subsequently, there was change in share holding pattern in
2014 with exit of Mr. Madhur Jindal and entry of two new directors
namely, Mr. Akash Jindal and Mrs. Kavita Jindal. Initially, AJPL
was engaged in the business of seizing of yarns (mainly starching
process) and trading of grey and finished fabrics. However, from
June 2017, it has started commercial production of grey fabrics.
The plant of the company is located at Bhilwara with an installed
capacity of 67 lakhs meters of cloth per annum for sizing and 56
lakhs kgs per annum for weaving. At present the company has 52
airjet looms. The group concern includes Aarti Suitings Private
Limited (ASPL), incorporated in 1994, which is engaged in the
manufacturing and export of suiting, shirting and fabrics from its
facility located at Bhilwara, Rajasthan. The installed capacity
stood at 62 Lakh Meters Per Annum (LMPA) as on March 31, 2018. At
present, ASPL has 42 Dornier rapier looms and 16 Rapier looms.


ADVANCE NATH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Advance Nath Agri Chemicals Pvt. Ltd.
        701, Sukum Vila Apartment
        3/2, New Palasia
        Indore 452001
        M.P.

Insolvency Commencement Date: December 15, 2020

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: June 13, 2021
                               (180 days from commencement)

Insolvency professional: Sanjeev Chaudhary

Interim Resolution
Professional:            Sanjeev Chaudhary
                         204, Rajkamal Apartment
                         127-128, Kailash Vihar
                         City Centre
                         Gwalior 474011
                         E-mail: rpncltibc@gmail.com
                                 cirpanacpl@gmail.com

Last date for
submission of claims:    January 1, 2021


AMBIENCE PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ambience Private Limited
        L-4, Green Park Extension
        New Delhi DI 110016
        India

Insolvency Commencement Date: December 21, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 19, 2021

Insolvency professional: Sandeep Chandna

Interim Resolution
Professional:            Sandeep Chandna
                         23, Ground Floor
                         A-Block, South City 2
                         Sector-49, Sohna Road
                         Gurugram, Haryana 122018
                         E-mail: cssandeep@live.in
                                 ambiencecirp@outlook.com

Classes of creditors:    Real Estate Investors

Insolvency
Professionals
Representative of
Creditors in a class:    CS Mr. Ashish Singh
                         CS Mr. Rajesh Ramnani
                         CS Mr. Gopal Lal Baser

Last date for
submission of claims:    January 2, 2021


AMBIKA BRICKWELL: CARE Cuts Rating on INR50cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ambika Brickwell LLP (ABLLP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE BB-; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ABLLP to monitor the rating
vide e-mail communications/letters dated December 14, 2020,
December 11, 2020, November 4, 2020, September 23, 2020,  September
22, 2020, September 7, 2020, September 3, 2020,  August 31, 2020
and August 24, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Ambika
Brickwell LLP bank facilities will now be denoted as CARE D;ISSUER
NOT COOPERATING.

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

The revision in the rating to the bank facilities of ABLLP takes
into account the on-going delays in servicing of debt obligations.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

* Delays in servicing of debt obligations: As per the interaction
with the banker, there are on-going delays in servicing the part of
the interest obligations on the fund based working capital limits
with fixed repayment schedule; for the month of November 2020. The
delay was on account of cash flow mismatch faced by the company
pertaining to its on-going project. The principal repayment is
scheduled to commence from Quarter ended December, 2020.

Liquidity: Poor

Liquidity position of ABLLP is poor as indicated by lower accruals
as against the repayment obligations. This has constrained the
ability of the company to repay its interest obligations on a
timely basis. Company has availed moratorium from MarchAugust 2020
as per covid-19 regulatory package announced by RBI.

Ambika Brickwell LLP, belonging to Karnani Group, is a Mumbai based
real estate developer established in the year 2017. The firm is
established with that aim to deliver affordable houses in the
Bhiwandi area of Thane district. The group foundation was laid by
Mr. Shyam Karnani in the year 1960 by entering into real estate
business. The group has so far developed an area of ~2 million sq.
ft in cities like Mumbai, Nashik, Nagpur and Bengaluru.


ARYAVIR BUILDCON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Aryavir Buildcon Private Limited
        Old No. 25, New-33
        G/F JMD Kohingoor Galleria
        Masjid Moth, G.K.-II
        New Delhi South Delhi
        DL 110048
        IN

Insolvency Commencement Date: December 17, 2020

Court: National Company Law Tribunal, Division Bench, New Delhi

Estimated date of closure of
insolvency resolution process: June 14, 2021

Insolvency professional: Shashi Kant Nemani

Interim Resolution
Professional:            Shashi Kant Nemani
                         1517, Devika Towers
                         6, Nehru Place
                         New Delhi 110019
                         E-mail: nemani61@gmail.com
                                 adpl.cirp@gmail.com

Last date for
submission of claims:    December 31, 2020


ASSOCIATED TOOLINGS: CARE Reaffirms B+ Rating on INR8.10cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Associated Toolings India Private Limited (ATIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            8.10      CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities            5.80      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ATIPL continue to
remain constrained by small scale of operations, exposure to
volatility in prices of raw materials and highly working capital
intensive nature of operations resulting into stretched liquidity,
leveraged capital structure with weak debt coverage indicators and
vulnerable to cyclicality in demand from end user industries. The
ratings, however, continue to derive strength from long track
record of operation with experienced promoters with moderate
profitability margins.

Rating Sensitivities

Positive Factors

* Increase in scale of operation (turnover beyond INR25 crore)
while maintaining its current operating margin on a sustained
basis.

* Improvement in gross current assets days below 180 days with
reduced reliance on external borrowing for funding its working
capital requirement and improvement in overall gearing ratio below
1.50x on a sustained basis.

Negative factors

* Any further deterioration in gross current assets days from
current level and its increased reliance on external borrowing for
funding these requirements and any further deterioration in overall
gearing ratio from current level on a sustained basis

Detailed Rationale & Key Rating Drivers

* Small scale of operation: The scale of operations of the company
remained small marked by total operating income of Rs.10.80 crore
(INR11.31 crore in FY19) with a PAT of INR0.05 crore (Net loss of
INR0.49 crore in FY19) in FY20 (Provisional). Furthermore, the
tangible networth has also remained low at INR4.26 crore as on
March 31, 2020.  There was restriction on the operation since the
lockdown was imposed on 25th March, 2020 and accordingly the
company was not able to operate. However, the company has resumed
its production from May 14, 2020 and the company has booked revenue
of INR7.50 crore during the period from April 1, 2020 to November
30, 2020.

* Exposure to volatility in prices of raw materials and highly
working capital intensive nature of operations: The operations of
the company remained highly working capital intensive in nature as
reflected by its high operating cycle led by high inventory period.
The inventory remains high, owing to accumulation of raw materials,
following the shift to Bharat Stage (BS) IV standards from BS III
and BS IV standards to BS VI. The management are expecting to clear
the backlog inventory by exporting the valves to countries which
still use such inputs.

* Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company remained leveraged as marked
by overall gearing ratio of 3.20x as on March 31, 2020,
Provisional. Moreover, the overall gearing ratio has improved as on
March 31, 2020, provisional mainly due to relatively lower
utilisation of bank limits as on account closing date. The debt
coverage indicators also remained weak marked by interest coverage
of 1.38x and total debt to GCA of 26.35x in FY20, Provisional.

* Vulnerable to cyclicality in demand from end user industries: The
operating performance of the company remains vulnerable to
cyclicality in demand from end user industries like oil and gas,
petrochemicals and auto.

Key Rating Strengths

* Long track record of operation with experienced promoters: ATIPL
is into manufacturing of industrial valves and regulators since
1985 and thus has more than three decades of operational track
record. Being in the same line of business since long period, the
promoters have built up established relationship with its customers
and suppliers. The key  promoter; Mr. Ratan Jyoti Bishnu and Mr.
Anup Kanti Karmakar, have long experience in industrial valves
manufacturing business and they have strong technical capabilities
which helps the company to maintain healthy relationship with its
customers and bags repeated orders. The above promoters are
supported by Mr. Jyotirmoy Karmakar, Udayan Karmakar and Hirakjyoti
who also have more than two decades of experience in the same
industry.

* Moderate profitability margins: The profitability margins of the
company remained moderate marked by PBILDT margin of 18.06% in FY20
(Provisional) as against 15.87% in FY19 and PAT margin of 0.49% in
FY20 (Provisional). The PBILDT margin has improved during FY20
(Provisional) on account of better cost management. Furthermore,
the PAT margin also improved in line with PBILDT margin during in
FY20 (Provisional)

Liquidity: Stretched - The liquidity position of the company
remained stretched as reflected by high bank limit utilisation
(approx. 99% during last 12 months) and high operating cycle.
Moreover, it has modest cushion in accruals vis-à-vis repayment
obligation and low cash balance of INR0.24 crore as on March 31,
2020. The company has availed COVID relief loan of INR0.91 crore
from its lender. Further, the company has availed moratorium on
interest on working capital as well as EMI's repayment term loans
from its lenders from March 2020 to August 2020.

West Bengal based Associated Toolings India Private Limited (ATIPL)
was incorporated in August 1985 by Mr. Ratan Jyoti Bishnu, Mr. Anup
Kanti Karmakar, Mrs. Pratima Karmakar and Mrs. Manjusree Bishnu.
Later on in August 2008; Mr. Jyotirmoy Karmakar, Udayan Karmakar
and Hirakjyoti Bishnu joined the company. ATIPL has been engaged in
manufacturing of both fluid and gas valves and regulators, used by
various end-user industries, including oil and gas, petrochemical,
thermal power stations and refineries, food processing and
fertilizer. Its manufacturing unit is located in Howrah, West
Bengal and is equipped with installed capacity of 120,000 pieces of
valves per annum. The company also has its presences in the foreign
market in the country like Nigeria and Oman and derives revenue by
export which constitutes around 17.12% of total revenue of FY20,
Provisional and rest from domestic market. The domestic client of
the company includes reputed names like IOCL, HPCL- Mittal Energy
Limited, L&T Hydrocarbon Engineering Limited, Dangote Oil Refining
Company Limited, and Toyo Engineering India Private Limited. The
company has an order book position of INR8.80 crore as on December
15, 2020 which is expected to be executed by March 2021.


BANSAL MULTIFLEX: Bankruptcy Court Admits Insolvency Plea v. Firm
-----------------------------------------------------------------
The Economic Times reports that the dedicated bankruptcy court has
admitted the insolvency resolution petition against listed textile
firm Bansal Multiflex Ltd for the default on its operational debt
of about INR28 lakh.

According to ET, the Ahmadabad bench of the National Company Law
Tribunal (NCLT) has admitted the petition filed by Jodhpur-based
Vardhman Textiles has argued in its petition that the company had
supplied various raw materials to the company between July 2017 to
January 2019.

The division bench preceded by Judicial member Madan B Gosavi and
technical member Virendra Kumar Gupta while admitting the petition
on December 18, appointed Balmukund Kabra as interim resolution
professional (IRP), ET discloses.

"The operational creditor had produced on record, all invoices
under which, the goods sold and supplied to the corporate debtor
(Bansal Multiflex)," said the tribunal in its 9-page order, ET
relays. "It has produced on record, the copy of demand notice and
affidavit to show the notice has been duly received by the
corporate debtor."

When contacted, Nipun Singhvi, founding partner of law firm NSA
Legal, who appeared for the operational creditor along with
advocate Vishal Dave, confirmed the development but refused to
divulge any details further citing client confidentiality,
according to ET.

On January 15, NSE had decided to suspend the trading of securities
of Bansal Multiflex Ltd as per the stock exchange announcement.
Also, on November 11, the stock exchange had issued a show-cause
notice to the company to reason the exchange why it should not be
delisted from the exchange for the non-compliance of various
provisions of Sebi, ET recalls.

Ahmadabad-based Bansal Multiflex engages in trading of cloth, a
different type of semi-furnished fabrics, varieties of finished
fabrics. The company is also into the business of trading of
different types of chemicals primarily used in making detergent and
soaps.


E COMPLEX PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. E Complex Private Limited
        Survey No. 658
        Village Rampara-II
        Taluka
        Rajula 365560
        Gujarat

Insolvency Commencement Date: December 18, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 16, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash Jain
                         D-501, Ganesh Meridian
                         Opposite Gujarat High Court
                         S.G. Road
                         Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com
                         Mobile: 9824036127
                         Tel: 079-40371758

Last date for
submission of claims:    January 1, 2021


ENN AAR: CARE Lowers Rating on INR5cr LongTerm Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Enn
Aar Poles (EAP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank       5.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EAP to monitor the rating
vide e-mail communications/letters dated November 3, 2020, November
5, 2020 and November 9, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further, Enn
Aar Poles has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on EAP's
bank facilities will now be denoted as CARE B-; Stable; ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING*. Further due diligence
could not be done.

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

The revision in the ratings takes in account the non-availability
of requisite information due to non-cooperation by Enn Aar Poles
with CARE'S efforts to undertake a review of the rating
outstanding.

Detailed description of the key rating drivers

At the time of last rating in October 14, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with moderate profitability margins:
The scale of operation of the entity remained small as reflected by
its operating income of INR9.72 crore with a PAT of INR0.78 crore
in FY18, Provisional. Further, the tangible networth and total
capital employed was low at INR4.15 crore and INR7.57 crore,
respectively, as on March 31, 2018. The small size restricts the
financial flexibility of the entity and hinders its growth
prospects. Furthermore, the profitability margins also remained
moderate marked by PBILDT margin of 10.92% and PAT margin of 8.03%
in FY18, Provisional.

* Exposure to volatility in input prices and working capital
intensive nature of business: The major input materials required
for the entity are wires, iron & steel, insulators, isolators etc.
the prices of which are volatile in nature. Thus the entity is
exposed to volatility in prices of input materials. Furthermore,
EAP being engaged in installation of transformers and rural
electrification works which is working capital intensive in nature
as the entity allows credit of around two months to its customers.
Accordingly, the average utilization of working capital was around
90% during last 12 months ended July 31, 2018.

* Proprietorship nature of constitution: EAP, being a
proprietorship entity, is exposed to inherent risk of proprietor'
capital being withdrawn at time of his personal contingency and
entity being dissolved upon the death/insolvency of the proprietor.
Moreover, proprietorship entities have restricted access to
external borrowing as credit worthiness of proprietor would be the
key factors affecting credit decision for the lenders.

* Risk of delay in project execution coupled with client
concentration risk: As EAP is fully dependent on flow of orders
from Assam Power Distribution Co. Ltd. where steady flow & timely
execution acquires greater importance, especially in view of the
stringent rules involved in government contracts. EAP's business is
also susceptible to financial loss arising out of
delay in project execution, as generally penalty clause exists for
delay in execution of construction projects involving liquidated
damages, etc. EAP is Assam based entity having its operations only
in the state of Assam. As such the entity is also exposed to
geographical concentration risk.

* Intense competition with tender driven process risk: The entity
has to bid for the contracts based on tenders opened by the various
public sector units. Upon successful technical evaluation of
various bidders, the lowest bid is awarded the contract. The entity
receives projects which majorly are of a short to medium tenure
(i.e. to be completed within maximum period of one to two years).
Furthermore, orders are generally tender driven floated by
government units indicating a risk of non-receipt of contract in a
competitive industry.

Key Rating Strengths

* Experienced proprietor with long track record of operations: EAP
is into electrical contractor business since 2003 and thus has 15
years of track record of operations. Being in the same line of
business since long period, the proprietor has built up established
relationship with its clients and the entity is deriving benefits
out of this. The proprietor, Mr. Sumit Sovasaria has an experience
of more than a decade in the industry, look after the day to day
operations of the entity.

* Comfortable capital structure and strong debt coverage
indicators: The capital structure of the entity remained
comfortable marked by overall gearing ratios at 0.82x as on March
31, 2018. Furthermore, the debt coverage indicators also remained
strong marked by interest coverage ratio of 3.90x and total debt to
GCA of 4.33x in FY18, provisional

Enn Aar Poles (EAP) was established in 2003 as a proprietorship
entity by Mr. Sumit Sovasaria based out of Guwahati, Assam. Since
its inception, the entity has been engaged in rural
electrification, installation of transformers and its allied
activities. The entity participates in tender and mainly executes
work contracts for the Assam Power Distribution Company Limited.


FPL AUTOMOBILES: CARE Lowers Rating on INR13cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of FPL
Automobiles Private Limited (FPLAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 17, 2019, placed the
rating(s) of FPLAL under the 'issuer non-cooperating' category as
FPLAL had failed to provide information for monitoring of the
rating. FPLAL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated December 3, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account of
non-availability of requisite information due to non-cooperation by
FPL Automobiles Private Limited with CARE's efforts to undertake a
review of the outstanding rating as CARE views information
availability risk as a key factor in its assessment of credit risk.
The rating assigned to the bank facilities FPL Automobiles Private
Limited (FPLAL) factors increase in total operating income and thin
profitability margins. The ratings continues to be tempered by
limited track record and experience of promoters in managing
automobile dealership business, leveraged capital structure and
weak debt coverage indicators albeit improved and working capital
intensive nature of operations.

Detailed description of the key rating drivers

Key Rating Weakness

* Limited track record and experience of promoters in managing
automobile dealership business: FPLAL was incorporated in the year
2014 and operating for a period less than five years. The promoters
have experience in textile engineering & plastic manufacturing
however they do not have any prior experience in automobile
dealership business. The overall activities of the company are
taken care by well-trained team of employees.

* Leveraged capital structure and weak debt coverage indicators
albeit improved: The capital structure of the company although
improved but continued to remain leveraged at 14.11x as of March
31, 2019 as against 20.71x as of March 31, 2018 owing to increase
in networth despite increase in debt levels. The total debt to
gross cash accruals also improved however continued to be weak at
19.98x in FY19. Also the interest coverage has improved to 1.55x in
FY19 as against 0.94x in FY18 due to increase in PBILDT levels
which has absorbed the increased interest and finance charges.

* Thin profitability margins in FY19: The PBILDT margin though
remained thin, has improved by 125bps to 2.97% in FY19 as against
1.71% in FY18 on account of increase in PBILDT in absolute terms.
The company has reported net profit of INR1.39 crore in FY19.

* Working capital intensive nature of operations: The nature of
operations of the company continues to be working capital intensive
in nature. The operating cycle of the company stood at 46 days in
FY19 as against 50 days in FY18. Further, the company's collection
and creditor's period stood at 18 days and 2 days respectively in
FY19, and the inventory days stood at 30 days respectively in
FY19.

Key Rating Strengths

* Increase in total operating income: The company's TOI has
increased by 45% to INR263.87 crore in FY19 as against INR182.47
crore in FY18.

FPL Automobiles Private Limited (FPLAL) was incorporated in the
year 2014 by Mr. N. Mohan, Mr. V. Sekar, Mrs. S. Suganthi & Mrs. M.
Padma. Prior to establishing FPLAL, the directors had previous
experience in textile engineering & plastic manufacturing. FPLAL
has a group entity called Formulated Polymers Limited which is
engaged in manufacturing of formulated polymers. FPLAL is the
authorized dealer of Hyundai Motor Company (ranked 2nd best
automobile dealer all over Tamil Nadu) for vehicles and spare
parts. FPLAL has been receiving best performance award for the
three years consecutively called 'Grand Champion' from Hyundai on
account of its out growing performance. As a result, Hyundai has
approved two more service centres to FPLAL which is likely to be
established in Chromepet & Koyambedu in Chennai. It currently has
three operating showrooms in Chennai, Tamil Nadu. With effect from
March 2018 FPLAL started operating in Chromepet & received
best-volume retail award from Hyundai in January 2018. The company
procures the vehicles and spare parts directly from Hyundai's
manufacturing unit in Chennai. The registered office is located in
Chennai, Tamil Nadu.


GOYAL SONS: CARE Lowers Rating on INR4.50cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goyal Sons (GS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.50      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank       0.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 24, 2019, placed
the ratings of GS under the 'issuer noncooperating' category as GS
failed to provide information for monitoring of the rating. GS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated December 11, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of the last rating on September 24, 2019, following
were the rating weaknesses and strengths.

Key Rating Weaknesses

* Highly competitive and fragmented nature of industry: Organized
sector, consisting of large-scale spinning units and composite
mills, is responsible for majority of the yarn production and the
unorganized sector consisting of small scale spinning units'
accounts for rest of the capacity. This leads to highly fragmented
industry structure having high level of competition and intense
pricing pressures. All this contributes towards lower margins.

* Susceptibility to raw material fluctuations: The operations of GS
are raw material intensive in nature. The prices of the key raw
materials are fluctuating in nature which cannot be completely
passed on to the customers due to competitive nature of the
industry. This exposes the margins to any adverse movement in the
raw material prices.

Key Rating Strengths

* Experienced promoter: GS was established as a proprietorship
concern by Mr. Vinod Kumar Goyal in the year 1987. Mr. Vinod Kumar
Goyal has an experience of around four decades in the textile
industry.

Goyal Sons was established as a proprietorship concern, by Mr.
Vinod Kumar Goyal in the year 1987. The firm is primarily engaged
in the trading of all kinds of yarns, fibres and knitted cloth. The
firm is having its sales office in Ludhiana (Punjab). The firm has
a group concern namely, Goyal Petrofils Yarns Private Limited
(GPYPL; rated CARE BB+; Stable/ CARE A4+; Issuer Not Cooperating)
which is primarily engaged in the manufacturing of yarns and
knitted cloth at its manufacturing facility located at Ludhiana,
Punjab and is also involved trading of yarn and knitted cloth.


GREENLINE BUILDERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Greenline Builders Limited
        106, Palco House
        T/10, Main Patel Nagar
        New Delhi 110008

Insolvency Commencement Date: December 16, 2020

Court: National Company Law Tribunal, Bench-IV New Delhi

Estimated date of closure of
insolvency resolution process: June 14, 2021
                               (180 days from commencement)

Insolvency professional: Damodar Prasad Gupta

Interim Resolution
Professional:            Damodar Prasad Gupta
                         First Floor, 14
                         Jhansi Road
                         Near Jhandewalan Temple
                         New Delhi 110055
                         E-mail: sgsdel@gmail.com
                                 cirp.greenline@gmail.com

Last date for
submission of claims:    January 2, 2021


HBS VIEW: CARE Keeps D on INR100cr Loans in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of HBS View
Private Limited (HVPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated October 25, 2019, placed the
rating(s) of HVPL under the 'issuer non-cooperating' category as
HVPL had failed to provide information for monitoring of the
rating. HVPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated November 10, 2020, December 7, 2020 and
December 10, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on October 25, 2019, the following was
the rating weaknesses:

Key Rating Weaknesses

* On-going delay in debt servicing: As per auditor interaction,
there are on-going delays in debt servicing.

HBS View Pvt. Ltd (HVPL) is a special purpose vehicle to undertake
redevelopment of residential tower on 3,63,930 sq. ft. of
developable area, at Haji Ali Road, South Mumbai. The company is
promoted by HBS Realtors Pvt. Ltd., a Mumbai based real estate
developer, having track record of executing large scale project
development in commercial as well as residential segment.


HEAT THERM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Heat Therm Private Limited
        Plot No. 876
        Road No. 84/4
        GIDC, Sachin
        Surat 394520

Insolvency Commencement Date: December 18, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 16, 2021

Insolvency professional: CA Nimai Gautam Shah

Interim Resolution
Professional:            CA Nimai Gautam Shah
                         605-606-607, Silver Oaks
                         Near Mahalaxmi Char Rasta
                         Paldi, Ahemdabad 380007
                         Gujarat
                         E-mail: cnjabd@gmail.com

Last date for
submission of claims:    January 7, 2021


INDIA: Suspension of Insolvency Initiation Extended Until March 25
------------------------------------------------------------------
The Hindu BusinessLine reports that the Ministry of Corporate
Affairs (MCA) has extended by three more months - from December 25
to March 25 - the suspension of insolvency proceedings initiation
against corporates for debt defaults.

A six-month suspension was first introduced on June 5 for debt
defaults arising post March 25, 2020, when the Covid-induced
lockdown was announced. The suspension was to end on September 25,
but was extended up to December 25, the report notes.

According to BusinessLine, the latest MCA move comes on the heels
of Finance Minister Nirmala Sitharaman indicating a few days back,
at an industry interaction, that the government had decided to
extend IBC suspension till March next year.

In effect, the government has now ensured that any corporate debt
defaults arising between March 25, 2020 and March 25, 2021 will
remain outside the Insolvency and Bankruptcy Code (IBC) forever,
said IBC experts. However, if the default had occurred before March
25, 2020, there will be no protection, they added.

BusinessLine relates that the suspension of IBC initiation is
expected to save several companies from being pushed into
insolvency or being liquidated. Companies which were otherwise
viable but got into trouble (became unviable) because of Covid-19
and the resultant lockdown will now be protected, said experts.
These companies are expected to revert to good health when the
pandemic is contained.

While the law now prohibits insolvency proceedings against the
corporate debtor for defaults occurring during the specified period
till March 25 next year, it does not disallow such action against
the personal guarantors of a corporate debtor, said Daizy Chawla,
Senior Partner at law firm Singh & Associates, BusinessLine
relays.

She also said that the suspension of proceedings will lessen the
burden of the Adjudicating Authorities as regards applications
against corporate debtors with respect to default occurring between
March 2020 and March 2021, according to BusinessLine. Yet, it might
increase the burden of the Debt Recovery Tribunal (DRT) and other
courts, as lenders/creditors with corporate debtors may turn to
them for redress.

BusinessLine relates that Aseem Chawla, Managing Partner at law
firm ASC Legal, said: "Instead of extending the suspension a
calibrated progress may have been a worthwhile option. A
significant number of borrowers are still struggling with
restructuring of loans and the distress assets market needs some
more filip. If there are signs of economic recovery as per the
government's assertion, then some sort of opening up would have
been a step in the right direction as some beginning has to be
made."

Sushmita Gandhi, Partner at law firm IndusLaw, said the further
suspension of IBC proceedings may have provided a safe haven to
many borrowers during this time of economic distress but would
surely push back quick resolution of stressed loans for lenders,
BusinessLine relays.
"Even though the lenders can approach other forums for recovery of
debt, those proceedings are time consuming and not as effective as
the resolution process envisaged under the IBC. The suspension is
also likely to impact smaller operational creditors as their chance
of settling the bona fide claims with companies owing huge debt to
them is affected, too," BusinessLine quotes Gandhi as saying.

While the suspension may have been extended looking at the larger
interest and to curb the misuse of IBC by lenders, it is bound to
severely prejudice the entire banking and lending system, she
added.

BusinessLine adds Souvik Ganguly, founder and Managing Partner of
Acuity Law, said: "A general prohibition to initiate proceedings
under the insolvency law may have been required in the initial
months of the pandemic. However, as more than nine months have
passed, corporate debtors in distress should be allowed to use the
IBC process to restructure businesses or, if required, initiate
liquidation."


INDIGO FACILITY: CARE Lowers Rating on INR10.85cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indigo Facility Services Private Limited (IFSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.85      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 18, 2019, placed
the rating of IFSPL under the 'issuer non-cooperating' category as
Indigo Facility Services Private Limited had failed to provide
information for monitoring of the rating. Indigo Facility Services
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 2020 to December 7, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of
Indigo Facility Services Private Limited takes into account of
decline in profitability margins. The ratings continue to be
tempered by small scale of operations, leveraged capital structure
and weak debt indicators, working intensive nature of operations.
However the rating continues to derive its strength long track
record of company and experienced management, stable demand outlook
for manpower industry.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Companies

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the company
stood marked by total operating income of INR3.77 crore in FY20
with net worth of INR2.90 crore as on 31st March 2020.

* Decline in profitability margins: The PBILDT margin declined from
32.28 %in FY19 to 11.34% in FY20.The PAT margin declined from 3.27%
in FY19 to 2.85% in FY20.

* Leveraged capital structure and weak debt indicators: The capital
structure of the company marked by debt equity and overall gearing
ratio improved from 3.50x and 4.05x as on 31st March 2018 to 1.90x
and 2.02x as on 31st March 2020. The debt coverage indicators
marked by total debt/GCA and interest coverage ratio stood at
51.31x and 1.48x as on 31st March 2020 as against 86.81x and 1.11x
as on 31st March 2019.

* Working intensive nature of operations: The operating cycle of
the company improved and stood at 122 days in FY20 as against 311
days in FY19. The inventory days also improved from 272 days in
FY18 to 123 days in FY20 and creditor days stretched from 3 days in
FY19 to 35 days in FY20.

Key Rating Strengths

* Long track record of the company and experienced management:
IFSPL is a private limited company promoted by Mr.GaddeBabji and
Mrs.Vijayabharathi in the year 2000.Mr.GaddeBabjiis a graduate with
rich experience of more than three decades in the manpower services
industry whereas Mrs.Vijayabharathi and Mr.Akhil Chandralook after
finance and marketing of the company. Due to their long experience
in the manpower industry, the promoters have established relations
with its customers which has benefitted in terms of bagging new
orders in competitive Industry.

* Stable demand outlook for Manpower Industry:  Growing
urbanisation, coupled with retail boom and increased concerns
regarding security of men, money and material has led to rise of
organisation under the umbrella of private security segment in
India. The Indian security industry, which primarily comprised
man-guarding is now witnessing a shift towards cash management and
electronic surveillance. The sector seems to have a very positive
outlook both from an organic and an inorganic growth perspective.
Due to continued thrust on infrastructure development, the industry
has a huge potential to grow organically since it is an ancillary
service which is required both at infrastructure development stage
and also at maintenance stage. Cleaning services include a wide
range of services required by commercial and residential sectors.
It comprises maid services, window cleaning, floor cleaning, carpet
& upholstery cleaning, and other cleaning services, which are used
by residential and commercial consumers. The continuing era of
business digitalization and mobilization brings the new
technologies in software development, along with the testing trends
in quality assurance industry. As it is, QA department is one of
the most important ones that defines the weak points of apps and
websites before their launch. Testing itself is an essential stage
of software development where all the QA initiatives save
developers' time and company's money by finding problems or bugs
fast and effectively.

Hyderabad based, Indigo Facility Services Private Limited (IFSPL)
was incorporated by Mr.Gadde Babji and Mrs.Vijayabharathiin the
year 2000 as a private limited company. The directors of the
company have more than two decades of experience in the manpower
industry. The company offers services in sectors such as property
management, housekeeping and security services. IFSPL serves and
provides services for all individual and organisational needs as it
has the skills, expertise and operational infrastructure to
efficiently deliver the end user requirements. The examples of the
trading materials are harpic products, Lysol, housekeeping material
and stationary items etc.

Additionally, IFSPL also sells its cleaning products in the brand
name of 'SPARKLZ' and 'DETSOL'. The company procures its orders
through online and through dedicated purchase department. To meet
the timely manpower requirements of organisations, IFSPL maintains
a separate recruitment team and executes the orders through best
available quotations. Presently, IFSPL has availed services of
around 400 security guards and other management teams to provide
quality of services.


ISHWAR CHAND: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ishwar Chand Agro Private Limited
        KC-105, Kavi Nagar
        Ghaziabad
        U.P. 201001

Insolvency Commencement Date: December 18, 2020

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: June 16, 2021

Insolvency professional: Mr. Piyush Moona

Interim Resolution
Professional:            Mr. Piyush Moona
                         Flat No. 04034
                         ATS Advantage Ahinsa Khand I
                         Indirapuram, Ghaziabad
                         Uttar Pradesh 201014
                         E-mal: piyushmoona@gmail.com

                            - and -

                         Synergy Insolvency Professionals LLP
                         906, I-Thum Business Park
                         Sector 62, Noida
                         Uttar Pradesh 201301
                         E-mail: cirp.ishwarchandagro@gmail.com

Last date for
submission of claims:    January 1, 2021


IVRCL CHENGAPALLI: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IVRCL
Chengapalli Tollways Limited (ICTL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      861.90      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 5, 2020, placed the
rating(s) of ICTL under the 'issuer non-cooperating' category as
ICTL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. ICTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 30, 2020, October 30, 2020, November 30, 2020 and
December 10, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating assigned to the bank facilities of IVRCL Chengapalli
Tollways Limited (ICTL) continues to remain constrained by the weak
liquidity profile resulting in delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on February 5, 2020, the following were
the rating strengths and weaknesses: (Updated information taken
from Ministry of Corporate Affairs)

Key Rating Weaknesses

* Weak liquidity position: The liquidity position of the company is
weak due to inadequate toll revenue for servicing debt obligations.
Further, the company has been classified as Non-Performing Asset
(NPA) by the lender.

Key Rating Strengths

* Established promoter group: IVRCL is an established
Infrastructure company with interests in a variety of
infrastructure projects, including Water & Environment, Roads &
Bridges, Railways, Buildings & Industrial Structures, Mining, Oil &
Gas exploration as well as Power transmission. However, the company
has a weak financial and liquidity profile with net loss
registered since last two years

ICTL, incorporated in February 2010, is a special purpose vehicle
(SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary
IVRCL Assets & Holdings Limited (IAHL), which has now been merged
with IVRCL. ICTL was implementing a road project (under NHDP
Phase-II programme) envisaging 4/6 laning of the road in
Chengapalli–Coimbatore–Walayar of NH-47 in the state of Tamil
Nadu (Total length: 54.83 km) on Design, Build, Finance, Operate
and Transfer (DBFOT) toll basis for a concession period of 27
years. The project stretch is divided into two sections; from Km
102.03 to Km 144.68 of 42.64 km (Section I) and from Km 170.88 to
Km 183.01 of 12.13 Kms (Section II). The project achieved
provisional Commercial Operational Date (COD) on October 9, 2015
and has started collecting toll revenue from October 14, 2015.


JINDAL PRL: CARE Lowers Rating on INR3cr Bank Loans to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jindal PRL Infrastructure (Joint Venture), as:

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

   Short Term Bank      12.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Jindal PRL Infrastructure
(Joint Venture) to monitor the rating vide e-mail
communications/letters dated November 2, 2020, November 6, 2020 and
November 13, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, Jindal PRL
Infrastructure (Joint Venture) has not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. The
rating on JPRLI's bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING and CARE A4; ISSUER NOT COOPERATING.
Further due diligence could not be contacted.

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

The revision in the ratings takes in account the non-availability
of requisite information due to non-cooperation by Jindal PRL
Infrastructure (Joint Venture) with CARE'S efforts to undertake a
review of the rating outstanding.

Detailed description of the key rating drivers

At the time of last rating in October 14, 2019, the following were
the rating strengths and weaknesses

Key Rating Weaknesses:

* Small scale of operations with low profit margins: JPRLI is a
relatively small player in the domestic civil construction industry
marked by its total operating income of INR44.70 crore with a PAT
of INR0.06 crore in FY18, Provisional. Further, the net worth base
and total capital employed was low at INR4.69 crore and INR7.60
crore, respectively, as on March 31, 2018. The profitability
margins of the entity remained low marked by PBILDT margin of 0.36%
(4.70% in FY17) and PAT margin of 0.14% (0.04% in FY17) in FY18,
provisional.

* Working capital intensive nature of business and exposure to
volatility in input prices: The major input materials for the
entity are bitumen, asphalt, murram, stone chips and metals, the
prices of which are volatile. Further the orders executed by the
entity does not contain price escalation clause and thus the entity
remains exposed to the price volatility of the input materials.
This apart, any increase in labour prices will also impact its
profitability being present in a highly labour intensive industry.
The operations of the entity remained working capital intensive as
the entity executes orders mainly for public sector units.

* Intense competition and tender driven process risk: The entity
has to bid for the contracts based on tenders opened by the various
public sector units. Upon successful technical evaluation of
various bidders, the lowest bid is awarded the contract. The entity
receives projects which majorly are of a short to medium tenure
(i.e. to be completed within maximum period of one to two years).
Apart from this, present economic slowdown is also having a
negative bearing on the construction sector which may also hinder
the growth of the entity. Furthermore, orders are generally tender
driven floated by government units indicating a risk of non-receipt
of contract in a competitive industry.  

Key Rating Strengths

* Experienced management: JPRLI is managed by Mr. Mukesh Kumar
Agrawal (Partner of Jindal Infrastructure) and Mr. Vijay Garg
(Director of PRL Projects & Infrastructures Ltd.). Mr. Mukesh Kumar
Agarwal is agreed to be authorized signatory on behalf of the joint
venture and he has around two decades of experience in civil
construction business. He looks after the day to day operations of
the entity supported by Mr. Vijay Garg who is also having long
experience in this industry.

* Healthy order book position: JPRLI has an order book position of
INR62.30 crore (1.39x of FY18 total operating income) as on May 31,
2018 which is to be completed by December 2018. Comfortable capital
structure with moderate debt coverage indicators: The capital
structure of the entity remained comfortable marked by debt equity
ratio at nil and overall gearing ratios at 0.60x as on March 31,
2018. The debt coverage indicators also remained moderate marked by
interest coverage ratio of 2.59x and total debt to GCA of 16.54x as
on March 31, 2018.

Established in 2016, Jindal PRL Infrastructure (JPRLI) is a joint
venture of Jindal Infrastructure (JI) and PRL Projects &
Infrastructure Limited (PRL), wherein JI is the lead partner and
PRL is the associate partner with profit sharing ratio of 74% and
26% respectively. The joint venture was formed to strengthen the
technical and financial biding capacity and to attract higher value
work contract floated by government units.


JOSHI AUTO: CARE Lowers Rating on INR8cr LT Loan to C
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Joshi Auto Wheels Private Limited (JAWPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2019, placed
the rating of JAWPL under the 'issuer non-cooperating' category as
JAWPL had failed to provide information for monitoring of the
ratings. JAWPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated December 14, 2020, December 10, 2020,
December 09, 2020, and December 08, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of short track record of the
entity, weak overall solvency position, poor Liquidity position,
high competition amongst dealers. However, the rating derives
strength from experienced management.

Key Rating Weaknesses:

* Short track record of the entity: The total operating income of
the company declined from INR15.62 crore in FY18 to INR12.69 crore
in FY19.

* Weak overall solvency position: The capital structure of the
company stood leveraged owing to erosion of net worth base due to
continued losses at net level, as on March 31, 2019. Furthermore,
the debt coverage indicators also continued to remain weak, as on
March 31, 2020.

* Poor Liquidity position: The liquidity position of the company
stood poor with current ratio and quick ratio of 0.70 times and
0.32 times as on March 31, 2019. Further the operating cycle stood
at 51 days, as on March 31, 2019.

* High competition amongst dealers: The domestic auto industry has
been going through a challenging phase for the last few years. The
overall slowdown in the GDP growth, high inflation, interest rates
and fuel prices have had an adverse bearing on auto sales, due to
which the auto dealerships were plagued by rise in inventory levels
and operating cycle.

* Dealerships deriving higher proportion of revenue from sale of
spare parts, service income or incentive income: will benefit more
as compared with those with higher proportion of sale of vehicles
in the revenue.  Competition amongst dealers will, however, keep
the profitability margins under check.

Key Rating Strengths:

* Experienced management: The operations of the company are managed
by the directors, Mr Manish Joshi and Mrs Bhawna Joshi and both
have vast experience in the industry.

Joshi Auto Wheels Private Limited (JAWPL) was incorporated in June
2015. The company operates a 3S facility (Sales, Spares, Service)
showroom for Nissan Motor India Private Limited (NMIPL). The
company started its operations in October-2015. The operations of
the company are managed by the directors, Mr Manish Joshi and Mrs
Bhawna Joshi. JAWPL operates as an authorized dealership of the
entire range of passenger vehicles (PV) like hatchback-Micra
Active, sedan-Sunny, SUV-Terrnao, etc, for NMIPL. The showroom is
located in Industrial area, Phase-1, Chandigarh and the service
workshop is located at Plot No. 33, Phase-1, Industrial Area,
Chandigarh. The company provides NMIPL products with finance,
exchange, insurance and accessories. JAWPL has two group concerns
namely Joshi Auto Links Pvt. Ltd. (JALPT) and Cement Fabrics
(India) (CF). JALPT operates as an authorized dealership of Honda
cars since 2010 and CF is engaged in manufacturing of pcc cements
pole since 1993.


KAMRAN EXPORTS: CARE Keeps D on INR30cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamran
Exports Private Limited (KEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2017, placed the
rating(s) of KEPL under the 'issuer non-cooperating' category as
KEPL had failed to provide information for monitoring of the
rating. KEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated December 7, 2020, December 1, 2020 & November 27,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on November 19, 2019, the following were
the rating strengths and weaknesses:

* Delays in debt servicing: There have been on-going delays by
Kamran Exports Private Limited in servicing of its debt
obligations.

Kamran Exports Pvt Ltd (KEPL), incorporated on July 3, 2009 by Mr
Preet Singh, Mr Kultar Singh Kapoor and Mr Manmeet Singh as a
private limited company as an exporter of fabric to foreign
countries but now the company has entered into trading of garments,
shoes and dry fruits also. Mr Kultar Singh has an experience of
more than 15 years and Mr Manmeet Singh has an experience of more
than 7 years in the business. The company procures the products
domestically and exports mainly to various countries of UAE and
South Africa.


KATALIST VIEWSPAPER: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Katalist Viewspaper Private Limited
        Plot in KH No. 338/10/3
        First Floor, Shahbad Pur
        New Delhi 110061

Insolvency Commencement Date: December 18, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: June 16, 2021
                               (180 days from commencement)

Insolvency professional: Pankaj Kumar Singhal

Interim Resolution
Professional:            Pankaj Kumar Singhal

                         Not for communication:
                         A-233, Ground Floor
                         Bunkar Colony, Ashok Vihar
                         Phase IV, Delhi 110052
                         E-mail: aprassociatesllp@gmail.com

                         For communication:
                         Pankaj Kumar Singhal
                         WP-509, Second Floor
                         Wazirpur Village
                         Ashok Vihar, Phase-I
                         Dehi 110052
                         E-mail: cirp.katalistviespaper@gmail.com

Last date for
submission of claims:    January 5, 2021


MAXTAR BIO: CARE Lowers Rating on INR10cr LT Loan to B-
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maxtar Bio Genics (MBG), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B
                                   
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2019, placed the
rating of MBG under the 'issuer non-cooperating' category as MBG
had failed to provide information for monitoring of the ratings.
MBG continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2020, December 10, 2020, December
9, 2020, and December 8, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of geographical
concentration risk, highly fragmented and competitive nature of the
industry and partnership nature of constitution. However, the
rating derives strength from experienced and qualified partners.

Key Rating Weaknesses:

* Exposure to regulatory Risk: The Pharmaceutical industry is a
closely monitored and regulated industry and as such there are
inherent risks and liabilities associated with the products and
their manufacturing. Furthermore, issues like price control of
essential medicines by the Government of India through the Drug
(Prices Control) Order, 2013, pose regulatory risk for the
Pharmaceutical industry.

* Partnership nature of its constitution: MBG's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
the firm being dissolved upon the death/retirement/insolvency of
partners.

Maxtar Bio Genics (MBG) was established as a partnership firm in
2007 and is currently being managed by Mr Madan Lal Bansal and Mr
Jagdish Chand Bansal, sharing profit and loss equally. The firm is
engaged in the manufacturing and selling of generic drug
formulations at its manufacturing facility in Baddi, Himachal
Pradesh with total installed capacity of manufacturing 2000 million
tablets and 365 million capsules per annum as on June 30, 2017. The
firm is present across various therapy areas including
anti-diabetic, anti-infective, antifungal, neuropsychiatry,
gastroenterology, cardiovascular, etc.


MAYUR LEATHER: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Mayur
Leather Products Limited (MLPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        0.66      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Long Term/Short       8.00      CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING Rating moved to
   Facilities                      ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       1.05      CARE D/CARE D; ISSUER NOT
   Facilities                      COOPERATING Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MLPL to monitor the
rating(s) vide e-mail communications dated May 21, 2020, May 25,
2020, June 8, 2020, June 24, 2020, July 8, 2020 and July 20, 2020,
August 5, 2020, September 30, 2020 and October 20, 2020 among
others and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on MLPL bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 5, 2019 the following were
the rating strengths and weaknesses (Updated for the information
available from Stock Exchange)

Key Rating Weaknesses

* Irregularity in debt servicing: It has registered continuous net
loss as well as cash loss which lead to deterioration of liquidity
position. Further, there were delays in debt servicing.

Jaipur (Rajasthan) based MLPL was formed in 1987 by Mr. Rajender
Singh Poddar. The company is engaged in manufacturing and export of
leather shoe and shoe uppers. The company has its manufacturing
facility located at Jaipur and exports its products to Europe,
Middle East and Canada.


MODERN DAIRIES: CARE Keeps D on INR121cr Loans in NonCooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Dairies Limited (MDL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      121.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       4.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 24, 2019, placed
the ratings of MDL under the 'issuer non-cooperating' category as
MDL failed to provide information for monitoring of the rating. MDL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated December 11, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of the last rating on September 24, 2019, following
were the rating weaknesses.

Key Rating Weaknesses

* Ongoing delays in debt servicing: Some of the company's bank
accounts continue to be classified as Non-Performing Asset (NPA).

MDL was setup by Mr. Krishan Kumar Goyal in 1992 with an initial
milk processing capacity of 3.25 lakh litre of milk per day (LLPD).
For liquid milk, the company has a tie-up with Mother Dairy for
complete off-take of 2 LLPD. Ghee is sold through the company's own
retail channel and through bulk sales under the brand name of
'SHWETA' and 'MODERN DAIRIES'. The company supplies products like
skimmed milk powder and other milk products like whole milk powder,
mozzarella cheese, casein to various institutional buyers while its
current focus is on sale of fresh dairy products, cheese, ghee,
etc.


MURLIDHAR RATANLAL: CARE Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Murlidhar Ratanlal Exports Limited (MREL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      88.28       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term/Short     17.50       CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating moved to ISSUER NOT
   Facilities                      COOPERATING category

   Short Term Bank     57.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MREL to monitor the
rating(s) vide e-mail communications dated November 5, 2020,
November 27, 2020 and December 11, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, MREL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on MREL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings assigned to the bank facilities of MREL continue to
remain constrained by on-going delays in repayment of bank dues,
weak financial performance in FY19, low capacity utilization, weak
financial risk profile, raw material price volatility risk due to
dependence on vagaries of nature and labour intensive operations.
The ratings, however, draw comfort of experienced promoters and
continued government support to Jute Industries.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Ongoing delays in the account: There are ongoing delays in
servicing of interest and instances of devolvement of Letter of
Credit.

* Continued weak financial performance leading to poor liquidity
position: Due to the shut-down of the 3 Jute mills (Hastings Jute
Mill, India Jute Mill and the Gondalpara Jute Mill) in FY19, MREL's
total operating income deteriorated significantly from INR777.12
crore in FY18 to INR346.02 crore in FY19, resulting in an operating
loss of INR81 crore and net loss of INR112 crore. In view of
substantial losses, the liquidity position of the
Company remained poor.

* Raw material price volatility risk due to dependence on vagaries
of nature: Raw-material is the largest cost component of MREL,
accounting for ~52% of cost of sales in FY19, followed by employee
costs. The prices of raw jute, being an agricultural product, are
volatile in nature due to heavy dependency on the vagaries of
nature and crop economics. Given that raw-material is the major
cost driver and the prices of which are highly volatile in nature,
the company's profitability is susceptible to volatility in
raw-material prices. However, the risk gets mitigated to a certain
extent on government orders due to presence of price variation
clause in government orders.

* Labour intensive operations vis-a-vis labour problems associated
with the industry: The jute industry is highly labour intensive
entailing high employee expenses. The domestic jute industry is
generally plagued by labour related problems for the last few
decades and MREL also suffered accordingly in the past.

* Working capital intensive nature of operation with policy risks
and dependence on Government Contract:  MREL's operation is working
capital intensive in nature due to the seasonal nature of the
product. During the harvesting time the company needs to have a
good stock of raw materials. These once produced are also stored
thereby increasing the inventory period. Also they need to provide
credit period to its customers in view of the general practice in
the industry but labour needs to be paid immediately (which is a
high cost component in jute manufacturing companies) thereby
increasing their working capital needs. The manufacturers are
completely dependent on the government who undertakes the pricing
for the raw materials (in case of supply to government
institutions). Lack of control in the hands of the manufacturers
exposes them to a regulatory risk.

Key Rating Strengths

* Experienced promoters with equity infusion in FY19: MREL was
promoted by Kolkata-based Kajaria family in 1981. The day-to-day
affairs of the company are looked after by Shri Ajay Kajaria
(Managing Director, over three decades of experience in jute
industry) and Shri Sanjay Kajaria (Jt. Managing Director, over two
and a half decades of experience in jute industry) with adequate
support from a team of experienced professionals. The promoters
have infused equity capital to a tune of INR9 crore.

* Support from Government to Jute industry: The government has
introduced various incentives to protect the ailing jute industry
in India. As per Jute Packaging Material (Compulsory Use in
Packaging Commodities) Act, 1987 a minimum of 90% of all food
grains and 20% of sugar is to be compulsorily packed in jute
packag1ing materials. Apart from this, several export promotion
initiatives are implemented through the National Jute Board in the
form of re-imbursement of expenditures for attending export
promotion events and other export-based schemes.

MREL was incorporated in 1981 and is engaged in manufacturing of
jute & related products. MREL is promoted by Kolkata-based Kajaria
family. The company initially started its manufacturing operation
by setting up a specialized bag stitching factory at Ghusuri,
Howrah. Over the years, MREL has grown its operation by expanding
its jute manufacturing capacity through both organic and inorganic
route. The company acquired Hastings Jute Mill in 1994, India Jute
Mill in 2007 and Gondalpara Jute Mills in 2009. In 2011, MREL set
up a new manufacturing unit, Barshul Tex at Shaktigarh Jute Park.
Currently, MREL is operating total jute manufacturing capacity of
171,465 MTPA and another stitching capacity of 17,750 MTPA.


MYTRAH ABHINAV: CARE Lowers Rating on INR527cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mytrah Abhinav Power private Limited (Abhinav), as:
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      527.00      CARE D Revised from CARE BB;
   Facilities                      Negative


Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Abhinav takes into account the weakened liquidity profile of the
entity on account of significant delays in receiving payments from
Telangana State Distribution Utilities (DISCOMs) and subsequently
delays in debt servicing.

Rating Sensitivities

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

* Improvement in cash flow with subsequent regularization of debt
servicing with delay free track record for a continuous period of
at least three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weakened liquidity profile with delays in debt servicing: Abhinav
had entered into PPAs State Distribution Utilities of Telangana
viz. Southern Power Distribution Company of Telangana (TSSPDCL) and
Northern Power Distribution Company of Telangana (TSNPDCL), for the
entire power off-take for a period of 25 years at a fixed tariff
ranging from INR5.67/Kwh to Rs.5.72/Kwh for different project
sites. Collections from Telangana State DISCOMs have been
significantly delayed which has weakened the liquidity profile.
While the promoter group has been supporting the liquidity through
infusion of Inter Corporate Deposits (ICDs), there has been a cash
flow mismatch resulting in delays in debt servicing as on Mar.31,
2020. The same has been reported by the auditor in the CARO report
for FY20.

* Pending DSRA creation: The terms of loans sanction for the
project stipulated creation and maintenance of Debt Service Reserve
Account (DSRA) equivalent to two quarters of principal and interest
repayments. The component was to be created out of the cash flows
of the company within one year of COD. However, the same is yet to
be created (as on March 31, 2020). Absence of DSRA withers the
cushion available for debt servicing.

Key Rating Strengths

* Satisfactory experience of promoters in renewable sector: Abhinav
belongs to Mytrah Group, one of the major Independent Power
Producer in the Indian renewable energy segment with over 1.8 GW
capacity of operational wind and solar energy assets. The group is
headed by Mr. Ravi Kailas (Chairman), who has more than two decades
of experience in the industry. While the group has experience of
setting up renewable energy units; it has sizeable presence in
Andhra Pradesh and Telangana State from where the entire group has
been facing payment shortfall from the off-takers. The same has
consequently weakened the credit and liquidity profile of the group
entities. Abhinav received support from parent to manage the
intermittent cash shortfall.

Liquidity profile - Stretched: The cash flow position of the
company has weakened due to stretched collection period i.e.
receipt of payments from the off-takers resulting in delays in debt
servicing obligation as on Mar.31, 2020. Thereafter, the company
has availed moratorium from March 2020 to August 2020 as provided
by RBI under covid relief. The intermittent cash flow shortfall had
been supported by fund infusion from the holding company in the
form of unsecured loans/Inter-Corporate Deposits, and working
capital facility in the form of bill discounting facility.

Mytrah Abhinav Power Private Limited (Abhinav), incorporated in
January 2016, is a special purpose vehicle (SPV) promoted by Mytrah
Energy (India) Private Limited. The company was incorporated to
develop and operate solar power capacity aggregating 87 MW (AC
capacity) at seven different sites viz. Thimmajipet, Arvapally,
Alampur, Gadwal, Tandur, Nagarkurnool, and Domakonda; in various
districts of Telangana. Abhinav had achieved Commercial Operation
Date (COD) for all the seven plants between June 2017 and March
2018, and has tied up Power Purchase Agreement (PPA) with Telangana
State Distribution Utilities for a period of 25 years.


MYTRAH ADARSH: CARE Lowers Rating on INR544.08cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mytrah Adarsh Power private Limited (Adarsh), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       544.08     CARE D Revised from CARE BB;
   Facilities                      Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Adarsh takes into account the weakened liquidity profile of the
entity on account of significant delays in receiving payments from
Telangana State Distribution Utilities (DISCOMs) and subsequently
delays in debt servicing.

Rating Sensitivities

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

* Improvement in cash flow with subsequent regularization of debt
servicing with delay free track record for a continuous period of
at least three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weakened liquidity profile with delays in debt servicing: Adarsh
had entered into PPAs State Distribution Utilities of Telangana
viz. Southern Power Distribution Company of Telangana (TSSPDCL) and
Northern Power Distribution Company of Telangana (TSNPDCL), for the
entire power off-take for a period of 25 years at a fixed tariff
ranging of about INR5.72/Kwh for all project sites. Collections
from Telangana State DISCOMs have been significantly delayed which
has weakened the liquidity profile. While the promoter group has
been supporting the liquidity through infusion of Inter Corporate
Deposits (ICDs), there has been a cash flow mismatch resulting in
delays in debt servicing as on Mar.31, 2020. The same has been
reported by the auditor in the CARO report for FY20.

* Utilization of DSRA equivalent to one quarter and pending
creation for balance requirement: The terms of loans sanction for
the project stipulated creation and maintenance of Debt Service
Reserve Account (DSRA) equivalent to two quarters of principal and
interest repayments with amount equivalent to one quarter to be
created from final disbursement by lenders (part of the total term
debt). Further, DSRA equivalent to additional one quarter of
principal and interest repayments was to be created out of the cash
flows of the company. The company had utilized part DSRA which
along with remaining one quarter DSRA is pending creation as on
Mar.31, 2020.

Key Rating Strengths

* Satisfactory experience of promoters in renewable sector: Adarsh
belongs to Mytrah Group, one of the major Independent Power
Producer in the Indian renewable energy segment with about 1.8 GW
capacity of operational wind and solar energy assets. The group is
headed by Mr. Ravi Kailas (Chairman), who has more than two decades
of experience in the industry. While the group has experience of
setting up renewable energy units; it has sizeable presence in
Andhra Pradesh and Telangana State from where the entire group has
been facing payment shortfall from the off-takers. The same has
consequently weakened the credit and liquidity profile of the group
entities. Adarsh received support from parent to manage the
intermittent cash shortfall.

Liquidity Profile - Stretched: The cash flow position of the
company has weakened due to stretched collection period i.e.
receipt of payments from the off-takers resulting in delays in debt
servicing obligation as on Mar.31, 2020. Thereafter, the company
has availed moratorium from March 2020 to August 2020 as provided
by RBI under covid relief. The intermittent cash flow shortfall had
been supported majorly by dipping into DSRA balance and fund
infusion from the holding company in the form of unsecured
loans/Inter-Corporate Deposits.

Mytrah Adarsh Power Private Limited (Adarsh), incorporated in
January 2016, is a special purpose vehicle (SPV) promoted by Mytrah
Energy (India) Private Limited. The company was incorporated to
develop and operate solar power capacity aggregating 90 MW at six
different sites viz. Guntipally, Tunki Bollaram, Thungathurthy,
Chegunta, Reddypet, Shanigaram; in various districts across
Telangana. Adarsh had achieved Commercial Operation Date (COD) for
all the six plants between September to May 2018, and has tied up
Power Purchase Agreement (PPA) with Telangana State Distribution
Utilities for a period of 25 years.


NAMDHARI RICE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Namdhari
Rice and General Mills continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 9, 2019, placed the
rating of Namdhari Rice and General Mills under the 'issuer
non-cooperating' category as Namdhari Rice and General Mills had
failed to provide information for monitoring of the rating. NRGM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2020, December 16, 2020, December
15, 2020 and December 14, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating in October, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There was delay in debt
servicing in past owing to stressed liquidity position. Further,
the account has been classified as NPA in 2017.

Sirsa-based (Haryana) Namdhari Rice & General Mills (NRGM) was
established in 1986 as partnership concern by Mr Daljit Singh and
Mr Jaspal Singh. The firm is engaged in milling and processing and
trading of both basmati and non-basmati rice with an installed
capacity of 320 tonnes per day.


NIKKAMAL JEWELLERS: CARE Cuts Rating on INR18cr LT Loans to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nikkamal Jewellers Private Limited (NJPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 24, 2019, placed
the rating of NJPL under the 'issuer non-cooperating' category as
NJPL failed to provide information for monitoring of the rating.
NJPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated December 11, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The long-term rating has been revised on account of
non-availability of requisite information due to non-cooperation by
NKPL with CARE's efforts to undertake a review of the outstanding
rating. CARE views information availability risk as a key factor in
its assessment of credit risk. Further, the ratings continue to be
constrained by susceptibility of margins to fluctuations in the
prices of gold, highly competitive & fragmented nature of the
industry. The rating is further constrained by geographical
concentration risk. The rating however, derives strength from the
experienced promoters along with long track record of operations
and established brand image in the Ludhiana market.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Susceptibility of margins to fluctuations in prices of gold: The
prices of gold have experienced high volatility in the past.
Therefore, any adverse change in prices of the same is likely to
have a significant impact on NJPL's margins. With NJPL's high level
of inventory in hand, it is exposed to adverse price movements in
gold, which can consequently have a bearing on the margin and the
overall financial risk profile of the company.

* Highly competitive and fragmented nature of the industry: The
Indian gems and jewellery industry is highly fragmented as majority
of the market share is spread across a large number of unorganized
players. Increasing prices of gold and aggressive strategy of the
modern retail players to increase their market share would further
intensify the competition in the industry.
Geographical concentration risk: The operations are highly
concentrated to the Ludhiana market which increases the business
risk of NJPL and limits its scale of operations too.

Key Rating Strengths

* Experienced promoters with long track record of operations and
established brand image in the Ludhiana market: Both the directors
of the company (Mr Chanderkant Jain and his brother Mr Manak Chand
Jain) are involved in the day-to-day operations of the company and
have an experience of more than three decades in the industry.
Further, NJPL belongs to the Ludhiana based 'Nikkamal' group which
started its operations in Ludhiana in the year 1870 with a
partnership concernNikkamal Jewellers.

Nikkamal Jewellers Private Limited (NJPL), incorporated in year
1991, is engaged in the business of manufacturing and trading of
gold jewellery, diamond/precious stones, gold bars/coins etc. The
company sells jewellery and precious stones to retail customers at
its showroom located in Ludhiana under the brand name- 'Nikkamal
Jewellers'. NJPL started its operations in 1991 with a showroom in
New Delhi. However, in the year 2010, the company shifted its
operations to Ludhiana.


NORTH RAJASTHAN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: North Rajasthan Buildwell Private Limited
        Shop No. G-7, Ground Floor
        Pankaj Tower-I
        Community Centre
        Vikas Puri
        New Delhi 110018

Insolvency Commencement Date: December 18, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 16, 2021

Insolvency professional: Shailesh Dayal

Interim Resolution
Professional:            Shailesh Dayal
                         2/6A, LGF
                         Jungpura-A
                         New Delhi 110014
                         E-mail: shaileshdayal@gmail.com
                                 ip.nrbpl@gmail.com

Last date for
submission of claims:    January 4, 2021


PANVELKAR INFRASTRUCTURE: CARE Assigns B+ Rating to INR1.31cr Loan
------------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Panvelkar Infrastructure Private Limited (PIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            1.31      CARE B+; Stable Assigned

   Long Term Bank
   Facilities           13.52      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PIPL is constrained
by high project funding and execution risk, marketing risk inherent
to high dependence on customer advances coupled with low booking
status as on September 30, 2020, stretched liquidity positions and
presence in cyclical nature of the real estate industry.  The
rating, however, derives strength from the experienced promoter
with over a decade of experience and site being located at
well-established residential location.

Rating Sensitivities

Positive rating sensitivities:

* If committed receivables as % of pending project cost and debt
outstanding improves to more than 40% on sustained basis.

* If PIPL able to complete the project as per envisage completion
date.

Negative rating sensitivities:

* Delay in booking of the balance flats at envisages rate and delay
in signing the agreement with the customers as envisaged.

* Delay in receiving the balance customer's advances, which leads
to project funding risk for ongoing projects.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Project funding and execution risk: PIPL has four ongoing
projects namely Panvelkar Estate- Standford R1, Panvelkar Estate -
Greenford, Panvelkar Estate -Oxford and Panvelkar Estate -Swaraj
whose total combined project cost stood at INRINR257.15 crore as on
Sep 30, 2020. The same has revised from that of INR244.85 crore as
on June 30, 2019 due to lockdown construction work were hampered
and resulted in delay in project execution which has led to
increase in the overall project cost.

During the year, the company has incurred construction cost of
INR23.96 crore which resulted to increase in the total cost
incurred to INR94.53 crore till September 30, 2020 from INR70.57
crore till June 30, 2019. The said increase was primarily funded
through customer advances which have increased from INR7.98 crore
till June 30, 2019 to INR26.51 crore till September 30, 2020.

Nevertheless, the overall % of completion remained very low at
36.76% against total cost. Also the out of the total debt funding
~20% of the debt remained untied up. Further out of the total
project cost, 42% to be sourced through customer advances. Out of
the same only 26% of customer advance received till date. Thus the
company's ability to complete the project in the timely manner
would be critical from credit perspective.

* Marketing risk: Out of total saleable area of 9,47,916 sq. ft.;
1,95,541 (20.63%) sq. ft. has been booked as on September 30, 2020.
(341 flats sold/booked out of total 1762 flats to be developed). As
on Sep 30, 2020 PIPL has received customer advances amounting to
INR26.56 crore and INR26.36 crore are to be receivable.  Further
going forward the timely monetization of the balance flats would be
critical as the debt repayment has started and is dependent on the
successful sale of remaining flats and balance customer advances to
be received from the booked flats. Thus any delay in the receipt of
funds from customers, ability to achieve timely sales at envisaged
rates given competition from other players in the surrounding
vicinity will be crucial.

* Cyclical nature of the real estate industry coupled with
sensitivities to government policies, interest rates and prices of
key raw materials: Cement and steel are the two major raw materials
consumed by the real estate industry. Any variation in the prices
of key raw materials during the construction period has a direct
impact on total cost of the project. Moreover, any adverse movement
in interest rate affects the real estate players in both ways; by
hampering the demand as well as increasing the cost of
construction. The sector is directly affected by changes in
government regulations related to Floor Space Index (FSI) and any
changes in the approvals required for the projects from various
government bodies, usually at the state level.  The company
involved in the real estate development owing to the prolonged
impact of lockdown in the country implemented by the government
from time to time towards containment of COVID-19 in the recent
past. This resulted in disruption of operational activities i.e.
stoppage of the construction work at various sites coupled with
diminished sales and collection activities which has impacted the
cash flows of the company adversely.

* Stretched liquidity positions: Liquidity position remained
stretched marked by lower accruals, customer advances & receipts
when compared to repayment obligations. The cash balance stood
relatively low of INR0.98 crore as on March 31, 2020 seems to be
inadequate to support its operations. Collections have been
received to the extent of 50% for the flats already booked. Cash
coverage ratio also remains moderate. Further, the company has
opted for moratorium provided under COVID19 relief scheme and the
accrued interest during said period was repaid on time.

Key rating Strengths

* Experienced promoter in real estate industry: PIPL is promoted by
Mr. Vijay Ramchand Panvelkar and Mr. Rahul Vijay Panvelkar, who has
more than three decades of accumulated experience in real estate
development and construction business through execution of real
estate projects in Mumbai suburbs under various group entities of
PIPL. The group has established goodwill in Badlapur and Ambernath
area and has successfully developed 80 project over 45 lakh square
feet (lsf) of residential property in Pune, Badlapur, Ambernath and
nearby areas.

* Location advantage: PIPL's projects are located in Badlapur and
Karjat, both being well established residential location and are
well connected through railways and roadways with proximity to
schools, colleges, markets, leisure places and other day to day
necessities. Further, the said locations are well known for the
budgeted homes where the low income generation crowd working at
Mumbai and Thane region is purchasing the properties under
affordable housing finance schemes. Nonetheless, its ability to
monetize in timely manner amidst the cyclical nature of industry
and avoid cash flow mismatches shall be critical from credit
perspective.

Incorporated in 2010 by Panvelkar Family, Panvelkar Infrastructures
Private Limited (PIPL) is into developing of real estate
properties. The company is engaged in real estate development and
currently the company is executing four residential projects namely
"Panvelkar Estate- Stanford-R1", "Panvelkar Estate- Greenford" and
"Panvelkar Estate- oxford" and "Panvelkar Estate Swaraj" at
Ambernath & Karjat , Maharashtra with total saleable area of
9,47,916 square feet. PIPL is part of Panvelkar group which is
promoted by Mr. Vijay RamchandPanvelkar and Mr. Rahul Vijay
Panvelkar. The Panvelkar group of companies is actively involved in
construction of residential projects since 2001 under various
companies. The group has developed over 45 lakhs square feet (lsf)
of residential property in Pune, Badlapur, Ambernath and nearby
area.


POINT TEXTILES: CARE Lowers Rating on INR17.64cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Point Textiles Private Limited (PTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.64      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank       1.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 19, 2019, placed
the rating(s) of PTPL under the 'issuer non-cooperating' category
as PTPL had failed to provide information for monitoring of the
rating. PTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated November 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account of
non-availability of requisite information due to non-cooperation by
Point Textiles Private Limited with CARE's efforts to undertake a
review of the outstanding rating as CARE views information
availability risk as a key factor in its assessment of credit risk.
The rating assigned to the bank facilities Point Textiles Private
Limited (PTPL) continues to be tempered by small scale of
operations with decline in total operating income, financial risk
profile marked by declining profitability margins, net loss
incurred, leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of operations and
highly competitive and fragmented industry with low entry barrier.
The rating however derives strength from established track record
of operation and experience of the promoters in textile industry
and location advantage and encouraging Government initiatives for
textile industry.

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operations with decline in total operating income:
The company's scale of operations remained small marked by total
operating income which was declined by 14% to INR19.01 crore in
FY19 as against INR22.10 crore in FY18. The company's networth
stood negative at INR0.52 crore.

* Financial risk profile marked by declining profitability margins,
net loss incurred, leveraged capital structure and weak debt
coverage indicators: The PBILDT margin of the company declined by
576bps to 8.83% in FY19 as against 14.59% in FY18 due to decline in
operating profit in absolute terms. The company has incurred net
loss of INR1.19 crore in FY19. The capital structure of the company
stood negative as of March 31, 2019 due to negative networth base.
The debt coverage indicators of the company continued to remain
weak marked by TD/GCA which deteriorated to 69.74x in FY19 as
against 30.37x in FY18 on account of decrease in cash accruals as
against higher debt portion. The interest coverage ratio also
deteriorated to 0.95x in FY19 as against 1.26x in FY18 on account
of decrease in PBILDT levels.

* Working capital intensive nature of business: The operating cycle
of the company improved and continued to be elongated at 85 days in
FY19 as against 120 days in FY18. The collection and creditors'
period stood at 85 days and 121 days respectively in FY19. The
inventory days stood elongated at 121 days in FY19.

* Highly competitive and fragmented industry with low entry
barrier: The textile business requires limited quantum of
investment in machinery, however, has high working capital needs.
The industry is highly fragmented with large number of players
operating in the organized and unorganized segments due to low
entry barrier.

Key Rating Strengths

* Established track record of operation and experience of the
promoters in textile industry: PTPL has been in the textile
industry for the last 13 years and has established a reasonable
track record of operation with its ability to bag repeated orders
from existing customers and acquiring new customers. The key
management decisions are taken by Mr. P Balasubramaniam and Mr. N
Shanmuga Sundaram. They both have over two decades of experience in
textile industry.

* Location advantage and encouraging Government initiatives for
textile industry: The company's manufacturing unit is being set in
Tiruppur area which is often referred as knitwear capital of India.
The dying fabrics and yarns are used to manufacture knitwear
cloths. The central government is planning to finalize and launch
the new textile policy in next three months. The policy aims to
acheive US$300 billion worth of textile exports by 2024 -25.
Further, the Ministry of Textiles has signed memorandum of
understanding (MoU) with 20 e-commerce companies, aimed at
providing a platform to entrepreneurs across the country for
selling their products directly to the customers. These incentives
can be of an advantage to PTPT to cover the market.

Tiruppur (Tamil Nadu) based Point Textiles Private Limited (PTPL)
was incorporated in January 2005 as a Private Limited Company
promoted by Mr. P Balasubramaniam and Mr. N Shanmuga Sundara m. The
promoters of the company have two decades of experience in textile
industry. PTPL is involved in dyeing process of all types of
fabrics and yarn with capacity of 9 tonnes per day. The company
provides its dying process services to government contractors which
in turn exported to overseas customers. The company is not directly
involved in exports. Presently, the day to day operations of the
company is managed by Mr. P Balasubramaniam. The company has
availed COVID-19 moratorium from March 2020 to August 2020 for its
bank facilities.


PREM INDUSTRIES: CARE Lowers Rating on INR9.61cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Prem
Industries, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.61      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 9, 2019, placed the
rating of Prem Industries under the 'issuer non-cooperating'
category as Prem Industries had failed to provide information for
monitoring of the rating. PI continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated December 17, 2020,
December 16, 2020, December 15, 2020 and December14, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account susceptibility to
fluctuation in raw material prices, fragmented nature of industry
coupled with high level of government regulation and partnership
nature of constitution. However, the rating derives strength from
experienced promoters and favorable manufacturing location.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent on
the availability of raw materials, which further varies with
different harvesting periods. The price of rice moves in tandem
with the prices of paddy. Adverse climatic condition can affect the
availability of paddy and thus its prices. Any sudden spurt in the
raw material prices may not be passed on to customers.

* Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating
in the unorganized sector with very less product differentiation.
Furthermore, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.

* Constitution as partnership firm: PID's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

Key Rating Strengths

* Experienced promoters: Mr Ram Lal has an experience of two
decades through his association with this entity. He is well
supported by his brother; Mr Sham Lal, in managing the overall
operations of the firm who has an experience of two and half
decades through family run rice milling entity.

* Favorable manufacturing location: The firm's processing facility
is situated at Karnal, Haryana which is one of the highest
producers of paddy in India. Its presence in the region gives
additional advantage over the competitors in terms of easy
availability of the raw material as well as favorable pricing
terms.

Karnal-based (Haryana) Prem Industries (PID) was established in
April 2013 as a partnership concern and is currently being managed
by Mr. Prem Lal and Mr. Sham Lal. The firm has succeeded an
erstwhile proprietorship firm M/S Prem Industries established in
1995 by Mr. Prem Lal. The firm is engaged in milling of rice,
processing of paddy and trading of basmati and non-basmati rice.
The processing unit is located at Karnal, Haryana with an installed
capacity of 150 tonnes per annum.


PREMIER PLASTIC: CARE Cuts Rating on INR5.80cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Premier Plastic Industries (PPI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.80      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      13.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 6, 2019, placed
ratings of PPI under the 'issuer non-cooperating' category as PPI
had failed to provide information for monitoring of the rating. PPI
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
December 1, 2020, December 2, 2020 & December 3, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of Premier Plastic
Industries (PPI) have been revised due to lack of updated
information about the current financial position of the firm. The
ratings are tempered by modest scale of operations, moderately
leveraged capital structure, working capital intensive nature of
operations, tender based nature of operations, short term revenue
visibility from order book position, constitution of entity as a
partnership firm with inherent risk of withdrawal of capital and
geographical and customer concentration risk. The ratings are,
however, underpinned by long track record and experience of
promoters, growth in total operating income and satisfactory
profitability margin during the review period, comfortable debt
coverage indicators and stable outlook for pipes industry.

Detailed description of the key rating drivers

At the time of last rating on November 6, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Modest scale of operations: With total operating income at
INR158.42 crore in FY18 (CA certified prov.), PPI is considered to
be a moderately sized entity. Also, the firm's net worth as on
March 31, 2018 (CA certified prov.) stood at INR3.20 crore.

* Moderately leveraged capital structure and working capital
intensive nature of operations: The capital structure of firm
deteriorated during the review period. The overall gearing
deteriorated from 1.04x as on March 31, 2016 to 2.52x as on March
31, 2018 (CA certified prov.) due to significant decrease in
tangible net worth coupled with increase in total borrowings. PPI
is primarily engaged in manufacturing of HDPE pipes and
implementing rural water supply projects; and hence the operation
of the firm remains working capital intensive on account of
stretched average collection days and average creditor days. The
firm receives the payment from Government departments within 60
days from the date of bill raised. However, on some occasions, the
payment is received after undergoing various technical clearances
due to which payment might get delayed from the customer end. Due
to the above mentioned factor, the average collection days have
elongated to 43 days in FY18 (CA certified prov.) as against 29
days in FY16. Owing to the aforementioned reasons, the operating
cycle of the firm stood negative in FY18 (CA certified prov.)
compared to 60 days in FY16.

* Tender based nature of operations: The firm receives most of its
work orders from government organizations which are tender- based.
The revenues of the firm are dependent on the ability of the
promoters to bid successfully for the tenders and execute the same
effectively. However the promoter's long experience in the industry
for more than two decades mitigates the risk to an extent.
Nevertheless, there are numerous fragmented & unorganized players
operating in the segment which makes the industry highly
competitive. Furthermore, the profitability margins also come under
pressure because of competitive nature of the tender based contract
works of the firm.

* Short term revenue visibility from order book position: The firm
has an order book of INR75 crore as on June 24, 2018 which
translates to 0.41x of total operating income in FY18 (Prov.). The
firm had received an order worth INR285 crore (on sub contract
basis) from NCC limited in the year 2016 for execution of Hyderabad
Metro water supply and sewerage system. The balance of that work as
on June 24, 2018 stands at INR75 crore and the project is expected
to be completed by September 2018, thereby reflecting short term
revenue visibility to the firm. However, Sian Infra and Realcon LLP
has an order book of INR231.94 crore as on June 24, 2018 which
translates to 1.27x of total operating income in FY18 (Prov.) and
the projects are expected to be completed by FY19-20. PPI would be
the manufacturing hub for HDPE pipes for all the projects that Sian
Infra And Realcon LLP would be engaged in.

* Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its capital
structure. Furthermore, partnerships have restricted access to
external borrowings as credit worthiness of the partners would be
key factor affecting credit decision for the lenders.

* Geographical and customer concentration risk: The firm is a
contractor for various departments of state government of
Telangana, Andhra Pradesh and Kerala. PPI is exposed to client
concentration risk as 75%-80% of the total operating income in FY17
& FY18 (Prov.) pertained to the project from NCC Limited. The
geographic presence of these customers is restricted to Telangana,
Andhra Pradesh and Kerala reflecting geographical concentration
risk along with customer concentration risk.

Key Rating Strengths

* Long track record with experienced promoters: PPI was established
in 1982 and is managed by the partners, Mr Ravinder Agarwal and Mr
Vinay Agarwal. Both the partners are engineers by qualification,
and have executed many civil construction projects for irrigation
and water supply over the last two decades. Furthermore, PPI hold
special class contractor status from Government of Telangana and
has good relationship with suppliers and customers due to their
established track record and presence in the business for a long
period of time.

* Growth in total operating income and increasing profitability
margin during the review period: The total operating income has
been increasing y-o-y at a CAGR of ~84% i.e. from INR46.74 crore in
FY16 to INR158.42 crore in FY18 (CA certified prov.) on account of
increase in receipt of tenders from government departments and
execution of orders in hand. The PBILDT margins improved from 7.10%
in FY16 to 8.25% in FY18 (CA certified prov.). The margins
associated with each projects varies with the size and from client
to client due to price competition, tender based nature of business
which involves bidding and revenue mix consisting of projects and
products. The PAT margin has been increasing on y-o-y basis from
3.28% in FY16 to 4.84% in FY18 (CA certified prov.) at the back of
improved PBILDT levels.

* Comfortable debt coverage indicators: The debt coverage
indicators remained comfortable during review period. The total
debt/GCA improved year-on-year from 3.30x in FY16 to 1.02x in FY18
(CA certified prov.) due to increase in gross cash accruals backed
by satisfactory profitability. Furthermore, the PBILDT interest
coverage ratio also  improved from 3.76x in FY16 to 10.52x in FY18
(CA certified prov.) due to increase in PBILDT levels resulting in
absorption of increase in depreciation provisions.

* Liquidity Analysis: The current ratio of the firm stood at 1.03x
as on March 31, 2018 (CA certified prov.), indicating a
satisfactory liquidity position. The current liabilities stood at
INR69.07 crore (CA certified prov.) as against current assets of
INR71.14 crore (CA certified prov.) as on March 31, 2018. The firm
has cash and cash equivalent of INR 0.96 crore as on March 31,
2018(CA certified prov.).

Hyderabad based, Premier Plastics Industries (PPI) is a partnership
firm established in 1982 by Mr. K N Agarwal. The firm is engaged in
the manufacturing of HDPE pipes and implements rural water supply
projects on a turnkey basis by undertaking tender based contracts
for the Telangana, Andhra Pradesh and Kerala Governments.
Currently, the operations are managed by the second generation
comprising Mr. Ravinder Agarwal and his son, Mr. Vinay Agarwal. The
manufacturing unit of the firm is located at Medak district,
Telangana. The firm has installed capacity of 1200 MT of HDPE pipes
per annum. The customers of the firm include Government bodies such
as Rural Water Supply and Sanitation Department, Public Health
Department, Government of Telangana and private parties such as NCC
Limited, GVPR Engineers Limited etc.


SALASAR BALAJI: CARE Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Salasar
Balaji Industries (SBI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B+; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale

CARE had, vide its press release dated November 18, 2019, placed
ratings of SBI under the 'issuer non-cooperating' category as SBI
had failed to provide information for monitoring of the rating. SBI
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
December 1, 2020, December 2, 2020 & December 3, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating of bank facilities of Salasar Balaji Industries takes
into account thin profitability margins, decline in revenue,
deterioration in capital structure, susceptibility to price
fluctuation on its inventory, foreign exchange fluctuation risk and
presence in highly fragmented industry regulated by the government.
The rating, however, derives strength from promoter's experience in
the cotton textile industry, strategic location of the firm and
diversified geographical and diversified customer base.

Detailed description of the key rating drivers

At the time of last rating on November 18, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weakness

* Decline in the revenue in FY15 along with thin profitability
margins: During FY15 (refers to the period April 1 to March 31),
revenue from operations decreased significantly by 48.36% from
INR201.20 crore in FY14 to INR103.89 crore in FY15, due to decline
in the revenue from cotton bales. Quantity sold decreased from
102,508 quintals in FY14 to 3,042 quintals in FY15 owing to decline
in exports at the back of subdued industry. The PBILDT margin,
however, improved marginally to 2.77% in FY15 on account of lower
raw material costs during the year. Furthermore, the PAT level and
margin reduced significantly by nearly 73%to 0.13%. Furthermore,
for 9MFY16 (Provisional), the firm registered income of INR83.40
crore with PAT of INR0.04 crore.

* Deterioration in capital structure and debt coverage indicators:
The capital structure of the firm deteriorated marked by overall
gearing ratio from 1.68x as on March 31, 2014, to 2.26x as on March
31, 2015, on account of increase in unsecured loans and bank
borrowings. Interest coverage) also deteriorated during the year.

* Susceptibility to price fluctuation on its inventory and forex
fluctuation risk: Cotton prices are highly volatile and given the
time lag between purchase and sales, any adverse fluctuation in the
prices can adversely affect the profitability margins of the firm,
which already remains thin due to the trading nature of operations.
This apart, the firm being an exporter is also exposed to forex
risk.

* Presence in highly fragmented industry and regulated by
government: Excessive Government regulation in the textile sector
starting from Minimum Support Price (MSP) of cotton given to
farmers, quantitative export restrictions imposed on cotton
ginning, pressing spinning units for export of cotton bales and
change in the policyrelated duty drawback benefits on cotton and
cotton yarn will affect the costs and realizations of cotton and
cotton yarn. Furthermore, the industry is fragmented resulting in
intense competition from other organized and unorganized players.

Key Rating Strengths

* Experienced promoters extending financial support: SBI belongs to
Sri Salasar Balaji Group, which has presence in the cotton textile
industry for more than two decades. The main promoter, Mr Mahesh
Kumar Khetan has been involved in the textile industry since last
three decades. The promoters have infused the unsecured loan of
INR1.52 crore in FY15 (outstanding unsecured loan as on March 31,
2015 is INR4.00 crore.)

* Strategically located within the cotton producing area: SBI is
located in Adilabad, Telangana, which is one of the major cotton
growing areas in the country. The unit is also well connected to
Khammam, Warangal, Guntur and Nagpur, which are prominent
cotton-growing belts.

* Diversified geographical and customer base: The firm sells their
products across India and also exports to Turkey, China and
Bangladesh. The firm has a diversified customer base of more than
500 customers with wide geographical reach.

* Satisfactory operating cycle despite deterioration: The operating
cycle of the firm increased from 19 days in FY14 to 39 days in FY15
on account of increase in average inventory period from 9 days in
FY14 to 22 days in FY15 and collection period from 14 days in FY14
to 24 days in FY15. However, despite the increase, the operating
cycle remains at satisfactory level for FY15.

Liquidity Analysis: The current ratio of the firm on 1.21 as on
March 31, 2017, indicating a satisfactory liquidity position. The
firm has also maintained its Quick ratio at 0.71 in FY16 and 0.74
in FY17 and improved its DSCR from 1.40 in FY16 and 1.54 in FY17.

Salasar Balaji Indistries, incorporated in 1996 by Mr Mahesh Kumar
Khetan, Mr Dhiraj Kumar Khetan, Mr Vikrant Kumar Khetan and Mrs
Vidya Devi Khetan as a partnership firm. The firm is engaged in
trading, manufacturing and processing of Kapas to produce cotton
bales and processing of cotton seeds to produce cotton seed wash
oil & cotton seed oil cake. The firm is a part of Sri Salasar
Balaji group, promoted by Mr Mahesh Kumar Khetan. The other group
companies; Shree Ashta Laxmi Spinning Mills Pvt Ltd (a spinning
mill), Sri Salasar Balaji Agro Tech Private Limited and Agrawal
Ginning & Pressing Pvt Ltd, are also engaged in the cotton textile
industry with business activity spanning across cotton ginning and
pressing and trading.


SBS TRANSPOLE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SBS
Transpole Logistics Private Limited (STLPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     116.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2017, placed the
rating(s) of STLPL under the 'issuer non-cooperating' category as
STLPL had failed to provide information for monitoring of the
rating. STLPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated December 7, 2020, December 1, 2020 & November 27,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on November 19, 2019 the following were
the rating strengths and weaknesses:

* Delays in debt servicing: There have been on-going delays by SBS
Transpole Logistics Private Limited in servicing of its debt
obligations.

The company was incorporated in August, 2004 by the name of
Transpole Logistics Private Limited and is engaged in integrated
logistics services. Subsequently, in Oct, 2014; the name was
changed to the current one, SBS Transpole Logistics Private Limited
(STLPL). STLPL is promoted by Mr Anant Chaudhary and Mr. Vivek
Shukla and the company business segment offers general logistics,
including 3PL, international logistics, warehouse logistics and
various other multi-modal logistics solutions.


SHIRISH HOTELS: CARE Lowers Rating on INR12.85cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shirish Hotels Private Limited (SHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.85      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 18, 2019, placed
the rating of SHPL under the 'issuer non-cooperating' category as
Shirish Hotels Private Limited had failed to provide information
for monitoring of the rating. Shirish Hotels Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2020 to December 7, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

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

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

The rating assigned to the bank facilities of Shirish Hotels
Private Limited continues to be tempered by short track record with
small scale of operations, leveraged capital structure and weak
debt coverage indicators, geographic concentration risk,
competition from other players in the industry. The ratings however
derive its strength from experience of promoter in hotel
industry for over two decades, locational advantage of the hotel.

Key Rating Weaknesses

* Short track record with small scale of operations: The scale of
operations of the company stood small marked by TOI of INR7.61
crore in FY19 with net worth base of INR4.17 crore as on 31st March
2019.

* Competition from other players in the industry: The company faces
competition from a number of small and medium players since it is
located in commercial area of the city. Though there are other
regional players offering services, SHPL is able to withstand in
the market through its vast experience through its associate firm
with continuous business promotion activities. Apart from this,
expansion of business operations will help the company to attract
new customers as well.

* Geographic concentration risk: The business operations of the
company are geographically concentrated to Hyderabad, Telangana
State. However, the company is diversifying by opening multiple
branches in the state of Telangana which would mitigate the risk of
geographical concentration to an extent.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm marked by debt equity ratio and
overall gearing ratio stood at 3.24x and 3.42x as on 31st
March 2019 as against 3.61x and 3.84x as on 31st March 2018. The
debt coverage indicators marked by TD/GCA and interest coverage
ratio stood weak at 46.15x and 1.20x in FY19

Key rating strengths

* Experience of promoter in hotel industry for over two decades:
SHPL was incorporated in the year 2016, promoted by Mr.
YugandharDande (Managing Director), Mr. Shanmy ShirishDande
(Director), and Mrs. Uma Devi Dande(Director).All the directors are
qualified graduates and have more than a decade of experience in
hotel industry through its associate firm (Shirish Hotels). Mr.
YugandharDande is also proprietor of "Shirish Hotels" under which
the proprietor runs a hotel located at Panjagutta, Hyderabad. The
directors are actively involved in day to day operations of the
company. The operations of the company are well supported by strong
management team who are qualified and experienced in their
respective fields.

* Location advantage of the Hotel: SHPL has the location advantage,
as the hotel premise is located in one of the prime commercial
areas of Hyderabad city. The hotel provides restaurant, coffee
shop, bar and banquet hall services. With the commercial nature of
location of the hotel, the company is likely to have assured
business from room bookings, restaurant business and other related
incomes.

* Increase in TOI and satisfactory profitability margins in FY19:
The TOI of the company marginally increased from INR7.13 crore in
FY18 to INR7.61 crore in FY19.The PBILDT and PAT margin stood at
25.64% and 0.67% in FY19 as against 29.00% and 0.81% in FY18.

* Satisfactory operating cycle days: The operating cycle of the
company stood stable at 24 days. The creditor days stood at 9 days.
The average inventory and debtor days stood at 22 and 12 days
respectively in FY19

Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company by
Mr. YugandharDande (Managing Director), Mr. Dande Shanmug Shirish
(Director) and Mrs. Uma Devi Dande (Director). The company is
engaged in hospitality business and offers services in the area of
restaurants, bar, banquet hall, rooms, and coffee shop. Mr.
YugandharDande is also the proprietor of "Shirish Hotels (SH)"
under which the proprietor runs a hotel located at Panjagutta,
Hyderabad. SH is engaged in bar & restaurants. Currently, the
company is managed by Mr. YugandharDande and his son Mr. Shanmug
Shirish who looks after overall operations of the company.


SINGAN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singan
Projects Limited (SPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     21.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 2, 2017, placed the
ratings of SPL under the 'issuer non-cooperating' category as SPL
had failed to provide information for monitoring of the rating. SPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 17, 2020 and December 7, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account delays in debt servicing obligation.

Detailed description of the key rating drivers

At the time of last rating in November 18, 2019, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key rating weakness:

* Stretched liquidity position: The company has been facing
liquidity stretch with delays in debt servicing obligation.
Furthermore, the revenue of the company was merely INR1.40 crore
during FY19 vis-à-vis INR27.68 crore in FY18.

Key rating strengths:

* Experienced promoter: Singan Projects Limited is promoted by Mr S
Narayana Reddy who has been present in the construction industry
for about more than four decades and has significant experience in
working for various projects for the government departments.

Singan Projects Limited (SPL), incorporated in 2002, is promoted by
Mr. S. Narayana of Hyderabad, Andhra Pradesh (A.P). SPL is engaged
in the business of water drainage, water supply scheme,
development/improvement of reservoir, sanitation, drinking water
projects etc. majorly through direct contracts, awarded by the
State and Central Government departments.


SINTEX-BAPL LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sintex-BAPL Limited
        Abhijeet-I, 7th floor
        Mithakhali Six Roads
        Ellisbridge
        Ahmedabad 380006

Insolvency Commencement Date: December 18, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 15, 2021

Insolvency professional: Ketulbhai Pamubhai Patel

Interim Resolution
Professional:            Ketulbhai Pamubhai Patel
                         801, Popular House
                         Nr. Income Tax Circle
                         Ashram Road, Ahmedabad
                         Gujarat 380009
                         E-mail: ketul@rspatelca.com
                                 ip.sintexbapl@rspatelca.com
Last date for
submission of claims:    January 6, 2021


SOHUM WORLD: CARE Lowers Rating on INR7.49cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sohum World Foundation (SWF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.49       CARE D Revised from CARE BB;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SWF
primarily takes into account the delay in term debt servicing of
entity.

Rating Sensitivities

Positive factors

* Track record of timely servicing of debt obligations for at least
90 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: There are instances of delay in term
debt servicing of the entity due to poor liquidity. As per the term
loan account statement penal interest has been charged for the
month of October 2020.

Liquidity: Poor

Liquidity is poor as reflected by instances of delay in term debt
servicing. Further the current ratio was also stood low at 0.31x as
on March 31, 2020. Moreover, the entity has availed moratorium for
interest on working capital from its lender for the period starting
from March 2020 to May 2020.

Established on November 21, 2003, Sohum World Foundation (SWF) was
promoted by Mr. Pragyan Ranjan Gharai, Mrs. Priyabrata Gharai and
Mrs. Nandini Gharai for imparting educations from Standard XI to
XII in science stream under the school name of "Vivekananda
Institute of Social Work & Social Science (VISWASS) Higher
Secondary School" which was established in 2009-10 and also B. Sc.
(Nursing), M. Sc. (Nursing), GNM & PBBSc. under the college name of
"VISWASS School & College of Nursing" which was established in
2005-06 in the city of Bhubaneswar, Odisha. Currently SWF has total
sanctioned seats of 298 students with 81.20% occupancy rate and
around 90 teachers during the academic session 2020-21. SWF also
provide hostel facilities to its students. Currently, the entity
has 860 cumulative students strength.

SWF is currently constructing two buildings at its existing campus
which will increase its intake capacity to 439 students from its
existing capacity of 313 students with an aggregate project cost of
INR7.70 crore which is proposed to be funded by term loan of
INR5.50 crore and balance of INR2.20 crore from promoter's
contributions. Out of INR5.50 crore term loan required for the
project, INR3.00 crore has already been tied-up; however, the
balance is under consideration with the banker. Therefore partial
project debt funding risk exits. Moreover, the entity has already
spent around INR4.00 crore in the aforesaid project till December
15, 2020 funded through term loan of INR2.50 crore and promoter's
contribution of INR1.50 crore.


ULTRA SPACE: CARE Keeps D on INR200cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ultra Space
Developers Private Limited (USDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      200.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2020, placed the
rating(s) of USDPL under the 'issuer non-cooperating' category as
USDPL had failed to provide information for monitoring of the
rating. USDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated October 1, 2020, October 31, 2020, December 1,
2020 & December 10, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating assigned to the bank facilities of USDPL continues to
remain constrained due to ongoing delays in debt servicing.

Detailed description of the key rating drivers

* On account of non-cooperation of the Company the information
presented in the press release is dated. Further, at the time of
last rating on March 16, 2020, the following were the rating
strengths and weaknesses:

Key Rating Weaknesses

The rating has been reaffirmed on account of the ongoing delays in
debt servicing of the company.

Ultra Space Developers Private Limited (USDPL) is a Mumbai-based
private limited company, engaged in the real estate development and
construction. It develops residential and commercial spaces. The
company was incorporated on August 20, 2008. USDPL operates as a
subsidiary of RKW Developers Private Limited (RKW) which is the
real estate arm of Wadhawan Group. The projects under RKW are
marketed under the brand name "Dheeraj Realty". RKW has six premium
residential projects at prime locations in Mumbai such as the
Bandra-Kurla Complex, Juhu and Chembur. USDPL is currently
implementing a residential cum commercial project "Insignia" spread
over a land area of 1,06,284 sqft at Kalina in Santacruz East,
Mumbai.




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

REJEKI ISMAN: Moody's Lowers CFR to B1 on Weak Liquidity
--------------------------------------------------------
Moody's Investors Service has downgraded Sri Rejeki Isman Tbk
(P.T.)'s (Sritex) corporate family rating to B1 from Ba3.

In addition, Moody's has downgraded to B1 from Ba3 the ratings on
the $150 million senior unsecured notes due in 2024, issued by
Golden Legacy Pte. Ltd. and unconditionally and irrevocably
guaranteed by Sritex and its subsidiaries; and the $225 million
senior unsecured notes due in 2025, issued by Sritex and
unconditionally and irrevocably guaranteed by all its operating
subsidiaries.

The outlook on all ratings remains negative.

"The downgrade primarily reflects Sritex's weakened liquidity
position and debt structure, amid its growing reliance on
short-term funding to support meaningful working capital and other
operational requirements," says Stephanie Cheong, a Moody's
Analyst. "Continued challenging conditions in Sritex's end-markets
will likely hamper the pace of any working capital release."

"The negative outlook reflects the building refinancing risks
associated with Sritex's $350 million syndicated loan maturing
January 2022 amid difficult market conditions," adds Cheong.

RATINGS RATIONALE

Sritex has had to increase its inventories through 2020 in
anticipation of raw material supply disruptions and higher demand
volatility. The textile company has also allowed longer payment
terms for key customers to support order flows. As a result,
Sritex's cash conversion cycle lengthened considerably to 241 days
as of September 30, 2020 from an average of 177 days over the last
five years. These actions have also resulted in around $154 million
of cash outflow over the nine months ended September 30, 2020,
which has so far been wholly funded with short-term working capital
facilities.

Moody's does not expect the impact of these measures to be
permanent, and the company is committed to improving its working
capital management in 2021. Nevertheless, continued challenges in
the global retail markets will test Sritex's ability to free up
working capital. Sritex's elevated working capital needs will in
the meantime continue to weigh on cash flow generation, resulting
in continued high reliance on short-term working capital
facilities.

As of September 30, 2020, Sritex had access to around $240 million
of undrawn committed working capital lines. However, most of these
working capital lines will come due for renewal through 2021.
Sritex has rolled over most working capital debt maturing in 2020,
with a small number of facilities under temporary extension while
formal renewal is underway. As such, Moody's expects that Sritex
will be able to maintain access to substantially all of its working
capital facilities. Any deviation from this expectation will result
in material rating pressure.

Sritex's liquidity is weak and facing building exposure due to its
large $350 million syndicated loan maturing in January 2022.

While the company's substantial cash holdings of $159 million at 30
September 2020 and access to $87 million of committed bank lines
maturing beyond 2021 will be sufficient to cover around $55 million
of maintenance capex; the $65 million medium-term notes due Q4 2020
and Q2 2021; and $15 million of debt amortization payments, it will
not be sufficient to cover Sritex's $350 million syndicated loan
maturing in January 2022. Furthermore, Moody's base case assumes
the $174 million outstanding under Sritex's short-term working
capital lines will continue to be rolled over as it comes due. As
such, in the absence of other counter-measures, Sritex is reliant
on short-term external funding to meet its upcoming long-term debt
obligations.

Sritex on November 2 submitted a request to its lenders for a
2-year extension on its $350 million syndicated loan maturing
January 2022. Its lenders have 90 days (until February 1, 2021) to
respond if they are willing to extend. There is no minimum
acceptance amount and lenders who are not willing to extend will
need to be repaid by the original January 2022 maturity date. To
maintain its current rating, Sritex will need to demonstrate
continued access to financing through the extension of most of its
loans, and/or secure concrete alternative funding.

Sritex's B1 rating continues to reflect its vertically integrated
operations and leading market position among Indonesian textile
manufacturers. The rating also incorporates governance risk arising
from the company's concentrated ownership structure and related
party transactions.

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

Given the negative outlook, an upgrade is unlikely over the next
12-18 months. Nevertheless, the outlook could return to stable if
Sritex is able to materially improve its liquidity and debt
structure over the next 12 months.

Financial metrics Moody's would consider for a change in the
outlook to stable include (cash and long-term committed
lines)/short-term debt above 1.5x over the next 12-18 months,
debt-to-EBITDA below 5.0x and EBITA/interest expense above 2.25x.

Moody's could downgrade the ratings if Sritex fails to adequately
address its upcoming debt maturities by Q1 2021, or if Sritex's
liquidity deteriorates further, either because of falling cash
balances, a loss in access to working capital lines, or if working
capital fails to unwind over the next few quarters.

Financial metrics indicative of a downgrade include its cash
conversion cycle remaining above 240 days; debt-to-EBITDA above
5.0x; or EBITA/interest below 2.25x over a sustained period.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Sri Rejeki Isman Tbk (P.T.) (Sritex), based in Central Java,
Indonesia, is a vertically integrated manufacturer of yarn, greige
(raw fabric), finished fabric and apparel, including uniforms and
retail clothing. The company's operations are spread across 25
factories, consisting of nine spinning plants, three weaving
plants, five finishing plants and eight garment plants. Net revenue
generated by the company's four divisions amounted to around $1.2
billion in 2019.

Sritex is majority owned by the Lukminto family (60.11%). Iwan
Setiawan Lukminto, the son of founder H.M Lukminto, has been the
company's president director since 2006. The family oversees the
day-to-day operations. The remaining 39.89% share of the company is
publicly traded on the Indonesian Stock Exchange.




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

OCEAN TANKERS: First Creditors Meeting Set for January 6
--------------------------------------------------------
Manifold Times reports that the first meeting for creditors of
defunct Ocean Tankers will be held in early January, according to a
notice posted by its joint and several judicial manager BoardRoom
Business Solutions on December 22 at the Government Gazette.

According to Manifold Times, the meeting will be held
electronically through a virtual webcast on Jan. 6, 2021 at 3:00
p.m. to, amongst others, consider and, if thought fit, approve, the
Judicial Managers' statement of proposals under Section 227M of the
Companies Act.

Manifold Times adds that creditors who wish to attend the meeting
are required to submit their proxy form to the agents appointed by
the Judicial Managers by post to 50 Raffles Place, #32-01 Singapore
Land Tower, Singapore 048623 or by email to
OTPL2020CM@boardroomlimited.com by 3:00 p.m. on Jan. 4, 2021.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.

But Hin Leong told its creditors this month that total liabilities
reached US$4.05 billion as of early April, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, the Company was granted interim judicial management by
the the Singapore High Court.  Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.


XIHE HOLDINGS: Units' First Creditors Meeting Set for January 12
----------------------------------------------------------------
Manifold Times reports that several notices were published by Grant
Thorton in the Government Gazette on December 23 regarding the
first meeting between the judicial managers of Xihe Holdings'
subsidiaries and its creditors, as well as procedures to submit
proof of debt to entitle creditors to a vote during the said
meeting.

The notice applies to the following subsidiaries of Xihe Holdings:

- Da Guang Tankers (Pte) Ltd (Judicial Managers Appointed)
- Da Zhong Tankers (Pte) Ltd (Judicial Managers Appointed)
- Dafa Shipping (Pte) Ltd (Judicial Managers Appointed)
- Dong Jiang Tankers (Pte) Ltd (Judicial Managers Appointed)
- Dong Nan Tankers (Pte) Ltd (Judicial Managers Appointed)
- Dong Sheng Tankers (Pte) Ltd (Judicial Managers Appointed)
- Dong Ya Tankers (Pte) Ltd (Judicial Managers Appointed)
- Xin An Shipping (Pte) Ltd (Judicial Managers Appointed)
- Xin Chun Shipping (Pte) Ltd (Judicial Managers Appointed)
- Xin Dun Shipping (Pte) Ltd (Judicial Managers Appointed)
- Xin Kang Shipping (Pte) Ltd (Judicial Managers Appointed)
- Xin Ying Shipping (Pte) Ltd (Judicial Managers Appointed)

The first meeting of creditors will be held on Jan. 12, 2021 at
10:00 a.m. (SG time) via video conferencing and pursuant to the
Covid-19 Order 2020.

Manifold Times relates that to entitle creditors to vote thereat,
any proof of debt, if not previously lodged, must be received by
the judicial managers at the address or email address listed below
by no later than 5 p.m. (SG time) on Jan. 7, 2021, irrespective of
the means chosen to lodge the proof of debt.

All copies of the prescribed proxy forms may be requested from the
Judicial Managers at their address stated below or via e-mail at
the email between 9:00 a.m. to 5:00 p.m. on Mondays to Fridays.

In order for the proxy to be able to attend and vote at the first
meeting of creditors, all proxy forms must be accurate and
correctly completed when received by the judicial managers at the
stipulated time and address, Manifold Times says.

The Judicial Managers may be reached at:

   Seshadri Rajagopalan
   Paresh Jotangia
   c/o Grant Thornton Singapore Private Limited
   8 Marina View
   #40-04/05 Asia Square Tower 1
   Singapore 018960
   E-mail: xihe.ijm@sg.gt.com

Xihe Holdings is a Singapore-based tanker shipowner. The exempt
private company owned by Hin Leong founder OK Lim and his son, has
been placed under interim judical managers (IJMs), after more
creditors threw their support behind OCBC Bank's application to
take control over Xihe's restructuring out of the Lim family's
hands, according to The Business Times.

A Singapore High Court appointed Grant Thornton Singapore as IJMs
for Xihe Holdings during a chambers hearing on Aug. 13, 2020, BT
said.




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

HANJIN INTERNATIONAL: S&P Rates Senior Secured First-Lien Loan 'B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
Hanjin International Corp.'s (HIC) senior secured first-lien loan
due 2022. The planned borrowing amount is up to US$344 million. The
recovery rating is '1', indicating its expectation of very high
(90%-100%, rounded estimate: 100%) recovery in the event of a
payment default. The issue rating is subject to our review of the
final documentation.

HIC (CCC+/Negative/--) intends to use the proceeds to repay a part
of its intercompany loans from its parent Korean Air Lines Co. Ltd.
(KAL), which also guarantees the new loan. KAL provided
intercompany loans totaling US$950 million to HIC on Sept. 17,
2020, to help the U.S.-based hotel company repay about US$900
million of debt maturing in September 2020.

S&P's rating on HIC reflects the company's small scale with a
single property asset, narrow financial buffer, weak profitability,
high debt, and the uncertainty around the normalization of travel
and hotel operations in Los Angeles amid the COVID-19 pandemic.

Issue Ratings--Recovery Analysis

Key analytical factors:

-- S&P's simulated default scenario contemplates a default
occurring in 2022 due to a prolonged and deep global recession that
would cause a significant decline in travel, room rates, and hotel
occupancy. Under this scenario, S&P has assumed HIC's cash flow
would decline to a point that it can no longer meet fixed charges.

-- S&P assumes HIC's asset (Wilshire Grand Center [WGC] in Los
Angeles) would be sold to other investors in a distressed scenario.
The WGC is a non-stabilized property and is valued on a "discount
to market value" basis.

-- S&P uses HIC's latest appraisal value of about $573 million to
arrive at the collateral value as the starting point for the
discount to market value method.

-- S&P assumes a discount of 30% for the property to reflect that
a buyer would likely require a discount to assume the risks born
with a nonstabilized property and the ongoing marketing and lease
up costs needed to stabilize the property.

-- S&P's net enterprise value after property-level expenses and
bankruptcy administrative expenses is about US$362 million.

Simulated default and valuation assumptions:

--Simulated year of default: 2022

-- Reference market value: $573 million

-- Realization rate: 70%

-- Gross recovery value: $401 million

-- Jurisdiction: U.S.

All debt have about six months' interest outstanding at the point
of default

Simplified waterfall:

-- Net enterprise value (after 5% property-level expenses and 5%
bankruptcy administrative expenses): $362 million

-- Secured first-lien debt: $344 million

-- Recovery expectations: 90% to 100%, rounded estimate 100%

Note: All debt amounts include six months of prepetition interest.


MITSUBISHI HEAVY: Legal Steps Completed for Liquidation of Assets
-----------------------------------------------------------------
KBS World reports that a South Korean court may now order the
forcible liquidation of Mitsubishi Heavy Industries' assets to
compensate Korean victims of wartime forced labor, as a related
legal move went into effect on Dec. 29.

In October, the Daejeon District Court took the legal step of
issuing a "public notification" of its ruling, an extraordinary
delivery format used when legal documents fail to be delivered to
concerned parties, KBS World relates.

According to judicial circles on Dec. 29, two of the court's four
legal documents went into effect on Dec. 29.  The other two are set
to take effect on Dec. 31, the report notes.

KBS World says the court completed the task of delivering legal
documents notifying Mitsubishi Heavy Industries that it needed to
sell its assets in South Korea, a prerequisite for their ultimate
liquidation. The delivery has been effective since November 10.

In November 2018, the South Korean Supreme Court ordered Mitsubishi
to pay five Korean victims of wartime forced labor KRW100 to KRW150
million each in compensation, the report notes.

Based in Japan, Mitsubishi Heavy Industries, Ltd. --
http://www.mhi.co.jp/indexe.html-- was founded by Yataro Iwasaki
in 1884 as a shipbuilding firm called Nagasaki Shipyard & Machinery
Works, which was later named Mitsubishi Shipbuilding Co. Ltd., and
then again launched as Mitsubishi Heavy Industries, Ltd. in 1934 as
a private firm that manufactured ships, heavy machinery, airplanes
and railroad cars.

In 1950, Mitsubishi Heavy was divided into three separate entities
on a law aimed toward dissolving Nagasaki Shipyard & Machinery
Works and thus dismantling the overconcentration of economic power.
It was later consolidated in 1964 and reborn as Mitsubishi Heavy
Industries, Ltd.




===============
T H A I L A N D
===============

THAI AIRWAYS: To Ask More Time to Submit Rehabilitation Plan
------------------------------------------------------------
The Star reports that Thai Airways International (Thai) will ask
the central bankruptcy court to extend the deadline for submission
of its business rehabilitation plan by a month, from Jan. 2 to Feb.
2, according to acting president Chansin Treenuchagron.

The Star relates that Mr. Chansin said he was confident the carrier
could carry out the plan successfully.

According to law, the rehabilitation plan must be fully implemented
in five years, after which the rehab process can be extended twice
for one year each time, the report states.

The carrier has continued to see revenue from both its aviation and
non-aviation businesses, said the acting president, The Star
relays.

He said Thai planned to trim costs by another 30% next year, adds
The Star.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asian Review.



                           *********


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
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***