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

                     A S I A   P A C I F I C

          Wednesday, January 6, 2021, Vol. 24, No. -1

                           Headlines



A U S T R A L I A

BIOTECH RESOURCES: First Creditors' Meeting Set for Jan. 12
PEIJIE SYDNEY: First Creditors' Meeting Set for Jan. 13
WRIDGWAYS PEOPLE: First Creditors' Meeting Set for Jan. 12
WRIDGWAYS PTY: First Creditors' Meeting Set for Jan. 12
[*] AUSTRALIA: Insolvency Reforms to Support SMEs Star From Jan. 1



C H I N A

CIFI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'BB-'
GUANGZHOU R&F: Gets Government Bailout as $2BB Debt Comes Due
MODERN LAND: Fitch Assigns B Rating on Proposed USD Senior Notes
SINCERE PROPERTY: CDL Forms Working Group to Improve Liquidity
YUZHOU GROUP: Moody's Gives B1 Rating on New Sr. Unsec. USD Notes

ZHENRO PROPERTIES: Moody's Rates New Sr. Unsec. USD Notes 'B2'


H O N G   K O N G

CAS CAPITAL: Moody's Rates New Sub. Perpetual Securities 'Ba2'
CAS HOLDING: S&P Rates Perpetual Subordinated Securities 'BB'
ROAD KING: S&P Rates New USD Guaranteed Sr. Unsecured Notes 'BB-'
STUDIO CITY: Moody's Rates New USD Unsec. Notes B1, Outlook Neg.
STUDIO CITY: S&P Assigns 'BB-' Rating on New USD Unsec. Notes



I N D I A

AISHWARYA AVANT: CARE Keeps D on INR18cr Loans in Not Cooperating
AUTOLINE INDUSTRIES: CARE Reaffirms D Rating on INR82.62cr Loan
BTS KNITSS: CARE Moves C on INR2.8cr Loans to Not Cooperating
DHRUV WELLNESS: CARE Lowers Rating on INR15cr LT Loan to D
FUTURE ENTERPRISES: CARE Cuts Rating on INR150cr Debentures to D

G. NAGESWARAN: CARE Keeps D on INR9cr Loans in Not Cooperating
GOYAL MOTORS: CARE Keeps D on INR9cr Loans in Not Cooperating
MACRO VENTURES: CARE Keeps D on INR9cr Loans in Not Cooperating
MARS BUILDMART: Insolvency Resolution Process Case Summary
MEENA JEWELLERS: CARE Keeps D on INR28cr Loans in Not Cooperating

MEENA JEWELS EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
MUSALE CONSTRUCTION: CARE Lowers Rating on INR35cr Loans to D
P.G. ICE: CARE Moves D on INR7.19cr Loans to Not Cooperating
PRAG ELECTRICALS: CARE Withdraws D Rating on Bank Facilities
RAGHAVENDRA INDUSTRIES: CARE Keeps D Ratings in Not Cooperating

RANGOTSAV LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
ROCKLAND CERAMIC: CARE Moves D Debt Ratings to Not Cooperating
SHANTI AGRO: CARE Keeps D on INR29cr Loans in Not Cooperating
SMILAX LABORATORIES: CARE Hikes Rating on INR46.84cr Loan to BB-
UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating

VASAVI POWER: CARE Keeps D Debt Ratings in Not Cooperating
WONDERVALUE REALITY: CARE Keeps D Debt Ratings in Not Cooperating
[*] INDIA: Only a Dozen Large Companies Seek Covid Loan Recast


P H I L I P P I N E S

SAN FERNANDO RURAL: Creditors Claims Deadline Set for Feb. 18


S I N G A P O R E

GRAB HOLDINGS: Moody's Assigns First Time 'B3' Corp. Family Rating
GRAB HOLDINGS: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
HYFLUX LTD: Judicial Managers to Hold Virtual Townhall on Jan. 14


V I E T N A M

VIETNAM ELECTRICITY: Fitch Assigns First-Time 'BB' LongTerm IDR

                           - - - - -


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

BIOTECH RESOURCES: First Creditors' Meeting Set for Jan. 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Biotech
Resources (Aust) Pty. Ltd. and Total Blood Profile Pty Ltd will be
held on Jan. 12, 2021, at 11:00 a.m. via videoconference.

Andrew MacNeill of SMB Advisory was appointed as administrator of
Biotech Resources on Dec. 30, 2020.


PEIJIE SYDNEY: First Creditors' Meeting Set for Jan. 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Peijie
Sydney Chinatown Pty Ltd, Peijie Investment Pty Ltd, and AYC Sydney
Chinatown Pty Ltd will be held on Jan. 13, 2021, at 11:00 a.m. via
teleconference facilities only.

Philip Campbell Wilson and John McInerney of Grant Thornton
Australia were appointed as administrators of Peijie Sydney et al.
on Dec. 31, 2020.


WRIDGWAYS PEOPLE: First Creditors' Meeting Set for Jan. 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Wridgways
People Pty Ltd (Formerly Known As "Pall Mall Assets Pty Ltd") will
be held on Jan. 12, 2021, at 12:00 p.m. via telephone conference
facilities.

Timothy James Brace and Peter Gountzos of SV Partners were
appointed as administrators of Wridgways People on Dec. 30, 2020.


WRIDGWAYS PTY: First Creditors' Meeting Set for Jan. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Wridgways
Pty Ltd (Formerly Known as "Santa Fe Holdings Australia Pty Ltd")
will be held on Jan. 12, 2021, at 11:00 a.m. via telephone
conference facilities.

Timothy James Brace and Peter Gountzos of SV Partners were
appointed as administrators of Wridgways Pty on Dec. 30, 2020.


[*] AUSTRALIA: Insolvency Reforms to Support SMEs Star From Jan. 1
------------------------------------------------------------------
Mike Simpson at the Australian Times reports that the Federal
Government says it has commenced with the most important changes to
Australia's insolvency framework in 30 years.

As of January 1, eligible Australian businesses experiencing
financial distress can access a new, simplified debt restructuring
process that allows them to restructure their existing debts while
remaining in control of their business, the government said in a
statement, the Australian Times relays.

According to the report, the reforms are aimed at repositioning the
country's insolvency system to help more incorporated small
businesses – with liabilities of less than AUD1-million –
restructure and survive the economic impact of the Covid-19
recession.

"As the economy continues to recover, it will be critical that
distressed businesses have the necessary flexibility to either
restructure or to wind down their operations in an orderly manner,"
the report quotes Michael Sukkar, the Assistant Treasurer, as
saying.  "The reforms are designed to help keep businesses in
[operation] and more Australians in jobs."

An important aspect of the restructured process is that, should an
eligible business not be able to immediately secure a small
business restructuring practitioner to commence this new process,
the business can declare its intention to access the process
through a notice on the Australian Securities and Investments
Commission (ASIC) published notices website, the Australian Times
says.

From the date a declaration is published, temporary relief from
insolvent trading liability and responding to statutory demands
from creditors applies to the business for up to three months. The
ability to declare such an intention will be available until March
31, 2021, the report adds.




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

CIFI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'BB-'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
CIFI Holdings (Group) Co. Ltd. (BB/Stable/--). The China-based
developer intends to use the proceeds to refinance its existing
debt. The issue rating is subject to its review of the final
issuance documentation.

S&P said, "We rate the senior unsecured notes one notch below the
issuer credit rating on CIFI to reflect structural subordination
risk. As of June 30, 2020, CIFI's capital structure consisted of
Chinese renminbi (RMB) 43.4 billion in secured debt and RMB29.4
billion of subsidiary-level unsecured debt and guarantees. Priority
debt was RMB72.8 billion out of a total debt of RMB119.7 billion.
As such, the priority debt ratio of about 60% was above our
notching threshold of 50%.

"We expect CIFI to continue improving its sales at a moderate pace
with controlled debt growth. The company's contracted sales picked
up for the first 11 months of 2020 to RMB200 billion, a 12.5%
year-on-year increase. This is reflected in our stable outlook on
the rating on CIFI. We estimate the company's consolidated
debt-to-EBITDA ratio will be at 5.5x-6.0x, with the look-through
ratio at about 5.0x over the next 12-18 months."


GUANGZHOU R&F: Gets Government Bailout as $2BB Debt Comes Due
-------------------------------------------------------------
Wang Jing and Denise Jia at Caixin Global report that debt-ridden
Guangzhou R&F Properties pledged equity in 10 subsidiaries in
December in return for a massive bailout led by the Guangzhou
provincial government as nearly $2 billion of debt comes due this
month.

Caixin relates that the Hong Kong-listed development giant didn't
disclose how much money it raised from putting up the share stakes
as collateral for new loans. The subsidiaries against which it
borrowed own the company's construction unit, its headquarters
office building and a renovation project at Jishan Village in
Tianhe. R&F has also been offloading other assets, the report
says.

R&F Properties is one of the largest real estate companies in
southern China's Guangzhou province. As of the first half of 2020,
R&F's total liabilities exceeded CNY350 billion ($53.6 billion), of
which interest-bearing liabilities totaled CNY190 billion, Caixin
discloses. The enterprise had a cash balance of only CNY36 billion
as of September. The company planned to retain CNY30 billion for
normal operations.

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
13, 2020, Fitch Ratings assigned China-based property developer
Guangzhou R&F Properties Co. Ltd.'s (B+/Negative) proposed US
dollar senior notes a 'B+' rating with a Recovery Rating of 'RR4'.
The proposed notes will be issued by Easy Tactic Limited, a wholly
owned subsidiary of R&F Properties (HK) Company Limited (RFHK;
B+/Negative), which is in turn a subsidiary of Guangzhou R&F. The
notes' rating aligns with the rating of RFHK, which provides them
with an unconditional and irrevocable guarantee. Guangzhou R&F
provides credit support, via a keepwell deed and deed of equity
interest purchase and investment undertaking, to the notes.
Guangzhou R&F intends to use the net proceeds from the proposed
issuance to refinance medium-to-long-term debt that will be due
within one year. The Negative Outlook reflects the refinancing risk
on the upcoming maturities of capital-market debt and the execution
risks related to Guangzhou R&F's refinancing plans. However, Fitch
believes the company has a number of options to address these
upcoming debt maturities, with CNY230 billion of saleable resources
and an increased willingness to boost sales by cutting prices. The
company is also in discussions for a number of asset disposals,
which could bring in additional liquidity.


MODERN LAND: Fitch Assigns B Rating on Proposed USD Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Modern
Land (China) Co., Limited's (B/Stable) proposed US dollar senior
notes a 'B' rating. The Recovery Rating is 'RR4.' The proposed
notes are rated at the same level as Modern Land's senior unsecured
rating, as they represent its direct, unconditional, unsecured and
unsubordinated obligations.

Modern Land's Issuer Default Rating reflects its weaker margin and
higher leverage, which is offset by a stronger business profile.
Its ratings are also supported by improving land-bank quality after
the company repositioned its business towards tier one and two
cities, which have higher land prices, to support contracted sales
growth.

KEY RATING DRIVERS

Leverage to Stay High: Fitch expects Modern Land to acquire land in
the next few years to sustain sales growth, which will keep
leverage at around 45%. Modern Land's leverage fell to 39% in 2019,
from 47% in 2018 and 49% in 2017, as the company cut spending on
land acquisitions to 30% of attributable sales proceeds (2018: 45%)
and improved cash collection to 76% (2018: 72%). Fitch assesses
leverage on a proportionately consolidated basis, as the high share
of contracted sales from joint ventures means that Modern Land's
consolidated financial statements do not adequately reflect its
financial profile.

Margin Remains Low: Modern Land's EBITDA margin, excluding
capitalised interest, improved to 17% in 2019, from 13% in 2018, on
a slight improvement in gross profit margin to 26%, from 23% in
2018, as well as lower selling, general and administrative
expenses. However, the company's EBITDA margin remains lower than
the 20%-25% of 'B' rated peers. Modern Land's churn rate, measured
by contracted sales/total debt, remains stable at around 1.5x.

Land Bank Pressure Remains: Modern Land had a land bank life of
around three years as at end-2019, and Fitch expects it to remain
under land banking pressure to sustain growth in the next few
years. The company focuses on tier one and two cities, after a
one-time strategy shift that increased land acquisitions in
tier-three cities in 2017-2018. Tier one cities, such as Beijing,
and tier two cities, like Taiyuan, Hefei, Xiantao and Changsha,
accounted for around 70% of Modern Land's saleable resources by
value at end-2019.

Resilient Attributable Contracted Sales: Fitch expects Modern
Land's attributable contracted sales to be resilient in a market
downturn, as its land bank is concentrated in tier one and two
cities. Modern Land's attributable contracted sales amounted to
CNY19 billion in 2019, after rising by 49% in 2018, while total
contracted sales rose by 13% to CNY36 billion.

DERIVATION SUMMARY

Modern Land's attributable contracted sales of CNY19 billion in
2019 were in line with those of other 'B' rated companies, such as
Beijing Hongkun Weiye Real Estate Development Co., Ltd.'s
(B/Stable) at CNY14 billion and Redco Properties Group Ltd
(B/Positive) at CNY15 billion. Modern Land's leverage was lower
than Hongkun's 54% and higher than Redco's 21% at end-2019, but its
EBITDA margin was lower than Hongkun's 43% and Redco's 23%.

Modern Land's sales are lower than those of 'B+' rated companies,
including Fantasia Holdings Group Co., Limited's (B+/Stable) CNY27
billion and Redsun Properties Group Limited's (B+/Stable) around
CNY30 billion. The leverage of these peers is similar to that of
Modern Land, but Modern Land has a lower margin.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch's rating case for the issuer
include:

-- Attributable contracted sales of CNY27 billion in 2020;

-- Gross profit margin from property development maintained
    around 25% in 2020-2022;

-- Construction cash cost accounts for 30%-35% of attributable
    contracted sales in 2020-2022;

-- Land premium accounts for 45%-50% of annual sales receipts in
    2020-2022 and average land acquisition cost to increase in
    2020-2022.

Key Recovery Rating Assumptions:

-- The recovery analysis assumes that Modern Land would be
    liquidated in a bankruptcy because it is an asset-trading
    company:

-- Fitch has assumed a 10% administrative claim;

-- The liquidation estimate reflects Fitch's view of the value of
    balance-sheet assets that can be realised in sale or
    liquidation processes conducted during a bankruptcy or
    insolvency proceeding and distributed to creditors;

-- Cash balance is adjusted such that only cash in excess of the
    higher of accounts payables and three months of contracted
    sales is factored in;

-- Advance rate of 60% applied to on its adjusted inventory, as
    Modern Land has an EBITDA of lower than 20%;

-- Property, plant and equipment advance rate at 60%;

-- 70% advance rate applied to accounts receivables;

-- Advance rate of 100% applied to restricted cash, which
    consisted mainly of guarantees for the company's bank
    borrowing and construction work.

Based on Fitch’s calculation of adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of the
offshore senior unsecured debt to be within the 'RR4' recovery
range.

RATING SENSITIVITIES

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

-- Net debt/adjusted inventory (including JV proportionate
    consolidation) below 40% for a sustained period;

-- Land bank maintained at above 2.5 years of sales.

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

-- Insufficient land bank for 2 years of sales;

-- Net debt/adjusted inventory (including JV proportionate
    consolidation) above 55% for a sustained period.

-- EBITDA margin (excluding capitalised interest) below 18% for a
    sustained period.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Modern Land's liquidity remains healthy, with
total cash of CN11.7 billion, including restricted cash of CNY3.9
billion, compared with short-term debt of CNY7.8 billion at
end-June 2020.

ESG CONSIDERATIONS

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


SINCERE PROPERTY: CDL Forms Working Group to Improve Liquidity
--------------------------------------------------------------
Rachel Mui at The Business Times reports that City Developments
Limited (CDL) on Jan. 4 said it has set up a special working group
that will focus on improving Sincere Property Group's liquidity and
profitability.

Options to do so include a review of potential divestments of
assets and the restructuring of existing liabilities of the
China-based real estate group, BT says.

In a bourse filing on Oct. 21, CDL noted that its investments in
Sincere totalled about SGD1.9 billion. These include a 51 per cent
joint-venture equity investment in Sincere amounting to some CNY4.4
billion (SGD896.8 million).

According to the report, CDL's latest move comes after it
previously appointed Deloitte & Touche Financial Advisory Services
as its external financial adviser to review the group's investment
in Sincere.

As at the completion of Deloitte's review in end November, Sincere
had over 314 legal entities and 71 projects in 18 cities, totalling
around 8.6 million square metres (sq m), CDL said on
Jan. 4. These comprise hotels and service apartments (174,000 sq
m), commercial and office buildings (2.7 million sq m), business
parks (2 million sq m); as well as residential projects (3.7
million sq m).

In its review, Deloitte had preliminarily allocated the 71 projects
into three categories, CDL noted.

These are: projects that are profitable and generating positive
cash; projects that can be divested to improve liquidity; and
projects which need further detailed operational review to improve
profitability and/or liquidity, BT relays.

In addition, Deloitte's review also identified major bank loans and
non-trade liabilities maturing between end 2020 and 2021 which
require debt restructuring, CDL said.

It added that Sincere has started negotiations with "certain major
lenders and is awaiting approval".

Having considered Deloitte's findings, CDL's board has decided to
engage Deloitte China to assist its new working group comprising a
"cross-section of internal expertise across divisions" led by Goh
Ann Nee, chief transformation officer in the executive chairman's
office, CDL, as cited by BT, noted.

"The CDL special working group will accelerate efforts by CDL to
work closely with Sincere Property to improve its liquidity and
profitability, while limiting any additional financial exposure to
the group," BT quotes CDL executive chairman, Kwek Leng Beng, as
saying.  "Notwithstanding the liquidity challenges, Sincere
Property remains a platform for future growth in the Chinese market
because of its real estate footprint across China."

In recent months, three CDL directors have quit over issues related
to the group's investment in Sincere. The latest to step down was
independent non-executive director, Tan Yee Peng, BT discloses.

Ms Tan's departure comes after independent non-executive director
Koh Thiam Hock similarly resigned with immediate effect from Dec.
28, after more than four years on the group's board, according to
BT.

Last October, CDL's former non-executive and non-independent
director Kwek Leng Peck also quit after more than 30 years in the
role, BT recalls. He cited disagreements with the board over CDL's
investment in Sincere, as well as its continuing provision of
financial support to the Chinese property group. He also had
reservations with the group's approach in managing its London-based
wholly-owned unit Millennium & Copthorne Hotels, which he
concurrently resigned from as a director.

Sincere Property Group is a China-based commercial real estate
developer.


YUZHOU GROUP: Moody's Gives B1 Rating on New Sr. Unsec. USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Yuzhou Group
Holdings Company Limited's (Ba3 stable) proposed senior unsecured
USD notes.

Yuzhou plans to use the proceeds from the proposed notes to
refinance its medium- to long-term offshore debt.

RATINGS RATIONALE

"Yuzhou's Ba3 corporate family rating reflects its (1) track record
of developing and selling residential properties in the Yangtze
River Delta, Bohai Rim and West Strait area; (2) growing operating
scale and improved geographic diversification; and (3) good
liquidity," says Celine Yang, a Moody's Assistant Vice President
and Analyst.

"However, the company's credit profile is constrained by its weak
credit metrics and high reliance on sales from its joint ventures
and associates," adds Yang.

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

Moody's expects Yuzhou's revenue and other financial metrics will
improve as it increasingly consolidates its JVs and associated
projects in the coming 12-18 months. Specifically, the company's
leverage, as measured by revenue/adjusted debt (excluding its JVs
and associates), will improve to 55%-60% over the next 12-18 months
from the weak levels of 35.3% for the 12 months ended June 2020 and
33.8% recorded in 2019.

Meanwhile, its interest coverage, as measured by adjusted
EBIT/interest (excluding its JVs and associates), will gradually
improve to 2.5x-2.8x from 2.0x during the same period.

Yuzhou's gross contracted sales grew robustly by 46.7% to RMB98.6
billion in the first 11 months of 2020 compared with the same
period last year, despite coronavirus-related disruptions. Moody's
expects its contracted sales will increase by around 10% to over
RMB115 billion in 2021 from 2020. The strong sales performance will
help Yuzhou fund its capital spending and support revenue growth in
the coming 12-18 months.

Yuzhou's B1 senior unsecured bond rating is one notch below its CFR
because of the risk of structural subordination. This subordination
risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over claims at the holding
company in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the expected recovery rate for claims at the holding
company will be lower.

Yuzhou's liquidity is good. The company's cash on hand of RMB43.0
billion as of June 30, 2020 covered around 193% of its short-term
debt of RMB22.3 billion. Moody's expects its cash holdings and
operating cash flow will be sufficient to cover its maturing debt,
committed land premiums and dividend payments in the next 12-18
months.

Additionally, Moody's expects that Yuzhou's sustained good
liquidity buffer will mitigate the risk of high debt leverage in
the near term.

In terms of environmental, social and governance factors, Moody's
has considered the risks associated with the company's concentrated
ownership, given that its controlling shareholder, Mr. Lam Lung On,
held a 57.33% stake in the company as of June 30, 2020. Moody's has
also considered Yuzhou's relatively high dividend payout ratio of
46.8% in 2019, compared with 35.0%-36.5% in the previous four
years.

Nevertheless, the company's internal governance structures and
disclosure standards, as required under the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange, mitigate
these risks. Additionally, the company has three special committees
-- an Audit Committee, Remuneration Committee and Nomination
Committee -- which are chaired by independent non-executive
directors.

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

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

The stable outlook reflects Moody's expectation that Yuzhou will
execute its business plan and maintain good liquidity while
improving its credit metrics over the next 12-18 months.

Moody's could upgrade Yuzhou's ratings if it maintains good
liquidity, meets its contracted sales growth target while
maintaining stable margins, and improves its credit metrics, with
revenue/adjusted debt rising to 70%-75% and EBIT/interest coverage
exceeding 3.0x-3.5x on a sustained basis.

A material reduction in contingent liabilities associated with its
JVs or a reduced likelihood of funding support to its JVs could
also be positive for Yuzhou's ratings. This could arise from a
reduced usage of these JVs or a material improvement in the
financial strengths of its JV projects.

Moody's could downgrade the ratings if Yuzhou's contracted sales
growth, liquidity, profit margins or credit metrics weaken.
Specifically, credit metrics indicative of a downgrade include
cash/short-term debt below 1.5x, EBIT interest coverage below
2.0-2.5x, and revenue/adjusted debt failing to increase to 50%-60%
on a sustained basis.

Moody's could also downgrade the ratings if the company's
contingent liabilities associated with its JVs or the likelihood of
funding support to its JVs increase materially. This could arise
from a material deterioration in the financial strength and
liquidity of its JV projects or a substantial increase in
investments in new JV projects.

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

Yuzhou Group Holdings Company Limited is a property developer that
focuses on residential housing in the Yangtze River Delta and the
West Strait Economic Zone. Yuzhou listed its shares on the Hong
Kong Stock Exchange in 2009. As of 30 June 2020, Yuzhou's land bank
totaled 20.24 million square meters in saleable gross floor area.


ZHENRO PROPERTIES: Moody's Rates New Sr. Unsec. USD Notes 'B2'
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Zhenro
Properties Group Limited's (B1 stable) proposed senior unsecured
USD notes.

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

RATINGS RATIONALE

"Zhenro's B1 corporate family rating reflects the company's (1)
quality and geographically diversified land bank, which helps it
manage property market volatility and regulatory risks; (2) ability
to generate strong contracted sales growth; and (3) good liquidity
and improved access to funding, especially in the debt capital
markets," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

"However, the company's credit profile is constrained by its
improving but still-moderate financial metrics as a result of its
moderate debt leverage," adds Lai.

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

Moody's expects Zhenro's revenue/adjusted debt and adjusted
EBIT/interest, excluding adjustments for its joint-ventures and
associates, will improve to around 50%-55% and around 2.0x,
respectively, over the next 12-18 months from 46% and 1.7x for the
12 months ended June 2020, underpinned by increased revenue
recognition from strong contracted sales over the past two years.

Zhenro's total contracted sales grew 7.1% to RMB124.8 billion in
the first 11 months of 2020 compared with the same period in 2019
despite the impact from the coronavirus outbreak. Moody's expects
its contracted sales will slightly increase in 2020 when compared
with 2019, supported by its strong sales execution abilities,
good-quality land bank and sizable salable resources in upper tier
cities.

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

Zhenro's liquidity is good. Its cash holdings of RMB39.8 billion as
of June 30, 2020 could cover its short-term debt of around RMB19
billion. Moody's expects the company's cash holdings, together with
expected operating cash inflow, will be able to cover its committed
land purchases, dividend payments, as well as capital spending and
payables for its previous acquisitions, over the next 12-18
months.

In terms of environmental, social and governance factors, Moody's
has considered the company's concentrated ownership by the owner
family, which held a 64.56% stake in the company as of June 30,
2020. Moody's has also considered the fact that independent
directors chair the audit and remuneration committees; the low
level of related-party transactions and dividend payouts; and the
presence of other internal governance structures and standards as
required by the Hong Kong Exchange.

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

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

The stable rating outlook reflects Moody's expectation that Zhenro
will be able to execute its sales plan and remain prudent in its
financial management, such as by maintaining sufficient liquidity
over the next 12-18 months.

Moody's could upgrade Zhenro's ratings if the company demonstrates
sustained growth in its contracted sales and revenue through the
economic cycles without sacrificing its profitability; remains
prudent in its land acquisitions and financial management; improves
its credit metrics, such that EBIT/interest registers at least 3.0x
and revenue/adjusted debt rises to at least 75%-80% on a sustained
basis; and maintains adequate liquidity.

On the other hand, Moody's could downgrade the ratings if Zhenro
generates weak contracted sales; suffers from a material decline in
its profit margins; experiences an impairment of its liquidity
position, such that cash/short-term debt falls below 1.0x; and/or
materially increases its debt leverage.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x and/or adjusted revenue/debt falling
below 50%-55% on a sustained basis.

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

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At 30 June 2020, Zhenro had 198 projects in 32 cities
across China. Its key operating cities include Shanghai, Nanjing,
Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
54.6% of Zhenro Properties as of 30 June 2020. Mr. Ou Guowei and
Mr. Ou Guoqiang, the sons of Ou Zongrong, together owned 9.96% of
the company as of the same date.



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

CAS CAPITAL: Moody's Rates New Sub. Perpetual Securities 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 issuer rating to CAS
Holding No. 1 Limited (CAS), which owns a 51.94% equity interest in
HKT Limited.

Moody's has also assigned a Ba2 rating on the proposed subordinated
perpetual securities to be issued by CAS Capital No. 1 Limited (CAS
Capital) and guaranteed by CAS.

The outlooks on the ratings are stable.

RATINGS RATIONALE

"CAS's Baa3 issuer rating primarily reflects the credit quality of
HKT Limited and its principal operating subsidiary, Hong Kong
Telecommunications Limited (Baa2 stable), given CAS's direct
ownership of a majority stake in HKT Limited," says Gloria Tsuen, a
Moody's Vice President and Senior Credit Officer.

Moody's assesses HKT Limited's financial performance when
considering CAS's financial profile, given the close linkage
between the two companies.

Hong Kong Telecommunications' Baa2 rating reflects its strong
business profile as the best-in-class quad-play telecommunications
services provider in Hong Kong, with leading market positions in
all major services; HKT Limited's high financial leverage, which is
mitigated by its strong business profile and excellent liquidity;
and its parent PCCW Limited's weaker credit quality.

CAS is a holding company, and its main income stream -- dividend
payouts by HKT Limited -- will adequately cover interest expenses
on the proposed perpetual securities.

CAS is 100% owned by PCCW, whose credit quality is weaker than Hong
Kong Telecommunications because of the moderate market positions of
its media and solutions businesses, continued investment needs in
its OTT and free TV businesses, and its high adjusted debt/EBITDA
-- including consolidation of its 40%-owned Pacific Century Premium
Developments Limited -- which was at 5.6x for the 12 months ended
June 2020, above HKT Limited's 3.9x. PCCW's high leverage was
driven by its high dividend pass-through and debt-funded
investments in its media business.

However, PCCW's excellent liquidity and track record of raising
funds and strengthening its financial position as needed mitigate
the risks associated with its high leverage. The company, on a
standalone basis excluding HKT Limited, had USD153 million in cash,
USD869 million in undrawn facilities and no short-term debt as of
the end of June 2020. Moody's also considers PCCW's contingent
liabilities associated with PCPD as manageable.

CAS's Baa3 rating also incorporates the risk of structural
subordination, as the majority of CAS's claims are at the operating
subsidiary and, in the event of a bankruptcy, have priority over
claims at CAS.

"The Ba2 rating on the proposed perpetual securities is two notches
below CAS's Baa3 issuer rating, because the securities are deeply
subordinated to senior unsecured obligations that CAS will likely
have in the future and will rank in line with preference shares,"
says Tsuen.

CAS intends to lend the net proceeds of the proposed securities to
PCCW, which will use them for general corporate purposes, including
to repay its existing debt. The securities will qualify for the
"basket C" and a 50% equity treatment at the CAS level of the
borrowing.

In terms of environmental, social and governance factors, Moody's
has considered the PCCW group's aggressive financial policy as
reflected by the high pass-through of dividends from HKT Limited to
PCCW's shareholders.

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

The stable outlook primarily reflects Moody's expectation that Hong
Kong Telecommunications will maintain its leading positions in all
major segments, as well as its stable financial profile; and PCCW
will maintain a stable credit profile and strong liquidity.

Moody's could upgrade CAS's ratings if Hong Kong
Telecommunications' rating is upgraded, and if PCCW significantly
improves its credit quality while maintaining strong liquidity.

However, Moody's could downgrade CAS's ratings if Hong Kong
Telecommunications' is downgraded; CAS reduces its ownership in HKT
Limited; or PCCW's credit quality or liquidity weakens.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

CAS Holding No. 1 Limited is a direct wholly-owned subsidiary of
PCCW Limited, which is headquartered in Hong Kong and holds
interests mainly in telecommunications, media and IT solutions.


CAS HOLDING: S&P Rates Perpetual Subordinated Securities 'BB'
-------------------------------------------------------------
S&P Global Ratings, on Jan. 4, 2021, assigned its 'BBB-' long-term
issuer credit rating to CAS Holding. S&P also assigned its 'BB'
long-term issue rating to the proposed perpetual subordinated
securities that CAS Holding irrevocably and unconditionally
guarantees.

The negative outlook reflects S&P's forecast that PCCW group's
debt-to-EBITDA ratio could remain above 4.5x with potential for
deleveraging over the next 12 months.

The rating reflects the solid market leadership of CAS Holding's
core subsidiaries HKT Trust and HKT Ltd. (HKT Trust) and Hong Kong
Telecommunications (HKT) Ltd. (HKT; BBB/Negative/--) in Hong Kong's
telecom industry over the next 12-24 months. S&P views CAS
Holding's stand-alone credit profile to be highly aligned with that
of HKT, which is built on our assessment of the credit profile of
its immediate parent HKT Trust. Meanwhile, the rating on CAS
Holding is capped by the group credit profile of PCCW because CAS
Holding is fully owned by PCCW and exists outside of HKT's trust
structure that provides some insulation against the group's
financial policies.

CAS Holding's leverage is likely to remain similar to HKT Trust's.
S&P said, "We forecast CAS Holding's debt-to-EBITDA ratio to be
3.8x-4.1x over the next two years, slightly higher than HKT Trust's
3.6x-3.9x as a result of the proposed perpetual subordinated
securities. On a consolidated basis, CAS Holding's financing costs
are low, owing to HKT Trust's good banking relationships and fair
access to the capital market. We estimate CAS Holding's pro forma
EBITDA interest coverage at 7.7x-8.2x in 2020 and 7.8x-8.3x in
2021-2022."

S&P said, "We anticipate negative discretionary operating cash flow
for CAS Holding over the next two years, similar to our estimate
for HKT Trust. This is mainly due to HKT Trust's high dividend
payout under the trust structure. We estimate CAS Holding will
receive HK$2.7 billion-HK$2.9 billion dividend from HKT Trust
annually over the next two to three years. Nearly all of this
dividend will be upstreamed to PCCW.

"We view CAS Holding as a core subsidiary of PCCW because it holds
the parent's entire interest (51.94%) in HKT Trust. As an immediate
parent of HKT Trust, CAS Holding sits outside of the subsidiary's
trust structure. Hence CAS Holding is subject to PCCW's financial
policy and credit risk exposure."

The proposed perpetual subordinated securities could moderately
lower PCCW's leverage. Yet the company's debt-to-EBITDA ratio would
remain above 4.5x after the issuance. PCCW could likely use
proceeds from the perpetual security issuance, which would be fully
lent by CAS Holding to PCCW as an intercompany loan, to repay its
own debt. S&P said, "We believe PCCW will remain committed to
deleveraging. The proposed perpetual security issuance, and the
company's progress in lowering losses in its media businesses and
significant reduction of its stakes in the property business in
October 2020 underpin our view. We anticipate further deleveraging
efforts over the next several months, though uncertainties remain
high given the execution challenges and subdued macroeconomic
conditions amid the pandemic."

S&P said, "We assess the proposed perpetual subordinated securities
issued by CAS Capital No.1 Ltd., a special purpose vehicle fully
owned by CAS Holding, as having intermediate (50%) equity content.
We estimate such hybrid issuance to represent less than 15% of CAS
Holding's total adjusted capital as of June 30, 2020, on a pro
forma basis. Although the securities are perpetual, they can be
called under redemption events including optional redemption on
first reset date (5.5 years) or any subsequent distribution payment
dates, tax, gross-up, change of control event, or accounting
reasons. The coupon rate will increase by 25 basis points (bps)
after 10.5 years and 75bps after 25.5 years. We consider the
cumulative 100bps as a material step-up, which is currently
mitigated by the issuer's intent to replace the instrument.

"The negative outlook on CAS Holding is based on our view that
PCCW's debt leverage will remain elevated over the next six to 12
months. We believe PCCW is committed to deleveraging and that
various initiatives underway could lower debt leverage to below our
downgrade threshold. However, uncertainties surround the execution
and effectiveness of these deleveraging measures given a slowing
economy amid the COVID-19 outbreak.

"We could lower the rating on CAS Holding within the next six to 12
months if we believe PCCW can't make sufficient progress toward
lowering its debt leverage below 4.5x. This could happen if PCCW
fails to fully execute its deleveraging plans or if such measures
do not significantly reduce debt leverage. This could also happen
if the operating performance of PCCW or CAS Holding's key
subsidiaries HKT and HKT Trust deteriorates materially or if the
companies make significant investments beyond our base case.

"We could revise the outlook on CAS Holding to stable if PCCW's
debt-to-EBITDA ratio falls below 4.5x on a sustained basis. This
could happen if PCCW executes its deleveraging initiatives and
significantly improves the profitability of its non-telecom
businesses, with no significant new investments."


ROAD KING: S&P Rates New USD Guaranteed Sr. Unsecured Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
U.S. dollar-denominated guaranteed senior unsecured notes that RKPF
Overseas 2020 (A) Ltd. proposes to issue. The notes are guaranteed
by Road King Infrastructure Ltd. (RKI; BB-/Stable/--). The
China-focused developer with a toll-road portfolio will use the
proceeds for refinancing and general corporate purposes. The issue
rating is subject to its review of the final issuance
documentation.

S&P said, "We rate RKI's guaranteed senior unsecured notes the same
as our issuer credit rating on the company, given limited
subordination risk in the company's capital structure. As of June
30, 2020, RKI's capital structure consisted of HK$10.8 billion in
secured debt and HK$4.7 billion in unsecured debt issued or
guaranteed by the company's operating subsidiaries. RKI also has
HK$29.1 billion in unsecured debt at the parent level, which we do
not consider as priority debt. As such, the company's priority debt
ratio is about 34.7%, which is below our notching-down threshold of
50%.

"We expect the proposed issuance with a tenor of five years to
lengthen RKI's debt maturity profile and lower its borrowing costs,
after the company utilizes the majority of the proceeds to
refinance its near-term maturing offshore notes and project level
loans. This includes about US$216 million due April and another
US$500 million due September. The company's weighted average
maturity stood at 2.4 years as of end-2019 with an average
financing cost of 7.3% in 2019.

"We forecast RKI's ratio of consolidated debt to EBITDA to have
only marginally risen to 4.8x-5.0x in 2020 despite business
disruption in the beginning of the year, as sales and toll road
operations normalized in the second half. We expect RKI's 2020
contracted sales to be largely in line with its flattish target of
about Chinese renminbi (RMB) 40 billion, after accelerating in the
third quarter and reaching RMB29.7 billion for the first nine
months of the year. In addition, we expect dividend cash flow from
toll road ventures to have resumed in the second half. These
factors, together with our expectation that RKI will maintain
controlled debt growth, underpin our stable outlook on the ratings
on the company."


STUDIO CITY: Moody's Rates New USD Unsec. Notes B1, Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured rating
to the proposed US dollar notes to be issued by Studio City Finance
Limited (B1 negative).

The outlook on Studio City Finance is negative.

Studio City Finance plans to use the proceeds from the new notes,
together with cash on hand if applicable, to repay its $600 million
senior unsecured notes due 2024 and related costs, and use any
remaining amount to partially fund the Studio City phase two
project and for general corporate purposes.

RATINGS RATIONALE

"Studio City Finance's B1 ratings reflect the improved competitive
standing of its Studio City property following the successful
ramp-up of casino operations since its opening in 2015,
counterbalanced by the risk associated with the company's
geographic concentration in Macao SAR," says Sean Hwang, an
Assistant Vice President and Analyst.

Studio City Finance's B1 ratings also reflect Moody's expectation
of extraordinary support from Melco Resorts & Entertainment Limited
in times of need, given Studio City Finance's strategic importance
to its parent. This expectation leads to a one-notch uplift from
Studio City Finance's standalone credit quality.

Studio City Finance's operations continue to be weak amid the
lingering pandemic-related disruptions. Studio City International
Holdings Limited, the listed intermediate holding company of Studio
City Finance, reported negative EBITDA of $99 million for the first
nine months of 2020, compared with $258 million positive EBITDA a
year earlier.

Moody's expects Studio City Finance's revenue and earnings to
rebound over the next 12-18 months from the very weak level in 2020
amid a rebound in Chinese tourists visiting Macao SAR following the
relaxation of certain travel restrictions in August and September
2020.

That said, the recovery will be gradual and partial, at least for
most of 2021, given the remaining restrictions and social
distancing measures, the lingering fear of infection among gaming
patrons, and the risk of a resurgence in infections before mass
vaccination is achieved.

As a result, Moody's expects Studio City Finance's earnings in 2021
to remain meaningfully below pre-pandemic levels, before recovering
further in 2022.

Given the expectation, and Moody's assumption that Studio City
Finance will fund part of its $1.25 billion-$1.3 billion phase two
capital spending with new debt, Moody's expects the company's gross
debt/EBITDA to be 10x-13x in 2021 before recovering to around
6.5x-7.0x in 2022. The negative rating outlook mainly reflects the
uncertainty over the pace of recovery in earnings and leverage
metrics.

Studio City Finance's liquidity is adequate for the next 12 months.
Its cash holdings of $156 million as of September 30, 2020 and $499
million in new equity proceeds received in the fourth quarter of
2020 will be sufficient to cover the company's cash burn and
planned capital spending over the next 12 months.

The company's senior unsecured bond ratings are not affected by
subordination to claims at the operating company level, because the
latter is not seen as material. Moody's expects the majority of
claims will remain at the holding company and on an unsecured
basis.

Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance framework, given the impact of
the related disruptions on the company's operations and substantial
implications for public health and safety.

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

Given the negative outlook, a ratings upgrade is unlikely. But
Studio City Finance's outlook could return to stable if the company
improves its earnings and maintains a balanced financial policy,
such that debt/EBITDA falls below 7.5x-8.0x and EBITDA/interest
exceeds 1.8x on a sustained basis.

On the other hand, Moody's could downgrade Studio City Finance's
ratings if its operations are unlikely to recover sufficiently or
it engages in aggressive debt-funded capital spending, resulting in
tight liquidity and high leverage on a sustained basis.

Specifically, credit metrics indicative of a downgrade include
debt/EBITDA above 7.5x-8.0x and EBITDA/interest below 1.8x on a
sustained basis.

The principal methodology used in this rating was Gaming
Methodology published in October 2020.


STUDIO CITY: S&P Assigns 'BB-' Rating on New USD Unsec. Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
Studio City Finance Ltd.'s proposed U.S.-dollar-denominated senior
unsecured notes. All subsidiaries of Studio City Finance will
guarantee the notes. The company plans to use proceeds from the
notes to refinance its existing US$600 million senior notes due
2024 and for general corporate purposes. The rating on the notes is
subject to its review of the final issuance documentation.

S&P said, "Our issue rating on the notes is the same as our
long-term issuer credit rating on Studio City Co. Ltd. (Studio
City; BB-/Negative/--), a subsidiary of Studio City Finance.

"We believe the risk of subordination is insignificant in Studio
City Finance's capital structure. As of Sept. 30, 2020, the company
had US$1.6 billion in senior notes and about US$128,000 in term
loan outstanding under its 2016 senior secured credit facilities."

The transaction is neutral for Studio City's leverage. The entity
will use the proceeds mainly for refinancing. The negative outlook
on Studio City, an operating subsidiary of Melco Resorts &
Entertainment Ltd., reflects S&P's view that downside risks to
Melco's earnings remain, given the uncertain recovery of the
tourism industry in Macau and the Philippines.




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

AISHWARYA AVANT: CARE Keeps D on INR18cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aishwarya
Avant Builders LLP (AAB) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
   Term Loan                       under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 27, 2020, placed the
rating of AAB under the 'issuer non-cooperating' category as AAB
had failed to provide information for monitoring of the rating. AAB
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 17, 2020,
December 18, 2020 and December 22, 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 public at
large) are hence requested exercise caution while using the above
rating.

The ratings take into account the ongoing delays in servicing of
debt obligations by the firm on account of its constrained
liquidity position.

Detailed description of key rating drivers

At the time of last rating on January 27, 2020, the following were
the rating strengths and weaknesses

(Updated for information available from Registrar of Companies)

Key rating weakness

* Ongoing delays in servicing debt: The rating takes into account
the ongoing delays in debt servicing of the firm.

Liquidity

The firm's liquidity is poor on account of ongoing delays in debt
servicing. The Current ratio has reduced from 8.92 in FY17 to 3.54
in FY18 and 2.18 in FY19. The quick ratio has reduced from 2.09 in
FY17 to 1.26 in FY18 and 0.96 in FY19. The cash balances have
reduced from INR1.86 Cr in FY18 to INR1.24 in FY17.

Avant group is a Mumbai based real estate developer which was
established in the year 2010 by founder/promoter Mr. Sudeep Saha.
The other promoter is Mr. Harsh R Shah. The Firm Aishwarya Avant
Builders LLP is currently developing a residential redevelopment
project in jogeshwari (East), Mumbai. The project is known as
"Avant Heritage" which comprises of Phase-I & Phase-II located
adjacent to each other and having total saleable area of 1.04 lakh
sq. ft.


AUTOLINE INDUSTRIES: CARE Reaffirms D Rating on INR82.62cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Autoline Industries Limited (AIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       82.62      CARE D; Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

   Short Term Bank      20.00      CARE D; Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of AIL
and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the firm to 'CARE D; ISSUER NOT
COOPERATING'. However, the firm has now submitted the requisite
information to CARE. CARE has carried out a full review of the
rating and the rating stands at 'CARE D'.

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AIL continues to
factor in the on-going delays in debt servicing. Timely repayment
of debt going forward is the key rating sensitivity.

Rating Sensitivities

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

* Timely repayment of debt going forward.

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays in debt servicing: There are on-going delays in
debt servicing with one of its lender due to the stressed liquidity
position. The company has registered cash losses of around INR44
crore in FY20 and INR17 crore in H1FY21. Moreover, the average
utilization of cash credit limit was also more than 100% for the
last 12-months ended August 2020. The company has applied for
restructuring of loan with some of its lenders.

Incorporated in December 1996, AIL is engaged in manufacturing of
auto components especially sheet metal components, sub-assemblies
and assemblies. AIL is an integrated auto ancillary company that
designs, engineers, develops and manufactures auto components and
assemblies. The capacities have been acquired through organic and
inorganic growth. AIL's products (more than 1,000 varieties) are
used in Commercial Vehicles (CV), Passenger Cars (PC), Sports
Utility Vehicles (SUV), two wheelers, tractors by Original
Equipment Manufacturers (OEMs) like Tata Motors Ltd (TML), Mahindra
& Mahindra (M&M), Bajaj Auto Ltd (BAL), Force Motors (FM), General
Motors (GM), Volkswagen (VW), etc. in the automobile industry.


BTS KNITSS: CARE Moves C on INR2.8cr Loans to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of BTS
Knitss Process Private Limited (BTSKPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.80      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Short Term Bank       0.05      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BTSKPL to monitor the rating
vide e-mail communications dated December 21, 2020 and numerous
phone calls. However, despite repeated requests, the company 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 best available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on BTS Knitss Process Private Limited's bank facilities will
now be denoted as CARE C; Stable; ISSUER NOT COOPERATING and
CAREA4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on October 3, 2019, the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Relatively small scale of operations: Despite of presence of the
company in textile industry for more than 2 decades, the scale of
operations of the company remained small marked by TOI at INR6.40
crore in FY18 along with low tangible networth of INR0.54 crore as
on March 31, 2018. Further, the TOI of the company has been
fluctuating during the review period i.e., increased from INR6.92
crore in FY16 to INR8.02 crore in FY17 due to increase in order
execution along with supported market price. Further, the TOI
decreased significantly and remained at INR6.40 crore in FY18
mainly on account of business slowdown in Tirupur along with
decline in other income from INR0.02 crore in FY17 to 0.005 crore
in FY18 . BTS has achieved a TOI of INR7.80 crore with a net profit
of INR0.20 crore in FY19 (prov.,).

* Thin profitability margins with net losses in FY18: The
profitability margins of the company remained satisfactory;
however, declining during the review period marked by PBILDT margin
which is declining Y-o-Y from 16.10% in FY16 to 9.45% in FY18
majorly on account of increase in other processing charges and
overhead expenses. Further, BTS has incurred net losses during the
review period and remained at INR0.08 crore in FY18 on account of
significant decline in sales realisation @ more than 10% decline
per unit at the back of slowdown of business in Tirupur.

* Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators: Financial risk profile of the
company remained leveraged marked by debt equity and overall
gearing ratio during the review period. Debt equity ratio of the
company has been fluctuating in the range of 2.51x to 2.62x during
FY16-FY18 on account of high long term debt levels along with
decline in tangible networth at the back of adjustment of
accumulated losses. Due to above mentioned reason along with high
utilisation of working capital bank borrowings and unsecured loans
from related parties in order to meet the day to day activates of
BTS, the overall gearing ratio of BTS deteriorated to 12.74x as on
March 31, 2018 over 3.64x as on March 31, 2016.

Further, the debt coverage indicators of the company remained weak
during the review period marked by total debt/GCA which stood at
33.14x in FY18 on account stable growth in GCA. However, the
interest coverage ratio remained comfortable at 1.52x in FY18 due
to increase in finance costs.  BTS's Total debt/CFO remained at
7.57x as on March 31, 2018 due to working capital changes coupled
with decline in cash flow from operating activities.

* Working capital intensive nature of operations marked by
elongated operating cycle days: The operations of BTS remained
working capital intensive on account of high inventory and
collection days at 184 & 76 days respectively in FY18. The firm
usually makes the payments to the suppliers of raw material such as
dyes, chemicals, cotton yarn etc., upon the receipt of money from
the customer who will pay within 40-60 days. BTS maintain the stock
of various raw material and packaging material for a period of
30-45 days to meet the on-going demands from its customers. Due to
business slowdown in Tirupur, the firm has not realised the money
from most of its customers leading to stretched collection days.
The average working capital utilization for the last 12 months
ended June 30, 2019 remained at 90-95%.

* Highly fragmented industry and profitability margins are
subjected to volatility in raw material prices: The cotton ginning
and spinning industry is highly fragmented in nature with several
organized and unorganized players. Prices of raw cotton are highly
volatile in nature and depend upon the factors like area under
cultivation, crop yield, international demand-supply scenario,
export quota decided by the government and inventory carry forward
of the previous year. Hence, the profitability margins of the
company are susceptible to fluctuation in raw material prices.

Key Rating Strengths

* Established track record with experienced promoters in textile
industry: BTS was incorporated in the year 2005 as a private
limited company by Mr. P. Shiva Kumar along with his family members
and friends leading to established track record. Mr. P. Shiva
Kumar, the managing director of the company has more than 25 years
of experience in dying and garments business segment. Mr. Paras
Kumar Chhabra, the director of BTS has more than a decade of
experience in textile industry. Due to long term presence of the
promoters in the industry, BTS has established good relationships
with its customers and suppliers.

Tamilnadu based, B T S Knitss Process Private Limited (BTS) was
incorporated on August 24, 2005 and is promoted by Mr. P. Shiva
Kumar (Managing Director) along with his family members as
directors of the company. The company is engaged in dying of
various kinds of fabric at its manufacturing unit located at
Tirupur, Coimbatore District, Tamilnadu. Customers and suppliers of
BTS are located in and around Tirupur, Tamilnadu. Further, BTS has
achieved a TOI of INR7.80 crore with a net profit of INR0.20 crore
in FY19 (Prov.,).


DHRUV WELLNESS: CARE Lowers Rating on INR15cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhruv Wellness Limited (DWL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 22, 2020, placed the
rating(s) of DWL under the 'issuer non-cooperating' category as DWL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. DWL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in rating factors in default in the debt servicing and
accounts of the company have been classified as nonperforming
assets (NPA).

Detailed description of the key rating drivers

At the time of last rating on August 27, 2020, the following were
the rating strengths and weaknesses (updated for the information
available from Bombay Stock Exchange and CIBIL):

Key Rating Weaknesses

* Default in debt servicing: As per the annual reports for received
for FY20, the company has defaulted on payments of interest and
installments of banks and financial institutions and all the loan
accounts are classified as Non-Performing Loans by respective
lenders before year ended March 31, 2020. Further, as per the CIBIL
records for the quarter ended September 30, 2020, the company and
director names were appeared as willful defaulter against the bank
facilities rated by CARE.

* Weak financial risk profile: The scale of operation of the
company remained moderate, however reflected fluctuating trend
during past four years. Further, the TOI has significantly
decreased by 63.80% to INR42.36 crore in FY20 (vis-à-vis INR117.05
crore in FY19) Further, the company has incurred operating and net
loss of INR22.81 crore and INR24.67 crore respectively during FY20
which resulted to distressed debt coverage indicators during FY20.
On account of the said losses, the tangible networth of the company
has eroded to negative as on March 31, 2020.

* Stretched working capital cycle: The operations of KEPL are
working capital intensive in nature on account of funds being
blocked in receivables and payables. The operating cycle of the
company has significantly elongated to 156 days in FY20 from 93
days in FY19 due to stretched collection period from 69 days in
FY19 to 129 days in FY20. The inventory period has also elongated
to 56 days in FY20 from 48 days in FY19.

Established in 2005 by Mr. Pravinkumar Prajapati as a
proprietorship entity, Dhruv Agency (DA, with Mrs. Anita Prajapati
as the proprietor) was later converted into a private limited
company and renamed as Dhruv Wellness Private Limited (DWPL) in
March 2015, thereafter which it was converted into a public limited
company and renamed as DWL in July 2017. The company is now listed
on BSE, trading at INR19 per share with a market capitalization of
INR20.03 crore as on October 28, 2017. DWL is engaged in trading &
distributorship of various pharmaceutical & cosmetic products which
are sold to various retailers and wholesalers mainly in the Western
suburbs of Mumbai and outskirts also. Some of the said products are
procured by the company directly from the principal manufacturers
of the same for whom the company acts as a distributor, whereas the
rest of the products are procured from other wholesalers of the
same. Moreover, the company also undertakes manufacturing of
ayurvedic medicines under its own brand "Dhruv", however such
manufacturing is completely outsourced to Savita Health Care
Private Limited.


FUTURE ENTERPRISES: CARE Cuts Rating on INR150cr Debentures to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Future Enterprises Limited (FEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible      150.00     CARE D Revised from CARE C  
   Debenture Issue                 rating removed from credit
                                   watch with developing
                                   implications

   Long-term-           550.00     CARE C (Credit Watch with
   Term Loan                       Developing implications)

   Long-term fund       625.00     CARE C (Credit Watch with
   based bank                      Developing implications)
   facilities–CC        
                                   
   Short-term non-      602.00     CARE A4 (Credit Watch with
   fund based bank                 developing implications)
   facilities–LC/BG     
                                    
   Non-Convertible      924.00      CARE D
   Debenture Issue      

   Non-Convertible    1,650.00      CARE C (Credit Watch with
   Debenture Issue                  developing implications)

   Fixed Deposit        700.00      CARE C (FD) (Credit Watch
   Programme                        with developing implications)


Detailed Rationale & Key Rating Drivers

The revision of ratings assigned to the instruments of FEL is on
account of default in servicing of interest due on December 21,
2020 on its Non-convertible Debentures bearing ISIN INE623S07628
and INE623S07636. The other issues raised by CARE in its press
release dated September 30, 2020, viz. weakened credit profile of
its key customer – Future Retail Limited (FRL), delays in release
of sanctioned bank limits and default in servicing of its interest
on its Nonconvertible Debentures bearing ISIN INE623B07529,
INE623B07537, INE623B07503, INE623B07511, INE623B07487 and
INE623B07495 continue to constrain the ratings. The ratings also
factor in high promoter pledge and falling market capitalisation
significantly impacting financial flexibility, dependence on group
companies for revenue and high working capital cycle. FEL is in
discussion to monetise its investments in insurance business to
improve its liquidity position. The timeliness of monetisation
remains key rating monitorable.

FEL had announced on August 29, 2020 that Reliance Retail Ventures
Limited, a subsidiary of Reliance Industries Limited shall be
acquiring the Retail & Wholesale Business and the Logistics &
Warehousing Business from the Future Group as going concerns on a
slump sale basis for lumpsum aggregate consideration of INR24,713
crore. The scheme is subject to various approvals and the execution
of the same remains critical from credit perspective.

FEL has sought a moratorium on payments from its lenders as part of
the COVID-19 - Regulatory Package announced by the RBI.
Subsequently, FEL has applied for the One Time Restructuring (OTR)
facility vide its letter dated September 27, 2020 to all its
lenders, under RBI guidelines issued on August 6, 2020.There are
instances of delays in servicing of debt, however, CARE has not
treated the same as default in line with the criteria issued on
'Analytical treatment for one-time restructuring due to COVID-19
related stress', issued on September 29, 2020. The resolution plan
is under consideration and the lenders have signed the
inter-creditor agreement.

Key Rating Sensitivities

Positive Factors

* Improvement in company's liquidity profile resulting from equity
infusion/divestment of investments/improved credit profile of its
key customer, FRL

Negative Factors

* NCDs amounting to INR1,250 crore have accelerated prepayment
clause in case of rating falling below 'AA-'. Exercising the option
to recall bonds may result in severe liquidity issues.

* Delays in divestment of stake in subsidiaries/JVs/Associate
companies and/or higher debt resulting in a leveraged capital
structure over 1.00x (FY21)

* Inability of the company to scale up new verticals of business
leading to deterioration of Total Debt/PBILDT over 3.25x

Detailed description of the key rating drivers (As per PR dated
September 30, 2020)

Key Rating Weaknesses

* Stretched financial flexibility; considerable promoters' stake
pledged: The promoters FEL as of Mar 2018 had pledged 11.64 crore
shares (56.56% of promoter stake). During the past year, the
company's market capitalisation has declined significantly from
INR1,760 crore to INR719 crore as on July 29, 2020. Falling market
capitalisation coupled with rising debt has led to significant
deterioration of debt to market-capitalisation from 3.73x as on
March 31, 2018 to 3.86x as on March 31, 2019 to current level of
~8.55x.  However, in lieu of significant fall in share price, the
promoters had to pledge additional shares taking the total to
87.40% of promoters' stake (as on Jun 30, 2020). Considerable
reduction in market capitalisation and significant proportion of
promoter's stake pledged hampers the company's flexibility to raise
funds.

* Significant dependence on group companies: FEL provides
infrastructure support to group companies, logistical support
through its subsidiary Future Supply Chain Solutions Limited and
also designs, manufactures garments for in-house brands and engages
in trading for various group companies. Sale of goods and services
to its group companies has shown an increasing trend. FEL is
reliant on FRL for a significant portion of its income (Rs. 3,838
crore in FY19). FEL's step-down subsidiary, Future Supply Chain
Solutions Limited also provides warehousing and logistic
requirements to FRL (FY19: INR557.88 crore). Going ahead, with the
proposed acquisition of retail assets from FEL, lease rentals from
FRL are expected to come down by INR550-650 crore. However, apart
from the infrastructure support, FEL will continue to provide other
services to FRL.  Furthermore, FEL and FRL have also provided cross
guarantees on behalf of each other for various borrowings to the
tune of INR5750 crore and INR3583 crore respectively as on March
31, 2019. These guarantees between both the companies will
eventually be withdrawn post the sale of assets and subsequent debt
repayment.

* High Working Capital Cycle: FEL has high gross working capital
cycle of 176 days in FY19, which has deteriorated from 157 days in
FY18. The reason for high operating cycle is on account of high
inventory days. The company buys on behalf of group companies and
goods are kept at various retail outlets across the country thereby
leading to high inventory period of 16-18 weeks. The company
receives payment after 6-7 weeks from sale of goods. Increase in
inventory days and growth in operations led to an increase in
company's fund based average working capital utilisation (including
CP) for the past 12 months ending Feb 2020 to 71% as against 63%
during the same period last year.

* Intensifying competition in retail industry: Heightened
competition from both brick and mortar and online players could
impact overall SSSG of FEL's customers. Competition from e-commerce
players, remains a key threat. Also, change in FDI norms can lead
to further competition. Currently, the government has allowed FDI
in food processing sector. Apart from this, the government is also
contemplating liberalising rules relating to multi‐brand retail.
This will open up foreign investments which may pose a threat to
existing retail players.

Key Rating Strengths

* Experienced Promoters & Management: The promoters of FEL have
been closely involved in the management of business and in defining
& monitoring the business strategy for the company. Mr. Kishore
Biyani, the founder and Group CEO of the Future group, is widely
recognised as a pioneer of modern retail in India. Furthermore the
promoters are supported by a strong management team having
significant experience in retail industry.

The company hold stake in various other future group companies with
main being in Future Supply Chain Solutions Limited and insurance
JV with Future Generali. The company is looking to divest its
holdings in various group companies in order to reduce debt.

* Sale of assets to improve capital structure; albeit reduction in
rental income: Sale of lease assets to FRL at a fair value of INR
3,952 crore and subsequent debt repayment will help the company to
improve its capital structure. The company's debt level has already
come down from INR6,730 crore (excl. acceptances on LC) as on Dec
31, 2019 to INR5,681 crore as on Feb 29, 2020. However, post the
outbreak of COVID19, the company hasn't prepaid the balance debt
which has led to leverage remaining high. Furthermore, reduced cash
flows and significant dependence on banks for working capital
requirements will keep the capital structure under pressure. The
company has plans to divest stake in its insurance business as well
as logistic business which will lead to further improvement in
capital structure upon materialisation.

Consequently, with the sale of assets to FRL, FEL lease rental
income from FRL is expected to significantly decline by INR550-650
crore p.a.  The ability of the company to successfully improve
capital structure remains critical from credit perspective.

* New verticals to drive growth: FEL is almost fully dependant on
group companies to drive its growth. The company received 92% of
total sales from group companies. Post the sale of assets to FRL,
FEL's income is expected to decline by INR550-650 crore and
subsequently PBILDT and PBILDT margins are also expected to shrink.
Going ahead, even as group companies continue to remain depended
on FEL for their designing, manufacturing and trading requirements,
the latter is looking to develop incumbent business and reduce
dependence on group companies. The company is looking leverage on
data collected through its 'Future Pay' app which has over 16mn
members. It will also provide a market place to group companies
such as FRL and Future Lifestyle Fashions. FEL is also looking to
offer financial services & payments solutions through the app. The
ability of the company to scale the businesses and achieve
envisaged results within stipulated timelines remain critical for
company's credit profile.

Industry Outlook

In view of the COVID19 outbreak and lowering of the discretionary
spending by the consumers in these times of economic downturn, the
outlook for the Indian players in retail sector is 'Negative' in
the short to medium term. The impact on demand, which is expected
to remain muted at least for the next three or four quarters, will
be more in case of players with presence in non-essential items and
luxury segments. However, the expected support from the government
in terms of financial stimulus packages and wage support subsidy as
well as rental waivers from the mall-owners which would help the
retailers to bring down their fixed costs, will reduce the impact
on their credit profile to an extent. The retailers with presence
in essential commodities continue to have some cash flows to
support their fixed costs.

After the control of the spread of the coronavirus and post the
lock-down period, the spending as well as shopping patterns of the
consumers are expected to change significantly. The consumers are
likely to curtail their discretionary spending with reduced income
in their hands as well as tendency to preserve cash. Also, more
preference is likely towards online channels in order to avoid
crowded spaces. In such times, the retailers with presence across
the retail segments (grocery, apparel, appliances, accessories) as
well as who have an omni-channel strategy with presence in both
offline and online channels are expected to have a quicker
recovery.

Liquidity Position: Poor

The company's liquidity profile has been severely impacted on
account of lockdown measures and weakened credit profile of its key
customer, FRL. The company has applied to the lenders for
moratorium as per RBI package.The company has also applied for One
Time Restructuring (OTR) facility vide its letter dated September
27, 2020 to all its lenders, under RBI guidelines issued on August
6, 2020.

Erstwhile Future Retail Ltd. has now been renamed as Future
Enterprises Ltd. (FEL) and houses the physical assets (store
formats of erstwhile FRL and Bharti Retail Limited including all
the infrastructure assets situated in the stores) apart from
strategic investments in various companies. The company is also in
the business of manufacturing and trading of men's wear, women's
wear and kid's wear in denim segment. FEL is also the holding
company for future group's various other businesses.


G. NAGESWARAN: CARE Keeps D on INR9cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.
Nageswaran (GN) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.50      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 placed December 6, 2019 the
rating(s) of GN under the 'Issuer noncooperating' category as GN
had failed to provide information for monitoring of the rating. GN
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated 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 rating.

Detailed description of the key rating drivers

At the time of last rating on December 6, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Ongoing delays: The firm was unable to generate sufficient cash
flows leading to strained liquidity position resulting in on going
delays in meetings debt obligation.

Tamil Nadu based, G. Nageswaran (GN) was established as a
proprietorship firm in 1985 by Mr. G. Nageswaran he is a clause 1
contractor. GN is engaged in civil construction works like
construction of road, bridges, drains, culverts etc. related to
Tamil Nadu Public Works Department (TNPWD) and Chennai Corporation
Department (CCD) in the state of Tamil Nadu.


GOYAL MOTORS: CARE Keeps D on INR9cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goyal
Motors (GL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      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 September 30, 2019, placed
the rating of GL under the 'issuer non - cooperating' category as
GL failed to provide information for monitoring of the rating. GL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated Dec ember 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 30, 2019 following were
the rating weaknesses.

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the working capital limit
availed by the firm.

Goyal Motors (GM) was established as a proprietorship firm by Mr.
Amit Goyal with commencement of operations from August, 2015. Prior
to May, 2016, the firm was engaged in the sale of only spare parts
of Tata Motors Ltd. [TML; rated 'CARE AA-; Negative/CARE A1+'] and
sale of second hand passenger vehicles. Presently, the firm is an
authorized dealer of TML and is engaged in the sale of passenger
vehicles, servicing of vehicles and sale of spare parts. The firm
owns & operates a showroom in Patiala (started operations from
May-2016), providing 3S (sales, service and spare parts)
facilities. Besides GM, the proprietor is also involved in other
group concerns namely Pushpa Goyal Enterprises Private Limited
(PGEPL; rated 'CARE B+; Stable; Issuer Not Cooperating'), engaged
in the dealership of Mahindra & Mahindra Ltd (MML; rated 'CARE
AAA/CARE A1+') since 2012; Sangrur Autos engaged in the dealership
of Bajaj Auto Ltd. (BAL; rated 'CRISIL AAA; Stable/CRISIL A1+'),
since 1989 (prior to 2014, the same was operating by the name
Sangrur Autos Pvt. Ltd.) and Hemant Goyal Motors Pvt. Ltd. (HGMPL)
established in 2005. Apart from this, the firm has an associate
concern namely Sangrur Autos (Malerkotla) (SAM; rated 'CARE B;
Stable/CARE A4; Issuer Not Cooperating'), engaged in the dealership
of Bajaj Auto Limited (BAL), since 2014.


MACRO VENTURES: CARE Keeps D on INR9cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Macro
Ventures Private Limited (MVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      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 September 30, 2019, placed
the rating of MVPL under the 'issuer non-cooperating' category as
MVPL failed to provide information for monitoring of the rating.
MVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated Dec ember 11, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the bes t 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 30, 2019, following
were the rating weaknesses.

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the working capital limit
availed by the firm.

Incorporated in 2011, Macro Ventures Private Limited (MVPL) is a
part of the Macro Group and started its commercial operations in
February-2013. The company is an authorized dealer of Tata Motors
Ltd (CARE AA-/Negative; CARE A1+) for its passenger cars, spares &
accessories in Mohali and Ropar, Punjab. MVPL is promoted by Mr.
Deepak Chopra and Ms. Sonia Chopra, who have extensive experience
in the trading/distribution business, as the group is already
operating several dealerships including Honda, Castrol Lubricants
etc. under Macro Group Pvt Ltd (MGPL; 'CARE D; Issuer Not
Cooperating'), M/s Macro Linkers (ML), M/s Vinayak Enterprises (VE)
and M/s Pioneer Sales Network (PSN).


MARS BUILDMART: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mars Buildmart Private Limited
        3562/9, 2nd Floor
        Gali Than Singh
        Sita Ram Bazar, Delhi
        Central Delhi 110006
        IN

Insolvency Commencement Date: December 16, 2020

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

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

Insolvency professional: Umesh Gupta

Interim Resolution
Professional:            Umesh Gupta
                         Unit No. 111
                         First Floor, Tower-A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: umesh@vamindia.in

Last date for
submission of claims:    January 6, 2021


MEENA JEWELLERS: CARE Keeps D on INR28cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meena
Jewellers Extension Private Limited (MJExPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.00      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 November 6, 2019, placed the
rating(s) of MJExPL under the 'issuer non-cooperating' category as
MJExPL had failed to provide information for monitoring of the
rating. MJExPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated October 29, 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 November 6, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in interest servicing and continued overdrawals: The
company have been facing stretched liquidity position leading to
instances of overdrawals and delay in interest servicing with
respect to the cash credit account.

Key Rating Strengths

* Experienced promoters: Meena Jewellers Group (MJG) is the
jewellery arm of the Meena Bazar group which has over 75 years of
presence in the twin cities of Hyderabad/Secunderabad.

Analytical approach: Standalone. The approach has been changed from
combined as few entities whose financials were combined are under
liquidation.

Meena Jewellers Extension Private Limited, incorporated in 2012,
belongs to the Meena Jewellers group (MJG) which is the jewellery
arm of the Meena Bazar group which has over 75 years of presence in
the twin cities of Hyderabad/Secunderabad. Meena Bazar group has
varied business interests consisting of retailing in sarees,
textiles, garments and jewellery, exhibition of films,
construction, etc.


MEENA JEWELS EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meena
Jewels Exports (MJE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.00      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 November 6, 2019, placed the
rating(s) of MJE under the 'issuer non-cooperating' category as MJE
had failed to provide information for monitoring of the rating. MJE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated October 29, 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 November 6, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in interest servicing and continued overdrawals: The firm
have been facing stretched liquidity position leading to instances
of overdrawals and delay in interest servicing with respect to the
cash credit account.

Key Rating Strengths

* Experienced promoters: Meena Jewellers Group (MJG) is the
jewellery arm of the Meena Bazar group which has over 75 years of
presence in the twin cities of Hyderabad/Secunderabad.

Meena Jewels Exports, incorporated in 2012, belongs to the Meena
Jewellers group (MJG) which is the jewellery arm of the Meena Bazar
group which has over 75 years of presence in the twin cities of
Hyderabad/Secunderabad. Meena Bazar group has varied business
interests consisting of retailing in sarees, textiles, garments and
jewellery, exhibition of films, construction, etc.


MUSALE CONSTRUCTION: CARE Lowers Rating on INR35cr Loans to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Musale Construction (MCN), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D Revised from CARE BB-;
   Facilities                      Stable

   Short Term Bank
   Facilities           25.00      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

Detailed Rationale

The revision in the ratings to the bank facilities of MCN takes
into account delays in repayment of debt obligation.

Key Rating Sensitivities

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

Improvement in the liquidity position of the company

* Demonstration of default free track record of over 90 days

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Delay in servicing of debt obligation: There were frequent
overdrawals in the cash credit limit during the last twelve months
ended November 30, 2020 with latest overdrawals of more than 30
days in the last month i.e. November 2020. Further, there are
ongoing delays in interest repayments of COVID-19 assistance term
loans. The delays are mainly on account of delay in receiving
payments from the customers. Furthermore, the account has been
classified under SMA-02(Special Mention Category).

Liquidity Position: Poor

Poor liquidity is marked by lower accruals, and modest cash balance
INR0.03 crore as on March 31, 2020. Further, there are delay in
realization of debtors, which has led to poor liquidity. This has
constrain the ability of the firm to repay its debt obligations on
a timely basis. The firm has availed moratorium for the period
March to August for deferment of interest payments of working
capital borrowing from its lender (Covid-19 Regulatory Package
announced by RBI). Further, the firm has also availed term loans
under COVID-19 assistance scheme to support working capital
requirements.

Status of non-cooperation with previous CRA: CRISIL vide its press
release dated September 17, 2019 has moved the rating assigned to
the bank facilities of Musale Construction to Non Cooperative
category on account of non-receipt of information related to
financial performance and strategic intent of MCN.


P.G. ICE: CARE Moves D on INR7.19cr Loans to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of P.G. Ice
and Cold Storage Private Limited (PGICS) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.19      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PGICS to monitor the ratings
vide e-mails communications/letters dated Oct. 6, 2020, Oct. 7,
2020, Nov. 30, 2020, Dec. 7, 2020, Dec. 16, 2020, Dec. 17, 2020 and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information and No Default
statement (NDS) 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. CARE has downgraded its
ratings on the bank facilities of P.G. Ice and Cold Storage Private
Limited to 'CARE D; Issuer Not Cooperating' from 'CARE D'.

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 have been revised by taking into account the ongoing
delays in repayment of debt obligation due to stressed liquidity
position. The rating also takes into account the non-availability
of information and due-diligence has been conducted due to
non-cooperation by P.G. Ice and Cold Storage Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk.

The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going Delays: There have been instances of on-going delays in
timely repayment of its debt obligations due to stressed liquidity
position. Client has not availed moratorium as extended by banker
in line with RBI's guidelines in wake of pandemic.

Uttar Pradesh based P.G. Ice and Cold Storage Private Limited
(PGICS) (CIN No. U15435UP2015PTC070434) was incorporated in April,
2015 and started its commercial operations from February, 2017. The
company is currently managed by Mr. Mohan Datt & Mr. Ram Gopal. The
company is engaged in renting of its cold storage facility for
potatoes to the local farmers in Uttar Pradesh with multi chambers
having storage capacity of 136620.02 quintals as on March 31, 2019.
The company has one group associate namely; "Lodhi Rajpoot Ice and
Cold Storage Private Limited" (incorporated in June, 1996); engaged
in same line of business.


PRAG ELECTRICALS: CARE Withdraws D Rating on Bank Facilities
------------------------------------------------------------
CARE has revised the ratings assigned to the bank facilities of
Prag Electricals Private Limited to CARE D; ISSUER NOT COOPERATING'
from CARE B; Stable; ISSUER NOT COOPERATING'/CARE A4; ISSUER NOT
COOPERATING' and has simultaneously withdrawn it, with immediate
effect. The revision in the ratings factors in the delay in bank
limit of the company. The rating withdrawal is at the request of
Prag Electricals Private Limited and 'No Objection Certificate'
received from the bank that has extended the facilities rated by
CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: There was a delay in debt servicing of
the company. There was continuous overdrawal in the cash credit
limit from September 30, 2020 to December 2, 2020 and the same got
regularised on December 3, 2020. Accordingly the penal interest has
been charged in the account.

Prag Electricals Private Limited (PEPL) was incorporated in 1976 by
Mr. Manoj Kanti deb and Smt. Indrani Deb. Since its incorporation
the company is engaged in the manufacturing of electrical equipment
like transformers, etc.  The company has availed moratorium over
interest on working capital from March 2020 to August 2020 as per
the recent RBI circular.


RAGHAVENDRA INDUSTRIES: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raghavendra
Industries (RI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Short      4.20       CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      9.80       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 December 4, 2019 placed the
rating(s) of RI, under the 'issuer non-cooperating' category as
Raghavendra Industries had failed to provide information for
monitoring of the ratings. Raghavendra Industries continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated January
2020 to December 18, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on December 4, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

On-going delay in debt servicing there are on-going delays in debt
servicing by RI. The account is overdue due to delay in interest
payment and invocation of bank guarantee for more than 30 days;
which was utilized for procurement of material.

Key Rating Strengths

* Experienced promoters and established track record of operations:
RI is promoted by Mr. Srinivasulu Penagaluri, Proprietor, holds a
vast experience of around two decades in the Electrical goods
industry through Raghavendra Industries and M/s. Raghavendra
Electricals and responsible for the financial and operational
activities carried out in RI. RI has long track record of
operations of around two decades and thus has a steady association
with its customers and has long standing business association with
all of them.

Kadapa–based (Andhra Pradesh), RI was established as
proprietorship firm in 1998 promoted by Mr. Srinivasulu Penagaluri.
RI is engaged in manufacturing of power & distribution transformers
and special purpose transformers used as stabilizers in different
electrical appliances and electrical circuits. The manufacturing
unit situated at Kadapa, Andhra Pradesh which is spread over 5
acres area. RI has associate concerns operating in similar line of
business viz. M/s. Raghavendra Electricals.


RANGOTSAV LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rangotsav
Lifestyle Pvt. Ltd. (RLPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.00      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 July 6, 2018, placed the
rating of RLPL under the 'issuer non-cooperating' category as RLPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RLPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated 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. The rating on Rangotsav Lifestyle Private Limited's
bank facilities will continue to 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).

At the time of last rating on September 30, 2019, the following
were the rating strengths and weaknesses (updated for the
information received from Registrar of Companies).

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in the account: There are overdrawals in the Cash
Credit account due to non-payment of interest, which has continued
for more than 30 days.

* Loss reported in FY19: The company has incurred operating loss of
INR9.37 crore and net loss of INR16.15 crore in FY19 on total
income of INR12.69 crore (operating loss of INR6.27 crore and net
loss of INR11.33 crore on total income of INR70.76 crore in FY18).

* Poor liquidity position: Loss incurred during FY18 and FY19 and
deterioration in the current ratio from 1.61x as on March 31, 2017
to 0.52x as on March 31, 2019 suggest weakening of liquidity
position.

Rangotsav Lifestyle Private Limited (RLPL), incorporated in
September 2010 as Suman Vinimay Pvt Ltd (SVPL), is currently
managed by two of its directors Mr. Narendra Kumar Agarwal (aged 55
yrs) and Mr. Sumit Agarwal (aged 30 yrs, son of Mr. Narendra Kumar
Agarwal), with headquarters in Kolkata. On January 16, 2013, RLPL
entered into a long term franchisee agreement (i.e. 9 years) with
Titan Industries Ltd for selling jewellery items in precious metal
inclusive of jewellery watches under the brand name "Tanishq" at
their showroom in Burdwan. From October 2016, RLPL has opened up
showroom in the basement of its Burdwan showroom for selling of
saris. RLPL derives around 80-85% of its revenue from sale of
'Tanishq' jewelry, around 8% from sale of diamond jewelry and
remaining from sale of saris. RLPLis part of the Rangotsav Sarees
group [flagship company of the group is Rangotsav Sarees Pvt. Ltd.
(RSPL)] promoted by Mr. Narendra Kumar Agarwal in the year 1999.


ROCKLAND CERAMIC: CARE Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Rockland
Ceramic LLP (RCL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.77      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Short Term Bank       1.52      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RCL to monitor the rating
vide email communications dated October 5, 2020, October 14, 2020,
November 5, 2020,November 30, 2020, December 1, 2020, December 15,
2020 and numerous phone calls and final remainder dated December
16, 2020. However, despite repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
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 RCL's 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on December 27, 2019, following was the
key rating weakness:

Rating Weakness

* Delays in debt servicing: There had been irregularities in
repayment of its debt obligations of Rockland Ceramic LLP primarily
due to poor liquidity.  Further, RCL had availed moratorium for 6
months ended August 2020 for its all rated facilities in this
COVID-19 pandemic.

Morbi(Gujarat)-based RCL, was incorporated in January 2016 as a
partnership firm by total fifteen partners. Overall management of
RCL is looked after by four key partners named Mr. Divyesh
Laljibhai Gami, Mr. Nitin Nandlal Dalsaniya, Mr. Ashokbhai
Nanjibhai Dalsania and Mr. Manish Bhudarbhai Mordiya. The firm had
commenced its operation from February 2017 onwards. The firm is
engaged in manufacturing of vitrified tiles. RCL is operating from
its sole manufacturing plant located in Morbi (Gujarat) with
installed capacity of 26 lakh square meter per annum of vitrified
tiles as on March 31, 2019. Roland Ceramic is a group entity of
RCL, which is engaged into manufacturing of wall tiles.


SHANTI AGRO: CARE Keeps D on INR29cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shanti Agro
Food Private Limited (SAF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       29.42      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 14, 2019, placed the
rating of SAF under the 'issuer non-cooperating' category as SAFPL
had failed to provide information for monitoring of the ratings.
SAFPL 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.

At the time of last rating on October 14, 2019, the following were
the rating weaknesses:

Key Rating Weaknesses:

* Delays in debt servicing: There were instances of overutilization
of the cash credit limit for more than 30 days. The delays were on
account of weak liquidity position as the company is unable to
generate sufficient funds on timely manner.

Shanti Agro Food Private Limited (SAF) was established as a
proprietorship firm in November, 2008 by Mr. Sahil Verma under the
name of M/S Shanti Foods. In 2013, the business operations were
taken-over by Shanti Agro Food Private Limited with Mr. Sahil Verma
and Mr. Bishambar Lal as its directors. The company is engaged in
processing of paddy at its manufacturing facility located at
Karnal, Haryana having an installed capacity of 10,800 metric ton
per annum (MTPA) as on March 31, 2016. SAF is also engaged in
trading of rice. SAF procures paddy directly from the local grain
markets through commission agents located in Haryana. Furthermore,
the company sells its products (basmati and non- basmati rice)
under the brand name of 'Satya', '444' and 'Shanti' in the states
of Punjab, Haryana, Rajasthan and Delhi through a network of
commission agents. The group concerns of the company include 'Hans
Raj Bishambar Lal' and 'Sahil Traders' which are engaged in the
businesses of trading of paddy and trading of eggs respectively.


SMILAX LABORATORIES: CARE Hikes Rating on INR46.84cr Loan to BB-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Smilax Laboratories Limited (SLL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       46.84      CARE BB-; Stable Revised from
   Facilities                      CARE D; Stable outlook assigned

   Long Term/Short       2.50      CARE BB-; Stable/CARE A4
   Term Bank                       Revised from CARE D; Stable
   Facilities                      outlook assigned

   Short Term Bank       9.05      CARE A4 Revised from CARE D
   Facilities            

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of SLL
are on account of regularization of debt servicing on account of
improving operational performance of the company during H1FY21
(refers to period April 1 to September 30) which has resulted in
improvement of the liquidity profile. Furthermore, the company has
comfortable order book on hand indicating revenue visibility during
FY21 (refers to period April 1 to March 31). The ratings, however,
are tempered on account of decline in profitability margins along
with net loss incurred during FY20, moderate debt coverage
indicators, working capital intensive nature of operations,
moderate client concentration risk and foreign currency fluctuation
risk. The ratings, however, are underpinned by stable total
operating income during FY20, experienced promoters and management
team and accredited manufacturing facilities with diversified
product portfolio.

Rating Sensitivities

Positive Factors

* Increasing scale of operations by about 20% along with
improvement in the PBILDT margin above 15%.

* The ability of the company to generate profit in the future
years.

* Improvement in the overall gearing below 0.50x on a sustained
basis.

* The ability of the company to reduce the customer concentration
risk with no customers contributing more than 20%.

Negative Factors

* Elongation in the operating cycle beyond 150 days in the future
years

Detailed description of the key rating drivers

Key Rating Weaknesses

* Decline in the profitability margins during FY20: The PBILDT
margin of the company declined by 201 bps from 12.91% during FY19
to 10.90% during FY20 on account of increase in the cost of
material consumed. The company has reported net loss of INR1.01
core during FY20 as against net loss of INR0.86 crore during FY19.

* Moderate capital structure and debt coverage indicators: The
total debt profile of the company comprise of term loan, unsecured
loans and working capital borrowing. The capital structure of the
company represented by the overall gearing improved to 0.88x as on
March 31, 2020 as against 1.04x as on March 31, 2019 on account of
reduction in the total debt level. The PBILDT interest coverage
ratio of the company deteriorated from 1.61x during FY19 to 1.44x
during FY20 due to decline in the PBILDT level. The debt coverage
indicators such as Total debt/PBILDT and Total debt/GCA remained
stable at 4.41x and 6.99x during FY20 (4.35x and 7.17x during
FY19).

* Working capital intensive nature of operation: The operating
cycle of the company has deteriorated to 122 days during FY20 (108
days during FY19) due to high inventory days. The company is
majorly involved in contract manufacturing activity for the clients
and also undertakes contract research projects which have long
gestation period. Consequently, the company experiences high W.I.P
days resulting in high inventory days. The average inventory days
were high at 193 days in FY20 (185 days in FY19). The company
extends credit period of 80-90 days to its clients. The average
creditor days stood high at 155 days during FY20 (164 days during
FY19). The average maximum working capital utilization in last 12
months ending November 2020 was high at 90%.

* Moderate client concentration risk: SLL has diversified client
base with domestic and overseas customers and the company is
increasing its presence in the overseas market where it could fetch
better margins. The largest export partner of the company is
Japanese based Chori Co. Ltd. which accounted for 34.01% of revenue
during FY20 (35.25% during FY19) resulting in client concentration
risk. On the domestic front, the major customer is Zeon Health
Industries which accounted 28.94% of the total income during FY20.
The top 5 customers of the company are contributing 83.39% of the
total revenue during FY20 indicating high customer concentration
risk.

* Foreign currency fluctuation risk: The company has high amount of
export transactions and thus, the business is exposed to volatility
in movement of exchange rates. However, the company undertakes
forward contract hedging for exports and natural hedge for covering
its import transactions.

* Impact of Covid19 on the operations of the company: The
pharmaceuticals sector falls under essential services and hence the
company continued to be operational despite the lockdown. The
pharma companies were affected temporarily due to supply disruption
for the procurement of key raw materials and also the companies
faced the delays in dispatch of finished goods due to supply chain
and logistics related issues during the initial period of the
lockdown. Due to Covid19 outbreak, the operation of SLL was also
impacted. The company was operating at 30% to 40% capacity and was
manufacturing products with available inventory. The exports were
slowed down and the remittances from the customers were also
delayed on account of delay in the delivery of the goods. However,
with easing of restrictions in later phases of lockdown and the
company is running the plant smoothly without any hurdles and is
not facing logistic problems.

Key Rating Strengths

* Regularization of debt servicing: The company delayed in meeting
the debt obligations in the month of June 2020 and July 2020 due to
temporary mismatches of cash flows, however the same has been
regularized from August 2020 by sufficient funds generated from
operations. Furthermore, the operational performance of the company
has been improving during H1FY21 which has resulted in the
improvement of the liquidity profile.

* Stable total operating income: During FY20, the total operating
income of the company remained stable at INR192.13 crore (Rs.193.48
crore during FY19) at the back of increase in the export sales. The
revenue from exports increased by 12.13% from INR117.06 crore
during FY19 to INR131.26 crore during FY20. SLL is into
manufacturing of Active Pharmaceutical ingredients, intermediates,
pellets etc. During FY20, majority of the revenue is contributed
from the sale of intermediates (53.80%) followed by API (46.01%).

* Accredited manufacturing facilities with diversified product
portfolio:  The manufacturing facilities of the company; both at
Jeedimetla - Telangana state and Vishakhapatnam - Andhra Pradesh,
are approved by World Health Organization's Good Manufacturing
Practices (WHO GMP), Slovenian Regulatory agencyJAZMP and European
Regulatory agency CEP for Omeprozole. SLL has presence in
fast-growing lifestyle related therapeutic segments. The main
product portfolio of company consists of anti-hypertensive (Can-o,
Phthaloyl Amlodipine, Valsartan, Sumatriptan Succinate),
anti-ulcerative (Omeprazole, Pantoprazole Sodium), anti-fungal
(Itraconazole), anti- diabetic (PioThiazole), anti-platelet
(Clopidogrel Camphor Sulfonate) etc. The company manufactures
products based on the demand from clients and requirements of the
market. The product Can-o and Clopidogrel Camphor Sulfonate are the
major revenue contributor during FY20, accounting about 24% of the
sales revenue during the year (28.36% during FY19).

* Improved financial performance during H1FY21 and comfortable
order book position: As on October 27, 2020, the company has
outstanding order book of INR83.53 crore which are expected to be
executed before March 31, 2020 indicating revenue visibility in
FY21. SLL has already achieved total operating income of INR120.73
crore and PBT of INR5.31 crore during H1FY21 (Prov.). The PBILDT
margin of the company also improved and stood at 15.64%
during H1FY21 (Prov.).

* Experienced promoters and management team: SLL was incorporated
in December 2004 and belongs to Ramky group of companies based in
Hyderabad. The main promoter of the group; Mr. Alla Ayodhya Rami
Reddy (70.27% shareholding in SLL as on March 31, 2020) has over a
decade of experience in the waste management, real estate,
infrastructure etc. The group has set up huge infrastructure space
at Ramky Pharma City, Vizag and thus has association with large
number of pharma companies. Mr. S. Murali krishna Reddy, the
Managing Director of SLL has been associated with pharmaceutical
industry for more than two decades and has work experience in
several pharma companies. The promoters are assisted by team of
experienced and qualified professionals.  The promoters and group
companies have been supporting the operation of the company through
infusion of unsecured loan.

Liquidity: Stretched

The liquidity profile of the company is stretched. The operating
cycle of the company is elongated at 122 days in FY20 (108 days in
FY19) due to working capital intensive nature of the operations.
The average working capital utilization level is high at 90% for
the past 12 months ending November 2020. Nevertheless, the net cash
flow from operation and gross cash accruals which stood at INR26.95
crore and INR13.20 crore during FY20 respectively. Further, the
cash and bank balance as on March 31, 2020 was INR3.12 crore. The
company has also availed moratorium for three months (March 2020 to
May 2020) for the bank facilities from the Axis bank and availed
moratorium for six months (March 2020 to August 2020) for the bank
facilities from Bank of India as a part of RBI regulatory package.
Out of the total debt repayment of INR17.53 crore during FY21, the
company has already repaid INR11.69 crore till November 30, 2020
with the help of cash generated from the operations. Considering
the performance of the company during H1FY21 and expected orders to
be executed during H2FY21, it is expected that the company would
meet the remaining debt repayment of INR5.84 crore comfortably.

Smilax Laboratories Ltd (SLL), incorporated in the year December
2004 is a pharmaceutical company engaged in manufacturing of
advanced Intermediates, Active Pharmaceutical Ingredients (APIs)
and Pellets at its manufacturing facilities located at Jeedimetla
in Telangana and Vishakhapatnam in Andhra Pradesh. The company also
undertakes contract manufacturing and contract research activities,
besides sale of own API/Intermediates. The facilities and products
of SLL are approved by WHO-GMP, Slovenian Regulatory agency - JAZMP
and European approval CEP (Certificate European Pharmacopoeia i.e
having a COS (Certificate of Suitability) for Omeprozole. SLL
started operations in 2005-06 at its first unit i.e. at Jeedimetla,
Telangana which was acquired from Hiranaya Chemicals Limited (an
API manufacturing facility). Further, in 2009-10, the company set
up a new manufacturing facility (Unit - II) located at Ramky Pharma
city in Vishakhapatnam. Mr. Alla Ayodhya Rami Reddy the promoter of
Ramky Group is the major shareholder of the company and he has a
diversified business interests with presence in infrastructure,
real estate, waste management etc.


UNITED INFRAVENTURES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of United
Infraventures Limited (UIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.05      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.00      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 October 18, 2019, placed the
rating(s) of UIL under the 'issuer non-cooperating' category as UIL
had failed to provide information for monitoring of the rating. UIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated December 19, 2020, December 21, 2020, December 24, 2020 and
December 28, 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 it 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 18, 2019, the following were
the rating strengths and weaknesses

Key rating weaknesses:

* Delay in debt servicing: As per banker interaction, there have
been delays in debt servicing and account has been classified as
NPA.

United Infraventures Limited (UIL) was incorporated on August 18,
2012 to take over the business of United Construction Company (UCC)
which is, since 1963, engaged in civil construction works mainly
involved in sewage pipeline laying & repairs, repairs of
structures, road construction & repairs etc. The company carters to
Municipal Corporation of Greater Mumbai (MCGM), with major
operations in Mumbai, Maharashtra. UIL secures all its contracts
through its strong relationships with its clients and has been
consistently receiving repeat orders from them. The company is
registered as Class AA (AA to D) civil contractor with MCGM.


VASAVI POWER: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vasavi
Power Services Private Limited (VPS) continues to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      50.00      CARE D; 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
the rating of VPS under the 'issuer non-cooperating' category as
VPS had failed to provide information for monitoring of the rating.
VPS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 1, 2020,
December 2, 2020 and 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 take into account delays in debt servicing on account
of stretched liquidity position of the company.

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:

(Updated for information available from Registrar of Companies)

Key Rating Weaknesses

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

Key Rating Strengths

* Experienced promoter and long proven track record of the company:
Mr. N. Ramaiah is the founder, Chairman & Managing Director of the
company who is a first-generation entrepreneur with more than three
decades of experience in providing end to end services across the
power generation spectrum. Mr. G Ramesh Babu and Mr. N Kiran Kumar
are the two Executive Directors of the company with more than two
decades of experience in various
industries.

Liquidity: Liquidity of the company is stretched, due to delays in
debt servicing as mentioned the FY19 auditors report. Cash balances
have declined from INR1.20 Cr in FY18 to INR0.39 Cr in FY19,
resulting in decline in current ratio from 1.10 in FY18 to 0.96 in
FY20.

Vasavi Power Services Private Limited (Vasavi) is primarily engaged
in the business of ETC (Erection, testing and commissioning) and
MRO (Maintenance, repair and overhauls) of power equipment. The
company was established as a proprietorship concern, Vasavi
Engineering Works, in 1980. In 1982, it was reconstituted as a
partnership firm. In 2001, it was reconstituted as a private
limited company, under its current name.


WONDERVALUE REALITY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Wondervalue
Reality Developers Private Limited (WRDPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       280.00     CARE D; ISSUER NOT COOPERATING
   Facilities–                     Rating continues to remain
   Fund Based                      under ISSUER NOT COOPERATING
                                   category

   Long term Bank        20.00     CARE D; ISSUER NOT COOPERATING
   Facilities–                     Rating continues to remain
   Non fund Based                  under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 24, 2019, placed the
ratings of WRDPL under the 'Issuer non-cooperating' category as
WRDPL had failed to provide information for monitoring of the
rating. WRDPL continues to be non-cooperative despite repeated
requests for submission of information through emails dated
December 1, 2020, December 2, 2020 and 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(s).

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

Detailed description of the key rating drivers

At the time of last rating in October 24, 2019, the following were
the rating strengths and weaknesses:

(Updated information taken from Ministry of Corporate Affairs)

Key rating weakness:

Delay in servicing debt: As per due diligence undertaken by CARE,
there are ongoing delays in servicing of debt obligations.

Incorporated in September 2008, WRDL is promoted by HBS Realtors
Pvt. Ltd. (HBS, holding 50.01% stake) and IIRF India Realty XI Ltd.
(IIRF-XI) & IL&FS Trust Company Ltd. (ITCL) (holding 49.99% stake).
WRDL is developing a residential redevelopment project spread over
3.61 acres (157,074 sq ft) of land in Worli, Mumbai, currently
owned by Maharashtra Housing and Area Development Authority
(MHADA). Total permissible Floor Space Index (FSI) is 2.5x for the
proposed development. Considering the FSI available, the total area
proposed to be developed is 695,127 sq ft. The above area is split
into built up area of 362,847 sq ft to be used for the Rehab Towers
and the balance built up area of 342,431 sq ft would be available
to WRDL for commercial sale (free sale area). Based on the
Development Agreement entered into by the company with the two
Societies, ie, ShivShahi Cooperative Housing Society Limited
(ShivShahi) and Shivaji Nagar ShivPrerana Cooperative Housing
Society Limited (ShivPrerana), WRDL is required to construct and
develop a 38-storey tower having 317,060 sq ft of built-up area and
205,862 sq ft of car park area for the tenants of ShivShahi, and
construct a 14-storey tower having 45,787 sq ft of built-up area
and 23,250 sq ft of car park area for the tenants of ShivPrerana.
The company plans to construct two high rise residential towers of
40 storeys each for Free Sale. Each building would have 12 storeys
of multi-level car park area and amenity space, residential units
spread across 13th to 40th storey with requisite allowance for
refuge area as per local bye laws. The estimated cost of the
project is INR866 crore and it is to be funded with debt of INR280
crore (already tied-up), equity of INR206.34 crore and customer
advances of INR379.66 crore.

During FY16 (refers to the period April 1 to March 31), WRDL posted
total operating income of INR1.54 crore (vis-a-vis INR0.38 crore in
FY15) and PAT of INR0.70 crore (vis-à-vis INR0.04 crore in FY15).


[*] INDIA: Only a Dozen Large Companies Seek Covid Loan Recast
--------------------------------------------------------------
The Times of India reports that around a dozen large borrowers have
applied for the RBI's loan restructuring scheme for those affected
by Covid stress.  TOI says the deadline for corporates and
individuals to make an application under the RBI's resolution
framework for Covid-related stress ended on December 31. For small
businesses, there is a separate restructuring scheme that will be
valid until March 2021.

The Future Group, Shapoorji Pallonji Group and SpiceJet are among
those who will apply for loan restructuring, the report discloses.
Besides these, there are a couple of thermal power generating
companies, a couple of toll road projects, and companies in the
textile sector. Bankers estimate that the overall loans that will
come up for restructuring would be within INR2.5 lakh crore.

According to the report, some bankers had expected that the scheme
might be extended for individual customers as many borrowers do not
know the impact of being classified as a non-performing asset
(NPA). However, the RBI had made it clear in a meeting with bank
chiefs last week that there would not be any extension and lenders
should set aside money from profits for possible defaults.

"The situation appears to be much better than what was thought
earlier this year," the report quotes Rajkiran Rai, chairman of the
Indian Banks' Association and MD & CEO of Union Bank, as saying. He
added that for his bank the earlier projection of 2-3% of loans
coming up for restructuring stands. According to banks, large
companies in some of the sectors that were most severely affected
by the crisis, like hospitality, had deleveraged and were not much
of a concern despite their losses, the report relays.

Although the RBI has not extended the standstill for lenders'
action against borrowers, there continues to be a SC stay in
operation that prevents lenders from classifying borrowers affected
by Covid as NPAs, TOI states. This means that even on January 1,
banks will not classify those who are behind on repayments only in
FY21 as defaulters. The government has also notified a suspension
of provisions of the Insolvency and Bankruptcy Code for one year up
to March 2021, the report notes.




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

SAN FERNANDO RURAL: Creditors Claims Deadline Set for Feb. 18
-------------------------------------------------------------
All creditors of the closed San Fernando Rural Bank, Inc. (Safer
Bank, A Rural Bank) have until February 18, 2021 to file their
claims against the assets of the closed bank either by email, mail,
or personally. Creditors refer to any individual or entity with a
valid claim against the assets of the closed San Fernando Rural
Bank, Inc. and include depositors whose deposits exceed the maximum
deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
various ways to file claims are available to creditors and
depositors with uninsured deposits.  Claims may be filed:

1. Online through email at saferbank-pad@pdic.gov.ph;

2. Through mail addressed to the PDIC Public Assistance Department,
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City 1226. Claims filed by mail must have a postmark dated
not later than February 18, 2021; or

3. Personal filing on appointment basis at the PDIC Public
Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday,
8:00 A.M. to 5:00 P.M. To make an appointment, clients may call the
Public Assistance Hotline at (02) 8841-4141 or at Toll Free number
1-800-1-888-7342 or 1-800-1-888-PDIC during office hours, send an
email to saferbank-pad@pdic.gov.ph, or send a private message at
PDIC's official Facebook page, www.facebook.com/OfficialPDIC.

The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website,
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.

Claims filed after February 18, 2021 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of February 18, 2021 are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

San Fernando Rural Bank, Inc. was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on November 26, 2020
and PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as amended.
The bank is located at the G/F Safer Bank Bldg., A. Consunji St.,
Brgy. Sto. Rosario (Pob), City of San Fernando, Pampanga.

All requests and inquiries relating to San Fernando Rural Bank,
Inc. shall be addressed to the PDIC Public Assistance Department
through email at saferbank-pad@pdic.gov.ph, or through telephone
number (02) 8841-4141. Depositors and creditors outside Metro
Manila may call the PDIC Toll Free Hotline during office hours at
1-800-1-888-PDIC (7342). Inquiries may also be sent as private
message at Facebook through www.facebook.com/OfficialPDIC.




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

GRAB HOLDINGS: Moody's Assigns First Time 'B3' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B3 corporate
family rating to Grab Holdings Inc.

At the same time, Moody's has assigned a B3 rating to the company's
proposed senior secured term loan. Grab and its wholly owned
subsidiary, Grab Technology LLC, are the borrowers. The loan is
guaranteed by subsidiaries engaged in transport, food and delivery
services.

The outlook is stable.

The proceeds from the term loan will be used for general corporate
purposes.

RATINGS RATIONALE

"The B3 CFR reflects Grab's leading position in key ride-hailing
and food delivery markets across Southeast Asia, good long-term
growth prospects, commitment to exercising cost discipline, as well
as its substantial cash holdings which should be sufficient to fund
sizeable operating losses and cash burn over at least the next 2-3
years," says Stephanie Cheong, a Moody's Analyst.

"At the same time, the rating reflects uncertainties around Grab's
ability to achieve sustained profitability as low switching costs
for customers, drivers and merchants, as well as higher competitive
intensity from existing and new players, could disrupt the
company's path to profitability," adds Cheong, who is also Moody's
Lead Analyst for Grab.

The rating is also constrained by investment and execution risks
associated with the company's nascent digital financial services
business.

In addition, Grab's B3 CFR considers the company's complex
corporate structure and the redemption risk associated with its
convertible redeemable preference shares which can be put back to
the company after June 2023.

Grab's value proposition as a Super App -- whereby it offers a wide
range of services on a single platform -- leverages its position as
one of the largest ride-hailing companies, focused in Southeast
Asia, to achieve efficiencies and provide value added products and
services to its partners and consumers.

However, Grab faces strong competition from Gojek in Indonesia, the
company's largest market based on gross revenue, and also from pure
play food delivery companies like Delivery Hero (Foodpanda),
Deliveroo and Foody in Southeast Asia's highly fragmented and
competitive food delivery market. The low switching costs for
customers, drivers and merchants, leave its business susceptible to
intense competition.

Despite sizable losses historically, Grab has demonstrated its
ability to generate earnings in ride hailing markets where it has a
leading position. It has also committed to exercising cost
discipline, which should support profitability going forward.
Moody's expects the company's cash burn (cash flow from operations
less capital expenditures) to remain elevated in 2020 but to narrow
gradually thereafter as the company continues to rationalize
costs.

Meanwhile, Grab's growth plans for its financial services business
will temper overall profitability over the next 2-3 years. Moody's
expects cash will be needed to ramp up new businesses as well as
potential acquisitions to grow this segment, which offers cashless
payment solutions, and products and services like insurance,
lending and wealth management.

As a result, Moody's does not expect the company's EBITDA to break
even on a consolidated basis before 2023.

Somewhat offsetting these risks is the substantial amount of cash
and deposits on Grab's balance sheet, namely around $3.2 billion of
unrestricted cash and cash equivalents at September 30, 2020, which
Moody's expects will be sufficient to cover negative operating cash
flow, capital spending at its transport and food delivery
businesses and scheduled debt maturities over at least the next 2-3
years. The company has committed to fund the growth of its
financial services arm wholly with equity and any material
deviation from this expectation could result in rating pressure.

However, Grab remains exposed to redemption risk stemming from its
outstanding CRPS which -- absent a public listing -- will become
redeemable any time after June 2023. The company can seek board
approval to extend the redemption date, and has a track record of
successfully doing so in the past.

The rating also considers Grab's complex organizational structure,
with multiple ownership interests across the group. While Grab has
ultimate control of partially owned subsidiaries, its
multi-jurisdictional group structure may inhibit timely movement of
cash among group entities. Moody's expects the company's
organizational structure to remain complex as it expands across
Southeast Asia.

In terms of environmental, social and governance factors, Moody's
has considered social risks arising from the societal impact of its
disruptive technology, including controversies related to pushback
from traditional taxi companies, worker strikes and personal data
breaches, and as a result, increased regulatory scrutiny on the
sector, all of which could impact Grab's reputation and disrupt its
business.

Moody's also incorporates high governance risk given the company's
ownership by a consortium of financial investors who are likely to
employ financial strategies that largely favor shareholders over
creditors. The rating also incorporates Grab's aggressive financial
policy, as demonstrated by the use of debt to fund its evolving
business.

The proposed secured term loan will constitute the majority of
Grab's debt and is therefore rated in line with the CFR at B3.

The stable outlook reflects Moody's expectation that Grab will
maintain a large cash buffer relative to its operating cash needs
over at least the next 2-3 years, and that cash burn will moderate
significantly in 2021. Moody's expects Grab to adopt a prudent
funding approach towards acquisitions or investments.

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

Moody's would consider upgrading the ratings if Grab turns
profitable and starts generating net cash flow over a multi-year
period, while simultaneously maintaining robust liquidity with
sufficient cash or alternative liquidity on hand to cover its
short-term and medium-term debt and commitments. In addition, Grab
will need to eliminate the redemption risk associated with its
CRPS.

The rating could be downgraded if Grab has insufficient liquidity
to fund its operations and investments over at least the next 2-3
years; Grab's cash burn does not moderate significantly as expected
over the next 12-18 months; there is meaningful cash drain to fund
new ventures, including its digital financial services business;
increased competition or new regulatory standards weaken the
company's market position, cash flow or earnings relative to
Moody's current expectations; or Grab is unable to extend the
redemption date of its CRPS at least 12-18 months in advance of
June 2023.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Founded in 2012, Grab Holdings Inc is one of the largest ride
hailing companies, focused in Southeast Asia. In addition to
transportation, Grab also offers food delivery, digital payments
and other financial services via a mobile app across Malaysia,
Singapore, Indonesia, Vietnam, Philippines, Thailand, Cambodia and
Myanmar.


GRAB HOLDINGS: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings, on Jan. 4, 2021, assigned its 'B-' long-term
issuer credit rating to Grab Holdings Inc. (GHI). S&P also assigned
its 'B-' long-term issue rating to the senior secured U.S. dollar
term loan B that a group of GHI's subsidiaries will guarantee.

Grab Holdings Inc. is likely to continue to face high competition
in Southeast Asia and evolving regulations, increasing its
operating costs and delaying a turnaround in operating
performance.

S&P said, "The stable outlook reflects our view that GHI should be
able to withstand operating losses amid tough operating conditions
and meet its financial obligations over the next 12 to 24 months,
supported by its ample liquidity.

"We expect GHI's losses to continue over the next two to three
years in a nascent and highly competitive industry.   The company
is among the top two ride-hailing and food delivery platform
operators across the eight Southeast Asian countries in which it
operates. It has the top market share by gross merchandise value in
both ride-hailing and food delivery segments in Singapore and
Indonesia, which are GHI's biggest markets. The company adopts a
super-app strategy, consolidating these services into a single
mobile application, which encourages higher user stickiness.
Despite its strong market position and strong double-digit growth
in top-line, the company registered negative free operating cash
flow (FOCF) and EBITDA in 2019.

"We expect high competition as GHI and its regional peers,
including Indonesia-based PT Aplikasi Karya Anak Bangsa (or Gojek),
attempt to grow and attract new customers. The ride-hailing and
food delivery businesses are backed by a strong pool of investors.
We view Gojek as a key competitor of GHI in both ride-hailing and
food delivery segments in Indonesia, with the latter business
having more intense competition. Key investors of GHI include
Softbank Vision Fund, Uber Technologies Inc., Didi Chuxing
Technology Co., and Toyota Motor Corp., while Gojek has attracted
Tencent Holdings Ltd. and Google LLC, among others. The financial
ammunition of GHI and Gojek has resulted in a protracted period of
cash burn, which we expect to continue over the next two to three
years. Accordingly, we forecast GHI's FOCF and EBITDA will remain
materially negative from 2020 to 2022. Market comments from various
parties in 2020 suggested a possible merger of GHI with Gojek. We
treat such an outcome as an event risk; our rating and outlook on
GHI do not factor in a merger with Gojek.

"While COVID-19 has hurt GHI's ride-hailing business, the
food-delivery segment benefits from increased social distancing.  
We expect the company to have flattish gross revenue in 2020, after
a 77% rise in 2019. Demand for ride-hailing services has
significantly declined since February 2020, and remained lackluster
at the end of the second quarter of 2020. This is due to changes in
social behavior across GHI's markets, including movement
restrictions and shift to work-from-home arrangements. We expect
the company's ride-hailing segment's gross revenue to decline by
nearly 50%, compared with about 30% growth in 2019.

"In contrast, we forecast GHI's gross revenue from the food
delivery segment will nearly triple in 2020. Restrictions on
movement and social gathering in various countries due to the
pandemic have boosted demand for online food delivery services. Our
forecast of improvement in gross revenue from food delivery should
mostly offset the decline in contribution from the ride-hailing
segment.

"In our view, GHI's food delivery segment will continue to expand
due to under-penetration in many Southeast Asian countries.
However, we expect the pace of growth to decelerate in 2021 from a
high base as social distancing measures gradually ease.

"We also note that GHI has been granted a digital bank license in
Singapore, and the evolution of its funding plans, business
integration with core operations, and the long-term strategic
direction of its financial segment will likely drive its credit
fundamentals over the mid- to long-term. The Singapore digital
banking license was awarded to a joint venture formed by GHI and
Singapore-based telecom player Singapore Telecommunications Ltd.
(Singtel). Investments from the joint venture will ramp up
progressively to at least S$1.5 billion over the next five years.
Considering GHI's 60% ownership in the JV, it will have to invest
S$900 million over time. As operations and investment needs for the
venture ramp up, we will consider GHI's funding needs and the
impact on its credit metrics.

"We expect GHI's improving scale and disciplined spending to result
in positive EBITDA and cash flows by 2023.   Driven by a growing
number of active users, normalization of the regional economy from
COVID-19, and greater awareness of brand value, GHI's net revenue
is likely to rise 18% compounded annually over 2020–2023.
Concurrently, we expect the company's growing scale and user
awareness to allow it to transfer a part of customer retention
costs to merchants, as online platforms become a more prominent
mode of marketing and advertisement. The pandemic has accelerated
this trend, with merchants keen on joining online platforms as
offline traffic remains soft.

"As a result, despite our expectation of about 50% growth in GHI's
net revenue (gross revenue net of retention cost) in 2020, we
forecast its total operating cost will decline by around 25%. We
expect GHI's disciplined spending amid topline growth to continue,
resulting in a turnaround in EBITDA and FOCF by 2023."

GHI is exposed to evolving regulatory risks, given the nascent
stage of the ride-hailing and food delivery businesses.   The
company's disruptive business model, particularly for the taxi
industry -- compounded by GHI's merger with Uber's Southeast Asian
operations in 2018--has led to monetary fines for infringement of
antitrust laws. Such fines were imposed in Singapore and
Philippines; GHI also faced fines in Indonesia and continues to
face antitrust litigation in Malaysia. At the same time,
restrictions are imposed on fares charged for ride-hailing in
Philippines.

In S&P's view, regulatory risk will continue to pose uncertainty
for GHI, given the industry's infancy. In more mature markets for
ride-hailing and food delivery services outside Southeast Asia,
operators face regulatory challenges in the status of drivers and
delivery agents as contractors, rather than employees. While not an
imminent risk in Southeast Asia, a regulator-mandated change in the
status of drivers to employees could result in increased compliance
costs and pressure on GHI's cost structure.

GHI has a highly leveraged capital structure and a maturity wall in
June 2023 that could test the company's refinancing ability.   GHI
has heavily relied on funding from investors in the form of
convertible redeemable preference shares (CRPS), which S&P
considers as debt-like. CRPS accounted for almost all of GHI's
total debt as of Dec. 31, 2019.

S&P said, "As of June 30, 2020, we estimated the redemption value
of the CRPS is 5x-6x GHI's current cash holdings, forming a
maturity wall on June 29, 2023. The company could address this
maturity wall through an IPO prior to the redemption date or
through an extension of the CRPS maturity. Failing both, GHI would
face significant refinancing risk in 2023.

"We view GHI's capital structure as negative, mainly due to
currency risk. This is because the bulk of its operations are in
regional currencies, while most of the debt is denominated in U.S.
dollars (mainly the CRPS). The currency mismatch could become a
risk to the company's repayment ability through the maturity wall
in 2023."

GHI's ample liquidity and record of investor support could enable
it to meet its financial obligations over the next 12-24 months.  
GHI has a cash-rich position, which reflects ongoing support from
investors, from which it has raised almost US$10 billion since
2014. GHI received about US$1.4 billion of funding in 2020, and the
company is slated to receive another US$450 million over the next
18 months. Strong investor backing is also evident with
shareholders supporting multiple extensions of the CRPS maturity,
signaling their willingness to wait for GHI to become profitable.

S&P said, "We believe GHI has sufficient liquidity to withstand
cash burn till the turnaround in financial performance in the next
two to three years. We forecast the company will maintain ample
cash balance before the 2023 maturity wall. This is in line with
the management's policy of maintaining an abundant cash balance,
with at least 18 months of cash buffer to its operations.
Meanwhile, we believe management's priority is to cut costs and
make the business profitable for a potential listing before the
CRPS maturity wall in 2023.

"The stable outlook reflects our expectation that GHI will execute
its business improvement and growth strategies to achieve higher
profitability and positive FOCF by 2023. The outlook also
incorporates our view that GHI will have sufficient liquidity to
support its operations over the next 12 to 24 months, and the
company will address its large CRPS maturity in June 2023 in a
timely manner.

"We may lower the rating if GHI does not maintain an ample
liquidity buffer or improve the sustainability of its capital
structure over the next 12-18 months. This could happen if the
company is unable to improve its operational performance and its
cash burn is faster and more protracted than we expect. An
indication of this would be GHI not maintaining significantly more
than US$1 billion in cash holding.

"We could also lower the rating if we see growing refinancing risk
associated with the CRPS.

"An upgrade is unlikely over the next 12 to 24 months because of
the challenging operating conditions and GHI's weak credit
measures. However, we could raise the rating if GHI's operating
performance is significantly better than expected. Increased
recurring active users, higher average order values, lower merchant
and driver incentives that result in a stronger competitive
position and earnings could lead to an upgrade. Furthermore, we
would expect a permanent improvement in GHI's capital structure
through large debt repayments from IPO proceeds, improved currency
risk management, and sound liquidity, such that the EBITDA interest
coverage is well above 2x."

GHI is a ride-hailing, food and package delivery, and financial
services platform operator, incorporated in the Cayman Islands and
headquartered in Singapore. The company has operations in eight
countries across Southeast Asia, with Indonesia and Singapore
making up about 50% of its gross revenue. Payments predominantly
within the Grab application ecosystem contribute to most of its
revenue from financial services.

Founded in 2012 with Grab Inc. as the ultimate holding company, GHI
became the ultimate holding company for the group after an internal
corporate restructuring that was completed in 2018.


HYFLUX LTD: Judicial Managers to Hold Virtual Townhall on Jan. 14
-----------------------------------------------------------------
Rachel Mui at The Business Times reports that Hyflux Ltd's judicial
managers will hold a virtual townhall meeting on Jan. 14 at 6:00
p.m. Singapore time for holders of the embattled water treatment
firm's perpetual securities, preference shares and medium-term
notes (MTN).

BT relates that in a bourse filing on Jan. 5, the judicial managers
from Borrelli Walsh noted that those interested to join the meeting
must register by Jan. 11, 6:00 p.m. at this site:
https://septusasia.com/hyflux-vtm-registration. They will then
receive an email by Jan. 13, enabling access to the meeting.

In addition, holders of Hyflux's perps and preference shares can
email their queries to hyfluxholders@borrelliwalsh.com, while MTN
holders who have queries they wish to be addressed during the
townhall meeting can send these to hyfluxnotes@borrelliwalsh.com,
according to BT. The deadline to do so is Jan. 8, 6:00 p.m.

According to the judicial managers, the timing and amount of any
recovery for the holders are, at this stage, "uncertain" and
influenced by several factors, including the outcome of the
investor process which is underway, the terms of any proposed
restructuring agreement, as well as the successful execution of any
proposed restructuring agreement, BT relates.

They added that an update of the investor search and restructuring
process will be provided during the meeting.

According to the report, the judicial managers said 14 potential
investors are now undertaking enquiries in respect of an investment
in Hyflux.

Going by the estimated timeline for the first stage of the investor
search process, potential investors are to submit non-binding
offers to the judicial managers by Jan. 31, BT discloses.
Shortlisted investors will then be issued a notice around Feb. 14
inviting them to participate in the second stage of the
investor-bidding process.

                          About Hyflux Ltd

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.

Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.




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V I E T N A M
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VIETNAM ELECTRICITY: Fitch Assigns First-Time 'BB' LongTerm IDR
---------------------------------------------------------------
Fitch Ratings has assigned Vietnam Electricity Northern Power
Corporation (EVNNPC) a Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'BB' with a Stable Outlook.

EVNNPC's rating is based on the consolidated credit profile of
Vietnam Electricity (EVN, BB/Stable), which owns 100% of the
company, in line with Fitch's Parent and Subsidiary Linkage (PSL)
Rating Criteria. The consolidated rating approach is driven by the
strong integration of EVNNPC's credit profile with that of its
parent. Fitch assesses EVNNPC's Standalone Credit Profile (SCP) at
'bb', same as that of EVN and the Vietnam sovereign rating
(BB/Stable).

EVN's SCP benefits from its position as the owner and operator of
Vietnam's electricity transmission and distribution network, and
the company's near 54% share of the country's installed generation
capacity. Fitch's Government- Related Entities Rating Criteria
equalises EVN's rating with that of the sovereign should its SCP
weaken, provided the likelihood of state support remains intact.

KEY RATING DRIVERS

Strong Integration with Parent: EVN determines EVNNPC's profit
through a bulk-supply tariff-setting mechanism. The bulk-supply
tariff aims to cover EVNNPC's costs and earn a profit that will
allow the company to maintain operations and meet investment plans.
EVN also appoints EVNNPC's key management, approves its business
and investment plans, oversees the subsidiary's financial
management, and approves key executives' compensation packages. EVN
guaranteed around 12% of EVNNPC's total borrowings at end-2019.

Strong Market Position Supports SCP: EVNNPC's SCP is assessed at
the same level as EVN's given the high influence the parent has on
EVNNPC's business plans and financial profile including
profitability, though Fitch believes EVNNPC's credit metrics are
stronger than that commensurate for its credit assessment.

EVNNPC's SCP is supported by its dominant market position in
electricity distribution in north Vietnam, its diversified
counterparties and low receivable days. EVNNPC's credit profile,
similar to that of its parent, is constrained by the regulatory
framework's short history and political risks, and the short period
of six months for which tariffs are set in the framework.

Low Impact of Coronavirus: EVNNPC's electricity sales volume
increased by 6.6% yoy to 56 billion units in 9M20, benefitting from
Vietnam's resilient economy and success in containing the pandemic.
Nevertheless, power demand growth has decelerated due to the
coronavirus and Fitch expects EVNNPC's electricity sales volume to
rise by 5.5% in 2020, slower than the 12% yearly average increase
in the past four years.

Diversified Counterparties, Low Receivable Risks: EVNNPC's credit
profile benefits from its diversified customer base of about 11.5
million, the largest covered by any EVN distribution company.
Around 61% of revenue is from high growth industrial customers,
with more stable residential customers contributing 31%. Its top-20
customers account for only about 7.5% of revenue. Lower
counterparty risk is also reflected in EVNNPC's high collection
rates of almost 100% and low receivable days of around five, which
is also driven by above 80% revenue collection through digital
payment.

Tariff Increase Restrictions; Low ROE: EVN can increase retail
electricity tariffs every six months to meet rising production
costs, in accordance with the regulatory framework that was
introduced in August 2017. However, automatic adjustments are
limited to 5%, with price increases of 5%-10% requiring approval
from the Ministry of Industry and Trade, and larger increases
requiring approval from the prime minister.

Nevertheless, Fitch expects delays in implementing tariff increases
in general and the current challenging macroeconomic conditions may
adversely affect businesses and individuals, who may strongly
oppose any tariff increases. EVN sets the major cost of electricity
purchase through the bulk-supply tariff for distribution companies,
including EVNNPC, with the aim of providing a modest profit.

High Capex Forecast: Fitch expects EVNNPC's capex to remain high,
as the company plans average annual outlay of VND13 trillion over
the medium term (2019: VND12 trillion). EVNNPC's capex is mainly
for the enhancement of the distribution grid and transmission lines
to improve power supply capacity, with around 30% for maintenance.
Fitch estimates EVNNPC's FFO net leverage will stay at around 3.3x
over the next four years (2019: 2.3x).

EVN's Strong State Linkages: Fitch sees EVN's status, sovereign
ownership and control as 'Very Strong'. The state fully owns EVN,
appoints its board and senior management, directs investments and
approves tariff hikes in excess of 5%. EVN's record of state
support is 'Strong'. The state has provided guarantees, stepdown
loans, state-owned bank loans at preferential rates, subsidies and
tax incentives. Fitch expects support to be available, if needed,
although the government plans to cut direct support for state-owned
enterprises and contain sovereign debt.

Strong Incentive to Support EVN: Fitch believes the socio-political
implications of a potential EVN default are 'Strong', as this would
lead to service disruption in light of its entrenched position
across the electricity-sector value chain. It would also be
difficult to import fuel stock and fund new power investments.
Fitch sees the financial implications of a potential EVN default as
'Very Strong', as this would significantly affect the availability
and cost of domestic and foreign financing options for the state
and government-related entities, as EVN is one of Vietnam's key
borrowers.

DERIVATION SUMMARY

EVNNPC's rating is aligned with that of its parent, EVN. Under
Fitch's PSL criteria there are strong linkages between the two, as
EVN fully owns EVNNPC and has extensive influence over EVNNPC's
business plans profitability and financial profile. Similarly,
Hanoi Power Corporation's (EVNHANOI, BB/Stable) and Ho Chi Minh
City Power Corporation's (EVNHCMC, BB/Stable) ratings are driven by
their parent, EVN, due to the strong linkages and extensive
influence the company, with its 100% ownership, has over EVNHCMC's
and EVNHANOI's business and financial profiles, including
profitability, under the PSL criteria.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch's rating case for the issuer
include:

-- Electricity demand to rise annually by 9.5% on average between
    2021 and 2023, preceded by slower growth of 5.5% in 2020 due
    to the effects of the coronavirus pandemic.

-- Average retail tariffs to decrease by 1.6% and bulk-supply
    tariffs to fall by 1.8% in 2020, followed by growth of 2.6%
    and 2.0%, respectively, in 2021.

-- Distribution losses to improve to around 4.5% in next three
    four years (2019: 4.99%, 2018: 5.1%).

-- Annual average capex of VND13 trillion over the next four
    years

-- Blended interest rate of around 6% in 2020-2023, in line with
    the historical trend.

-- No dividend payouts.

RATING SENSITIVITIES

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

-- Positive rating action on EVN

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

-- Negative rating action on EVN

For EVN's ratings, the following sensitivities were outlined by
Fitch in a rating action commentary on 15 September 2020:

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

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate significantly

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

-- Negative rating action on the sovereign

-- Deterioration in EVN's SCP, along with significant weakening
    in linkages with the state. Fitch sees this as a remote
    prospect in the medium term.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: EVNNPC had VND11.3 trillion in cash and cash
equivalents at end-2019, against current debt maturities of VND4.4
trillion. EVNNPC also had a small portion of short-term borrowings
of VND5.3 billion at end-2019. Fitch expects the company to
generate negative free cash flow in the medium term due to high
planned capex. However, Fitch does not expect the company to face
liquidity risks as it has direct and indirect linkages to EVN and
the state, respectively.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNNPC's ratings are directly linked to the credit quality of its
parent, EVN. A change in Fitch's assessment of the credit quality
of the parent would automatically result in a change in the rating
on EVNNPC.

ESG CONSIDERATIONS

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


                           *********


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

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

Copyright 2021.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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