/raid1/www/Hosts/bankrupt/TCRAP_Public/210108.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

          Friday, January 8, 2021, Vol. 24, No. 1

                           Headlines



A U S T R A L I A

AUSTRALIAN FASHION: First Creditors' Meeting Set for Jan. 15
RWDY INC: Amends Plan Disclosures on Court's Directive


C H I N A

CHINA: Tells Inefficient Firms to Toughen Up or Prepare to Fail
GUORUI PROPERTIES: Fitch Assigns B- LongTerm Issuer Default Rating
IDEANOMICS INC: MEG Unit to Buy 2,000 BYD EVs
TIMES CHINA: S&P Assigns 'B+' Rating on New Senior Unsecured Notes
XUEBA100.COM: Founder Wants to Give Away His Tutoring Company

[*] CHINA: NYSE Again Reverses Plan to Delist Three Telecom Stocks


I N D I A

ALPA LABORATORIES: CRISIL Lowers Rating on INR14cr Loan to B
ARINITS SALES: CRISIL Lowers Rating on INR29cr Loan to D
AUTOCOP INDIA: CRISIL Lowers Rating on INR54.50cr Loan to D
B.P. CONSTRUCTION: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
BALDVA TEXTILES: CRISIL Lowers Ratings on INR15cr Loans to D

BANSAL MULTIFLEX: Insolvency Resolution Process Case Summary
BKM INDUSTRIES: Insolvency Resolution Process Case Summary
CENTRE FOR INNOVATION: CRISIL Assigns B Rating to INR1cr Loan
CHAMPION OM: CRISIL Lowers Ratings on INR14.75cr Loans to D
CREST ENGINEERING: Ind-Ra Affirms B- Issuer Rating, Outlook Stable

DAMODAR INDUSTRIES: CRISIL Keeps FB+ Rating in Not Cooperating
DATT AQUACULTURE: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
DEVI CONSTRUCTION: CRISIL Lowers Rating on INR9cr Loan to D
HARA PARBATI: CRISIL Reaffirms B Rating on INR7.62cr Term Loan
K.B. GEMS: Ind-Ra Cuts LT Issuer Rating to 'B+' on Weak Performance

LAKSHMI GREEN: CRISIL Withdraws B Rating on INR11cr Cash Credit
LHASA HOTEL: CRISIL Lowers Rating on INR5.8cr Loan to D
MAHA MARUTI: CRISIL Migrates B+ Debt Ratings From Not Cooperating
MAHAKALI ISPAT: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
MANAV VIKAS: CRISIL Assigns B+ Rating to INR10cr Proposed Loan

MARG TECHNO: CRISIL Assigns B+ Rating to INR15cr LT Loan
MARUDHAR SUPER: CRISIL Assigns B Rating to INR3cr Loans
MAYURI ELECTRONICS: CRISIL Moves B+ Rating From Not Cooperating
MEETI DEVELOPERS: CRISIL Keeps B+ on INR45cr Debt in NonCooperating
MUKKUDAM ELECTROENERGY: CRISIL Assigns B Rating to INR19.5cr Loan

MUMBAI INTERNATIONAL: Ind-Ra Lowers Bank Loan Ratings to 'D'
NINANIYA ESTATES: Insolvency Resolution Process Case Summary
PAHARIMATA COLD: CRISIL Reaffirms B Rating on INR5.11cr Loan
R.G.R EDUCATIONAL: CRISIL Assigns D Ratings to INR10cr Loans
R.K. CONSTRUCTIONS: CRISIL Lowers Rating on INR7cr Loan to D

RAAJCO SPINNERS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
RAJESH ESTATES: CRISIL Keeps D on INR297cr Debt in Not Cooperating
RENUKA CONSTRUCTIONS: CRISIL Reaffirms B+ Ratings on INR20cr Loans
ROYAL CASTOR: CRISIL Keeps FB+ Debt Rating in Not Cooperating
SAI SHIPPING: CRISIL Hikes Rating on INR29cr Loans to B-

SHRIPROP DWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRIRAM TRANSPORT: Fitch Gives BB(EXP) on New USD Sec. Notes
SOUTHERN HOLDINGS: CRISIL Reaffirms B Rating on INR7.3cr Loan
SUMITRA DS: CRISIL Reaffirms B Rating on INR10cr Cash Credit
SUNDARLAM INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating



M A L A Y S I A

MALAYSIA AIRLINES: Nears End of Restructuring, Parent Company Says


S I N G A P O R E

EAGLE HOSPITALITY: Three Independent Directors Step Down


V I E T N A M

SOUTHERN POWER: Fitch Assigns BB LongTerm Foreign Currency IDR

                           - - - - -


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

AUSTRALIAN FASHION: First Creditors' Meeting Set for Jan. 15
------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Australian Fashion Labels Pty Ltd
     - Australian Fashion Labels Holdings Pty Ltd
     - BNKR Online Pty Ltd

will be held on Jan. 15, 2021, at 11:00 a.m. via electronics
facilities.

Marcus William Ayres and Brett Stephen Lord of Duff & Phelps
were appointed as administrators of Australian Fashion et al. on
Jan. 6, 2021.


RWDY INC: Amends Plan Disclosures on Court's Directive
------------------------------------------------------
RWDY, Inc. filed an Amended Chapter 11 Plan and an Amended
Disclosure Statement on Dec. 23, 2020, after the judge rejected the
previous version of the Disclosure Statement.

The Debtor's previous Plan and Disclosure Statement was dated Oct.
20, 2020.  Tailored Fund Cap LLC filed an objected to the October
Disclosure Statement, and the Official Unsecured Creditor's
Committee filed a limited objected to the same Plan.

The Debtor has entered into an agreement under which Seacoast
Business Funding, a Division of Seacoast National Bank, continues
to provide financing for the Debtor.

                        Objections

Tailored Fund Cap LLC objected to approval of the October 2020
Disclosure Statement asserting that it describes a Plan that is
unconfirmable.

Tailored Fund claims that the Disclosure Statement fails to provide
sufficient information to enable a hypothetical investor to make an
informed judgment about the Plan, particularly with respect to the
Debtor's efforts to collect the over $20,000,000 owed by Mr. Brian
Owen to the Debtor.

Tailored Fund points out that the Disclosure Statement makes
reference to numerous exhibits regarding the Debtor's financial
condition, its assets and liabilities, and its projections and its
liquidation value, none of which are included with the Disclosure
Statement.

Tailored Fund asserts that the proposed Plan, as described in the
October 2020 Disclosure Statement, appears to violate the absolute
priority rule set forth at 11 U.S.C. Sec. 1129(b)(1)(B) because it
allows Mr. Owen to retain equity in the Debtor while impairing the
claims of secured and unsecured creditors.

Tailored Fund further asserts that additional information is also
needed about the recoverable assets that Mr. Owen purchased with
the funds he took from the Debtor.  While some of the money was
spent on planes and casinos, a significant portion was invested in
real estate and other business venturesâ€"tangible assets that
can provide a source of recovery for creditors.

"While information in the Disclosure Statement is scarce, what can
be gleaned from the Disclosure Statement is that the Debtor's sole
shareholder and owner owes the Debtor approximately $20,000,000.
Absolutely no analysis is given as to the collectability of this
sizable sum or how the Debtor intends to recover this asset.  The
Debtor lists total assets  on its Schedules of $34,898,300.76.
Given the fact that the total debt to secured creditors is only
$12,237,760.72 (according to the Claims Register), the recovery of
these funds owed by the Debtor's principal to the Debtor would mean
that all secured creditors should receive 100% distribution.

"Indeed, since the total debt in this case, as reflected in the
Claims Register, is $48,760,362.08 the Plan should pay at least 70%
of all claims in the case.  Since the Plan does not provide such
treatment, the Plan is not confirmable and the Debtor's Disclosure
Statement is inadequate," Tailored said in its objection.

A full-text copy of the Tailored Fund's objection to the Disclosure
Statement dated Dec. 10, 2020, is available at
https://bit.ly/3mAxUcZ from PacerMonitor at no charge.


                    Amended Disclosure Statement

The Dec. 23 Amended Disclosure Statement does not alter the
proposed treatment for unsecured creditors and the equity holder:

   * General Unsecured Claims (Class 8) are impaired.  Each holder
of an Allowed Class 8 Claim shall receive its pro rata share of an
aggregate monthly distribution of $10,000 from the RWDY
Distribution Trust until all Allowed Class 8 non-priority Unsecured
Claims are paid in full.

   * The sole equity interest holder in Class 9, Brian T. Owen, who
holds 100% of the issued and outstanding stock in Debtor will
transfer 100% of the issued and outstanding stock in Debtor to the
Debtor.  In consideration of the contribution of the Class 5 and/or
Class 6 Claims by the Holders thereof as an infusion of capital and
in further consideration thereof, the Reorganized Debtor will issue
60% of the Reorganized  Debtor's common stock to Brian T. Owen.
Owen will receive nothing additional under the Plan.  The Class 9
Equity Interest Holder's vote will not count towards votes
tabulated for purposes of any possible cramdown under Section
1129(b).

Under the Plan, the Reorganized Debtor will continue to operate its
business following the Effective Date.

The Amended Disclosure Statement includes several exhibits missing
in the prior iteration, including a liquidation analysis.

A full-text copy of the Amended Disclosure Statement dated December
23, 2020, is available at https://bit.ly/3mRcI2n from
PacerMonitor.com at no charge.

In a separate filing, the Official Committee of Unsecured Creditors
of RWDY, Inc., filed a limited objection to the October 2020
Disclosure Statement.

The Committee noted that it has communicated certain concerns to
the Debtor regarding the ultimate form and provisions of the Plan
and ancillary documents.  The Committee and the Debtor have
exchanged redlines of proposed changes to the Plan.

The Committee does not believe the Disclosure Statement in its
present form should be approved without further disclosure, some of
which may be necessitated by possible plan changes.

The Committee filed a limited objection solely for the purpose of
preserving its right to appear and be heard at hearing on the
Disclosure Statement and continues to communicate with the Debtor
regarding possible plan changes and additional disclosures which
may be required.

Attorneys for the Debtor:

     Robert W. Raley, La. Bar #11082
     290 Benton Spur Road
     Bossier City, LA 71111
     Telephone: 318-747-2230
     E-mail: bankruptcy@robertraleylaw.com

         - and -

     Curtis R. Shelton
     AYRES, SHELTON, WILLIAMS, BENSON & PAINE, LLC
     Suite 1400, Regions Tower
     3333 Texas Street (71101)
     P.O. Box 1764
     Shreveport, LA 71166-1764
     Telephone: (318) 227-3500
     Facsimile: (318) 227-3806
     E-mail: curtisshelton@awsw-law.com

Counsel for Tailored Fund:

         J. Eric Lockridge
         Eric.Lockridge@keanmiller.com
         Katilyn M. Hollowell
         Katie.Hollowell@keanmiller.com
         KEAN MILLER LLP
         400 Convention Street, Suite 700
         P.O. Box 3513 (70821-3513)
         Baton Rouge, LA 70802
         Telephone: (225) 387-0999

Counsel for the Official Committee of Unsecured Creditors:

     Paul Douglas Stewart, Jr.
     Brandon A. Brown
     STEWART ROBBINS BROWN & ALTAZAN, LLC
     301 Main Street, Suite 1640
     P. O. Box 2348
     Baton Rouge, LA 70821-2348
     Tel: (225) 231-9998
     Fax: (225) 709-9467
     E-mail: dstewart@stewartrobbins.com
             bbrown@stewartrobbins.com

                         About RWDY Inc.

RWDY, Inc. -- http://www.rwdyinc.com/-- is an internationally
recognized provider of oil field consultants.  The Company's
personnel have successfully supported offshore drilling operations
in Australia, Brazil, Cameroon, New Zealand, Nigeria, Qatar, New
Zealand, United Arab Emirates and Venezuela. The Company's
consultants include: project managers; drilling/completion
engineers; drilling/completion foreman; mud engineers; HSE
advisors/SEMS advisors/HSE consultants; rig clerks/logistics
coordinators; shore base dispatchers/materials coordinators; rig
commissioning managers; and cement specialists.

RWDY Inc. filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 20-10616) on June
22, 2020.  In the petition signed by Brian T. Owen, president, the
Debtor was estimated to have up to $50,000 in assets and $10
million to $50 million in liabilities.  Judge John S. Hodge
oversees the case.  Robert W. Raley, Esq., represents the Debtor.

On July 15, 2020, the Acting United States Trustee for Region 5
formed an official committee of unsecured creditors.  The committee
tapped Stewart Robbins Brown & Altazan, LLC, as counsel; and Stout
Risius Ross, LLC as financial advisor.




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

CHINA: Tells Inefficient Firms to Toughen Up or Prepare to Fail
---------------------------------------------------------------
Bloomberg News reports that China is turning the screws on the
nation's companies as authorities seek to take advantage of the
global pandemic to strengthen its industrial might.

After letting inefficient firms survive for years, Beijing is now
allowing them to fail, the report says. According to Bloomberg,
bond defaults rose to a record $30 billion in 2020, including
high-profile enterprises that had previously counted on the
implicit guarantees of the state. Scrutiny and punishment of
credit-rating agencies are increasing, while domestic exchanges
delisted at least 16 stocks from their main boards last year -- the
most in data going back to 1999.

Bloomberg relates that the trend is set to pick up in 2021 as
China's central bank tightens financial conditions, making it
harder for both state-owned or private firms with inadequate cash
flow to survive. An economic recovery and a strong currency are
giving policy makers more room to focus on reducing the amount of
debt in the financial system, which is at a record 277% of domestic
output.

"The good thing is China will keep financial risks under control,
but the bad thing is it won't bail out firms unless they are in an
extreme situation," Bloomberg quotes Larry Hu, head of China
economics at Macquarie Group Ltd., as saying.  "The government
wants to make the most of a solid growth recovery to tighten
monetary policy. We may see more companies facing challenges in
seeking cash."

Bloomberg says Beijing has in recent months rolled out more
measures aimed at increasing the efficiency of the country's
capital markets, as well as the quality of its companies. In
December alone, China tripled the maximum prison sentence for
securities fraud to 15 years, proposed shortening the delisting
process for unprofitable stocks and vowed to improve oversight of
the country's credit-rating industry. China also imposed a cap on
bank lending to property developers, a sector that's laden with
debt.

In November, the top securities regulator pledged to enhance
scrutiny of China's initial public offerings, while an October
crackdown on the convertible bond market -- a financing tool
largely favored by small-cap risky issuers -- involved publishing
37 directives in a single day, Bloomberg recalls.

As China gets tougher on industry, its loosening of control over
financial markets will allow investors -- rather than the state --
to punish poorly-run companies and reward growth, according to
Bloomberg. Concern over China Inc.'s reliance on U.S. markets for
fundraising may have partly driven that action, as well as the
Communist Party's economic strategy of "dual circulation" that
prioritizes strengthening domestic demand.

While the People's Bank of China is unlikely to hike interest rates
in the coming months, it has repeatedly signaled it will moderate
the supply of cheap credit, says Bloomberg. The timing makes sense
-- booming export growth has given the central bank room to cut
back on stimulus measures deployed during the coronavirus
pandemic.

But the consequences for the most vulnerable companies can be
brutal: Beijing's commitment to normalize policy was a factor
behind a sudden wave of corporate defaults at the end of last year,
which in turn froze lending in the interbank market, according to
Bloomberg. The World Bank has also warned that excessive policy
tightening could be damaging for the global economic recovery.

Bloomberg says funding China's future growth engines without
destablizing its highly-leveraged financial system requires a
carefully calibrated rebalancing of the world's second-largest
economy. For China and its companies, a shift of that magnitude can
only be successful if those with weak finances and poor returns are
allowed to go bust, according to Carlos Casanova, an economist for
Union Bancaire Privee.

"Authorities will continue to walk a tight rope between stabilizing
growth and reducing economic fragilities," Mr. Casanova wrote in a
December note, Bloomberg relays. "For China's debt restructuring
gambit to pan out as expected, the pace of financial reforms must
accelerate rapidly."


GUORUI PROPERTIES: Fitch Assigns B- LongTerm Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has placed Guorui Properties Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B-', and its
senior unsecured rating and the ratings on its outstanding notes of
'B-' with Recovery Ratings of 'RR4' on Rating Watch Negative
(RWN).

The RWN reflects the uncertainty over the refinancing arrangements
for the China-based homebuilder's USD455 million (CNY3 billion)
senior notes due February 2022, which are puttable in February
2021. Guorui told Fitch it is in discussions with existing
bondholders and has a refinancing plan in place, which Fitch
considers feasible but execution risks remain.

Fitch will resolve the RWN on the successful refinancing of the
senior notes before the puttable date in February 2021. Failure to
refinance the offshore debt will lead to a multiple-notch downgrade
of Guorui's ratings. The ratings may be affirmed at 'B-' if Guorui
refinances the offshore debt and it demonstrates improvement in its
debt-maturity profile and liquidity management.

Guorui's credit profile is underpinned by a quality land bank that
is large enough to support sustained development in the next nine
to 10 years, and a moderate leverage of 50%-55%.

KEY RATING DRIVERS

Bonds Puttable in February: Guorui has USD555 million in offshore
debt to be repaid or become puttable within the next two months -
USD100 million in private bonds maturing 9 January 2021 and the
USD455 million in senior unsecured notes with a put option that may
be exercised on 27 February 2021. Guorui had limited cash at
end-2020, which means the company will need to rely on refinancing
to address its maturing debt.

Refinancing Plan in Progress: Guorui has communicated to Fitch that
its refinancing plan will include issuing exchange bonds and new
offshore debt to a small group of investors. Fitch thinks the plan
is feasible, although there are execution risks over the successful
and timely issuance of offshore senior notes. Fitch will closely
monitor the progress of the refinancing plan. Failure to execute
any of the steps required may derail the refinancing of its
offshore debt, which will lead to a multiple-notch downgrade of
Guorui's ratings.

Alternative Funding: Guorui also has the option to use onshore
funding to address the offshore debt. It secured CNY11 billion in
unused bank facilities at end-November 2020, a significant increase
from the CNY1.4 billion at end-2019, mainly from the four largest
state banks in China. Fitch believes Guorui's large net
unencumbered assets of CNY27 billion at end-1H20 provide the
company sufficient room for refinancing onshore. Guorui has a quota
for remitting onshore funds offshore, although the amount is not
sufficient to cover the USD555 million in maturing debt.

Solid Sales: Guorui had CNY12.9 billion in attributable sales in
11M20, already meeting its internal target of CNY12.4 billion for
the full year. Its sales recovered strongly in 2H20 after a weak
performance in 1H20, supported by sufficient saleable resources and
stimulated by the company's promotions. The 11M20 cash collection
rate was satisfactory at 85%, in line with the industry average.

Land Acquisitions Halted: Guorui continued its 2020 strategy of not
budgeting for land acquisitions to date. Fitch believes Guorui's
large land bank can support its sustained business development
without land replenishment exerting additional pressure on
liquidity. Guorui had 9 million sq m on an attributable basis at
end-June 2020, which can sustain nine-10 years of development.

The majority of Guorui's land bank is located in Tier 1-2 or Tier 3
cities that benefit from the spillover from core cities, where
demand remains robust. Fitch estimates Guorui had leverage of
50%-55% at end-2020 (end-2019: 55.5%), supported by the
stabilisation in sales and limited cash outflows in construction
and land acquisition.

DERIVATION SUMMARY

Guorui's ratings are supported by its quality land bank, which is
enough for nine-10 years of development, longer than that of peers
in the 'B' rating category, which have land-bank life of three to
five years. Its cheap land cost supports good profitability of
above 30%, which is better than that of peers such as Modern Land
(China) Co., Limited (B/Stable).

Guorui's leverage of 50%-55% falls in the mid-range for 'B'
category peers, and is comparable with that of Beijing Hongkun
Weiye Real Estate Development Co., Ltd. (B/Stable) in Fitch’s
forecast. Guorui also enjoys stable rental income from its quality
investment properties, which generate more than CNY600 million in
rental income annually. Guorui's recurring EBITDA to interest
coverage of 0.2x is larger than that of most peers in the 'B'
rating category.

However, Guorui's ratings are constrained by its liquidity, which
is weak compared with that of 'B' category peers, as they typically
have cash-to-short-term debt ratios of above 50%.

Hongkun is Guorui's most comparable peer. Both have similar sales
of above CNY11 billion and regional focus in the Bohai area.
Hongkun is more geographically concentrated in the Bohai area,
which accounted for around 80% of its land bank. Hongkun's
land-bank life, at three-four years, is shorter than Guorui's
nine-10 years. Guorui's investment-property assets are better than
Hongkun's, which are valued at CNY8 billion and generate annual
income of CNY200 million. However, Guorui is subject to higher
liquidity risk due to its opportunistic liquidity management, with
a cash-to-short-term debt ratio sustained at around 20%, lower than
Hongkun's above 1x. As a result, Guorui is rated one notch lower
than Hongkun.

KEY ASSUMPTIONS

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

-- Attributable contracted sales rising by 15%-20% yoy in 2020
    and followed by single-digit growth of 0%-5% from 2021, with a
    cash collection rate of 85%

-- 30% of contracted sales proceeds to be spent on land
    acquisitions in 2021

-- EBITDA margin, excluding capitalised interest from cost of
    sales, at around 25%-30% in 2020-2021

-- Rental income from investment properties at CNY670 million-770
    million in 2020-2021

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Guorui would be reorganized
    rather than liquidated in a bankruptcy

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

-- Advance rate of 100% applied to cash and restricted cash

-- The 75% inventory advance rate is supported by a quality asset
    base, which can generate an EBITDA margin of 25%-30%

-- Advance rate of 60% applied to property, plant and equipment

-- Advance rate of 45% on investment property is supported by
    Guorui's investment-property portfolio located in Beijing and
    four Tier-2 cities, together generating rental yield of above
    3%

-- Trade payables and onshore borrowings are superior to offshore
    senior unsecured debt in the waterfall.

-- The allocation of value in the liability waterfall results in
    recovery corresponding to an 'RR1' Recovery Rating for secured
    loans and a recovery corresponding to an 'RR1' Recovery Rating
    for the senior unsecured debt. However, the Recovery Rating
    for the senior unsecured debt is at 'RR4' because under
    Fitch's Country-Specific Treatment of Recovery Ratings
    Criteria, China falls into Group D of creditor friendliness,
    and the Recovery Ratings on instruments of issuers with assets
    in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- Successful refinancing of the offshore debt puttable in
    February 2021 and demonstrated improvement in the debt
    maturity profile and liquidity management.

Factor that could, individually or collectively, lead to negative
rating action/downgrade, potentially a multiple-notch downgrade:

-- Failure to progress towards refinancing offshore debt
    according to plans communicated to Fitch

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

Tight Liquidity: Guorui's unrestricted cash on hand at end-2020 was
not sufficient to cover its short-term debt in Fitch's estimate,
considering the large maturities due and turning puttable, despite
stronger internal liquidity generation in 2020. Guorui's ratio of
unrestricted cash to short-term debt has been consistently low at
20% and below since 2017 (end-1H20: 18%), which reflects poor
liquidity management, in Fitch's view.


IDEANOMICS INC: MEG Unit to Buy 2,000 BYD EVs
---------------------------------------------
Ideanomics' Mobile Energy Global ("MEG") and its contracting entity
Qingdao Chengyang Medici have signed an agreement with Meihao
Chuxing, a joint venture between BYD and Didi, to purchase an
initial 2,000 units of model BYD D1.  The ride-hailing vehicles are
intended for deployment in multiple cities within China, with
deliveries expected to begin in H1 2021.

"The D1 is a very thoughtfully designed ride-hailing EV and is a
culmination of the latest design and technology to bring drivers
and their customers an enjoyable travel experience.  We are very
pleased to work with Meihao Chuxing and BYD to promote the sales of
the D1," said Alf Poor, Ideanomics CEO.  "Supported by a viable
government subsidy program, the proliferation of EVs in China is a
testament to the value that public and private partnerships can
bring to large scale global challenges.  We look forward to
developing these types of partnerships and the rollout of more
innovative vehicles like the D1 to our taxi and ride-hailing
customers."

Meihao Chuxing (Hangzhou) Automobile Technology Co., Ltd. was
established in 2019, though a 65/35 joint venture between BYD and
Didi with BYD having controlling interest.  Launched in November
2020, model BYD D1 was jointly developed by BYD and Didi as the
world's first custom-built, all electric car for ride-hailing.  The
vehicles feature L2 Assisted Driving system, are linked with a
fleet management system that helps large fleet operators track and
optimize operational status, real-time energy management, as well
as a myriad of other safety and comfort features.  BYD D1 is
equipped with its latest Blade Battery (LFP chemistry) with a range
of 418 km (260 miles) and can reach top speeds of 130 km/h (81
mph).  Didi Chuxing is deploying and promoting the ride-hailing
service in a number of Chinese cities.  Passengers can order the
customized ride-sharing service via the Didi app.

                          About Ideanomics

Ideanomics is a global company focused on the convergence of
financial services and industries experiencing technological
disruption.  Its Mobile Energy Global (MEG) division is a service
provider which facilitates the adoption of electric vehicles by
commercial fleet operators through offering vehicle procurement,
finance and leasing, and energy management solutions under its
innovative sales to financing to charging (S2F2C) business model.
Ideanomics Capital is focused on disruptive fintech solutions and
services across the financial services industry.  Together, MEG and
Ideanomics Capital provide its global customers and partners with
leading technologies and services designed to improve transparency,
efficiency, and accountability, and its shareholders with the
opportunity to participate in high-potential, growth industries.
The company is headquartered in New York, NY, with offices in
Beijing, Hangzhou, and Qingdao, and operations in the U.S., China,
Ukraine, and Malaysia.

Ideanomics reported a net loss of $96.83 million for the year ended
Dec. 31, 2019, compared to a net loss of $28.42 million for the
year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had
$138.46 million in total assets, $49.33 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.37 million in redeemable non-controlling interest, and
$80.50 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


TIMES CHINA: S&P Assigns 'B+' Rating on New Senior Unsecured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issuance of U.S. dollar-denominated senior unsecured notes
by Times China Holdings Ltd. (BB-/Stable/--). The China-based
property developer intends to use the proceeds to refinance
existing debt. The issue rating is subject to its review of the
final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Times China to reflect structural subordination risk. As
of June 30, 2020, Times China's capital structure consists of
Chinese renminbi (RMB) 13.7 billion in secured debt and RMB27.8
billion in unsecured debt at its subsidiary level, which we
consider to be priority debt. Unsecured debt at the subsidiary
level includes financial guarantees provided to borrowings of joint
ventures. The company also has RMB24.2 billion in unsecured debt at
the parent level. As such, Times China's priority debt ratio is
about 63.1%, above our threshold of 50% for notching down an issue
rating.

"We expect Times China to moderate its pace of growth over the next
two years, after reaching RMB100 billion in contracted sales for
2020. This is aligned with other industry peers following curbs on
developers' debt growth and funding. That said, the company's
growth engine remains solid with deepening roots in Greater Bay
Area, increasing contribution from urban renewal projects, and
conservative expansion outside the Greater Bay Area."


XUEBA100.COM: Founder Wants to Give Away His Tutoring Company
-------------------------------------------------------------
Caixin Global reports that the founder of failed Chinese tutoring
company wants to give away his company as long as an acquirer could
accept some of its students.

Zhang Kailei's eight-year-old Xueba100.com ran out of money and
ceased most operations Jan. 1 after failing to raise funds from
investors, Caixin says. That left thousands of employees jobless
and due back wages and tens of thousands of students and parents
seeking refunds of prepaid tuition.

Caixin reports that in an open letter posted on his social media
account, Zhang asked the company's more than 100 franchisees to
look for other tutoring operators to take over their schools to cut
their losses. He also offered to hand over the company as long as
an acquirer could accept some of its students.

According to the report, China's online education sector has boomed
in recent years, seizing on a culture that places strong emphasis
on education, especially for the young. The rapid development of
online technologies helped companies to get up and running quickly
and attract sizable student bodies. But the easy entry resulted in
stiff competition that left most of the newer arrivals losing
money.

Xueba100.com's collapse came just two months after another private
tutoring company, Youwin Education, similarly crumbled, prompting
hundreds of parents to turn up at the company's Beijing
headquarters to demand their money back, the report says.

Caixin relates that Youwin founder Chen Hao made overtures to a
number of billionaires including Jack Ma and Tencent Holdings
founder Ma Huateng, offering to give away his stake in the company,
but he hasn't found any takers.

Xueba100.com still has a quiz database and a class system, which
would be offered free if any top tutoring companies could take
over, Zhang said, Caixin relays. Any the proceeds from a sale would
be used to pay staff salaries and class fees to teachers, the
report notes.


[*] CHINA: NYSE Again Reverses Plan to Delist Three Telecom Stocks
------------------------------------------------------------------
Alexander Osipovich at The Wall Street Journal reports that the New
York Stock Exchange will move forward with delisting three Chinese
telecommunications companies targeted by an executive order from
President Trump, reversing course yet again after the NYSE said
earlier this week that it wouldn't delist them.

The Journal relates that the NYSE said Jan. 6 that trading of the
U.S.-listed shares of China Mobile Ltd., China Telecom Corp. and
China Unicom (Hong Kong) Ltd. would be suspended at 4 a.m. ET on
Jan. 11. Mr. Trump's order seeks to ban trading in securities of
companies that the administration says have links to the Chinese
military.

According to the Journal, the NYSE said its latest action came
after it received "new specific guidance" from the Treasury
Department's Office of Foreign Assets Control on Jan. 5, which
listed the three companies' American depositary receipts as being
covered by Mr. Trump's order.

The reversal on Jan. 6 is likely to raise further questions about
the exchange's handling of the three Chinese stocks. Last week, the
NYSE said it would delist the three companies to comply with Mr.
Trump's order, only to reverse course on Jan. 4 and say that it
wasn't delisting them, the Journal relays.

A person familiar with the matter said the NYSE backtracked on Jan.
4 due to ambiguity in whether the three companies were covered by
the order, but the new guidance, which Treasury shared with the
exchange late Jan. 5, made it clear that the companies must be
delisted, the Journal relays. The Treasury posted that guidance
online Jan. 6 morning.

The Journal notes that the NYSE's backpedaling drew criticism from
the Trump administration and supporters of a hard line against
Beijing. Treasury Secretary Steven Mnuchin called NYSE President
Stacey Cunningham to object to the NYSE's flip-flop.

The report says the Treasury Dept.'s handling of the order has also
come under fire. Sen. Marco Rubio (R., Fla.) on Jan. 6 blamed the
department for issuing erroneous guidance that led the NYSE to
temporarily walk back its delisting.

"It is outrageous that those in the U.S. Treasury Department
attempted to undermine the President's Executive Order in a blatant
attempt to serve the interests of Wall Street and the Chinese
Communist Party at the expense of the United States," the Journal
quotes Mr. Rubio as saying in a statement.

The senator added that he was pleased the NYSE was moving ahead
with the delisting.

Critics on all sides hammered the NYSE, owned by Intercontinental
Exchange Inc., for its flip-flop on the delistings, even as it
remained unclear whether the exchange or the Treasury was at fault
for the confusing series of reversals, according to the report.

In China, officials have criticized the delisting of the telecom
companies, saying it would harm the standing of the U.S. in global
capital markets, the Journal reports. "I'm sure all countries, not
just China, are watching what the United States plans to do, which
will determine whether it can be seen as a reliable or trustworthy
partner for cooperation," a Chinese Foreign Ministry spokeswoman
said at a briefing on Jan. 6, the Journal relays.




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

ALPA LABORATORIES: CRISIL Lowers Rating on INR14cr Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Alpa
Laboratories Limited (ALL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           14         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ALL for obtaining
information through letters and emails dated October 24, 2020 and
November 14, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ALL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ALL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ALL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

Alpa Laboratories; WHO-GMP and ISO 9001:2000 certified company,
manufactures a wide range of products under its own brand and for a
number of other reputed Indian and multinational companies. The
product range includes a wide variety of ethical, generic and over
the counter (OTC) drugs in various Finished Dosage Forms for both
human and veterinary use.


ARINITS SALES: CRISIL Lowers Rating on INR29cr Loan to D
--------------------------------------------------------
CRISIL has downgraded the ratings of Arinits Sales Private Limited
(ASPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating', as company is under
liquidation process and has delayed in servicing of debt
obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit      29         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Long          5         CRISIL D (ISSUER NOT
   Term Bank                        COOPERATING; Downgraded from
   Loan Facility                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated February 12, 2020,
August 15, 2020 and December 29, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ASPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating', as company is under liquidation process
and has delayed in servicing of debt obligations.

Set up as a partnership concern, Arinits Sales Corporation, in
1997, by Mr. Ashish Chopra and his wife Mrs. Anusha Chopra, ASPL
was reconstituted as a private limited company under the current
name in 2003. ASPL trades in chemicals such as phenol, PVC resins,
melamine, linear low-density polyethylene, and ethylene vinyl
acetate. Sales of phenol and PVC resins contribute about 75% to the
revenue.


AUTOCOP INDIA: CRISIL Lowers Rating on INR54.50cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Autocop India Private Limited (AIPL) to 'CRISIL D' from 'CRISIL
BB+/Negative'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          54.50       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Proposed Term Loan    1.23       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

The downgrade reflects the recent instances of delay by AIPL in
servicing debt obligations and continuously overdrawn CC limits
because of weak liquidity. The rating also factors in subdued debt
protection metrics and modest scale of operations. These weaknesses
are partly mitigated by the extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Continuously overdrawn limits and delay in debt servicing due to
weak liquidity: AIPL had delayed in servicing its debt obligations
on FITL in recent months and had continuous overdrawals in CC
limits for more than 30 days because of weak liquidity. AIPL's
performance is severely impacted in fiscal 2021 amid covid-19
outbreak and business disruptions which impacted the demand.
Against the weak business, there are sizable scheduled debt
repayments. This along with large working capital requirement have
collectively strained the liquidity. The company has been partly
repaying the overdue since last week of November 2020. Further it
plans to avail emergency loans under ECLGS 2.0 which should support
its liquidity in near term. A track record of timely repayment of
all debt obligations remains critical.

* Subdued revenues due to intense competition:  Revenue has
declined to INR202 crore in fiscal 2020 from INR245.80 crore in
fiscal 2019, thus constraining cost efficiency. The fall was
largely on account of intense competition, given the presence of
numerous unorganised players and availability of cheap imports.
Further in current fiscal, the operations were severely impacted
due to due to Covid-19 outbreak and severe demand issues which is
expected to lead to significant degrowth in revenue.

* Subdued debt protection metrics: Debt protection metrics are
modest, with interest coverage ratio of around 1.42 times and net
cash accrual to total debt of 0.06 time for fiscal 2020 on account
of low operating profitability and large debt. The metrics have
remained subdued over the four years through 2020. Debt measures
are expected to remain weak in current year as well due to subdued
operating performance.

Strength:

* Established market position and experienced promoters: The
promoter's experience of two decades and the company's established
sales and service network across India should continue to support
the business over medium term. Within security products, the
tracking systems are offered under the Trackpro brand. The company
has flexibility to market multiple products using the same channel
due to the established distribution network.

Liquidity Poor
Liquidity is weak as indicated by continues overdrawals in CC
limits for more than 30 days in past 3 months till November 2020.
Further FITL interest has also not been serviced during the same
period. The severely impacted operating performance due to Covid 19
lockdown along with large working capital requirement and large
debt repayments led to a weak liquidity and delays in servicing
debt.

Rating Sensitivity factors

Upward factors

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

  * Significant revenue growth and sizable increase in cash
accrual

Incorporated in 1991 and promoted by Mr Umesh Deshpande, AIPL
manufactures, markets, and distributes car security products. The
company has two manufacturing units, one in Nashik, Maharashtra,
and the other in Baddi, Himachal Pradesh. It also has in-house
advanced research and development centres in Bengaluru and Pune,
Maharashtra.


B.P. CONSTRUCTION: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rates B.P. Construction at 'IND
BB-' with a Stable Outlook. As part of the ongoing rating review
exercise and in line with the regulatory requirement, Ind-Ra had
requested B.P. Construction on September 30, 2020, October 19,
2020, November 27, 2020, and December 8, 2020, for updated
information on the company's performance. In view of the COVID-19
led lockdown, the issuer has informed the agency that it needs more
time to provide the required data. The company had not opted for
the debt moratorium allowed by the Reserve Bank of India till July
2020.

Ind-Ra is working with B.P. Construction to see if any information
can be readily provided so that the agency can update its credit
view as per the regulatory requirement. Ind-Ra will try to complete
the process by February 15, 2021, using the best available
information. If Ind-Ra is unable to do so due to lack of adequate
data, then the rating may have to be migrated into the issuer
non-cooperating category, so that banks are aware that the agency
is unable to update its credit view.   


BALDVA TEXTILES: CRISIL Lowers Ratings on INR15cr Loans to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Baldva Textiles Private Limited (BTPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term      3        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

The rating reflects to reflect delays in debt servicing and
continuous overdrawal in CC for more than 30 days on account of
stretched liquidity.

The company has experienced promoters. Its operations are working
capital intensive and has a below average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing: The liquidity of company is constrained
due to cashflow mismatches on account of stretched receivable and
muted performance during 8MFY21 (April 2020 to November 2020)
resulting in delay in debt servicing.

* Large working capital requirement: Gross current assets (GCAs) is
expected to remain high due to stretched receivables.

* Below average financial risk profile: Financial risk profile is
expected to remain below average with modest networth and high
TOL/ANW due to higher reliance on external borrowing. Debt
protection metrics continue to remain weak.

Strength

  * Experience of the promoters: The promoters have experience of
over three decades, strong understanding of local market dynamics,
and healthy relations with suppliers and customers support the
business.

Liquidity Poor

The liquidity is stretched resulting in delays in debt servicing.

Rating Sensitivity factors

Upward factor

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

  * Improvement in working capital cycle

BTPL, established in 1987 by Mr Anil Baldva, is a Bhilwara
(Rajasthan)-based company that manufactures trouser fabrics.


BANSAL MULTIFLEX: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bansal Multiflex Limited
        72, The Nutan Guj.
        Co. Op. Shops and Warehouses Soc
        O/s Raipur Gate
        Near Laxmi Cotton Mill
        Ahmedabad 380022
        Gujarat

Insolvency Commencement Date: December 18, 2020

Court: National Company Law Tribunal, Surat Bench

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

Insolvency professional: CA Balmukund Kabra

Interim Resolution
Professional:            CA Balmukund Kabra
                         508, 21st Century Business Center
                         Near Udhana Darwaja
                         Ring Road
                         Surat 395002
                         Mobile: 9426166655
                         E-mail: bkabraco@yahoo.com
                                 cirp.bansalmultiflex@gmail.com

Last date for
submission of claims:    January 11, 2021


BKM INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: BKM Industries Limited
        Bikaner Building, 3rd Floor
        8/1 Lal Bazar Street
        Kolkata, West Bengal 700001
        India

Insolvency Commencement Date: December 30, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 28, 2021

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A
                         33A, J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 kdutta.ip@gmail.com

Last date for
submission of claims:    January 14, 2021


CENTRE FOR INNOVATION: CRISIL Assigns B Rating to INR1cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Centre for Innovation in Science and Social Action
(CISSA).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility        1       CRISIL B/Stable (Assigned)

The rating reflects CISSA's small scale, modest net worth and
not-for-profit nature of operations. These weakness are partially
offset by a comfortable capital structure in the absence of
external debt. The ratings also factor in an established network
and vast experience of founder members.

Analytical Approach

Long term loans of INR56.86 lakh as on 31st March 2020, from
society members, has been treated as quasi-equity.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale and not-for-profit nature of operations: CISSA is
organized as a not-for-profit society. Its small scale can be seen
in revenues of INR71.45 lakh in FY2020.   The main thrust areas of
CISSA are Food & Nutrition, Sustainable agriculture, science
popularization, clean technologies, Ayurveda and other Indian
sciences.

* Modest net worth: CISSA's net worth is modest at INR0.18 crore as
on March 31, 2020. The low net worth is on account of it's not for
profit nature of operations and reliance on sponsors for funding
projects. A low net worth restricts the financial flexibility of
the company to contract external debt.

Strength:

* Established network and vast experience of founder members: CISSA
is strengthened by an extensive volunteer network in the state of
Kerala and it works in close association with other related
organizations as well. The founding members have an experience of
more than 15 years in the non-profit space. CISSA has the patronage
of the State Government, various ministries of Government of India
and a large number of highly reputed public and private sector
agencies.

* Comfortable capital structure in the absence of external debt:
CISSA has no external debt currently and hence has a comfortable
capital structure. Any major bank debt impacting the capital
structure would remain key rating monitor able

Liquidity Stretched

There are no debt obligation for the trust in the near term and it
manages its working capital requirements from internal accruals and
advances received from customers and members.

Current ratio was moderate at 1.2 times as on March 31, 2020. Weak
net worth limits its financial flexibility, and restricts the
financial cushion available to the society in case of any adverse
conditions or downturn in the business. CISSA does not maintain any
significant cash balances or liquid funds to meet exigencies.

Outlook: Stable

CRISIL believe CISSA will continue to benefit from the extensive
experience of its members, and established relationships with other
stakeholders.

Rating Sensitivity factors

Upward factor

  * Substantial improvement in scale of operations and sustenance
of operating margins at over 12%, leading to higher cash accruals

  * Significant corpus infusion

Downward factor

  * Weakening of the financial risk profile due to withdrawal of
unsecured loans from members or contraction of external debt

  * Significant decline in revenues by over 20% or increase in GCA
days

Established in 2006, CISSA is a non-government organisation based
out of the state of Kerala. The primary purpose of CISSA is to
raise awareness in providing integrated and systematic solutions to
developmental issues, environmental problems, biological research
and health issues.


CHAMPION OM: CRISIL Lowers Ratings on INR14.75cr Loans to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Champion Om Dev Construction Limited (CODCL) to 'CRISIL D' from
'CRISIL B+/Stable'.  The downgrade reflects continuous overdrawal
in CODCL's cash credit limit and delays in debt servicing for more
than 30 days.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          13.75       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan        1.00       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')
  
The rating also takes into account a below-average financial risk
profile. These weaknesses are partially offset by extensive
experience of the promoters in the construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing of debt: Weak liquidity led to frequent
overdrawal in the cash credit facility and delays in servicing of
interest for more than 30 days.

* Below-average financial risk profile: Gearing and total outside
liabilities to tangible networth ratio were high at 3.68 times and
7.63 times, respectively, as on March 31, 2020, with networth low
at INR6.60 crore. Debt protection metrics were subdued, with
interest coverage and net cash accrual to total debt ratios of 1.89
times and 0.07 time, respectively, for fiscal 2020

Strength

* Extensive experience of promoters: The promoters' experience of
over a decade, their strong understanding of market dynamics and
healthy relationships with suppliers and customers should continue
to support the business.

Liquidity Poor

Liquidity is likely to remain weak. There have been overdrawals in
the cash credit facility and delays in servicing of interest for
more than 30 days

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for 90 days or more

* Significant infusion of equity or sizeable realisation of payment
from customers

CODCL, incorporated in 2008, undertakes stone crushing at its
facility in Palamu, Jharkhand. The company also trades in sand and
agricultural commodities. Mr Ashok Kumar Singh and Ms Neetu Singh
are the promoters.


CREST ENGINEERING: Ind-Ra Affirms B- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Crest Engineering
Solutions' (CES) Long-Term Issuer Rating at 'IND B-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital facility affirmed with
     IND B-/Stable/IND A4 rating; and

-- INR210 mil. Non-fund-based working capital facility affirmed
     with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects CES' continued small scale of operations,
as indicated by revenue of INR153.5 million in FY20 (FY19: INR 303
million). The revenue fell by 49.3% yoy on account of slower
execution of projects; resulting from delays in handing over the
site for execution by the customer due to delays in obtaining
necessary approvals, land clearances etc. As of November 2020, the
firm had an outstanding order book of INR684.29 million, which will
be executed over FY21-FY22, thereby providing near-term revenue
visibility. The firm recorded revenue of only INR8.3 million in
1HFY21 (1HFY20: INR77.9 million), mainly due to the impact of the
COVID-19-led disruptions. The management has mentioned that there
was severe labor shortage on account of the migration in the wake
of the nation-wide lockdown.  Ind-Ra expects the revenue to decline
on a yoy basis in FY21 due to the above-mentioned factors.

The ratings factor in CES' moderate credit metrics due to the
overall low levels of EBITDA. The metrics deteriorated in FY20
owing to a decrease in the absolute EBITDA to INR27.6 million
(FY19: INR34.8 million). The net financial leverage (total adjusted
net debt/operating EBITDA) was 4.5x in FY20 (FY19: 3.4x) and the
gross interest coverage operating (EBITDA/gross interest expense)
was 1.4x (1.6x). Ind-Ra expects the metrics to deteriorate in FY21
due to the likely decline in the scale of operations

Liquidity indicator - Poor: The ratings reflect CES's stressed
liquidity position, with instances of overutilization of the
fund-based limits over the 12 months ended November 2020. The
average maximum utilization of fund-based limits was 100.3% for the
12 months ended November 2020. The firm does not have any term
loans outstanding. The cash flow from operations turned negative at
INR 7.5 million in FY20 (FY19: INR0.1 million) due to deterioration
in the net cash conversion cycle to 520 days in FY20 (FY19: 178
days). The working capital cycle elongated due to an increase in
the debtors' days to 472 in FY20 (FY19: 221 days). The firm had
availed the Reserve Bank of India-prescribed debt moratorium for
interest on its fund-based limits for March-August 2020. The
company had a cash balance of INR0.26 million at end-FY20
(end-FY19: INR 0.15 million). Ind-Ra expects the liquidity position
to improve in FY21 due to a likely improvement in the working
capital cycle, backed by normalization of the debtor days.

The ratings also consider the intense competition in the industry
due to low entry barriers.

The ratings, however, are supported by the healthy EBITDA margins.
The margins improved to 18% in FY20 (FY19: 11.5%) due to the
execution of higher-margin orders. The return on capital employed
was 15.1% in FY20 (FY19: 20%). Ind-Ra expects the margins to fall
on a yoy basis in FY21 due to lower absorption of fixed costs due
to the decline in revenue.

The ratings also derive strength from the partners' experience of
two decades in the construction sector.

RATING SENSITIVITIES

Negative: Further strain on the liquidity position, along with a
decline in profitability, resulting in deterioration in the credit
metrics, on a sustained basis, could lead to a negative rating
action.

Positive: An improvement in the liquidity position, timely receipt
of payments from its customers, along with substantial revenue
growth and an improvement in the credit metrics, could lead to a
positive rating action.

COMPANY PROFILE

CES is a partnership firm incorporated and registered in Andhra
Pradesh in June 2014. The firm has four partners -  Madhusudhana
Rao, Srinivas Chirukuri, Radha Krishna Murthy Pentyala and Manasa
Gowri Vasireddy. The firm is engaged in the business of civil,
electrical and pre-engineered building contracts.  

DAMODAR INDUSTRIES: CRISIL Keeps FB+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Damodar Industries
Limited (DIL) continues to be 'FB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Fixed Deposits        40.00      FB+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DIL for obtaining
information through letters and emails dated October 24, 2020 and
November 14, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DIL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of DIL
continues to be 'FB+/Stable Issuer Not Cooperating'.

For arriving at the group's business risk profile, CRISIL has
continued to consolidate the business and financial risk profiles
of DIL and Suam Overseas Pvt Ltd (SOPL). This is because the two
companies, together referred to as 'the Damodar group', have strong
operational linkages and are operated under a common management.

DIL was incorporated in 1987 and was converted into public limited
company on March 20, 1992. Mr Arun Biyani, Mr Ajay Biyani, and Mr
Anil Biyani are the promoters.

SOPL was incorporated in 2004. SOPL and DIL manufacture blended
yarns and trade in cotton yarns. The group's manufacturing
facilities are in Silvassa, Daman, and Bhilwara.


DATT AQUACULTURE: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed Shree Datt
Aquaculture Farms Private Limited's (SDAFPL) Long-Term Issuer
Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR29.1 mil. (reduced from INR36.2 mil.) Term loan due on
     March 2023 affirmed with IND BB/Stable rating;

-- INR415 mil. Fund-based facilities affirmed with IND BB /
     Stable/IND A4+ rating; and

-- INR38.5 mil. (reduced from INR43.5 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SDAFPL's continued medium scale of
operations, as indicated by revenue of INR1,541 million in FY20
(FY19: INR1,469 million). The revenue increased by 4.9% yoy to due
to an increase in demand for shrimp in the global market as well as
an increase of 4%-5% yoy in shrimp prices. The company recorded
revenue of INR537 million during April-September 2020. Ind-Ra
expects the revenue to decline slightly on a yoy basis in FY21
owing to a slowdown in demand for shrimp in the global market and
also because the shrimp industry lost its peak season production
during April-June 2020 due to the COVID-19-led lockdown, which has
impacted the supply of shrimp. The figures for FY20 are provisional
in nature.

The ratings reflect the modest EBITDA margins due to the intense
competition in the industry. Furthermore, SDAFPL's operations are
susceptible to volatility in raw material prices as the company is
unable to fully pass price increases to customers. However, the
risk is mitigated to some extent by the fact that the company has a
captive pond that meets 50% of the raw material requirements.
SDAFPL's EBITDA margin deteriorated to 3.3% (FY19: 4.2%) due to an
increase in other expenses such as power and fuel costs, employee
expenses, and a decrease in foreign exchange gains. The ROCE was 4%
in FY20 (FY19: 8%).

The ratings reflect the modest credit metrics due to the modest
margins. The net leverage deteriorated to 9.9x in FY20 (FY19: 7.7x)
due to a decrease in the absolute EBITDA to INR52 million (INR61
million). The gross interest coverage improved to 3.4x in FY20
(FY19: 1.4x) due to a decline in the interest expenses to INR15
million (INR43 million) as the company received an interest
subvention of INR12.5 million from the government during the year.

Liquidity Indicator - Stretched: SDAFPL's utilization of the
fund-based limits was 88% during the 12 months ended November 2020.
The company's cash flow from operations fell to INR6 million in
FY20 (FY19: INR11 million) due to a deterioration in the working
capital cycle to 145 days (125 days), resulting from an increase in
the inventory days to 135 days (118 days). The company has
repayment obligations of INR7.2 million and INR7.2 million for FY21
and FY22, respectively. The company had balance sheet cash and cash
equivalents of INR 10 million as of March 31, 2020.

The ratings continue to be constrained by the inherent
vulnerability of the seafood industry to disease and viral attacks,
competition and fluctuating currency, and adverse changes in
government policies. SDAPL focuses majorly on the Vannamei variety
of shrimp, which has better resistance to diseases and a higher
production density than other varieties; this mitigates the risk to
some extent.

The ratings also factor in the geographical concentration risk.
While SDAFPL's customers are spread across 15 countries, the US and
Japan account for 75% of the company's sales; the UK accounts for
7% of the same.  

The ratings, however, are supported by the company's promoters'
operating experience of around two decades in the aquaculture
business, leading to established relationships with fish farmers.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margins, resulting
in deterioration of credit metrics, on a sustained basis, and / or
any deterioration in the net cash conversion cycle, leading to
stressed liquidity, will be negative for the ratings.  

Positive: A sustained improvement in the revenue and EBITDA
margins, resulting in improvement liquidity and credit metrics, on
a sustained basis, would be positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, SDAFPL is engaged in the rearing, processing,
and export of various kinds of seafood. The company has a
90-metric-tonnes-per-day processing unit in Billimora, Gujarat. In
addition, it has a 600-metric-tonne cold storage facility.


DEVI CONSTRUCTION: CRISIL Lowers Rating on INR9cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded the rating on Devi Construction Company (DCC)
to 'CRISIL D/CRISIL D Issuer not cooperating' from 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      4        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4
                                ISSUER NOT COOPERATING')

   Cash Credit         9        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B-/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with DCC for obtaining
information through letters and emails dated November 30, 2019 and
February 6, 2020 and November 21, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DCC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for DCC is
consistent with Assessing Information Adequacy Risk.

Based on the last available information, CRISIL has downgraded the
rating to 'CRISIL D/CRISIL D Issuer not cooperating' from 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating', as there has been
continuous overdrawals in the cash credit limit for more than 30
days.

The firm, established in 1983, is a civil contractor and undertakes
projects such as construction of roads and bridges, and
improvement, widening, and straightening of roads, for government
departments and private players. Operations are concentrated in
Rajasthan as the firm is headquartered in Jaipur, and are managed
by Mr Krishna Yadav and his son Mr Abhijeet Yadav. The firm is an
'AA' class contractor.


HARA PARBATI: CRISIL Reaffirms B Rating on INR7.62cr Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Hara Parbati Potato Cold Storage Private
Limited (HPPCSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .12        CRISIL A4 (Reaffirmed)

   Cash Credit          3.54        CRISIL B/Stable (Reaffirmed)

   Term Loan            7.62        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility              .72        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile, exposure to risks relating to unfavourable regulations,
intense competition in the cold storage industry in West Bengal,
and vulnerability to delays in payment by farmers because of
adverse market conditions. These weaknesses are partially offset by
the promoters' extensive experience.

Analytical Approach

Unsecured loan of INR1 crore as on March 31, 2020 has been treated
as neither debt nor equity since it will remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to the highly regulated and intensely competitive cold
storage industry: The potato cold storage segment in West Bengal is
regulated by the West Bengal Cold Storage Association, with rental
rates being fixed by the state department of agricultural
marketing. Fixed rental will continue to limit players' ability to
earn profits based on their respective strengths and geographical
advantages. Pressure to offer discounts to ensure healthy
utilisation of storage capacity, especially given the intense
competition, will also constrain profitability.

* Weak financial risk profile: Networth remained small at around
INR2 crore as on March 31, 2020, while gearing was substantially
high at around 10 times on account of loans extended to farmers
(especially at the end of the fiscal) and term loan availed for
initial set up. Debt protection metrics remained moderate with
interest coverage and net cash accrual to total debt ratios at 1.45
times and 0.04 time, respectively, in fiscal 2020.

* Vulnerability to delays in payment by farmers because of adverse
market conditions: As part of the Government of West Bengal's
initiative to support agriculture, banks extend financial
assistance to farmers for storing produce in private cold storages,
against pledge of cold-storage receipts. The cold storage company
obtains loans from banks on behalf of farmers and traders and
extends it to them. However, the primary responsibility to repay
bank loan lies with cold storages. In case of adverse market trends
and decline in potato prices, farmers do not find it profitable to
pay rental and interest charges along with loan obligation and
hence, do not retrieve potatoes from cold storages. Consequently,
cold storages have cash flow mismatches and bank liabilities.
Although HPPCSPL has not faced any such issue in the recent past,
the company is vulnerable to downturns given its presence in the
agricultural industry.

Strengths:

* Promoters' extensive experience: Benefits from the promoters'
experience of more than 20 years and strong relationships with
potato farmers should continue to support the business risk
profile. Utilisation of storage capacity remained healthy at 90% on
average in fiscal 2019.

Liquidity Poor

Cash accrual has been tightly matched against debt obligation in
fiscal 2020.  The promoters are expected to bring in funds if
needed in times of exigency. The bank limit was almost fully
utilised during the peak season (March), when farmers generally
bring potatoes for storage, against which the company gives them
loans. Cash credit limit is then gradually repaid as the farmers
get the potatoes released by paying HPPCSPL.

Outlook: Stable

CRISIL believes HPPCSPL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factors

Upward factors

  * Upward revision in rental rates and optimum capacity
utilisation resulting in ramp-up in revenue, while operating margin
exceeds 30%

  * Improvement in liquidity, with cash accrual comfortably
exceeding debt repayment of more than INR40 lakh per annum

Downward factors

  * Decline in rental rates and dip in capacity utilisation
weakening the business risk profile

  * Deterioration in interest coverage ratio to less than 1 time

  * Delay in payments by farmers

Incorporated in 1998, HPPCSPL is promoted by Mr Ayan Samanta, Mr
Sayan Samanta and Mr Sibaram Samanta. The company operates a potato
cold storage unit in Hoogly, West Bengal, with capacity of 1,45,000
quintals. The company occasionally trades in potatoes to ensure
optimum capacity utilisation of its unit.


K.B. GEMS: Ind-Ra Cuts LT Issuer Rating to 'B+' on Weak Performance
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K.B. Gems' (KBG)
Long-Term Issuer Rating to 'IND B+' from 'IND BB'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR240 mil. Fund-based working capital facilities downgraded
     with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in KBG's operational
performance and thus credit profile in FY20 which is likely to
sustain in FY21 owing to the COVID-19-led disruptions, as well as
an increase in gold prices. KBG's scale of operations remained
small with its revenue declining to INR651.58 million in FY20 from
INR923.5 million in FY19. The revenue declined in FY20 majorly due
to the delayed dispatch of goods at the year-end due to the
nation-wide lockdown; the operations were halted over mid-March-May
2020 and resumed in June 2020. KBG recorded a revenue of INR427.9
million during 9MFY21 and the management is expecting to achieve a
turnover of INR600 million for FY21. Ind-Ra expects the company's
sales to decline in FY21 due to the subdued operating performance
in 1QFY21.

The ratings are constrained by KBG's modest EBITDA margin due to
the intense competition in the industry. The margin declined to
3.63% in FY20 (FY19: 4.93%) on account of an increase in variable
costs. The return on capital employed stood at 4% in FY20 (FY19:
8%).

The ratings also factor in the KBG's modest credit metrics with the
gross interest coverage (operating EBITDA/gross interest expenses)
declining to 1.68x in FY20 (FY19: 2.36x) and the net leverage
(adjusted net debt/operating EBITDAR) increasing to 9.19x (5.72x).
The company's credit metrics deteriorated on account of a fall in
absolute EBITDA to INR23.67 million in FY20 from (FY19: INR45.56
million) owing to a sharp decline in the revenue. Ind-Ra expects
the credit metrics to deteriorate significantly in FY21 on account
of a significant deterioration in the operating profit backed by
the decline in revenues.

Liquidity Indicator – Stretched: KBG's fund-based facility was
utilized at an average of 74.3% over the 12 months ended November
2020. The already long net working capital cycle stretched further
to 298 days in FY20 (FY19: 206 days) due to an increase in the
inventory holding days and receivable days due to the COVID-19-led
lockdown. The management expects the net cash conversion cycle to
remain stretched in FY21. However, the cash flow from operations
turned positive at INR20.99 million (FY19: negative INR57.9
million) because of a decrease in the EBITDA and increased working
capital requirements. The company has a repayment obligation of
INR6 million during FY22.

However, the ratings remain supported by KBG's partner's experience
of over two decades in the diamond jewelry business.

RATING SENSITIVITIES

Negative: Any decline in the top-line and the EBITDA margins,
leading to deterioration in the credit metrics, with the interest
coverage falling below 1.1x, could be negative for the ratings.

Positive: Sustained growth in the top-line and the EBITDA margins,
leading to an improvement in the credit metrics on a sustained
basis, could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1988 by Kiran Shah as a proprietorship concern, the
firm was converted into partnership firm in 1994. Mumbai-based KBG
is engaged in import and export of cut and polished diamonds. The
firm is mainly engaged in business-to-business sales. It is a
family-owned business, managed by the partners of the firm who are
actively involved in day-to-day operations of the business.

LAKSHMI GREEN: CRISIL Withdraws B Rating on INR11cr Cash Credit
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Lakshmi
Green Ship Recyclers LLP (LSRM) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           11        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Foreign Exchange       1.44     CRISIL A4 (ISSUER NOT
   Forward                         COOPERATING; Rating Withdrawn)

   Letter of Credit      76        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term     3.56     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with LSRM for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LSRM. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LSRM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of LSRM
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of LSRM on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Set up in 1994, LSRM is a partnership firm engaged in
ship-breaking. It has a yard of 2,250 square metre in Alang,
Gujarat, one of the leading centres of the ship-breaking and
recycling industry in Asia. The firm purchases old ships and breaks
them into steel plates, which it supplies to rolling mills in
Gujarat.


LHASA HOTEL: CRISIL Lowers Rating on INR5.8cr Loan to D
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Lhasa
Hotel & Restaurant (LHR) to 'CRISIL D' from 'CRISIL A4 ISSUER NOT
COOPERATING'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             5.8        CRISIL D (Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

The rating reflects delays in servicing of debt obligations, the
firm's small scale of operations, geographical concentration in
revenue, and susceptibility to cyclicality in the hospitality
industry and intense competition in Dharamshala, Himachal Pradesh.
These rating weaknesses are partially offset by the promoters'
experience and the locational advantage of the firm's hotel.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of debt obligations: The company has been
witnessing stretch in its liquidity to repay its debt obligation in
a timely and complete fashion.

* Small scale of operations in highly competitive hotel industry:
Scale of operations remains small, with revenue at INR0.64 crore in
fiscal 2020. LHR also faces intense competitive pressure from other
players in the region.

* Vulnerability to cyclical trends in industry: The hotel industry
is vulnerable to changes in the domestic and international economy.
During weaker periods, the revenue per available room (RevPAR) for
premium hotels and mid-end hotels is expected to be impacted more
significantly than economy hotels.

Strength
* Promoters' longstanding experience: The promoters have been in
the hotel business for over a decade. The promoters' choice of
locating this property in Dharmshala has supports the market
position.

Liquidity Poor
Liquidity is expected to remain poor marked by consistent delays in
servicing of repayment of debt obligations. Current ratio was 1.01
times as on March 31, 2020.

Established in 2009, LHR operates a hotel and restaurant in
Dharamshala. Operations are managed by Mr. Karthikeya Bhardwaj, son
of Mr. Kul Prakash Bhardwaj.


MAHA MARUTI: CRISIL Migrates B+ Debt Ratings From Not Cooperating
-----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of Maha Maruti Logistics Private Limited
(MLPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the company's management has started sharing the
information necessary for a comprehensive review of the ratings.
Consequently, CRISIL is migrating the ratings from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        6.25       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit           3          CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Term Loan             0.75       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The ratings reflect MLPL's established business risk profile,
supported by strong relationships with clients and longstanding
experience of promoters in the industry. MLPL also has average
financial risk profile, marked by healthy debt protection metrics
and moderate gearing. The above-mentioned rating strengths are
partially offset by MLPL's high working capital intensity and
volatility in profitability.

Key Rating Drivers & Detailed Description

Strengths:

* Established relationships with clients: MLPL has an established
regional presence in Vishakhapatnam, Andhra Pradesh backed by
healthy relationships with its client's base. MLPL has a strong
customer base, efficient and effective services. MLPL's established
market position can be gauged by the fact that most of its reputed
customers are with the company for more than a decade and the
company had been bagging repeat orders over the past decade.

* Longstanding experience of promoters: MLPL is in the freight
clearing and related businesses for more than 3 decade; it is
managed by seasoned promoters with vast experience in the field of
clearing and forwarding and transportation. MLPL offers a range of
logistics solution services, including freight forwarding, customs
clearance, inland transportation, warehousing, and consultancy.

Weaknesses:

* Working capital Intensive Operations: MLPL's operations are
working capital intensive as reflected in gross current assets
(GCA) days of 529 days as on March 31, 2020 and is expected to be
around 462 days as on March 31, 2021. The higher GCA days are
contributed by the large receivables of company.

* Volatile profitability:

The operating margin has varied significantly the three fiscals
through 2020. Improvement and stabilisation of the margin remains a
monitorable.

Liquidity Stretched

Bank limit utilisation is high around 95 percent for the past
twelve months ended Sep 30, 2020. CRISIL believes that bank limit
utilization is expected to remain high on account large working
capital requirement. Cash accrual is expected to be over INR1.7-2
crore in fiscals 21 and fiscal 22, which are sufficient against
term debt obligation of INR0.2-0.3 crore over the same fiscals. In
addition, it will be act as cushion to the liquidity of the
company. Current ratio is healthy at 1.7 times as on March 31,
2020. The promoters are likely to extend support in the form of
equity and unsecured loans to the company to meet its working
capital requirements and repayment obligations.

Outlook: Stable

CRISIL believes that MLPL will maintain its business profile,
supported by long-standing client relationships and extensive
experience of its promoters.

Rating Sensitivity factors

Upward factors:

  * Improvement in working capital cycle, largely derived by
clearance of stuck receivables with receivables days below 200
days

  * Sustained improvement in revenue along with sustainability in
profitability

Downward factor:

  * Further stretch in working capital cycle

  * Significant debt-funded capital expenditure leading to
deterioration in gearing to above 1 time.

MLPL, was earlier established as a partnership firm Maruti
Transports in 1978 by Mr. A Satyanarayana Murthy. During the year
2006, the firm was reconstituted to a private limited company. MLPL
is engaged in the business of providing freight forwarding, customs
clearance, inland transportation, warehousing, and consultancy.


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

The instrument-wise rating action is:

-- INR56.5 mil. Fund-based limits migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 6, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Mahakali Ispat manufactures sponge iron. It
has an installed capacity of 24,000 million tons per annum.



MANAV VIKAS: CRISIL Assigns B+ Rating to INR10cr Proposed Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Manav Vikas Sanstha (MVS).

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       10        CRISIL B+/Stable (Assigned)
   Bank Loan Facility      

The rating reflects MVS's presence in a small scale and
not-for-profit nature of operations and high dependence on
suppliers for working capital funding. These weakness are partially
offset by its established network and track record of successful
projects execution in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale and not-for-profit nature of operations: MVS is
organized as a not-for-profit society. The primary purpose of MVS
is making people employable through various activities including
skill development. Owing to low-value government social projects in
limited Tier-2 and 3 cities, MVS's operations have remained small
with an annual revenue of around INR3.16 crore reported in
2019-20.

* High dependence on suppliers for working capital funding: The
society has modest level of corpus donation to meet the working
capital requirement which has led to high dependence on the
creditors to execute the projects. Same is reflected in the total
outside liabilities to tangible net-worth ratio at 14.48 times in
fiscal 2020.

Strength:

* Established network and track record of successful projects
execution in the past: The society has extensive network coverage
in Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Maharastra,
Uttarakhand and many other states in the past 20 years. The society
caters mostly to the weaker sections of the rural and urban areas
and also plans to provide more benefits under various govt. schemes
which are also mandated by the GOI.

Liquidity Poor
There are not debt obligation for the society in the medium term.
The society uses advances from authorities and extended credit
period from the suppliers to support its working capital
requirements. Further, promoters are likely to extend timely,
need-based funding support.

Outlook: Stable

CRISIL believe MVS will continue to benefit from the established
network and track record of successful projects execution in the
past.

Rating Sensitivity factors

Upward factors

* Sustained improvement in revenues by 25%

* Improvement in corpus fund which leads to improvement in
financial risk profile

Downward factors

* Decline in scale of operations by 30%

* Large debt-funded capital expenditure weakens capital structure

* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

MVS is a society, registered under Societies Registration Act by
the Govt. of Rajasthan in the year 2000 by Dr. S.K. Sharma. The
primary purpose of MVS is making people employable through various
activities through skill development and also executing CSR project
like Rain water harvesting, awareness program related to
agriculture, healthcare and nutrition.


MARG TECHNO: CRISIL Assigns B+ Rating to INR15cr LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Marg Techno Projects Limited (Marg Techno).

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility        15       CRISIL B+/Stable (Assigned)

The rating reflects Marg Techno's low vintage in gold loans and
lack of diversity in the resource profile. The company ventured
into gold loans only since fiscal 2018; prior to that, it offered
various other loans. Currently company has funding from only one
bank, and with growth in its operations, it will have to tap other
banks and non-banking financial companies (NBFCs) to meet its
funding requirements.

These weaknesses are partially offset by the company's adequate
capitalisation; the capital position is adequate for the current
scale of operations with networth of INR5.7 crore and gearing at
2.9 times as on September 30, 2020. Marg Techno has not raised
significant equity capital since fiscal 2016, and the gearing has
steadily gone up to 2.9 times as September 30, 2020, from 0.1 time
as on March 31, 2017. Hence, the company's ability to maintain
gearing in accordance with growth will remain a key monitorable.

In light of the regulatory measures announced by the Reserve Bank
of India (RBI) under the Covid-19 Regulatory Package, lenders were
permitted to grant moratorium on bank loans. Marg Techno, however,
has not opted for any moratorium.

Analytical Approach
The team has evaluated the standalone credit risk profile of Marg
Techno.

Key Rating Drivers & Detailed Description

Weakness:

* Low vintage in the gold loan segment: The company has been
operational for two and a half decades. Earlier, it was engaged in
business, personal and various types of other loans. However, in
fiscal 2018, it ventured into gold loans, and its portfolio has
grown significantly only in the first two quarters of fiscal 2021.
Assets under management (AUM) grew 124% between March and September
2020. The management plans to focus only on gold loans over the
medium term. As the loan book is scaled up, ability to maintain
performance asset quality and profitability will remain key
monitorable.

* Lack of diversity in the resource profile: Marg Techno is highly
dependent on funding from only one bank at the current point in
time. The company has availed of an overdraft facility from Federal
Bank, with a sanctioned limit of INR15 crore. As per the terms of
the facility, the gold pledged with Marg Techno is re-pledged with
Federal Bank as collateral. Marg Techno, through its loan
agreement, takes rights from the borrowers for
sale/transfer/re-pledge of the underlying gold in order to keep it
in surety and have absolute rights to take a loan on it. At
present, the company does not have any other source of funding.
Therefore, with rise in revenue, the company will have to tap other
avenues. Marg Techno's ability to diversify its resource profile
and raise loans from other banks and NBFCs will be critical to fund
future growth and, hence, will be a key monitorable.

Strengths:

* Adequate capitalization: Marg Techno's capital position is
adequate in relation to its scale and nature of operations. As on
September 30, 2020, the company had networth of INR5.7 crore and
comfortable gearing at 2.9 times which increased from INR5.5 crore
and gearing of 0.9 time as on March 31, 2020. Furthermore, as the
gold loan segment contributes a major portion of the AUM, reduction
in asset-side risks (security of gold, which is liquid and is in
the lender's possession) supports capitalisation. Marg Techno
should remain adequately capitalised, with comfortable gearing over
the medium term.

Liquidity Stretched

The company does not have any specific policy to maintain
liquidity. As on November 10, 2020, it had total cash and bank
balance of INR0.53 crore. The company has borrowing only from one
bank, for which it has bullet repayment. Marg Techno's liquidity
buffer to cover its debt obligation, including operating
expenditure for the next three months, stood close to 2 times. The
company's collection efficiency improved from July 2020 onwards; in
August and September 2020, it had collections of 95% and 96%,
respectively.

Outlook: Stable

CRISIL believes Marg Techno will continue to benefit from its
experienced management and increase in revenue in the near term.

Rating Sensitivity factors

Upward factors

* Stable asset quality, with gross non-performing assets (GNPAs)
consistently below 1.0% over the medium term

* Improvement in scale of operations with gearing remaining below 3
times

* Sustained improvement in the earnings profile, with return on
assets maintained at 2%

Downward factors

* Moderation in the capitalisation metrics, with significant jump
in gearing to over 5 times while scaling up the portfolio

* Any adverse movement in the asset quality, with GNPAs weakening
the earnings profile

Marg Techno, listed on the Bombay Stock Exchange, is a public
limited company. It was originally incorporated under provisions of
the Companies Act, 1956, on June 15, 1993, as Marg Finance Ltd
through a Certificate of Incorporation issued by Registrar of
Companies, Gujarat. Subsequently the name of the company was
changed to Marg Techno-Projects Limited w.e.f. 5th August 5, 1996,
through a Certificate of Incorporation issued by Registrar of
Companies, Gujarat, Dadra and Nagar Haveli. As its completion of
25th year of company with the young age team's long term vision had
started new venture of gold finance with its product name 'Marg
Gold Loan' product. Arun Nair is the managing director at the
company.


MARUDHAR SUPER: CRISIL Assigns B Rating to INR3cr Loans
-------------------------------------------------------
CRISIL has assigned its CRISIL B/Stable rating to the long term
bank facilities of Marudhar Super Market (MSM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            .5        CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits     2.5        CRISIL B/Stable (Assigned)

The ratings reflect MSM's nascent stages of operation, working
capital intensive operations and susceptibility of operating
performance to regulatory changes and increasing competition. These
weaknesses are partially offset by its extensive industry
experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stages of operation: The firm was established in 2019 and
has limited track record of operations. Consequently, the
scalability is constrained which is evident by revenue of INR2.12
crore during fiscal 2020. Nascent stages of operation will continue
to impinge the scalability over the medium term.

* Working capital intensive operations: Its intensive working
capital management is reflected in its gross current assets (GCA)
of 227 days as on March 31, 2020 primarily driven by large
inventory at 153 days and moderate debtor at 62 days in same
financial.

* Susceptibility of operating performance to regulatory changes and
increasing competition: Liberalisation of regulations such as
foreign direct investment (FDI) policy for food only retail (in
2016), and multi-brand retail segment as and when it happens, will
intensify competition in the domestic F&G sector, including from
large international players. The competitive intensity is also
increasing due to increasing focus of online retailers on the F&G
segment. While ASL is a small player at present in the online F&G
space, earlier entrants such as Big Basket and Grofers are
registering aggressive growth.

Strength:

* Extensive industry experience of the proprietor: The proprietor
have an experience of over around 5 years in hypermarkets & super
centers industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity Poor

Liquidity is likely to remain constrained because of the large
working capital requirement. Bank limit utilization almost fully
utilized in last two month. Expected cash accrual of INR7 lakh in
fiscal 2021 would be use as working capital in the absence of
repayment obligation. The current ratio was moderate at 1.54 times
as on March 31, 2019. The promoters are likely to extend timely,
need-based funding support.

Outlook: Stable

CRISIL believe MSM will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating Sensitivity factors

Upward factor
* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in working capital cycle

Downward factor
* Steep decline in revenue or profitability, leading to interest
coverage of less than 1.5 times
* Further stretch in working capital cycle, sizeable addition in
debt, or withdrawal USL leading to stretched liquidity or delay in
meeting debt obligation

MSM was established in March 2019 as proprietorship firm. It is
engaged in organized retailing business of grocery items, plastic
items, backery items, home care products, vegetables & milk through
its 'Marudhar Super Market' brand of store in Sirsi raod- Jaipur.
The overall operations of the firm is managed by Mr. Pratap Ram
Danga.


MAYURI ELECTRONICS: CRISIL Moves B+ Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
bank facilities of Mayuri Electronics Pvt Ltd (MEPL) to 'CRISIL
B+/Stable Issuer Not Cooperating'. However, the management has
subsequently started sharing the requisite information for carrying
out a comprehensive review. Consequently, CRISIL is migrating the
rating from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          7.4       CRISIL B+/Stable (Migrated
                                  from 'CRISIL B+/Stable
                                  ISSUER NOT COOPERATING')

   Proposed Fund-       0.1       CRISIL B+/Stable (Migrated
   Based Bank                     from 'CRISIL B+/Stable
   Limits                         ISSUER NOT COOPERATING')

The ratings continue to reflect small scale of operations and below
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoter in the
electronics retailing business, and the strong brand value of the
principal.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: MEPL's scale of operations is small,
indicated by estimated operating income of INR17.22 crore in fiscal
2020 against INR12.9 crore in fiscal 2019. However, supported by
the principal's strong brand, the scale is likely to grow at a
moderate pace over the medium term.

* Below average financial risk profile: Financial risk profile is
weak, as reflected in a leveraged capital structure and poor debt
protection metrics. Total outside liabilities to tangible networth
was 3.52 times as on March 31, 2020. Interest coverage and net cash
accrual to total debt ratios were 1.23 times and 0.02 time,
respectively, in fiscal 2020.

Strengths:

* Extensive experience of the promoter and strong brand value of
the principal: The 15-year-long experience of the promoter and the
strong brand value of the principal are expected to support MEPL's
business risk profile over the medium term.

Liquidity Stretched
Cash accrual is expected at a modest INR0.20-0.30 crore, but it
will partially support liquidity in the absence of any debt
obligation over the medium term. Bank limit utilisation averaged
90% over the 12 months through November 2020. The promoter is
expected to continue to provide timely, need-based unsecured
loans.

Outlook: Stable

CRISIL believes MEPL will continue to benefit from the promoter's
extensive experience.

Rating Sensitivity factors

Upward factors

  * Growth in cash accrual by 30%, driven by increase in revenue
and operating margin
  
  * Efficient working capital management

Downward factors

  * Decline in operating margin to below 5%

  * Substantial increase in the working capital requirement
weakening liquidity and the financial risk profile

Incorporated in 2012, MEPL is involved in retailing of Samsung
products through its exclusive 'Samsung Plaza' outlet.


MEETI DEVELOPERS: CRISIL Keeps B+ on INR45cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Meeti Developers
Private Limited (MDPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible      45.00       CRISIL B+/Stable (Issuer Not
   Debentures LT                    Cooperating)

CRISIL has been consistently following up with MDPL for obtaining
information through letters and emails dated December 7, 2020 and
December 12, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MDPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MDPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2006, MDPL, is a part of the Meeti group promoted
by Mr. Paresh Bhuta and his family. MDPL is mainly engaged in
undertaking residential real estate development in Mumbai.


MUKKUDAM ELECTROENERGY: CRISIL Assigns B Rating to INR19.5cr Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Mukkudam Electroenergy Private Limited (MEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Term
   Loan                  19.5       CRISIL B+/Stable (Assigned)

The rating reflects MEPL's exposure to risks related to ongoing
project and susceptibility to hydrology risks. These weakness are
partially offset by extensive experience of promoters and limited
exposure to demand and price risk, with assured offtake through
long-term PPA.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project: MEPL will commence
its operation in May 2022. The project is 35% complete as of
November 2020.  It is exposed to risks related to timely funding
and implementation of project. Timely completion of project without
cost or time over run will remain a key rating sensitivity factor
(RSF).

* Susceptibility to hydrology risks: Despite a detailed hydrology
analysis to mitigate future risk, power generation will continue to
depend on availability of adequate water flow. The key risk is
'spread of rainfall' across the monsoon. The more the even inflow
into the river, the longer the peak power generation period and
vice versa. Also, any adverse changes in rainfall in year would
affect the PLF (plant load factor) of the generator which will be a
key monitorable.

Strengths:

* Extensive experience of promoters: Extensive experience of the
promoters in the hydro power Industry, will help in stabilizing
operations of the hydropower plant.

* Limited exposure to demand and price risk, with assured offtake
through long-term PPA: MEPL will supply electricity to KSEB (Kerala
State Electricity Board) under a long-term PPA signed for 30 years
(from the commercial operation date) at a fixed tariff. The
agreement will provide revenue visibility, minimizes offtake risk
and ensures steady cash flow.

Liquidity Stretched
Cash accrual are expected to be over Rs.3 crores from fiscal 2023
which will be first year of operations. The financial tie up is yet
to be finalised with the lenders. The repayment would be structured
based on the monthly PLF and in such a way that   the company would
have adequate cushion post repayment, resulting in a comfortable
DSCR (Debt Service Coverage Ratio). Moreover, additional DSRA (Debt
Service Reserve Account) stipulated by the lenders to aid liquidity
would remain key RSF. Liquidity profile is supported by promoters'
ability and willingness to bring in funds on a need basis.

Outlook: Stable

CRISIL believes MEPL will benefit from extensive experience of the
promoters.

Rating Sensitivity factors

Upward factor

  * Timely completion of project without cost or time over run

  * DSCR of more than 1.3 times with timely collection and PLF
track record

Downward factor

  * Significantly lower than expected PLF or delay in receivables
post commencement

  * Delay in project implementation or funding.

  * DSCR of less than 1 time post commencement

Incorporated in 2015, MEPL is setting up a hydro-electric power
plant having capacity of 4 MW at Idukki, Kerala. The plant is
expected to be commissioned in May 2022. MEPL is owned & managed by
Mr. Rakesh Roy, Mr. Faris E M, Mr. Nitish S J, Rijo Joseph, Renjini
M, Unni Siva Sankar, Cyriac Jose and Vibin Babu.


MUMBAI INTERNATIONAL: Ind-Ra Lowers Bank Loan Ratings to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mumbai
International Airport Limited's (MIAL) bank facility ratings to
'IND D' from 'IND B' while resolving the Rating Watch Evolving
(RWE) as follows:

-- INR61.410 bil. Long-term bank loans downgraded; off RWE with
     IND D rating;

-- INR21.55 bil. Long-term bank loan against airport development
     fee receivables downgraded; off RWE with IND D rating;

-- INR3.50 bil. Term loans against real estate deposits due on
     May 2025 downgraded; off RWE with IND D rating; and

-- INR11.350 mil. Bank facilities* downgraded; off RWE with IND D

     rating.

*Details in Annexure

Analytical Approach: Ind-Ra continues to factor in the support
provided by MIAL to Navi Mumbai International Airport Private
Limited (NMIAL) to arrive at the ratings. MIAL has undertaken to
support NMIAL's equity requirements and cost overruns, and agreed
to provide a corporate guarantee for the replenishment of the
latter's debt service reserve account (DSRA) for four years from
the commencement of operations.

KEY RATING DRIVERS

The downgrade reflects the persisting delays in debt servicing by
MIAL as the relaxation for default recognition expired on December
31, 2020. The Securities and Exchange Board of India provided
relaxation to credit-rating agencies from default recognition due
to restructuring in its circular dated August 31, 2020. MIAL
invoked debt restructuring ahead of its debt-servicing due date of
September 30, 2020, by delineating the change in ownership clause
under the Reserve Bank of India circular dated June 7, 2019, and
envisages longer loan extensions than permitted under the RBI's
circular dated August 31, 2020. The inter-creditor agreement is
signed between most of the lenders. The management expects
implementation of the restructuring plan by February 2021.

MIAL's financial profile was severely impaired by the outbreak of
COVID-19, the resultant lockdown and the continued restrictions on
airlines' operations. The total passengers handled by the airport
plummeted 91.9% yoy to 1.86 million in 1HFY21. Ind-Ra believes that
MIAL's liquidity crisis in FY21 was aggravated on account of
COVID-19, resulting from a constrained operating cash flow. The
defaults post the moratorium period is being recognized by the
agency immediately after the expiry of the timeline for invoking
the resolution under the RBI's August 31, 2020 circular.
Furthermore, MIAL's real estate monetization plan, which was in
advanced stages prior to the outbreak of COVID-19 also got
deferred.

The existing promoters of MIAL – the GVK Group – has agreed to
cooperate with the Adani Group to take over the debt availed by the
former and thereafter, take ownership of MIAL upon the receipt of
approvals. This change in ownership, along with the implementation
of the restructuring plan will have a positive impact on MIAL's
ratings.

The management has informed Ind-Ra that under the restructuring
plan, MIAL has sought:

- an additional funded interest term loan for six months until
March 31, 2021

- an extension of moratorium on the repayment of facilities until
March 31, 2022

- an extension of tenure and revised repayment schedule,
consequent to the funded interest term loan and moratorium
extensions and

- a reduction in interest rate for all facilities.

RATING SENSITIVITIES

The ratings would be upgraded on the implementation of the
resolution plan.

COMPANY PROFILE

MIAL is a joint-venture company held by a GVK group-led consortium,
comprising GVK Airport Holdings Ltd. (50.5% stake), South
Africa-based Bid Services Division (Mauritius) Limited (13.5%) and
ACSA Global Limited (10%) and Airports Authority of India (26%).

Under a 30-year concession, the government of India has granted
MIAL, the right to operate, maintain, develop, design, construct,
upgrade, modernize, finance and manage Chhatrapati Shivaji Maharaj
International Airport. MIAL provides domestic and international
airport services to the Mumbai metropolitan area.

NINANIYA ESTATES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ninaniya Estates Limited
        160, Karni Vihar
        Ajmer Road
        Near Rawat Mahila College
        Jaipur 302021

Insolvency Commencement Date: December 24, 2020

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: June 27, 2021

Insolvency professional: Deepak Arora

Interim Resolution
Professional:            Deepak Arora
                         23 KA 4, Jyoti Nagar
                         Near Vidhansabha
                         Jaipur 302005
                         Rajasthan
                         E-mail: aroracs2@gmail.com
                                 cirp.ninaniya@gmail.com

Last date for
submission of claims:    January 11, 2021


PAHARIMATA COLD: CRISIL Reaffirms B Rating on INR5.11cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facilities of Shri Paharimata Cold Storage Private Limited
(SPCSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           .96        CRISIL B/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits    1.53        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility             5.11        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect SPCSPL's presence in a highly
regulated and intensely competitive industry, its weak financial
risk profile and vulnerability to delays in payment by farmers
because of adverse market conditions. These weaknesses are
partially offset by extensive experience of the promoters in the
cold storage industry.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of promoters: The promoters' experience of
over two decades, their strong understanding of market dynamics and
healthy relationships with suppliers and customers should continue
to support the business. Utilisation of storage capacity remained
healthy at an average of 90% in fiscal 2021.

Weaknesses:

* Exposure to highly regulated and intensely competitive cold
storage industry: The potato cold storage segment in West Bengal is
regulated by the West Bengal Cold Storage Association, with rental
rates being fixed by the state department of agricultural
marketing. Fixed rental will continue to limit players' ability to
earn profits based on their respective strengths and geographical
advantages. Pressure to offer discounts to ensure healthy
utilisation of storage capacity, especially given the intense
competition, will further constrain profitability.

* Weak financial risk profile: Networth was low estimated at around
INR80 lakhs as on March 31, 2020, while gearing was substantially
high at around 1.5 times and remain high in the year end due to
loans extended to farmers (especially around fiscal-end). Debt
protection metrics were subdued, with interest coverage and net
cash accrual to total debt ratios estimated at around 2.7 times and
0.16 time, respectively, in fiscal 2020.

* Vulnerability to delays in payment by farmers because of adverse
market conditions: As a part of the Government of West Bengal's
initiative to support agriculture, banks extend financial
assistance to farmers storing produce in private cold storages,
against pledge of cold-storage receipts. Cold storage obtains loans
from banks on behalf of farmers and traders and extends it to them.
However, the primary responsibility to repay bank loan lies with
cold storages. In case of adverse market trends and decline in
potato prices, farmers do not find it profitable to pay rental and
interest charges along with loan obligation and hence, do not
retrieve potatoes from cold storages. Consequently, cold storages
have cash flow mismatches and bank liabilities. Though SPCSPL has
not faced any such issue in the recent past, the company is
vulnerable to downturns given its presence in the agricultural
industry.

Liquidity Poor

Liquidity is likely to remain stretched. Cash accrual is projected
at a modest around INR25 lakh per annum over the medium term, yet
supported by the absence of any yearly debt obligation. Bank limit
remained almost fully utilised during peak season (March), when
farmers generally bring potatoes for storage, against which the
company gives them loans. Cash credit limit is then gradually
repaid as the farmers get the potatoes released by paying back to
SPCSPL. The promoters are expected to bring in need-based funds
during any exigency.

Outlook: Stable

SPCSPL should continue to benefit from extensive experience of its
promoters.

Rating Sensitivity factors

Upward factors

  * Upward revision in rental rates and optimum capacity
utilisation, resulting in ramp-up in revenue, while operating
margin exceeds 30%

  * Improvement in liquidity, with cash accrual comfortably
exceeding debt repayment of more than INR40 lakh per annum

Downward factors

  * Steep decline in rental rates and dip in capacity utilisation

  * Interest coverage ratio deteriorating to less than 1 time

  * Delay in payments by farmers

SPCSPL was incorporated in 1972 by Mr Ranjit Kumar Dandapat and his
family members. The company operates a potato cold storage unit in
Medinipur, West Bengal, with capacity of 1,38,400 quintals. SPCSPL
occasionally trades in potatoes to ensure optimum capacity
utilisation of its unit.


R.G.R EDUCATIONAL: CRISIL Assigns D Ratings to INR10cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of R.G.R Educational Trust (RGR).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         9         CRISIL D (Assigned)
   Overdraft              1         CRISIL D (Assigned)

The ratings reflect delay in servicing the term debt. The rating
also reflects RGR's vulnerability to stringent regulations and
below average financial risk profile. These weaknesses are
partially offset by its extensive industry experience of the
trustees.

Key Rating Drivers & Detailed Description

Weakness

* Delays in term debt repayment: Followed by reduced fee collection
in the current fiscal on account of COVID-19 lock down, the trust's
liquidity is stretched and has been delaying in servicing its term
debt repayment till November - 2020. The trust has collected total
fee of about INR1 crores till Nov-2020 which is about 25% of its
usual fee collection.

* Below average financial risk profile: Financial risk profile is
below average marked by small net worth of about INR5 crores as on
March 31, 2020. Subsequently, its capital structure was leveraged
marked by gearing of 2.2 times as on the same date. Debt protection
metrics also has been average marked by interest coverage of about
2 time for the fiscal 2020.

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), MCI, AICTE, CBSE, universities,
state governments etc. Each body has detailed procedures for
granting permission to set up institutions, and approvals need to
be renewed every three or five years. Any non-compliance will
result in cancellation of affiliation, license etc leading to loss
of reputation for the institution and revenue for the trust.

Strength

* Extensive industry experience of the trustees: The trustees have
an experience of over 10 years in Education Services industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish its market position in the region.

Liquidity Poor

Liquidity is poor as reflected in delays in meeting the term debt
obligations. The trust's accruals are estimated to be tightly
matched against repayment obligation of about INR1 crore per annum.
The trust had availed moratorium due to COVID-19 lock down.
Liquidity is expected to remain stretched until the time operation
resumes to normalcy.

Rating Sensitivity Factors

Upward factor

  * Timely repayment of debt for more than 3 months

  * Improvement in fee collection.

Setup in 2010, RGR operates 2 school under the name 'RGR
Matriculation Higher Secondary School' and 'RGR International
School' in   Namakkal district ' Tamil Nadu and offers  courses in
primary and higher secondary school (State Board & CBSE) . RGR is
currently managed by Mr. P. Rajamanickam, Mrs. R. Gunavathi, and
Mrs. R.Revathi.


R.K. CONSTRUCTIONS: CRISIL Lowers Rating on INR7cr Loan to D
------------------------------------------------------------
CRISIL has downgraded the ratings of R.K.Constructions - Parbhani
(RKC) to 'CRISIL D/CRISIL D Issuer not cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee        1        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit           4        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Cash
   Credit Limit          3        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with RKC for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RKC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for RKC is
consistent with Assessing Information Adequacy Risk.

Based on the last available information, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer not cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating', as there has been
continuous overdrawals in the cash credit limit for more than 30
days and instances invocation of bank guarantee which remain
irregular till date.

RKC was established as a partnership firm in 2000, by Mr Shaikh
Nazir and Mrs Sheela R Pawar. The firm executes government
contracts for civil construction work, related to road, bridges,
and buildings.


RAAJCO SPINNERS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raajco Spinners
Private Limited's (RSPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR283.8 mil. (increased from INR209.8 mil.) Term loan due on
     August 2024 affirmed with IND BB-/Stable rating;

-- INR230 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable/IND A4+ rating; and

-- INR40 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RSPL's continued small scale of
operations, as highlighted by its revenue of INR687.8 million in
8MFY21 (FY20: INR970 million; FY19: INR1,137 million). At
end-8MFY21, RSPL had orders worth INR150 million in hands, to be
executed by end-January 2021, providing muted near-term revenue
visibility. The company increased its manufacturing of
higher-margin compact yarn in FY21, and the agency expects the same
to result in improved revenue.

The ratings are constrained by RSPL's continued weak credit
metrics. The metrics improved in 8MFY21 due to an improvement in
the operating EBITDA to INR56 million (FY20: INR48 million). The
interest coverage (operating EBITDA/gross interest expense) was
1.75x in 8MFY21 (FY20: 0.97x) and the net leverage (adjusted net
debt/operating EBITDA) was 16x (18.2x). Ind-Ra expects the
company's credit metrics to improve in FY21 due to an increase in
its EBITDA margin. The company incurred capex of INR56.10 million,
of which 58% is from bank debt and the remaining from promoter
debt, to buy plant and machinery in FY21. The promoter had
unsecured non-interest-bearing loans of INR402.4 million in FY20.
The management has informed the agency that the promoter will
infuse funds in the business if required.

The ratings continue to factor in RSPL's modest operating margins,
due to intense competition. The company's margin expanded to 8.2%
in 8MFY21 (FY20: 4.9%) due to the company's increased manufacturing
of higher-margin compact yarn. The return on capital employed
turned negative in FY20 (FY19: 4%). Ind-Ra expects the company's
margin to improve in FY21 due to cost-reduction measures undertaken
by the company and the continued production of higher-margin yarn.

The ratings are also constrained by the cyclical and fragmented
nature of the spinning industry and intense competition among
domestic spinners.

Liquidity Indicator – Poor: RSPL's average utilization of the
fund-based limits was 90% during the 12 months ended October 2020.
The cash flow from operations turned positive to INR12 million in
FY20 (FY19: negative INR121 million) due to the receipt of advances
from customers. The fund flow from operations remained positive at
INR11 million in FY20 (FY19: INR52 million). The net cash cycle
elongated to 190 days in FY20 (FY19: 167 days) owing to an increase
in the inventory period to 172 days (143 days). The company had a
cash balance of INR2.3 million at FYE20 (FYE19: INR1 million). RSPL
has repayment obligations of INR44.9 million and INR80 million in
FY21 and FY22, respectively, which will be met through net cash
accruals and funds from promoters. The company availed of the
Reserve Bank of India-prescribed moratorium.

However, the ratings continue to be supported by the promoters'
decade-long experience in the textile business.

RATING SENSITIVITIES

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

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics and the liquidity, with the
interest coverage exceeding 2x, on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2015, Tamil Nadu-based RSPL is engaged in yarn
spinning. The company's product portfolio includes combed compact
hosiery and warp yarn in the count range of 20s, 24s, 30s, 40s, 50s
and up to 60s. Currently, the company has 29 ring frames with
30,576 spindles. The company sells its product through sales
agents, merchant exporters and direct sales in Tamil Nadu, Kanpur,
West Bengal, Gujarat, Maharashtra, Kerala, among others.

RAJESH ESTATES: CRISIL Keeps D on INR297cr Debt in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on the non-convertible debentures (NCDs) of
Rajesh Estates And Nirman Private Limited (RENPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Non Convertible       297.60       CRISIL D (Issuer Not
   Debentures LT                      Cooperating)

CRISIL has been following up with RENPL for getting information
through letters and emails, dated June 30, 2020, and November 30,
2020, apart from various telephonic communications. However, the
issuer has continued to be non-cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the RENPL management,
CRISIL failed to receive any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on its credit
quality. The rating action on SDPL is consistent with 'Assessing
Information Adequacy Risk.'

Based on the last available information, the rating on the
non-convertible debentures (NCDs) of RENPL continue to be 'CRISIL D
Issuer Not Cooperating'.

Incorporated in 1996, RENPL is a fully owned subsidiary of Rajesh
Constructions Company Pvt Ltd (the flagship company of the Rajesh
group). The company has been developing two projects: Raj Grandeur
and Raj Embassy and has recently started developing Raj Torres in
Thane, Maharashtra, aggregating to a total saleable area of 19 lakh
square foot (sq ft).

The Rajesh group is a Mumbai-based real estate developer, promoted
by Mr Raghav Patel. Group companies have been engaged in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr
Priyal Patel and Mr Pratik Patel. The group has nearly 86 lakh sq
ft of area under development across various projects in Mumbai as
on date.


RENUKA CONSTRUCTIONS: CRISIL Reaffirms B+ Ratings on INR20cr Loans
------------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Renuka Constructions - Pune (RC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Project Loan          18         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2         CRISIL B+/Stable (Reaffirmed)


The rating continues to reflect the firm's exposure to project
implementation and funding risks and susceptibility to cyclicality
in the real estate sector. These weaknesses are partially offset by
the extensive experience of the proprietor in the real estate
business.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to project implementation risks: RC is setting up a
residential project, Renuka Gloria, at Ravet in Pune Maharashtra.
The project is 64% complete, with 189 flats (39.7% of total
saleable units) been booked. Advances received from customers are
low and hence high implementation and funding related risks
persist. Additionally, the Covid-19 pandemic has impacted demand
during the first half of fiscal 2021; recovery during the second
half will be a key monitorable.

Substantial improvement in bookings and timely receipt of advances
will remain key rating sensitivity factors.

* Susceptibility to cyclicality in the real estate sector: The
domestic real estate sector is cyclical, has opaque transactions
and is intensely competitive because of many regional players.

Strengths:

* Extensive experience of the proprietor: The proprietor has
experience of over a decade in the real estate business. He is also
likely to extend funding support until completion of the project.

Liquidity Stretched

Liquidity is constrained by moderate customer advances until
November 2020 and large funding requirement because of pending
construction cost to be incurred. Any delay in sale of flats or
realisation of customer advances on account of impact of the
pandemic or due to a significant slowdown in the real estate sector
can adversely affect liquidity.

Outlook: Stable

CRISIL believes RC will continue to benefit from the extensive
experience of the proprietor.

Rating Sensitivity factors

Upward factors:

  * Higher-than-expected booking (40-45% in a year) along with
significant inflow of advances

  * Improvement in the capital structure

Downward factors:

  * Lower-than-expected bookings (less than 10%) and delay in
project implementation

  * Weakening in the financial risk profile

RC is a proprietorship firm formed by Mr Babu Mhehetre. The firm is
engaged in real estate development (residential and commercial).
Currently, it has ongoing project in Ravet, Pune.


ROYAL CASTOR: CRISIL Keeps FB+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Royal Castor Products
Limited (RCPL) continue to be 'CRISIL B+/FB+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Fixed Deposits     15       FB+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            20        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Export Packing         35        CRISIL A4 (ISSUER NOT
   Credit & Export                  COOPERATING)
   Bills Negotiation/
   Foreign Bill
   discounting            
                                    
   Standby Letter          3        CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with RCPL for obtaining
information through letters and emails dated December 7, 2020 and
December 12, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RCPL
continues to be 'CRISIL B+/FB+/Stable/CRISIL A4 Issuer not
cooperating'.

RCPL, incorporated in 1994, manufactures 37,500 MTPA of castor oil
derivatives at its facility in Siddhpur, Gujarat. It is promoted by
Mr Mohan Patel, Mr Natubhai Patel, and Standard and Greases &
Specialities Pvt Ltd.


SAI SHIPPING: CRISIL Hikes Rating on INR29cr Loans to B-
--------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sai
Shipping Company Private Limited (SSCPL) to 'CRISIL B-/Stable' from
'CRISIL D'.  The upgrade reflects the track record of timely
servicing of debt obligations for more than 90 days.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.5       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility    10.2       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan             16.3       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The ratings continue to reflect the susceptibility to cyclicality
in the shipping industry leading to volatile operating margins, and
an average financial risk profile. These weaknesses are partially
offset by improving scale of operations and extensive industry
experience of the promotors.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to cyclicality in the shipping industry leading to
volatile operating margins: The sea cargo industry is cyclical, and
is marked by volatile freight prices and a highly fragmented
structure. The company's revenue and profitability will remain
exposed to volatility in freight prices over the medium term.

* Average financial risk profile: Company has an average networth
of INR24.37 Cr as on 31st March, 2020 and it has eroded over the
past few fiscals due to PAT level losses. Company has a moderately
leveraged capital structure, with total outside liability/tangible
networth at 2.59 times and gearing of 0.56 times as on 31st March
2020. However the debt protections metrics is marked by interest
coverage ratio and net cash accruals/adjusted debt ratio of 4.64
times and 0.38 times as on 31st March 2020 as against 0.52 and 0.61
times on 31st March, 2019 and hence the sustenance of the same will
be a key monitorable.

Strengths:

* Improving scale of operations: Business risk is marked by growth
in revenues on a year-on-year basis of about 24%, supported by
higher number of voyages of steel and basmati rice and return trips
as well, additionally there has been an upward revision of freight
rates for the basmati rice cargoes in FY21 which will improve top
lines over the medium term. The company has also clocked in revenue
of INR59.31 Cr in FY20.

* Extensive industry experience of the promoters: The promoters
have an experience of four decades in the shipping industry. This
has helped the group to build a strong reputation at major ports in
India and abroad

Liquidity Stretched

Liquidity is stretched marked by weak current ratio of 0.58 times.
Cash accruals are expected at INR1.96 Cr and INR2.23 Cr for fiscals
2021 and 2022, respectively, against repayment obligation of INR2.7
Cr and INR5.05 Cr respectively. The repayments will be supported by
FDs of INR1.5 Cr and free cash and bank balances of INR80-85 lacs
and timely support from the management in form of unsecured loans.
Currently company has infused in INR4.52 Cr of unsecured loans in
the business, as on March 31, 2020. Liquidity is supported by
moderate bank limit utilizations of 68.9% for the last 12 months
ended November 2020. Working capital requirements are supported by
the stretch in creditor days from its group company. Company has
availed moratorium for the period March-August 2020 for its term
loan facilities.

Outlook: Stable

The promoters have an experience of four decades in the shipping
industry. This has helped the group to build a strong reputation at
major ports in India and abroad.

Rating Sensitivity factors

  * Sustained improvement in revenue by over 20% per fiscal, while
sustaining profitability levels of 10-12%, leading to higher than
expected net cash accruals.

  * Improvement in the working capital cycle

Downward factors

  * A sustained decline in revenue by 20% per fiscal with a steep
fall in profitability leading to lower than expected net cash
accruals.

  * Further stretch in working capital cycle or a large debt funded
capital expenditure leading to weakening of the financial risk
profile, especially liquidity

Company was established in 1977 and is engaged in the business of
shipping agency, chartering & freight forwarding and stevedoring
for bulk cargoes and also in the ship owning division. Company
operates from west coast India, Mundra, Kandla, Bombay, to ports in
the Middle East and Persian gulfs.


SHRIPROP DWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on the non-convertible debentures (NCDs) of
Shriprop Dwellers Private Limited (SDPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible      5.55        CRISIL D (Issuer Not
   Debentures-                      Cooperating)
   Series I LT          

   Non Convertible     70.20        CRISIL D (Issuer Not
   Debentures-                      Cooperating)
   Series III LT          

CRISIL has been following up with SDPL for getting information
through letter and emails, dated October 31, 2020, and November 30,
2020 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with SDPL's management, CRISIL
has not received any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on its credit
quality. The rating action on SDPL is consistent with 'Assessing
Information Adequacy Risk.'

Based on the last available information, the rating on the
non-convertible debentures (NCDs) of SDPL continue to be 'CRISIL D
Issuer Not Cooperating'.

SDPL, a special purpose vehicle incorporated in 2014, is engaged in
the real estate business, and holds units in the Shriram Summitt
project of Shriram Properties Pvt. Ltd (SPPL). SDPL funded the
purchase of these units through inter-corporate deposits (ICDs)
from Piramal Estate Pvt. Ltd. The ICDs were subsequently replaced
with NCDs from Piramal Estate Pvt. Ltd. The NCDs are to be serviced
from the proceeds of the sale of SDPL's share of units in Shriram
Summitt.

Incorporated in 1995, SPPL is part of the Shriram group, and has
projects in Bengaluru, Chennai, Visakhapatnam, Coimbatore,
Hyderabad, and Kolkata. It develops residential and commercial real
estate projects, especially integrated townships, commercial
spaces, and special economic zones.


SHRIRAM TRANSPORT: Fitch Gives BB(EXP) on New USD Sec. Notes
------------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Transport Finance
Company Limited's (STFC, BB/Negative) proposed US
dollar-denominated senior secured notes an expected rating of
'BB(EXP)'.

The proposed bonds will carry a fixed-rate coupon payable
semi-annually and will be secured by a fixed charge over specified
accounts receivable, in line with STFC's domestic secured bonds and
rupee-denominated senior secured bonds issued overseas. The
proposed notes are also subject to maintenance covenants that
require STFC to meet regulatory capital requirements at all times,
maintain a net stage 3 asset ratio equal to or less than 7%, and
ensure its security coverage ratio is equal to or greater than 1x
at all times.

The proposed notes will be issued in the international market by
the company under the Reserve Bank of India's external commercial
borrowings framework.

The proposed notes will be issued under STFC's USD3 billion global
medium term-note programme (affirmed at 'BB' on 21 September
2020).

KEY RATING DRIVERS

STFC's proposed bonds are rated at the same level as its Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB', in accordance
with Fitch's rating criteria.

Most of STFC's debt is secured and Fitch believes that non-payment
of the company's senior secured debt would best reflect uncured
failure of the entity. STFC can issue unsecured debt in the
overseas market, but such debt is likely to constitute a small
portion of its funding and thus cannot be viewed as its primary
financial obligation.

RATING SENSITIVITIES

The expected rating on the proposed bonds will move in tandem with
STFC's Long-Term Foreign-Currency IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

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.


SOUTHERN HOLDINGS: CRISIL Reaffirms B Rating on INR7.3cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Southern Holdings & Investments (Chennai)
Private Limited (SHI)

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.8        CRISIL B/Stable (Reaffirmed)

   Drop Line
   Overdraft
   Facility              7.3        CRISIL B/Stable (Reaffirmed)

   Proposed Long
   Term Bank
   Loan Facility         0.65       CRISIL B/Stable (Reaffirmed)

   Long Term Loan        0.75       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations and average financial risk profile. These weaknesses are
partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Since the commercial operations of
the hotel began in the third quarter of fiscal 2017, scale is
likely to remain small over the medium term. The company has
reported a topline of around INR8.3 crores in fiscal 2020. SHI also
faces intense competition from established players in the region.

* Average financial risk profile: The company has reported weak
capital structure marked by high gearing of around 2.9 times as at
31st March 2020. The debt protection metrics were moderate marked
by interest coverage and net cash accruals to total debt (NCATD) of
around 2.83 times and 0.34 times respectively in fiscal 2020.

Strength:

* Extensive experience of promoters: Industry experience of more
than a decade and entrepreneurial experience of over five decades
will help promoters support business risk profile. CRISIL believes
that the company will continue to derive the benefits from the
extensive experience of the promoters.   

Liquidity Stretched

The company has highly utilized the bank limits at around 88% in
the last thirteen months ending November 2020. The net cash
accruals are expected to be sufficient against no major repayment
obligations over the medium term. The need based funding support
from promoter's supports the liquidity profile over the medium
term. Further, the current ratio stood at around 0.13 times as at
31st March 2020. The company has availed the COVID moratorium
relief announced by Reserve Bank of India.

Outlook: Stable

CRISIL believes SHI will benefit over the medium term from the
favorable location of its hotel and extensive experience of
promoters.

Rating sensitivity Factor

Upward Factor

  * Improvement in the revenue to more than INR10 crores.

  * Improvement in the financial risk profile.

Downward Factor

  * Decline in the topline to less than INR4 crores.

  * Decline in the financial risk profile.

Set up 2011 by Mr. VA Kurien and family members, SHI operates a
48-room 4-star hotel, Key Select Hotel Aqua Green, in Port Blair
managed by Lemon Tree Hotels Limited.


SUMITRA DS: CRISIL Reaffirms B Rating on INR10cr Cash Credit
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Sumitra DS Motors Private Limited (SDSM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.2       CRISIL A4 (Reaffirmed)
   Cash Credit           10.0       CRISIL B/Stable (Reaffirmed)
   Term Loan              2.8       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect a small scale of operations with
geographic concentration in revenue, low bargaining power with the
key principal and a weak financial risk profile. These rating
weaknesses are partially offset by an established relationship with
the principal and the extensive experience the promoters in the
automobile dealership business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue was modest at INR97.73 crore
in fiscal 2020 due to intense competition. Moreover, revenue is
geographically concentrated as all the showrooms are in Uttar
Pradesh. Furthermore, the company is a dealer only for Maruti
Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+').

* Low bargaining power with the key principal: The company has
limited bargaining power with MSIL, which faces intense competition
from other automobile manufacturers.

* Weak financial risk profile: The gearing and total outside
liabilities to tangible networth ratio were high at 2.56 times and
2.7 times, respectively, owing to a small networth of INR9.28
crore, as on March 31, 2020, . The debt protection metrics were
weak: interest coverage and net cash accrual to adjusted debt
ratios were 1.48 times and 0.05 time, respectively, in fiscal
2020.

Strength:

* Extensive industry experience of the promoters and established
relationship with the principal: The promoters have an experience
of over a decade in the automobile dealership industry. Further,
the company has been associated with MSIL since 2005 and now has
four showrooms.

Liquidity Stretched

Net cash accrual is estimated at INR0.95-2.35 crore against debt
obligation of 0.95-2.15 crore, per fiscal over fiscals 2021 to
2023. Bank limit utilization was high at an average of 83.46%
during the 12 months through November 2020. The cash and bank
balance was INR2.15 crore, while the current ratio stood at 1.63
times, as on March 31, 2020. The company has not availed any
moratorium for debt repayment. However, it has availed covid
emergency lines of INR3 crore in July 2020.

Outlook: Stable

CRISIL believes SDSM will continue to benefit from the extensive
industry experience of the promoters.

Rating Sensitivity factors

Upward factors

  * Higher-than-expected volume growth and hence substantial
increase in revenue, along with improvement in the operating
margin, leading to cash accrual of over INR2.5 crore per fiscal

  * Improvement in the financial risk profile

Downward factors

  * A stretch in the working capital cycle, leading to higher bank
limit utilisation

  * Large, debt-funded capital expenditure, leading to a gearing of
above 4 times

SDSM was incorporated in 2005, promoted by Mr Jagjit Singh and his
brothers. The company is an authorized dealer for MSIL automobiles.
It now operates four showrooms, in Shahjahanpur and Lakhimpur in
Uttar Pradesh.


SUNDARLAM INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sundarlam
Industries (SI) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              2.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SI for obtaining
information through letters and emails dated December 7, 2020 and
December 12, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SI is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SI to 'CRISIL
B+/Stable Issuer not cooperating'.

SI was established in 1985, it is located in Bangalore. SI is owned
and managed by Mr. Soundrarajan Sundaram. SI manufactures and
exports polylam extrusion lamination machine.




===============
M A L A Y S I A
===============

MALAYSIA AIRLINES: Nears End of Restructuring, Parent Company Says
------------------------------------------------------------------
Reuters reports that Malaysia Aviation Group (MAG), parent company
of national carrier Malaysia Airlines, is nearing the end of a
restructuring exercise which it hopes to complete in the first
quarter this year, it said in a statement on Jan. 7.

Reuters relates that the aviation group said it is exploring a U.K.
Scheme of Arrangement for the restructuring exercise, pending
confirmation from remaining small minority creditors.

MAG, which has been in discussions with creditors for months,
warned leasing companies in October that state fund and sole
shareholder Khazanah Nasional will stop funding the group and force
it into a winding down process if restructuring talks with lessors
fall through, Reuters relays.

Sources had told Reuters that the group is negotiating discounts
with lessors via a restructuring plan it is seeking to implement
through a UK court process.

"Good progress has been achieved with full support by a large
majority of its creditors for a consensual agreement," MAG said.

According to Reuters, the group said it is confident of a win-win
situation with all creditors and looks forward to execute its
revised long-term business plan.

After the government said it would not provide financial relief or
debt guarantees, MAG sought financial aid from Khazanah in
November, which said any funding will depend on the outcome of
MAG's discussions with creditors and lessors, Reuters notes.

                      About Malaysia Airlines

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

As reported in the Troubled Company Reporter-Asia Pacific on March
19, 2020, The Malaysian Reserve said that Malaysia Airlines Bhd
(MAB) is at risk of bankruptcy and staff are encouraged to take the
voluntary unpaid leave programme, said the group CFO Boo Hui Yee in
an internal memo addressed to the airline's 13,000 staff.

Khazanah is the sole shareholder of MAB after taking the airline
private in 2014. The sovereign wealth fund injected MYR6 billion
into the airline to keep it afloat.

From its delisting from Bursa Malaysia from 2015 to 2017, MAB had
registered a loss of MYR2.3 billion due to the ringgit's weakness
and higher jet fuel costs.

According to Reuters, the Malaysian government has been seeking a
strategic partner for its national airline, which has struggled to
recover from two tragedies - the mysterious disappearance of flight
MH370 and the shooting down of flight MH17 over eastern Ukraine.




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

EAGLE HOSPITALITY: Three Independent Directors Step Down
--------------------------------------------------------
Rachel Mui at The Business Times reports that three independent
directors from Eagle Hospitality Trust (EHT) - Tarun Kataria, Lau
Chun Wah and Kelvin Tan - who were among those previously arrested
and released on bail, have resigned from the firm's board.

In October last year, EHT announced that six of its former and
current Singapore-based directors had been arrested on "reasonable
suspicion" that disclosure requirements may have been breached, BT
recalls. The other directors are Salvatore G Takoushian, Carl
Gabriel Florian Stubbe and Ng Kheng Choo.

Some of them currently sit on, or were on the boards of other
locally listed companies besides EHT's, the report says.

EHT is a stapled trust comprising Eagle Hospitality Real Estate
Investment Trust (EH-Reit) and the currently dormant Eagle
Hospitality Business Trust, while DBS Trustee is the trustee of
EH-Reit.

In a bourse filing on Jan. 7, DBS Trustee noted that Mr. Kataria,
62, had resigned with effect from Dec. 31, 2020 to "pursue personal
interests," BT relays. He was also a member of the audit and risk
committee, nominating and remuneration committee and special
committee.

Among other companies, Mr. Kataria also sits on the board of
Mapletree Logistics Trust Management.

Meanwhile, Mr. Lau has resigned with effect from Jan. 5, 2021 to
"pursue other personal commitments", DBS Trustee said.

Mr. Lau, 66, is also chairman of EHT's nominating and remuneration
committee and special committee, as well as a member of the audit
and risk committee.

In addition, Mr. Tan, 56, is leaving to "explore other
opportunities", according to DBS Trustee. The effective date of
this cessation is Jan. 8, 2021, BT discloses.

All three directors were appointed to their positions in April
2019, BT notes.

Taken together, their resignations leave EHT's audit committee
without the requisite minimum of three members as stipulated in the
Companies Act and Catalist rules, the report states.

Over the past 12 months, there have been seven cessations of
appointments related to key personnel in the company, a regulatory
filing on Jan. 7 showed, says BT.

                      About Eagle Hospitality

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.

As reported in the Troubled Company Reporter-Asia Pacific in August
2020, independent auditors KPMG have issued a disclaimer of opinion
in respect of the financial statements of EHT, which released the
independent auditors' report on Aug. 28.  The auditors had been
tasked to audit the financial statements of EH-BT, EH-Reit and its
subsidiaries, and of EHT. The audit covered their respective
financial positions as at Dec. 31, 2019, and their fund movements
from April 11 till that date.  In the report dated Aug. 14, 2020,
the auditors said that they "have not been able to obtain
sufficient appropriate audit evidence to provide a basis for an
audit opinion on these financial statements". And thus, the
auditors do not express an opinion on the accompanying financial
statements of EH-BT and consolidated financial statements of
EH-Reit Group and EHT.




=============
V I E T N A M
=============

SOUTHERN POWER: Fitch Assigns BB LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has assigned Vietnam-based Southern Power Corporation
(EVNSPC) a Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'BB' with a Stable Outlook.

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

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

KEY RATING DRIVERS

EVNSPC's Integration with EVN: EVN determines EVNSPC's profits
through a bulk-supply tariff setting mechanism. This bulk-supply
tariff aims to cover EVNSPC's costs and earn profits that allow the
company to maintain operations and meet investment plans. EVN also
appoints EVNSPC's key management, approves its business and
investment plan, oversees the subsidiary's financial management,
and approves key executives' compensation packages. Around 10% of
EVNSPC's total borrowings at end-2019 were guaranteed by EVN.

Market Position Supports SCP: EVNSPC's SCP is assessed at the same
level as EVN's - given the high influence the parent has on the
subsidiary's business plans, profitability and financial profile,
although Fitch believes EVNSPC's financial profile is stronger than
commensurate for its credit assessment.

EVNSPC's SCP is supported by its dominant market position in
electricity distribution in the southern region of Vietnam
(excluding Ho Chi Minh City), its diversified counterparties and
low receivables. EVNSPC's SCP is constrained by the regulatory
framework's short history and political risks, and the short period
of six months for which tariffs are set in the framework.

Diversified Counterparties, Low Receivables Risk: EVNSPC's credit
profile benefits from its stable and diversified customer base with
the top 20 customers accounting for around 13% of its total
revenue. Lower counterparty risk is also reflected in EVNSPC's high
collection rates of well above 99% and low receivable days of less
than 3 days.

Minimal Covid-19 Impact: EVNSPC's electricity sales volume
increased by around 3% yoy in the first nine months of 2020,
benefitting from Vietnam's resilient economy and relative success
in containing the coronavirus outbreak. Nevertheless, power demand
growth has slowed from average growth of around 10% per year in
past four years, due to the pandemic.

Restrictions on Tariff Increases: EVN can raise retail electricity
tariffs every six months, in line with rising production costs,
under the regulatory framework introduced in August 2017. Automatic
adjustments are limited to 5%. Price increases of 5%-10% require
approval from the Ministry of Industry and Trade, and larger
increases need the prime minister's approval. Fitch expects delays
in implementing tariff hikes in general and amid current economic
weakness, when affected businesses and individuals may strongly
oppose any tariff increases.

Low ROE: EVN sets the major cost of electricity purchase, i.e. the
bulk-supply tariff for distribution companies, including for
EVNSPC, with the aim of providing a modest level of profit.
Historical return on equity (ROE) for EVNSPC has been around 1% and
Fitch expects it to remain around similar levels.

High Capex Forecast: Fitch expects EVNSPC's capex to remain high at
around VND5 trillion a year for next three to four years (2019:
VND6.0 trillion). EVNSPC's capex is mainly for enhancing the
distribution grid and building substations and transmission lines
to improve the power-supply capacity. Fitch estimates EVNSPC's FFO
net leverage will rise slightly to 1.7x in 2020 (2019: 1.3x) and
stay at below 2x over the next three to four years

EVN's Strong State Linkages: Fitch sees EVN's status, ownership and
control by the Vietnam sovereign as 'Very Strong'. The state fully
owns EVN, appoints its board and senior management, directs
investments and approves tariff hikes in excess of 5%.

The record of state support for EVN is assessed as 'Strong'. The
state has provided guarantees, step-down loans, loans from
state-owned banks at preferential rates, subsidies for
strategically important projects and tax incentives among others.
Fitch expects support to be available if needed, even though the
government intends to cut direct support for state-owned
enterprises and contain sovereign debt levels.

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

DERIVATION SUMMARY

EVNSPC's rating is based on the consolidated profile of its parent,
EVN. The linkages between the two are assessed as strong under
Fitch's Parent and Subsidiary Linkage Rating Criteria, because EVN
fully owns EVNSPC and has extensive influence over EVNSPC's
business plans, profitability and financial profile. EVN is the
state-owned utility that has a monopoly over electricity
transmission and distribution in Vietnam. It also owns and operates
the majority of the country's installed power-generation capacity.
EVN's distribution businesses are highly strategic and are operated
through EVNSPC and four other wholly owned subsidiaries.

Hanoi Power Corporation's (EVNHANOI, BB/Stable) and Ho Chi Minh
City Power Corporation's (EVNHCMC, BB/Stable) ratings are also
driven by the consolidated credit profile of their parent, EVN, in
accordance with Fitch's Parent and Subsidiary Linkage Rating
Criteria. EVN has strong linkages with and extensive influence over
the business and financial profiles of EVNHANOI and EVNHCMC via its
100% ownership of them.

PT Perusahaan Gas Negara Tbk's (PGN; BBB-/Stable) ratings are
notched down from that of its parent, PT Pertamina (Persero) (BBB/
Stable). While there are strong linkages between them, as assessed
under Fitch's Parent and Subsidiary Linkage Rating Criteria, PGN
plays a more modest role in Pertamina's upstream and downstream
businesses than the Vietnamese subsidiaries have in EVN's
businesses.

KEY ASSUMPTIONS

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

-- EVNSPC's electricity demand to grow by 3.2% in 2020, lower
    than the average of around 10% in the last four years due to
    pandemic impact. Demand growth to remain low at 4% in 2021

-- Average retail tariffs and bulk supply tariff to dip by around
    1% in 2020; followed by marginal recovery in 2021 and flat
    thereafter

-- Distribution losses to improve to 4.3% by 2022 (2019: 4.5%)

-- Capex to remain high around VND5 trillion per annum for the
    next three to four years (2019: VND6.0 trillion).

-- Blended interest rate of 4.2% over 2020-2023, in line with
    2019

-- No dividend pay-out

RATING SENSITIVITIES

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

-- Positive rating action on EVN

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

-- Negative rating action on EVN

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

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

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

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

-- Negative rating action on the sovereign

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: EVNSPC had VND4.4 trillion of cash and cash
equivalents at end-2019, exceeding current debt maturities of
VND0.9 trillion. Fitch expects the company to generate neutral to
positive free cash flow in the near to medium term. Also, Fitch
does not expect liquidity to be a significant risk for the company
as it has direct and indirect linkages to EVN and the state,
respectively.

ESG CONSIDERATIONS

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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