/raid1/www/Hosts/bankrupt/TCRAP_Public/210107.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, January 7, 2021, Vol. 24, No. 0

                           Headlines



A U S T R A L I A

AVENTEDGE PTY: Second Creditors' Meeting Set for Jan. 14
C-TECH GLOBAL: First Creditors' Meeting Set for Jan. 14
CASTLE ROCK: First Creditors' Meeting Set for Jan. 14
FXP INDUSTRIES: First Creditors' Meeting Set for Jan. 14
MERFAD 88: First Creditors' Meeting Set for Jan. 13



C H I N A

LOGAN GROUP: Fitch Assigns BB Rating on Proposed USD Senior Notes
MODERN LAND: Moody's Rates New USD Unsecured Notes 'B3'
REDSUN PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B+'
SEAZEN GROUP: Fitch Gives BB+ Rating on Proposed USD Senior Notes
[*] CHINA: NYSE Scraps Plans to Delist Chinese Telecom Stocks



H O N G   K O N G

BRIGHTOIL PETROLEUM: Appoints Xie Wenyan as New CEO
ROAD KING: Moody's Assigns Ba3 Rating to New USD Unsecured Notes


I N D I A

AAREY DRUGS: ICRA Keeps B+ on INR45cr Loans in Not Cooperating
ABC TRANSFORMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ABHISHEK STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
ALPINE POLY: ICRA Lowers Rating on INR4cr Loans to B+
BABA JATADHARI: ICRA Keeps B on INR8.6cr Loans in Not Cooperating

BRAINER INFRA: ICRA Keeps B+ on INR15cr Loans in Not Cooperating
DIGILOGIC SYSTEMS: Ind-Ra Keeps 'BB-' LT Rating in Non-Cooperating
DSG CORP: ICRA Keeps B- on INR10cr Bank Loans in Not Cooperating
GOVERDHAN TRANSPORT: ICRA Lowers Rating on INR67cr Loan to B+
GOYAL MOTOCORP: ICRA Keeps B on INR6.5cr Loans in Not Cooperating

ILFS TAMIL: ED Attaches INR452cr Worth Shares of Singapore Firm
INDIAN GEM: ICRA Keeps D on INR35cr Loans in Not Cooperating
KARVY STOCK: ICRA Keeps D Debt Ratings in Not Cooperating
KHANDESH ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
KKRC INFRASTRUCTURE: ICRA Hikes Rating on INR54cr Loans to B+

KLER WINES: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
LIFESTILE REALTY: ICRA Keeps B on INR13cr Loans in Not Cooperating
MAHA DURGA: ICRA Assigns C+ Rating to INR71cr Bank Loans
METRO HOSPITAL: ICRA Lowers Rating on INR3cr Loan to B+
MIRYALAGUDA MUNICIPALITY: ICRA Withdraws B+ Issuer Rating

MS ENGINEERING: ICRA Keeps B+ on INR6.5 Debt in Not Cooperating
ORANGE INFRACON: ICRA Keeps B+ on INR50cr Loans in Not Cooperating
PAYNE REALTORS: ICRA Keeps D on INR27cr Loans in Not Cooperating
PERFECT ENGINEERING: ICRA Keeps B- Debt Rating in Not Cooperating
POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating

PRIUS COMMERCIAL: ICRA Keeps D on INR424cr Debt in Not Cooperating
RAJ RATAN: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating
SHIRDIWALE SAI: ICRA Keeps D on INR8cr Loans in Not Cooperating
SHRIRAM TRANSPORT: S&P Rates New USD Secured Social Bond 'BB-'
SIDDIPET MUNICIPALITY: ICRA Withdraws B+ Issuer Rating

SUNSTAR PRECISION: ICRA Lowers Rating on INR38cr LT Loan to B+
SURYAPET MUNICIPALITY: ICRA Withdraws B+ Issuer Rating
UNITED CIIGMA: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
WALKER ESTATE: ICRA Lowers Rating on INR45cr Term Loan to D
WEBFIL LIMITED: ICRA Keeps C+ Debt Rating in Not Cooperating



J A P A N

J. FRONT RETAILING: Egan-Jones Cuts Sr. Unsecured Ratings to B+
[*] JAPAN: Business Failures May Rise with Emergency Declaration


S I N G A P O R E

AXINGTON INC: Proposes Change Of Auditors
HIN LEONG: Court-Appointed Managers Seek to Freeze Lim's Assets

                           - - - - -


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

AVENTEDGE PTY: Second Creditors' Meeting Set for Jan. 14
--------------------------------------------------------
A second meeting of creditors in the proceedings of Aventedge Pty
Ltd has been set for Jan. 14, 2021, at 10:00 a.m. at Level 12, 127
Creek Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 12, 2020, at 2:00 p.m.

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


C-TECH GLOBAL: First Creditors' Meeting Set for Jan. 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of C-tech
Global Marine Group Limited will be held on Jan. 14, 2021, at 10:30
a.m. via electronics facilities.

David Michael Webb and Kenneth Michael Whittingham of Duff & Phelps
were appointed as administrators of C-tech Global on Jan. 4, 2020.


CASTLE ROCK: First Creditors' Meeting Set for Jan. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Castle Rock
Global Capital Pty Ltd and Davcas Investments Pty Limited will be
held on Jan. 14, 2021, at 11:00 a.m. via webinar.

Geoffrey Peter Granger -- ggranger@ferriersilvia.com.au -- and
Brian Raymond Silvia -- bsilvia@ferriersilvia.com.au -- of
FerrierSilvia were appointed as administrators of Castle Rock on
Jan. 4, 2021.



FXP INDUSTRIES: First Creditors' Meeting Set for Jan. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of FXP
Industries Pty Ltd will be held on Jan. 14, 2021, at 11:30 a.m. at
the offices of Valles Accountants, Level 1, 452 Flinders Street, in
Melbourne, Victoria.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of FXP Industries on
Jan. 4, 2021.


MERFAD 88: First Creditors' Meeting Set for Jan. 13
---------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - Merfad 88 Group Holdings Pty Ltd
          - Merfad Group Holdings Pty Ltd
          - Samway Group Holdings Pty Ltd
          - Samway Group Pty Ltd
          - Hills Shoppingtown Holdings 88 Pty Ltd
          - Hills Shoppingtown Pty Ltd
          - Tallahon Holdings Pty Ltd
          - Tallahon Pty Ltd
          - Canley 88 Group Holdings Pty Ltd
          - Canley 88 Holdings Pty Ltd
          - Terry 88 Holdings Pty Ltd
          - Terry 88 Pty Ltd
          - Reid 12 Holdings Pty Ltd
          - Reid 12 Pty Ltd
          - Hubert 17 Holdings Pty Ltd
          - Hubert 17 Pty Ltd
          - Reid 19 Holdings Pty Ltd
          - Reid 19 Pty Ltd
          - SF Merrylands Holdings Pty Ltd
          - SF Commercial Holding Pty Ltd
          - NR Terminal Holdings Pty Ltd
          - NR Terminal Pty Ltd

will be held on Jan. 13, 2021, at 11:00 a.m. via virtual meeting.

Todd Andrew Gammel and Barry Anthony Taylor of HLB Mann Judd were
appointed as administrators of Merfad 88 et al. on Dec. 31, 2020.




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

LOGAN GROUP: Fitch Assigns BB Rating on Proposed USD Senior Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Logan
Group Company Limited's (BB/Stable) proposed US dollar senior notes
a rating of 'BB'.

The proposed notes are rated at the same level as Logan's senior
unsecured rating, as they represent its direct, unconditional,
unsecured and unsubordinated obligations. Logan plans to use the
proceeds from the proposed notes for refinancing purposes.

Fitch expects the company's leverage to be around 35%-40% in the
next 12-18 months, and remain at this lower level because the
company has sufficient land bank to support growth. Logan has shown
financial discipline during its business expansion - evident in the
decline in leverage - and maintained high profitability with the
EBITDA margin at above 30%.

Logan has made some progress in diversification, but the majority
of its land bank and contracted sales remain in the Greater Bay
Area, which constrains its rating. Logan's market position is
strong in the Greater Bay Area and the company is ramping up its
investment properties. Further enhancement in Logan's market
position in its core market, or a material improvement in its
geographical or business diversification, are key considerations
for higher rating levels, in Fitch's view.

KEY RATING DRIVERS

Reduced Leverage: Logan's leverage - measured by net debt/adjusted
inventory that proportionately consolidates joint ventures (JVs)
and associates - fell to 33% by end-1H20, down from 35% at end-2019
(2018: 41%, 2017: 48%). The company spent CNY40.6 billion on
replenishing its land bank in 2019, or a steady pace of 42% of its
contracted sales during the period (2018: 48%).

The company had a total near-term land reserve of 36.7 million
square metres (sq m) at end-2019, which was sufficient for
development in the next five years. Fitch expects the company to
spend 40%-45% of its consolidated contracted sales on land
replenishment in 2020-2021 and to maintain a land bank sufficient
for four to five years of development.

Sustained High Margins: Logan's EBITDA margin, excluding
capitalised interest from cost of sales, stayed high at 32% in 2019
(2018: 32%, 2017: 33%), which contributes to its deleveraging.
Fitch expects the company's EBITDA margin to remain at 30%-32% in
the next one to two years. Logan had unrecognised contracted sales
of CNY85 billion at end-2019, which have gross profit margin of
about 30% and will be recognised as revenue over the next 18-24
months.

High-margin primary land development income will continue to
contribute to total revenue in the next three to five years, which
also supports the EBITDA margin. However, Fitch expects the high
margins of this segment to decrease over time.

Growing Sales Scale: Logan's contracted sales rose by 34% to
CNY96.0 billion in 2019. The contracted floor space sold rose by
57% to 6.9 million sqm, but the contracted average selling price
(ASP) fell to CNY13,876/sqm due to higher sales from the Nanning
region, where prices are lower. The company is on-track to meet its
full-year sales target of CNY110 billion in 2020. It has saleable
resources of CNY180 billion for launch in 2020. Fitch expects
Logan's annual contracted sales to increase to CNY110 billion in
2020 and CNY120 billion in 2021.

Expansion into New Markets: Fitch believes Logan's expansion into
new cities, including the Yangtze River Delta, Guangxi, Hong Kong
and Singapore, in the past 24 months has helped mitigate
concentration risks. Presales for the Yangtze River Delta and
Singapore projects were launched in 2019 and they contributed 3%
and 7%, respectively, to Logan's total contracted sales, versus 0%
and 5%, respectively, in 2018.

Concentration Risks Remain: Fitch expects Logan's sales from the
Greater Bay Area to remain high at 60%-65% of total sales in
2020-2021, despite the expansion into new markets. The Greater Bay
Area (including Shenzhen) accounted for most of Logan's
attributable sales and land bank, at around 56% and 71%,
respectively, in 2019 (2018: 60% and 71%). Nevertheless, Logan has
a strong market position in the competitive Greater Bay Area market
and Fitch expects it to solidify its market position in the
region.

Investment Properties' Contribution Rising: Logan's investment
properties, which consist mainly of offices and shopping malls, are
increasing their contribution to earnings. There are inherent
execution risks in ramping up these projects, but Fitch believes
Logan will control the pace of investment, which will be covered by
the sale of the residential projects. The investment property
portfolio will offer significant diversification from the
more-risky property development business once these projects are
fully ramped-up and the portfolio achieves meaningful scale.

DERIVATION SUMMARY

Logan's contracted sales are comparable with those of 'BB' rated
Chinese homebuilders, such as CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY100 billion, and are higher than those of 'BB-'
rated peers, which have contracted sales of CNY50 billion-80
billion, including KWG Group Holdings Limited (BB-/Stable) and
Yuzhou Group Holdings Company Limited (BB-/Stable).

Logan's leverage of 35% at end-2019 is also lower than the 40%-45%
of other 'BB' rated peers, such as CIFI. Similar to Logan, CIFI's
non-property development revenue generated EBITDA that covered
interest by less than 0.1x in 2019. Logan continued its
geographical focus on Tier 1 and Tier 2 cities, while CIFI
increased its focus on Tier 2 and 3 cities in 2018-2019.

Logan has similar contracted sales compared with 'BB+' standalone
rated Chinese homebuilders, such as China Jinmao Holdings Group
Limited (BBB-/Stable, Standalone Credit Profile: bb+) and
Sino-Ocean Group Holding Limited (BBB-/Stable, Standalone Credit
Profile: bb+). However, Jinmao and Sino-Ocean have stronger
non-development property EBITDA coverage of around 0.3x-0.4x. Logan
has a strong market position in the Greater Bay Area than these
peers, but its geographical concentration is also higher.

KEY ASSUMPTIONS

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

-- Contracted sales of CNY110 billion in 2020 and CNY120 billion
    in 2021 (2019: CNY96 billion)

-- EBITDA margin, with capitalised interest excluded from cost of
    sales, of 30%-32% in 2020-2021 (2019: 32%)

-- About 40%-50% of contracted sales proceeds to be spent on land
    acquisitions in 2020-2021 to maintain a land bank sufficient
    for around five years of development

RATING SENSITIVITIES

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

-- Enhancement of its market position in its core market, or
    material improvement in its business or geographic
    diversification

-- Leverage, as measured by net debt/adjusted inventory that
    proportionately consolidates joint ventures and associates,
    sustained below 35%

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

-- Leverage, as measured by net debt/adjusted inventory that
    proportionately consolidates joint ventures and associates,
    sustained above 45%

-- EBITDA margin, excluding capitalised interests from cost of
    goods sold, sustained below 25%

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: Logan had total cash on hand of CNY40.7
billion as of end-2019, including CNY5.9 billion of restricted cash
and pledged deposits, sufficient to cover short-term debt of
CNY29.6 billion maturing within one year and liabilities under
cross-border guarantee arrangements of CNY0.9 billion.

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.


MODERN LAND: Moody's Rates New USD Unsecured Notes 'B3'
-------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD notes to be issued by Modern Land (China) Co.,
Limited (B2 stable).

Modern Land plans to use the proceeds from the proposed notes to
refinance its existing offshore debt.

RATINGS RATIONALE

"Modern Land's B2 corporate family rating reflects the company's
niche in marketing and selling comfortable and eco-friendly homes,
demonstrated sales execution ability and adequate liquidity," says
Celine Yang, a Moody's Assistant Vice President and Analyst.

"Meanwhile, its rating is constrained by the company's improving
but still-low gross profit margin and modest financial metrics due
to its debt-funded growth and high finance costs," adds Yang.

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

Moody's expects Modern Land's debt leverage, as measured by
revenue/adjusted debt, will fall slightly to 60%-70% in the next
12-18 months from 75% for the 12 months ended June 2020 as debt
growth likely outpaces revenue growth amid the company's
debt-funded business expansion.

Similarly, Moody's forecasts Modern Land's EBIT interest coverage
will edge down to 1.9x-2.0x from 2.2x over the same period as
increasing interest expenses on the back of rising debt outpace
EBIT growth.

Modern Land's total contracted sales grew about 16% to RMB36.96
billion for the first 11 months of 2020 compared with the same
period a year ago, despite the disruption caused by coronavirus
pandemic in H1 2020. Its sales growth outperformed the national
average of 9.5% over the same period. Moody's forecasts the company
will achieve mild sales growth of 5%-10% in 2021 compared to 2020,
supported by its sizable saleable resources and track record of
sales execution.

Modern Land's B3 senior unsecured debt rating is one notch lower
than the company's B2 CFR due to structural subordination risk. The
subordination risk refers to the fact that the majority of Modern
Land's claims are at its operating subsidiaries and, in the event
of a bankruptcy, they have priority over claims at the holding
company. 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.

Modern Land's liquidity is adequate. Moody's expects the company's
cash holdings and operating cash flow will be sufficient to cover
its debt maturities and committed land premiums in the next 12-18
months.

In terms of environmental, social and governance considerations,
Moody's has considered the risks associated with Modern Land's
concentrated ownership, given that its founder and chairperson,
Zhang Lei, held an approximate 65.8% stake in the company as of the
end of June 2020. This risk is mitigated by the company's
established governance structures and standards as required by the
relevant code for companies listed on the Hong Kong Stock Exchange.
Furthermore, the company has three special committees in place —
an audit committee, a remuneration committee and a nomination
committee -- two of which are chaired and dominated 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,
given the substantial implications for public health and safety.

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

The stable outlook reflects Moody's expectation that Modern Land
will achieve stable sales growth while maintaining modest credit
metrics and adequate liquidity over the next 12-18 months.

Moody's could upgrade Modern Land's ratings if the company grows
its scale and improves its profit margin; maintains a reasonable
cash balance, with cash/short-term debt above 1.5x; maintains
strong financial discipline in its land acquisitions, with
EBIT/interest coverage above 2.5x-3.0x and revenue/adjusted debt
above 70%-75%, both on a sustained basis; and reduces its exposure
to non-standard borrowings.

On the other hand, Moody's could downgrade Modern Land's ratings if
the company's liquidity and ability to generate operating cash flow
decline beyond expectations because of falling contracted sales and
aggressive land acquisitions; and its revenue recognition is slower
than expected, or its profit margin declines further, leading to
further weakness in its EBIT/interest coverage and financial
flexibility.

Specifically, Moody's could downgrade the ratings if Modern Land's
restricted and unrestricted cash balance fall below 100% of its
short-term debt; or the company's EBIT/interest coverage declines
below 1.5x on a sustained basis.

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

Modern Land (China) Co., Limited was founded in Beijing in 2000 by
Mr. Zhang Lei, who is the company's current chairman. The company
specializes in developing green housing units and is among the few
early leaders in China's green and eco lifestyle market.

Modern Land was listed on the Hong Kong Stock Exchange in July
2013. As of June 2020, the company had a gross land bank of around
12.4 million square meters in terms of gross floor area.


REDSUN PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned China-based Redsun Properties Group
Limited's (B+/Stable) proposed US dollar senior notes a rating of
'B+' and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Redsun's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. Redsun plans to use the proceeds to refinance existing
debt and for general corporate purposes.

Redsun is a subsidiary of Hong Yang Group Company Limited
(B+/Stable). Fitch rates both companies on a consolidated basis,
according to its Parent and Subsidiary Linkage Rating Criteria, as
Redsun represents the group's entire exposure to the China
homebuilding business.

The group's ratings reflect its expanded contracted-sales scale,
supported by improved land-bank diversification and a prudent
financial policy, which has kept leverage below 50%, a healthy
level among 'B+' rated peers. The group also has a higher level of
non-development income than peers, arising from the larger scale of
its property-rental business and expanding property-management
business. The ratings are constrained by an attributable sales
scale that is smaller than that of 'BB-' rated peers and the
pressure to build up land bank to pursue sustained sales growth.

KEY RATING DRIVERS

Sales Continue to Rise: Fitch expects the group's total contracted
sales to rise moderately by 5% after its total contracted sales
increased by 28% to CNY74.3 billion in 11M20, driven by its
sufficient saleable resources, mainly in Jiangsu province and other
cities in the Yangtze River Delta, where demand remains strong.
Fitch estimates that the group exceeded its total contracted sales
target of CNY75 billion in 2020.

Moderate Leverage: Fitch forecasts leverage, measured by net
debt/adjusted inventory that proportionately consolidates joint
ventures and associates, to remain at 40%-45% in 2021, similar to
the 2020 level (2019: 42%), which is reasonable among 'B+' rated
peers. The group slowed its land acquisition by spending 0.5x of
contracted sales proceeds on land in 2020, compared with 0.6x in
2019. This preserves a reasonable land-bank life of around three
years and continue to diversify its land-bank portfolio.

Diversified Land Bank: The group had a total land bank of 18.4
million square metres as at June 2020, sufficient for about three
years of development. Fitch expects the group to further diversify
its land bank by reducing the proportion held in Jiangsu province,
where it is based, to around 50% in 2021, from 58% in 2019,
widening its exposure to 38 cities.

Stable EBITDA Margin: Fitch estimates that the group's EBITDA
margin, after adding back capitalised interest in cost of goods
sold, was stable in 2020, after falling to 22% in 2019, from 28% in
2018, due to the recognition of revenue from more projects as it
expands into cities beyond Jiangsu province. The group will
continue to face margin pressure as it expands outside Jiangsu, but
Fitch expects its selling and administrative expense/revenue ratio
to drop as revenue recognition increases and to support the EBITDA
margin.

Expanding Non-Development Businesses: The group's non-development
businesses comprise investment properties and property management.
Investment property rental revenue mainly comes from malls for
retail and wholesale of household construction and decoration
materials in Nanjing, which enjoy nearly full occupancy. Fitch
expects faster revenue growth for the property-management business
due to a pick-up in the delivery of the group's completed gross
floor area in 2019, and potential acquisitions. Non-development
EBITDA covered cash interest by about 0.2x in 2019, higher than the
ratio at most 'B+' rated peers.

DERIVATION SUMMARY

The group's business and financial profile is similar to that of
'B+' rated peers, such as Helenbergh China Holdings Limited
(B+/Stable), Hong Kong JunFa Property Company Limited (B+/Stable)
and Fantasia Holdings Group Co., Limited (B+/Stable). The group's
attributable contracted-sales scale of CNY30 billion-40 billion in
2020 was smaller than 'BB-' peers' scale of more than CNY50
billion. The group's ratings are also constrained by leverage (net
debt/adjusted inventory) of slightly above 40%, higher than that of
'BB' peers.

KEY ASSUMPTIONS

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

-- Flat total contracted sales by gross floor area in 2020,
    increasing by 5% in 2021 and 2022

-- Contracted average selling price up by 8% in 2020, rising by
    3% in both 2021 and 2022

-- Property development gross profit margin (after adding back
    capitalised interest) of about 30% in 2020-2022

-- Land-acquisition cash outflow to account for 50% of pre-sales
    proceeds in 2020-2022

RATING SENSITIVITIES

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

-- Scale expands to a level that is comparable with that of 'BB-'
    peers

-- Leverage, measured by net debt/adjusted inventory that
    proportionately consolidates joint ventures and associates,
    sustained below 40%

-- Available cash/short-term debt sustained above 0.8x

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

-- EBITDA margin, excluding capitalised interest from cost of
    goods sold, sustained below 20%

-- Leverage, measured by net debt/adjusted inventory that
    proportionately consolidates joint ventures and associates,
    sustained above 50%

The above ratios are based on the parent's - Hong Yang -
consolidated financial data.

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: Redsun had a cash balance of CNY18.3 billion,
including restricted cash and pledged deposits of CNY2.8 billion
and CNY5.8 billion, respectively, and short-term borrowings of
CNY11.8 billion at end-June 2020. Redsun had CNY5.2 billion in
onshore debt pledged against offshore cash deposits. Excluding the
CNY5.2 billion in short-term debt, available cash, excluding
restricted and pledged cash deposits, can cover short-term debt.

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.


SEAZEN GROUP: Fitch Gives BB+ Rating on Proposed USD Senior Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Seazen Group
Limited's (SGL, BB+/Stable) proposed US dollar senior notes a 'BB+'
rating. The proposed notes are rated at the same level as SGL's
senior unsecured rating because they will constitute its direct and
senior unsecured obligations.

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

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

KEY RATING DRIVERS

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

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

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

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

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

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

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

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

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

DERIVATION SUMMARY

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

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

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

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

KEY ASSUMPTIONS

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

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

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

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

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

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

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

RATING SENSITIVITIES

For both SGL and SHCL:

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

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

-- Recurring EBITDA/interest paid sustained above 0.6x

-- Sustained neutral to positive cash flow from operations.

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

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

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

-- Recurring EBITDA/interest paid sustained below 0.3x

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

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

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

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

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

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.


[*] CHINA: NYSE Scraps Plans to Delist Chinese Telecom Stocks
-------------------------------------------------------------
The Wall Street Journal reports that the New York Stock Exchange
reversed its decision to delist China's three largest
telecommunications companies, after consulting with regulatory
authorities about a recent U.S. investment ban.

In a statement released Jan. 4, the Big Board said that "it no
longer intends to move forward with the delisting action" on China
Mobile Ltd., China Telecom Corp. and China Unicom (Hong Kong) Ltd,
the Journal relates.

The Journal says the Hong Kong-listed shares of the three telecom
majors surged on the news.  

According to the Journal, NYSE's earlier plan to delist the
companies followed a U.S. government order, signed by President
Trump in November, that prohibits Americans from investing in a
list of companies the U.S. government says supply and support
China's military, intelligence and security services.

The trading ban was supposed to start on Jan. 11, and investors
would have until November to shed their holdings, the Journal
notes.




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

BRIGHTOIL PETROLEUM: Appoints Xie Wenyan as New CEO
---------------------------------------------------
Manifold Times reports that Hong Kong-based Brightoil Petroleum
(Holdings) Limited on Jan. 4 appointed a new CEO, and made several
internal changes to its company and management.

According to Manifold Times, Xie Wenyan has been appointed
executive director and chief executive officer of the company with
effect from Jan. 1, 2021.

Manifold Times relates that Xie will be focusing on the company's
upstream business following the discontinuance of its international
trading & bunkering and marine transportation businesses, and the
signing of the Zhoushan agreements for the disposal of the Zhoushan
project.

Previously in May 2019, Xie was appointed as an executive director
of Brightoil and resigned in October 2019.

Manifold Times says that following Brightoil's delisting from the
Hong Kong Stock Exchange on Oct. 20, 2020 and following the Board's
restructuring set out above, the company finds it is no longer
desirable to maintain its Audit Committee, Nomination Committee,
and Remuneration Committee.

The Board announced the Committees were dissolved with effect from
close of business on Dec. 31, 2020.

Following the closure of various committees, Chan Wai Leung has
ceased to be the chairman of Brightoil's Audit Committee, a member
of the nomination committee and a member of the remuneration
committee, Manifold Times says.

Chan has been redesignated from independent non-executive director
to executive director of the company with effect from Jan. 1,
2021.

Manifold Times says the above development has led to the
resignation of Dai Zhujiang and Zhao Liguo as Brightoil's
non-executive directors with effect Dec. 31, 2020.

Additionally, Dr. Lo Wing Yan William, JP and Wang Tian have
resigned as the company's independent non-executive directors from
close Dec. 31, 2020.

According to Manifold Times, following the resignations of Dr. Lo
and Wang as independent non-executive directors:

  (a) Dr. Lo has ceased to be the chairman of the Remuneration
      Committee, a member of the Audit Committee and a member of
      the Nomination Committee of the Company;

  (b) Wang has ceased to be the chairman of the Nomination
      Committee, a member of the Audit Committee and a member of
      the Remuneration Committee of the Company.

                     About Brightoil Petroleum

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


ROAD KING: Moody's Assigns Ba3 Rating to New USD Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 backed senior
unsecured debt rating to the proposed senior unsecured USD notes to
be issued by RKPF Overseas 2020 (A) Limited and guaranteed by Road
King Infrastructure Limited (Ba3 stable). The outlook on the rating
is stable.

Road King plans to use the proceeds from the proposed notes to
refinance its maturing debt and for general corporate purposes.

RATINGS RATIONALE

"Road King's Ba3 corporate family rating reflects the company's
track record in property development and its cautious approach to
land acquisitions and financial management," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

The rating also takes into account its track record of maintaining
adequate liquidity throughout the business cycles and the stable
cash flow from its toll road investments.

"However, the CFR is constrained by the geographic concentration of
the company's land bank, the execution risk associated with new
toll road acquisitions, and its moderate debt leverage," adds Lai.

The proposed issuance will lengthen Road King's debt maturity
profile and have a limited impact on its credit metrics, because
the proceeds will be mainly used for refinancing.

Moody's expects Road King's debt leverage - as measured by
revenue/adjusted debt - will improve to 60%-65% over the next 12-18
months from around 51% for the 12 months ended June 2020, supported
by increased revenue recognition from robust contracted sales over
the past two years and the company's prudent financial management
to control debt growth.

Road King's interest-servicing ability, as measured by
EBIT/interest, will also improve slightly to 3.0x-3.5x over the
next 12-18 months from 2.9x for the 12 months ended June 2020,
supported by revenue growth and improved cash distributions from
toll road projects.

Moody's expects Road King's recurring income interest coverage will
recover to 30%-35% over the next 12-18 months from 20% for the 12
months ended June 2020, with cash distributions from toll roads to
improve to HKD750 million-HKD800 million from HKD444 million over
the same period, supported by a recovery in toll traffic and
revenue given the resumption of toll collections since May 2020.

In the first nine months of 2020, Road King's contracted sales,
including its share of sales in joint ventures and associates,
reached RMB29.8 billion, which is largely flat compared to the same
period in 2019. Moody's expects that Road King will achieve modest
sales growth over the next 12-18 months, driven by its strong brand
recognition and execution capability in home markets.

Road King's liquidity is good. Its cash balance of HKD15.1 billion
at June 30, 2020 could cover 114% of its short-term debt as of the
same date. Moody's expects Road King's cash balance, together with
its operating cash flow, will be sufficient to cover its short-term
debt, committed land premiums and dividend payments over the next
12 months.

Road King's senior unsecured rating is unaffected by subordination
to claims at the operating company level, because the company's
creditors benefit from its diversified business profile, including
in particular, the cash flow generated from the company's toll road
business.

In terms of environmental, social and governance factors, Moody's
has considered the concentration of the company's ownership in its
controlling shareholder, Wai Kee Holdings Limited, which held a 43%
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; low dividend payouts;
and the presence of other internal governance structures and
standards as required by the Hong Kong Stock 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 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 on the rating reflects Moody's expectation that
Road King will maintain its prudent financial management, while
growing its property development and toll road businesses; thereby
preserving stable credit metrics and good liquidity.

Moody's could upgrade the rating if Road King grows its scale
without sacrificing profit margins; grows its toll road dividends
and improves its interest coverage from recurring income to above
0.6x-0.7x on a sustained basis; maintains stable credit metrics,
with its homebuilding EBIT/interest staying above 4.0x-4.5x and
revenue/debt staying above 90%; and maintains adequate liquidity.

On the other hand, Moody's could downgrade the rating if Road
King's liquidity deteriorates because of weaker sales or aggressive
land or other acquisitions; or the operating performance of the
company's property segment deteriorates. Credit metrics indicative
of a downgrade include its homebuilding EBIT/interest staying below
2.5x-3.0x or revenue/debt staying below 65%, on a sustained basis.

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

Listed in Hong Kong SAR, Road King Infrastructure Limited invests
in toll road projects on seven expressways across four provinces in
China -- Anhui, Hebei, Hunan and Shanxi -- and Indonesia. At 30
June 2020, the company had a property development portfolio with a
land bank of 7.0 million square meters across the Bohai Rim,
Yangtze River Delta, Greater Bay Area (including Hong Kong), Henan
and Hubei Province.

Wai Kee Holdings Limited and Shenzhen Investment Limited are the
largest shareholders of the company, with 43% and 27% stakes
respectively as of June 30, 2020.




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

AAREY DRUGS: ICRA Keeps B+ on INR45cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR45.00 crore bank facilities of
Aarey Drugs & Pharmaceuticals Limited continues to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-          30.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term          15.00       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category

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

ADPL was incorporated in the year 1990 as a private limited company
in the name of Niharika Textiles & Chemicals Private Limited. In
1993, the Aarey Group, owned by Ghatalia Family, took over the
company and renamed it to Aarey Drugs & Pharmaceuticals Limited.
During the same year, the company was converted into a public
limited company with the shares being listed on the BSE. The
company was engaged in the business of manufacturing and trading of
chemical products, solvents and drug intermediaries till 2009. From
2009, the company's plant at Tarapur had remained shut for
upgradation-cum-expansion; the company has been focusing only on
trading of chemical products, solvents and drug intermediaries
since then. However, the company has obtained all the requisite
approvals for the upgraded plant and has resumed operations from
September 2016.


ABC TRANSFORMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR7.20-crore bank facilities of ABC
Transformers Private Limited Continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-           3.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   cash credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long term-           1.20       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   cash credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short term-          2.50       [ICRA]A4 ISSUER NOT
   Non fund based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Noida (Uttar Pradesh) based ABC Transformers Private Limited (ABC)
was incorporated in July, 1993 as a private limited company and is
currently being managed by Mr. Gurinder Kumar Bansal, Mr. Om
Prakash Goyal and Mr. Nirmal Kant Goyal. The product range of ABC
includes transformers for power generation, transmission and
distribution as well as industrial & special purpose transformers
and servo stabilizers. The major raw materials required are copper
conductors, aluminium conductors, transformers oil and CRGO
(lamination) which are procured domestically.  The company sells
its products to state owned electricity boards, corporates and
private clients namely Bombay Suburban Electric Supply (BSES),
Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL), North Delhi
Power Limited (NDPL)/TATA Power, Noida Power Company Limited
(NPCL), Bharti Airtel Limited, etc.


ABHISHEK STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR22.00 crore bank facilities of
Abhishek Steel Industries Limited continue to remain in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           10.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund             10.00      [ICRA]A4 ISSUER NOT
   Based Limits                    COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Untied Limits         2.00      [ICRA]B+ (Stable)/A4 ISSUER
                                   NOT COOPERATING; Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

Abhishek Steel Industries Limited (ASIL) was incorporated in 2002
by the Raipur-based Mahamaya Group. Located in Raipur
(Chhattisgarh), ASIL has production facilities for billets/ blooms
and structural steel products with annual production capacities of
100,000 MT and 42,000 MT, respectively. The company produces light
structural steel products such as a variety of beams, channels and
girders, which are primarily used for construction activity. The
products of the company are sold under the brand name "MAHAMAYA".


ALPINE POLY: ICRA Lowers Rating on INR4cr Loans to B+
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Alpine
Poly Rub Private Limited (APRPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term–           2.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short Term–          4.00       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4+ continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

Rationale

The ratings are downgrade because of lack of adequate information
regarding APRPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade. As part of its process and in
accordance with its rating agreement with Alpine Poly Rub Private
Limited ICRA has been trying to seek information from the entity so
as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Incorporated in June 2002 by Mr. Inder Chhabra and Mrs. Rita
Chhabra, APRPL manufactures Ethylene Vinyl Acetate (EVA) slippers
for men, women and kids which is sold under the brand name 'APL'.
The manufacturing unit of the company situated at Nathupura area in
Haryana. The total installed capacity of the company is 130 lakh
pairs per annum.  The main markets for the company include Delhi,
Haryana and Punjab, Uttar Pradesh and South India and few parts of
Nepal.  


BABA JATADHARI: ICRA Keeps B on INR8.6cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR8.65 crore bank facilities of Baba
Jatadhari Agro (India) Pvt Ltd (BJPL) continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           6.25       [ICRA]B (Stable) ISSUER NOT
   Limits-Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based           2.40       [ICRA]B (Stable) ISSUER NOT
   Limits-Cash                     COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2011, Baba Jatadhari Agro (India) Private Limited
(BJPL) is promoted by the West Bengal-based Shaw family. BJPL is
involved in flour milling with an installed capacity of 100 metric
tonnes per day (MTPD) at its manufacturingfacility located at
Abhirampur, Budge Budge, West Bengal. The commercial operations of
the facility commenced in October 2016.


BRAINER INFRA: ICRA Keeps B+ on INR15cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR15.00 crore bank facilities of
Brainer Infra LLP continues to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          15.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Brainer Infra LLP (BILLP) was established in January 2016 as a
limited liability partnership firm to develop a residential project
under the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases. During the first phase
of the project, BILLP is developing a Low-Income Group
(LIG)-category residential complex comprising sixteen towers
divided into 320 flats spread over 2.60 acres of land with saleable
area of 2.32 lakh square feet (lsf).


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits maintained to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR18 mil. Non-fund-based limits maintained to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR45 mil. Proposed non-fund-based limits* is withdrawn.

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Digilogic Systems offers systems, solutions
and products for the defense and aerospace industry.

DSG CORP: ICRA Keeps B- on INR10cr Bank Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR10.10 crore bank facilities of DSG
Corp Private Limited continues to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable)
ISSUER NOT COOPERATING".


                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-          10.00       [ICRA]B- (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

DCPL was started as a proprietorship firm by Mr. Sunil Gupta in
1992 which was converted to a partnership firm in 1995 and
subsequently converted to a private limited company in 1997 with
Mr. Sunil Gupta and Mrs. Kavita Gupta holding 100% shares of the
company. DCPL offered plumbing and fire-fighting equipment-related
systems and services to hotels, hospitals, information technology
parks, residential multiplexes, and educational institutions. On
August 31, 2010 Blue Star Limited (BSL) acquired the business of
DCPL; consequently, DCPL currently has no business operations.


GOVERDHAN TRANSPORT: ICRA Lowers Rating on INR67cr Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Goverdhan Transport Company Private Limited (GTC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          67.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

As part of its process and in accordance with its rating agreement
with Goverdhan Transport Company Private Limited ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Goverdhan Transport Company Private Limited (GTC), incorporated in
2007, has entered into an agreement with Department of Transport
(DoT), Govt of Delhi to run public buses in Delhi. The management
of GTC comprises of 9 directors with a prior experience in the
operating blueline buses. Some directors have an experience of over
two decades in the transportation business.


GOYAL MOTOCORP: ICRA Keeps B on INR6.5cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR6.50 crore bank facilities of
Goyal Motocorp Private Limited continue to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          4.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          2.50       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2013, Goyal Motocorp Private Limited (GMPL) is an
authorised dealer of cars manufactured by Hyundai Motor India
Limited (HMIL). The company sells vehicles and provides ancillary
services that include vehicle servicing and sale of spare parts and
accessories from its showroom based in Raigarh, Chhattisgarh. The
company has another small showroom at Pathalgaon, which falls under
Jashpur district of Chhattisgarh, offering vehicle sales as well as
servicing.


ILFS TAMIL: ED Attaches INR452cr Worth Shares of Singapore Firm
---------------------------------------------------------------
The Indian Express reports that the Enforcement Directorate (ED)
has provisionally attached assets to the tune of INR452 crores
belonging to a Singapore company in connection with its probe into
alleged money laundering associated with irregularities in IL&FS
group companies.

The Indian Express relates that the agency claimed it has attached
assets, in the form of shares, that M/S AS Coal Pte Singapore held
in ILFS Tamil Nadu Power Company Limited (ITPCL). Owned by British
national Jaimin Vyas, AS Coal, which ED has claimed is a shell
company, had acquired 8.86% shares in ITPCL. This has been
identified by ED as proceeds of crime owing out of kickbacks that
Vyas received for favouring a Chinese company with an ITPCL
contract.

The ED case is based on a Delhi police FIR and investigations
conducted by the Serious Fraud Investigation office (SFIO) against
IL&FS Financial Services (IFIN) and its officials, the report
notes.

According to The Indian Express, ED has claimed there was a
"planned conspiracy to defraud IL&FS and Indian banks" by Jaimin
Vyas in connivance with official on IL&FS and Chinese engineering,
procurement and construction (EPC) company M/s SEPCO III.

"The company's right to select the EPC Contractor was illegally
delegated to Jaimin Vyas, violating the terms and conditions of
Share Purchase Agreement. Jaimin Vyas thereafter nominated SEPCO as
EPC contractor and got kick back in guise of fees for consultancy
services. The same money was routed as equity investment in ITPCL.
Subsequently, ITPCL paid SEPCO III the amount (paid earlier by
SEPCO to Jaimin Vyas) by inflating the value of the contract and
payments were also made in the guise of early completion of
project," ED has said in a statement.

It has claimed Vyas also received illegal gratification from M/S
Noble Coal in lieu of allegedly awarding coal supply contract (to
ITPCL) at an inflated rate, The Indian Express relates.

Earlier, ED had attached movable and immovable properties of
committee of directors of IFIN totaling to INR126 crores, and
movable and immovable properties of two defaulters of IFIN, M/s
SIVA Group and M/s ABG Group totaling to INR1400 crores, the report
adds.

The Indian Express had in July 2020, reported that an audit report,
prepared by Grant Thornton, of ITPCL had raised concerns over the
transaction underlying the sale of ITPCL stake to AS Coal Resource
as it has found that SEPCO Electric Power Construction Corporation
allegedly provided financial assistance of about INR800 crore to
entities associated with Vyas, for acquisition of ITPCL shares.

The audit report, submitted to a consortium of lenders led by
Punjab National Bank in June 2020, had found that SEPCO was one of
the contractors of ITPCL and it had received money from the power
firm for various contracts, the report relates.

ITPCL operates a 1,200-MW imported coal-based plant in Cuddalore.
Around INR10,600 crore was invested in the project, of which public
sector banks have given loans of INR6,080 crore and IL&FS Energy
Development Company Ltd (IEDCL), a subsidiary of IL&FS, has put in
INR4,560 crore, The Indian Express discloses.

ITPCL, which is undergoing insolvency proceedings, owes over
INR6,700 crore to banks and about INR900 crore to IL&FS entities.
At present, AS Coal Resource has 8.6 per cent stake in ITPCL and
IEDCL holds the remaining 91.4 per cent.


INDIAN GEM: ICRA Keeps D on INR35cr Loans in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR35.00 crore bank facilities of
Indian Gem & Jewellery Imperial Private Limited has continued to
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

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

   Untied Limits       5.00       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

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

Incorporated in November 2006 by Mr. Prasanna Dugar, IGJIPL is
involved in manufacturing and trading of gold, diamond and
stone-studded jewellery. The promoter was earlier involved in the
jewellery business through Indian Gem & Jewellery Private Limited.
However, the same was demerged in FY2007 and accordingly, IGJIPL
was formed. The company earns revenue from both wholesale and
retail sales.


KARVY STOCK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said the ratings on Long-term Bank Lines and commercial paper
programme of Karvy Stock Broking Limited continue to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          250        [ICRA]D ISSUER NOT COOPERATING;
   fund-based                    Rating Continues to remain under
   bank lines                    the 'Issuer Not Cooperating'
                                 category

   Commercial        300         [ICRA]D ISSUER NOT COOPERATING;
   Papers                        Rating Continues to remain under  
      
                                 the 'Issuer Not Cooperating'
                                 category   

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

The Karvy Group is a business group that spans the financial
services spectrum as well as data processing and managing segments.
It caters to over 70 million individual investors in various
capacities and provides investor services to over 600 corporate
houses. Karvy Stock Broking Limited is the broking arm of the Karvy
Group. It provides broking and wealth management services to its
clients.


KHANDESH ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR17.00 crore bank facilities of
Khandesh Roller Flour Mills Private Limited continue to remain in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-          0.24        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   TL                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         16.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–          0.76        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1980, as a joint venture between Mohata family and
Singh family. In 1990, 100% shares were acquired by Mohata family.
The Company is engaged in the business of flour milling and
manufactures Maida, Atta, Rawa, Sooji and by-product Bran. The
company also trades in wheat. The manufacturing facility of the
company is located in MIDC area in Jalgaon, Maharashtra with an
installed capacity of 87000 MT per annum. It supplies its products
through various brokers. as well as directly to the institutional
customers. Currently the company is concentrating on institutional
sales. KRFM majorly caters to the markets in Maharashtra except
Mumbai and parts of South India.


KKRC INFRASTRUCTURE: ICRA Hikes Rating on INR54cr Loans to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of KKRC
Infrastructure Private Limited (KKRC), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-            16.00      Upgraded to [ICRA]B+ (Stable)
   Secured Overdraft                from [ICRA]B (Stable)

   Long Term-            36.00      Upgraded to [ICRA]B+ (Stable)
   Bank Guarantee                   from [ICRA]B (Stable)

   Long Term–             2.00      Upgraded to [ICRA]B+ (Stable)

   Unallocated                      from [ICRA]B (Stable)

Rationale

The rating upgrade factors in the KKRC improved liquidity position,
given the enhancement of working capital limits, as reflected in
cushion of ~INR2.0-3.0 crore in the cash credit and ~INR12.0-14.0
crore in the bank guarantee limits. The rating factors in its
extensive experience spanning over more than two decades in the
execution of civil contracts and recognition as a special class
contractor by the Government of Andhra Pradesh and Telangana,
enabling the company to participate in various projects for the
state government. Further, the rating considers the moderate order
book of INR87.05 crore (after adjusting for the slowing and
non-moving projects) as on October 31, 2020, which is 2.7 times of
FY2020 revenues, providing revenue visibility.

The rating is constrained by the company's small scale of
operations with revenues of INR32.9 crore in FY2020; delays in the
execution of major projects impacted the company's revenues in the
past. Moreover, the company has high client and project
concentration risk as three top customers accounted for 65.8% of
its unexecuted order book as on October 31, 2020. The rating
considers the project execution risk, given its large unexecuted
order book compared to its size of operations and expected delays
in two major projects of order value INR110.0 crore and INR33.23
crore due to land acquisition issues. The rating factors in the
high segment and geographical concentration risks with order
execution limited to Andhra Pradesh and Telangana. The rating
considers the stiff competition in the construction industry marked
by presence of numerous players, where tenders are primarily
awarded on the lowest price quoted. ICRA also notes that revenues
are vulnerable to budgetary allocations by the state government and
municipalities.

The Stable outlook on the [ICRA]BB- rating reflects ICRA's opinion
that KKRC will maintain its scale of operations and
liquidity position.

Key rating drivers and their description

Credit strengths

* Established presence in civil construction business: KKRC has
over two decades of experience in executing civil contracts that
resulted in established relationships with the suppliers.

* Recognition as a special class contractor: The company is
recognised as a special class contractor by the Government of
Andhra Pradesh and Telangana which enables it to participate in a
variety of projects for the state government, and KKRC is primarily
engaged in execution of civil, electrical, irrigation and
engineering contracts.

* Moderate order book position provides near-term revenue
visibility: The company has a moderate unexecuted order book of
INR87.05 crore (after adjusting for the slowing and non-moving
projects) as on October 31, 2020, which is 2.7 times of FY2020
revenues, lending revenue visibility in the near term.

Credit challenges

* Small scale of operations and delays in execution of projects:
The company has a small scale of operations with a revenue of
INR32.9 crore for FY2020 in a highly fragmented construction
industry. It faces stiff competition from numerous other players in
the civil construction industry. Given that the company
participates in work orders for various government departments
where business is tender based, the sustainability of profit
margins remains critical. Further, the two major projects of order
value INR110.0 crore and INR33.23 crore are currently experiencing
delays in the execution due to land acquisition issues. Given the
slow pace of execution of the projects, the timeline for the
completion of these projects is not yet finalised.

* High working capital intensity: The company's working capital
intensity remained high at 93.5% in FY2020 due to high inventory
holding. However, its liquidity position remained adequate as
reflected by moderate working capital utilization averaging at
77.0% during August 2019 to October 2020.

* High project and client concentration risks: The company is
exposed to high project and customer concentration risk as its top
three customer accounts for 65.8% of its order book. Further, a
single project of INR110.0 crore contributed to 49.9% of the total
order book size of INR220.4 crore as on October 31, 2020.

* Moderately high geographical and sectoral concentration risks:
The company's geographical concentration risk remains moderately
high with work order execution limited to Andhra Pradesh and
Telangana. Further, the work orders are mostly confined to
execution of irrigation work for various departments of the
Government of Andhra Pradesh and Telangana.

Liquidity position: Adequate

The company's liquidity is adequate with a cushion of ~INR2.0-3.0
crore in the cash credit and ~INR12.0-14.0 crore in the bank
guarantee. Further, the company does not have any major capital
expenditure plans in the near term.

Rating sensitivities

Positive triggers - ICRA may upgrade KKRC's ratings if the healthy
order inflow and timely execution of orders results in healthy
revenue growth, while margins remain healthy, leading to improved
financial profile. Specific credit metrics that could lead to
upgrade of rating is (1) Interest cover of more than 2.0 times.

Negative triggers - Negative pressure could arise on KKRC's ratings
if scale of operations declines due to delays in execution of
projects and liquidity position deteriorates.

KKRC was set up as a proprietorship firm, KK Reddy and Company, by
Mr. K Chandra Mohan Reddy in 1983. It was reconstituted as a
partnership firm in 1996 and then as a private limited company in
2010, when it got its present name located in Hyderabad (Andhra
Pradesh). It undertakes civil construction works for various
irrigation projects, including digging and lining of canals,
excavation works, embankment in canal projects, and dam
construction. The company is registered as a special class
contractor with the public works departments of Andhra Pradesh and
Telangana.

In FY2020, the company reported a net profit of INR1.8 crore on an
operating income (OI) of INR32.9 crore compared to a net profit of
INR2.5 crore on an OI of INR37.3 crore in the previous year.


KLER WINES: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kler Wine's
Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits assigned with
     IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The rating reflects Kler's small scale of operations, as evident
from the revenue of INR961 million in FY20 (FY19: INR1,091
million). The dip in revenue was attributed to the decline in sales
in March 2020, when the firm usually witnesses significant sales,
due to the COVID-19-led disruptions. As of October 2020, the firm
had achieved revenue of INR487.3 million. The revenue in FY21 is
likely to decline on a yoy basis due to the halt in business
operations during April 2020 on account of the national-wide
lockdown.

The ratings reflect the moderate credit metrics because of the
overall low levels of EBITDA. The firm remained net cash positive
in FY20 (FY19: net cash positive). The interest coverage (operating
EBITDA/gross interest expense) deteriorated to 3.8x in FY20 (FY19:
6.6x) due to a decrease in the absolute EBITDA to INR15.8 million
(FY19: INR17.9 million). Ind-Ra expects further deterioration in
the credit metrics in FY21 due to the likely dip in the absolute
EBITDA owing to the fall in revenue.

Liquidity Indicator - Poor: Kler's utilization of the working
capital facility was more than 48% during the 12 months ended
November 2020, along with instances of overutilization of the cash
credit facility for 18 days in the month of February 2020 which
appears in the bank statement. Also, the firm does not seem to have
the adequate drawing power to avail the cash credit facility from
the bank. Kler's cash flow from operations turned negative at INR45
million in FY20 (FY19: INR104 million), mainly because of an
increase in the working capital requirements. The cash and cash
equivalents stood at INR108.7 million in FY20 due to refund of
tender fees receipts by the Chandigarh Excise department as the
tender process was on hold during the month of March 2020. The net
cash cycle deteriorated to 17 days in FY20 (FY19: negative 45 days)
due to a stretch in the inventory days to 92 days (seven days) on
account of the lockdown. In FY21, Ind-Ra expects the inventory and
creditor days to normalize to pre-COVID-19 levels, leading to an
improvement in the working capital cycle.

The ratings continue to factor in the partnership structure of the
organization.

The ratings, however, are supported by the healthy EBITDA margins.
The margin remained stable at 1.6% in FY20 (FY19: 1.6%) due to the
cost-reduction measures undertaken by the firm. In FY20, the return
on capital employed was 29% (FY19: 73.3%). Ind-Ra expects the
margins to remain at similar levels in FY21, considering the
trading nature of the business.  

The ratings, however, continue to benefit from the founders'
experience of over three decades in the liquor and hotel industry.
Moreover, the founders can support the firm's working capital
requirements through unsecured loans.

RATING SENSITIVITIES

Positive: An improvement in the revenue while maintaining or
improving the operating profitability, credit metrics and liquidity
position, all on a sustained basis, will be positive for the
ratings.

Negative: Any decline in the operating profitability, leading to a
substantial decline in the credit metrics and/or the liquidity
position, will be negative for the ratings.

COMPANY PROFILE

Kler was incorporated in February 2016 as a partnership firm, with
Darshan Singh Kler and Karamjeet Kler being the partners. The firm
is based in Chandigarh, Punjab, and deals in wholesale and retail
trade of liquor.

LIFESTILE REALTY: ICRA Keeps B on INR13cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR13.00 crore bank facilities of The
Lifestile Realty continues to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-          13.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   TL                              to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2014, The Lifestile Realty ('TLR', 'The firm') is
developing a residential real estate project 'Amaltas' at Undri,
Pune. TLR is a partnership firm promoted by Mr. Arif Chowhan and
his son Mr. Ashraf Chowhan. The firm is a part of Hindustan Group
which is established in 1999 and promoted by Mr. Arif Chowhan. Mr.
Arif Chowhan is engaged in real estate development in Pune for
around 2 decades and has already developed around 3.5 lacs sq ft
area of which ~2.4 lacs sq. ft. has been developed by himself and
~1.1 lacs sq. ft. jointly with other real estate players in Pune
underlining the vast experience of promoters in real estate
business.


MAHA DURGA: ICRA Assigns C+ Rating to INR71cr Bank Loans
--------------------------------------------------------
ICRA has assigned rating to the bank facilities of Maha Durga
Charitable Trust (MDCT), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   LT-Fund based-       60.08      [ICRA] C+; placed under rating
   TL                              Watch with developing
                                   implication; assigned

   LT-Fund based-       10.92      [ICRA] C+; placed under rating
   Unallocated                     Watch with developing
                                   implication; assigned

Rationale

The assigned rating takes into account MDCT's modest scale of
operations and weak financial profile as characterised by adverse
capital structure and weak debt coverage indicators. The hospital
also remains exposed to geographical-concentration risks, given its
presence in a single location. The risk is accentuated further by
competition from other hospitals in the vicinity. Timely
implementation of the restructuring proposal with favourable
repayment terms easing the burden on the cash flows, resulting in
improvement of coverage metrics, remains critical and would be a
key rating monitorable.

The assigned rating takes into consideration the extensive
experience of the promoters in the healthcare industry and the
hospital's favorable location with ease of accessibility from the
city centre and to patients coming from nearby places. Further, the
hospital offers multi-specialty treatments and has the necessary
equipment for proper functioning of most of its departments. This
apart, the rating considers the stable demand outlook for
healthcare services in the country. ICRA also takes note of the
healthy ramp up achieved by the hospital in the current fiscal with
revenues of ~INR21 crore till November 2020. Despite MDCT delaying
on its term loan repayment in September, the default has not been
recognised as the restructuring proposal was submitted prior to the
due date of debt servicing.

Further, the rating has been placed on watch with developing
implications to reflect the fact that the Trust has applied for
restructuring of its term loan and the same is under consideration
with the bank. ICRA would continue to monitor the developments and
resolve the watch following the conclusion of the restructuring.

Key rating drivers

Credit strengths

* Extensive experience of promoters: The promoters have an
established track record in medical practice of more than two
decades and have extensive experience in the field of medicine and
healthcare. They also have an established track record of running
an existing hospital for the last 16 years in Mukharjee Nagar,
Delhi. Further, the risk of attrition of key doctors is partially
mitigated as 14 specialist doctors are part of the promoters'
family.

* Favorable hospital location with ease of accessibility and
multi-specialty facilities: The hospital's location has direct
connectivity with ring road and outer ring road, which makes it
easily accessible to patients coming from nearby places. The
location is also well connected with three metro stations within a
distance of ~2 km, which makes all parts of DelhiNCR accessible.
This apart, the hospital offers multi-specialty treatments and has
the necessary equipment for proper functioning of most of its
departments.

* Strong long-term industry outlook: Favourable long-term demand
outlook for healthcare services due to factors such as improving
affordability through increasing per capita income and widening
medical insurance coverage, growing awareness for healthcare, and
under-penetration of healthcare services.

Credit challenges

* Weak financial profile; debt servicing ability impacted in
current fiscal as evident from request for loan structuring to term
lender: The operations of the hospital are still in a nascent stage
and the leverage indicators stood weak as characterised by gearing
of 7.4 times and NCA/TD of -6.1% as on March 31, 2020. Interest
coverage and DSCR were also weak for the Trust in FY2020. However,
the IPD revenues increased rapidly in the current year, mainly due
to the sudden influx of a large number of Covid-19-infected
patients. This apart, ICRA notes that MDCT had requested its term
lender for restructuring of loans in August 2020, prior to the
scheduled due date for repayment (which has been missed), citing
the stress on its cash flows and including request for this
additional funding to add super specialty verticals to ensure
long-term viability and economic feasibility of sustaining hospital
operations. ICRA will continue to monitor the developments in this
regard.

* Modest scale of operations and single asset-concentration risk:
The hospital's scale of operations remains relatively small with a
single hospital of 100 operational beds and OI of INR3.15 crore in
FY2020. Thus, the hospital is exposed to risks of single asset
concentration and geographical concentration. Further, the hospital
remains exposed to regulatory risks and challenges, as is prevalent
in the sector.

* Stiff competition due to presence of large number of established
players: The hospital faces intense competition, given the presence
of a large number of established players in Delhi-NCR. Hence, given
the stiff competition in the healthcare industry, the hospital's
ability to ramp up the operations and subsequently, the
profitability levels would remain the key challenge.

Liquidity position: Stretched

The liquidity position of MDCT is stretched, given that the Trust
has significant debt repayment obligations going forward. Further,
the hospital's operations are in a nascent stage and debt-funded
capex to add various super specialty verticals would be incurred in
the near to medium term. However, some comfort can be drawn from
the buffer available in its working capital facilities and modest
cash balances. This apart, the Trust has applied for restructuring
of its term loan, wherein it has sought a revision in repayment
schedule of term loan and additional funding to add super specialty
verticals to ensure long-term viability and economic feasibility of
sustaining hospital operations. The proposal is under consideration
with both the banks (Union Bank of India and Bank of India) and
ICRA will continue to monitor the developments in this regard.

Rating sensitivities

Positive triggers - Given that the ratings are on watch, ICRA would
closely monitor the progress of the restructuring proposal. ICRA
could upgrade the MDCT's ratings if it is able to scale up its
operations and improve its profitability and coverage metrics,
thereby improving its current credit profile and liquidity
position.

Negative triggers - ICRA could downgrade the MDCT's ratings if
there is further stretch in the credit profile of the Trust; or if
its liquidity position worsens, leading to delays in debt
servicing. Besides, any weakening in its capital structure owing to
an upcoming debt-funded capital expenditure can lead to pressure on
the ratings.

MDCT is registered under Societies Registration Act XXI, 1860 since
1995. It has set up a 100-bedded multi-super specialty hospital,
named MD City Hospital at North Ex, Model Town. OPD admissions were
started in the hospital in September 2018 and IPD admissions were
started in September 2019. The super specialties in the hospital
include – Cardiology, Nephrology, Joint Replacement, Uro Surgery,
General and Laparoscopic Surgery, Gastroenterology and Medical
Oncology.


METRO HOSPITAL: ICRA Lowers Rating on INR3cr Loan to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Metro
Hospital & Cancer Research Centre (Hospital), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Metro Hospital & Cancer Research Centre (Hospital) is
multispecialty hospital located in Jabalpur, Madhya Pradesh. The
hospital is a unit of Satya Sai Cancer Society (the society) which
commenced operations in 2007 to create awareness about the cancer
disease. The society also operates a medical institute known as
Balashree Institute of Paramedical Sciences. Mr. Saurabh Baderia
and his brother Mr. Rajiv Baderia manage the society. The hospital
is situated in the Jabalpur, Madhya Pradesh and spread in an area
of 50,000 sq.ft. The hospital is specializes in oncology and
cardiology.The hospital has 130 bedded capacities. The hospital is
empanelled with CGHS, CSMA, ESI, and other PSUs. The hospital also
has tie-ups with insurance companies such as Bajaj Allianz, Aviva
Life Insurance, Apollo Munich Health Insurance, ICICI Lombard etc.



MIRYALAGUDA MUNICIPALITY: ICRA Withdraws B+ Issuer Rating
---------------------------------------------------------
ICRA said the Issuer ratings assigned to Miryalaguda Municipality
have been withdrawn at the request of the company. ICRA is
withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed.

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position

Not captured as the rating is being withdrawn.

Rating sensitivities

Not captured as the rating is being withdrawn.

Miryalaguda Municipality (MLGM) was constituted as a municipality
in 1984 and is governed by the provisions of theTelangana State
Municipalities Act, 1965 (Act). MLGM is grade-I municipality, which
manages the civic services in Miryalaguda town, located in the
state of Telangana (TS). MLGM covers an area of 28.36 square
kilometres (Sq. Km.) and serves a population of 1,09,891 (as per
Census 2011). The major functions of MLGM include water supply,
solid waste management, repair and maintenance of roads and street
lighting in its area. The coverage area of MLGM has been divided
into 36 municipal wards. An elected body, headed by a Chairman,
administers the municipality. The commissioner acts as the
executive head and overseas the everyday functioning.


MS ENGINEERING: ICRA Keeps B+ on INR6.5 Debt in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR6.50-crore bank facilities of M/S
M.S Engineering Continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER
NON COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           6.50       [ICRA]B+ (Stable); ISSUER
   Fund Based/CC                   NON COOPERATING; Rating
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

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

Established in 1984 as a partnership firm, M/S. M. S. Engineering
(MSE) is promoted and managed by Mr. Debabrata and Mr. Satyabrata
Das. MSE construct, repairs and maintains roads and bridges. The
firm undertakes projects for Government departments like the Public
Works Department (PWD) and the Pradhan Mantri Gram Sadak Yojana
(PMGSY) of West Bengal and companies like Indian Oil Corporation
Limited, Haldia Petrochemicals Limited etc. It is recognised as a
Class-I Government contractor by the government departments in West
Bengal.


ORANGE INFRACON: ICRA Keeps B+ on INR50cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR50.00 crore bank facilities of
Orange Infracon Private Limited continue to remain in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           38.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long-term
   Unallocated          12.00      [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

OIPL, incorporated in 1997, is a part of the Indore-based B.C.M.
Group, which was promoted by Late Mr. B.C. Mehta. It has presence
across diverse sectors such as snack foods manufacturing, food
processing and real estate development. OIPL is developing its
first project 'BCM Park' at Piplyakumar in Indore, Madhya Pradesh,
wherein 0.52 million square feet would be developed in two phases
at ~Rs 107.7 crore. The project would have a total of 230 flats in
four towers with fourteen floors each. The project is funded by
INR38.0 crore of bank debt, INR22.0 crore of promoter's
contribution and INR47.7 crore of customer advances. The land for
the project is owned by the company and the construction started in
Q4 FY2014.


PAYNE REALTORS: ICRA Keeps D on INR27cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR27.50-crore bank facilities of
Payne Realtors Private Limited continues to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loans        27.50       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Payne Realtors Private Limited (PRPL), incorporated in February
2008, is a 100% subsidiary of Prius Commercial Projects Private
Limited (previously known as GYS Real Estates Private Limited).
PCPPL was incorporated on December 8, 2006. 84% stake in the
company is held by Ms. Shabnam Dhillon and 16% stake is held by Mr.
Yuvraj Narain Gorwaney. Prius group is based out of New Delhi and
it owns and manages multiple real estate assets in India. PRPL's
commercial building is operational since 2009 and has total
leasable area of 74,500 sq ft. PCPPL has five subsidiaries, each of
which owns and manages commercial properties in various locations.
Total saleable area across the six companies (PCPPL and its five
subsidiaries) is 1.15 million sq ft.


PERFECT ENGINEERING: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Perfect Engineering Associates Private Limited continue to remain
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-          10.00       [ICRA]B- (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Overdraft                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term           3.00       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1972, PEAPL is based out of Mumbai, and is involved
in the repair and construction of water pipelines and water
reservoirs for various municipal corporations. The company
specialises in work involving cement mortar lining of various
diameter pipes, new pipe laying and construction of water storage
tanks for urban water distribution.


POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR25.00 crore bank facilities of
Polyplastics Automotive India Private Limited has continued to
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         8.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Fund Based-         9.75       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Fund Based          1.20       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Non-fund Based      0.25       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated         5.80       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

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

PAIPL is a manufacturer of injection molded plastic auto components
for the automobile (four-wheeler passenger vehicles and two
wheelers) industry. The company manufactures auto components such
as wheel covers, wheel caps, radiator grills (for passenger
vehicles) and garnish cowl, rear cowl centre, gear speedo meter,
side cover, handle cover, wheel cap, throttle lever, inner door
handle, fuse box and cover, etc (for two wheelers) at its
manufacturing facility located at Industrial Growth Centre in Bawal
(Rewari, Haryana). The unit has 20 injection moulding machines and
painting facilities, which include body colour paint shop,
automatic wheel cover paint shop and conventional paint shops. The
company's client list includes Maruti Suzuki India Limited, Honda
Motorcycle & Scooter India Pvt. Ltd. and Hero Motocorp Ltd., apart
from other OEMs and Tier-1 suppliers.


PRIUS COMMERCIAL: ICRA Keeps D on INR424cr Debt in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR424.00-crore bank facilities of
Prius Commercial Projects Private Limited continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loans        424.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Prius Commercial Projects Private Limited (previously known as GYS
Real Estates Private Limited) was incorporated on December 8, 2006.
84% stake in the company is held by Ms. Shabnam Dhillon and 16%
stake is held by Mr. Yuvraj NarainGorwaney. The company is based
out of New Delhi and it owns and manages a commercial property in
Saket in New Delhi. The commercial building is operational since
2009 and has total leasable area of 2,56,641 sq ft. GYS has five
subsidiaries, each of which owns and manages commercial properties
in various locations. Total saleable area across the six companies
(GYS and its five subsidiaries) is 1.15 million sq ft.


RAJ RATAN: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for INR18.50 crore bank facilities of Raj
Ratan Smelters Limited continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]C+/A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          18.50       [ICRA]C+/A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Fund Based/                     to remain under 'Issuer Not
   Non-Fund Based                  Cooperating' category

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

Raj Ratan Smelter Limited was incorporated by the Khatri family in
2007 and is involved in the manufacture and sale of mild steel
bars. Its plant, located in Kanpur (UP), has a capacity of 36,000
metric tonnes (MT) per annum.


SHIRDIWALE SAI: ICRA Keeps D on INR8cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
Shirdiwale Sai Exim Private Limited (SSEPL) continues to remain
under Issuer Not Cooperating category. The rating is denoted as
'[ICRA]D ISSUER NOT COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

SSEPL is a private limited company which was incorporated in 2005
and is managed by Mr. Deepak Gupta and his wife, Mrs. Pallavi
Gupta. The company is involved in merchant trading of betel nuts
and memory cards used in mobile phones. The company imports betel
nuts from Indonesia and exports to Dubai. The memory cards are
imported from China and sold to group companies, as well as in the
domestic market.


SHRIRAM TRANSPORT: S&P Rates New USD Secured Social Bond 'BB-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
proposed three year two month U.S. dollar-denominated senior
secured social bond by Shriram Transport Finance Co. Ltd. (STFC:
BB-/Stable/B). The bond is issued under STFC's $3 billion
multi-currency global medium-term note program (GMTN). The issue
rating is subject to our review of the final issuance
documentation.

S&P equalizes the rating on the bond with the long-term issuer
credit rating on STFC. The bond is the direct and unconditional
obligation of the company. It is secured and will rank equally,
without any preference, with all other outstanding secured and
unsubordinated obligations of the issuer.

The GMTN program has performance-related covenants, which, if
breached, can result in an event of default and early redemption of
the bond, subject to approval from India's central bank. These
covenants are: STFC's capital adequacy ratio (CAR) should comply
with minimum regulatory requirements and its net stage 3 loan ratio
should be equal to or less than 7.0%. Stage 3 loans are impaired
loans that are at least 90 days overdue.

S&P believes the risk of STFC breaching these covenants is low over
the next 12 months. The company has a strong market position as the
largest financier of commercial vehicles in India. It benefits from
high yields on its pre-owned commercial vehicles portfolio and low
operating costs. These factors compensate for the high cost of
wholesale borrowing and elevated credit costs. STFC's capital base
is supported by the company's above-average earnings. STFC's CAR of
23.4% as of Sept. 30, 2020 is well above the regulatory requirement
of 15%.

STFC's net stage 3 loan ratio is likely to rise over the next few
quarters owing to the COVID-19 pandemic. As of Sept. 30, 2020, this
ratio was 4.5%. S&P said, "In our opinion, STFC's earnings can
absorb moderately higher credit costs, if required, to prevent a
covenant breach. In our base case, we forecast the company's credit
costs will stay high at 2.5%-3.5% of gross loans over the next 12
months." Earnings will likely decline to 1.3%-1.7% of average
assets (1.6% annualized for the six months ended Sept. 30, 2020)
due to high credit costs and lower margins.


SIDDIPET MUNICIPALITY: ICRA Withdraws B+ Issuer Rating
------------------------------------------------------
ICRA said the Issuer ratings assigned to Siddipet Municipality have
been withdrawn at the request of the company. ICRA is withdrawing
the rating and that it does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed.

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

Liquidity position
Not captured as the rating is being withdrawn.

Rating sensitivities
Not captured as the rating is being withdrawn.

The Siddipet Municipality was constituted in 1952. It is a
special-grade municipality governed under provisions of the
Telangana Municipalities Act, 1965. The SM manages municipal
services of Siddipet town, which is located in Siddipet district of
Telangana. The SM covers an area of 36.03 square kilometre (sq.
km.) and serves a population of 1,11,358 (as per Census 2011). The
major services provided by SM include water supply, solid waste
management, repair and maintenance of roads and street lighting in
its area. SM is divided into 34 municipal wards. The Commissioner
is the Chairman of the municipality and oversees the functioning of
the local body.


SUNSTAR PRECISION: ICRA Lowers Rating on INR38cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sunstar
Precision Forge Limited (SPFL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term-           38.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                      COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB+ (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term-           6.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                      COOPERATING; Rating downgraded
   Term Loan                       from [ICRA]BB+ (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category             

   Long Term-           5.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
   Limits                          from [ICRA]BB+ (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category            

   Short Term-          0.50       [ICRA]A4 ISSUER NOT
   Non-fund based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

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

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

SPFL is in engaged in forging and machining auto components for
various auto ancillary companies in India and abroad. SPFL's
product portfolio has over 70 products including steering arms,
companion flanges, crown pinion forgings, shifter forks, bottom
clamps, brake adapters and gear blanks. The company's manufacturing
facility at Greater Noida, Uttar Pradesh, has forging as well as
machining capabilities. The company also has an in-house tooling
facility to produce moulds and dyes.


SURYAPET MUNICIPALITY: ICRA Withdraws B+ Issuer Rating
------------------------------------------------------
ICRA said the Issuer ratings assigned to Suryapet Municipality have
been withdrawn at the request of the company. ICRA is withdrawing
the rating and that it does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed.

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position

Not captured as the rating is being withdrawn.

Rating sensitivities

Not captured as the rating is being withdrawn.

Suryapet Municipality (SYPM) was constituted as a municipality in
1952 and is governed by the provisions of the Telangana State
Municipalities Act, 1965 (Act). The SYPM has been upgraded to
Grade-II in 1984, and Grade-I municipality in November 1998. The
SYPM manages the civic services in Suryapet district, which is
located in the state of Telangana (TS), covering an area of 24
square kilometre (Sq. Km.) and serving a population of 1,05,250 (as
per Census 2011). The major functions of the SYPM include water
supply, solid waste management, repair and maintenance of roads and
street lighting in its area. The coverage area of the SYPM has been
divided into 34 municipal wards. An elected body, headed by a
chairman, administers the municipality. The Commissioner acts as
the executive head and overseas the everyday functioning.


UNITED CIIGMA: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained United Ciigma
Institute of Medical Sciences Private Limited's (UCIMS) Long-Term
Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' in the
non-cooperating category and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR370 mil. Fund-based working capital limits* maintained in
     the non-cooperating category and withdrawn;

-- INR0.1 mil. Non-fund-based working capital limits# maintained
     in the non-cooperating category and withdrawn; and

-- INR1,095.9 bil. Term loan~ due on September 30, 2031
     maintained in the non-cooperating category and withdrawn.

* Maintained at 'IND BB (ISSUER NOT COOPERATING)/ 'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

# Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

~ Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

United Ciigma Institute of Medical Sciences Private Limited is
based in Aurangabad (Maharashtra). It operates a 120-bed hospital,
United CIIGMA, in Aurangabad that offers various specialty services
across areas such as gastroenterology, nephrology, cardiology,
neurology, gynecology, oncology, respiratory care medicine,
hematology and general surgery.

WALKER ESTATE: ICRA Lowers Rating on INR45cr Term Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Walker
Estate LLP (WELLP), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-           45.0      [ICRA]D; Rating revised from
   Term Loan                       [ICRA]B+ (Negative)

Material Event

Walker Estate LLP (WELLP) has delayed on the interest payment on
term loan for the month of November 2020. ICRA received intimation
of the same on December 22, 2020. The work on the under-development
serviced apartments project of the company was running with
substantial delay. While INR12 crore out of the sanctioned INR45
crore had been disbursed, there has been no disbursement on the
loan after March 2019, significantly hampering the execution.

The promoters had been meeting the required interest payments on
the disbursed loan amount through their own sources, before the
delay pertaining to the interest payment for the month of November
happened.

Impact of the Material Event

The ratings have been downgraded to [ICRA]D from [ICRA]B+
(Negative).

Key rating drivers and their description

Credit strengths

Not applicable.

Credit challenges

* Delays in debt servicing: The company has delayed on servicing
the interest amount of ~Rs. 15 lakh for the month of November
2020.

* Significant slippages in execution and exposure to high
execution, funding and marketing risks: Given that there has been
no disbursal of funds for over a year, with ~50% of the total cost
yet to be incurred, the funding and project execution risks remain
high for the firm. The project is likely to be delayed beyond the
initial SCOD, while no disbursement has happened for over a year,
which further exacerbates these risks. WELLP is exposed to
marketing and stabilisation risks that may arise post the
completion of the project. The risks are further aggravated by the
intense competition in the area, given the numerous established
hotels and serviced apartments in the vicinity.

Liquidity position: Poor

With significant slippages in project execution and
longer-than-expected follow-on disbursements of the loan, the
liquidity position has become poor, with continued significant
dependence on the promoters for meeting the interest obligations
and the minimum necessary expenditure during the period when the
loan is not being disbursed. The cash and equivalents stood at
INR0.02 crore as of March 2020, while there is no other funding
line available as of now, except for the sanctioned loan where
disbursement has not taken place in more than a year.

Rating sensitivities

Positive triggers - Regularisation of debt servicing for at least
three months.

Negative triggers - Not applicable


WEBFIL LIMITED: ICRA Keeps C+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR13.68 crore bank facilities of
Webfil Limited (WL) continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C+/[ICRA]A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           3.38       [ICRA]C+ ISSUER NOT
   Cash credit                     COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund based       5.40       [ICRA]C+/[ICRA]A4 ISSUER NOT
   Letter of credit                COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund Based       4.90       [ICRA]C+/[ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category   

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

WL was incorporated in 1979 as a joint venture company of West
Bengal Infrastructure Development Corporation Limited and the
Andrew Yule group. The company manufactures tungsten filament wires
used in luminaries and digital products, which in turn is primarily
used in communication and surveillance services.




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

J. FRONT RETAILING: Egan-Jones Cuts Sr. Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on December 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by J. Front Retailing Co. Ltd. to B+ from BB-.

Headquartered in Tokyo, Japan, J. Front Retailing Co. Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya. The Company operates department stores and
supermarkets.


[*] JAPAN: Business Failures May Rise with Emergency Declaration
----------------------------------------------------------------
The Japan Times reports that concerns are growing in Japan that the
government's imminent declaration of a fresh state of emergency
over the coronavirus pandemic in Tokyo and three nearby prefectures
will deal a decisive blow to businesses that have already been hit
hard by the novel virus crisis.

According to Tokyo Shoko Research Ltd., around 100 companies,
chiefly small businesses such as operators of restaurants and
hotels, have gone bust each month since September, while the
cumulative number of coronavirus-linked bankruptcies came to 892 as
of Jan. 5, the Japan Times relays.

Many other midsize and small firms are managing to remain viable.
However, the second emergency declaration in the metropolitan area,
which the administration of Prime Minister Yoshihide Suga aims to
make on Jan. 7, may prompt those struggling firms to give up their
efforts for survival.

An official at the private credit research agency warns of possible
chain bankruptcies as well, the report says.

"Companies will hit the rocks even after getting finance unless
they have sales," Japan Times quotes the official as saying, noting
that cash-strapped business partners will likely step up moves to
collect receivables from them.

"In such cases, the number of business closures by companies in the
black will increase," the official forecast.

According to the Japan Times, Junichi Makino, chief economist at
SMBC Nikko Securities Inc., estimated that the country's annual
real gross domestic product will fall by up to ¥3.8 trillion if
the state of emergency lasts one month.

Although the estimated loss is one-fifth of that caused by the
first state of coronavirus emergency imposed in April last year,
the impact of the upcoming restriction measures will vary from
industry to industry, he pointed out, the report relays.

"(The government) needs to offer strong financial support for,
among others, restaurants' investments aimed at preventing
infection, such as those in renewing ventilation systems," Mr.
Makino said.




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

AXINGTON INC: Proposes Change Of Auditors
-----------------------------------------
Natalie Choy at The Business Times reports that Axington Inc. has
proposed to change its auditor to Messrs. Foo Kon Tan (FKT),
following the resignation of its current auditor, Nexia.

In a regulatory filing on Jan. 5, the group said FKT has given
consent to act as auditors as at Jan. 5, subject to its appointment
being approved by shareholders at the extraordinary general meeting
(EGM) to be convened in relation to the proposed change of auditors
"in due course," BT relays.

Nexia's resignation will take effect only upon the appointment of
FKT, after which FKT will hold office until the conclusion of
Axington's next annual general meeting, according to BT.

BT relates that the group said that a circular setting out the
reasons and rationale for the appointment of the new auditors,
together with a notice of an EGM, will be despatched to
shareholders in due course.

Formerly a professional-services group, Axington has run into
various difficulties since Nelson Loh and Terence Loh acquired
control of the company last year, the report notes. The Lohs have
faced scrutiny over multiple business dealings after it emerged
that one of the companies they controlled had been circulating
inaccurate marketing materials, BT states.

Axington Inc. provides integrated professional services. The
Company offers tax advisory solutions and process outsourcing
activities. Axington serves customers in Asia.


HIN LEONG: Court-Appointed Managers Seek to Freeze Lim's Assets
---------------------------------------------------------------
Chanyaporn Chanjaroen, Elizabeth Low, and Alfred Cang at Bloomberg
News report that Hin Leong Trading (Pte.) Ltd, under judicial
managers from PricewaterhouseCoopers, has made an application to
freeze assets, shares and funds held by its founder Lim Oon Kuin
and his two children as efforts to recoup $3.5 billion of debt from
the collapsed oil trader continue.

The Singapore-based company is seeking to block the sale of any
private properties and removal of assets from the city state among
other measures, Bloomberg discloses citing court filings. The
application was motivated by a real risk of asset dissipation, even
as its judicial managers made progress with the sale of assets such
as Universal Terminal.

According to Bloomberg, more than 20 banks are fighting to recover
billions of dollars in loans to the fabled trader after wrong-way
bets on Covid-19's impact on oil prices unfurled hidden losses and
alleged frauds. Bloomberg relates that the fallout is still
reverberating across global markets, prompting financial
institutions to reassess their exposure and shaking out large
tracts of the often opaque $4 trillion oil-trading industry.

The application to the High Court of Singapore was filed early last
month, the report notes. The court has requested the Lim family to
file its response to the application by Jan. 13, documents showed.
The hearing is fixed for March 4.

The family assets highlighted by Hin Leong Trading include
properties in Singapore and Australia, cash and investments,
insurance policies, shares and club memberships, according to the
filing cited by Bloomberg. OK Lim and his children may remove any
of the assets from Singapore, or dispose or deal with the assets so
long as the total unencumbered value of his assets still in
Singapore remains no less than $3.5 billion, Bloomberg says.

Separately, the Singapore court received winding-up applications
for several businesses owned by the Lim family, Bloomberg discloses
citing government notices.

An application to wind up Hin Leong Marine International, a
lubricant oil-blending unit, was filed by OK Lim and his son Evan
Lim, a document showed. Another application for the winding up of
eight shipping entities under Xihe Holdings, also owned by the Lim
family, was also seen, relays Bloomberg.

Bloomberg says the requests come weeks after Ocean Bunkering
Services (Pte) Ltd., a unit of Hin Leong that supplies and trades
shipping fuel, appointed provisional liquidators after the company
was unable to continue due to its liabilities.

Hin Leong's creditors are scheduled to hold a meeting on Jan. 13,
Bloomberg notes. Its judicial managers are set to provide updates
on the company's status and seek approval for fees and costs,
according to another notice in the Singapore Government Gazette,
adds Bloomberg.

                          About Hin Leong

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

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

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

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

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

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.



                           *********


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
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***