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

                     A S I A   P A C I F I C

          Thursday, January 14, 2021, Vol. 24, No. 5

                           Headlines



A U S T R A L I A

ACDC HOLDINGS: First Creditors' Meeting Set for Jan. 21
ISHARE INCUBATOR: Second Creditors' Meeting Set for Jan. 27
POST PLUS: First Creditors' Meeting Set for Jan. 21


C H I N A

BRILLIANCE AUTO: Shanghai Exchange Penalizes Firm for Bond Breach
CAR INC: S&P Hikes ICR to 'CCC+' on Convertible Bond Issuance
CHINA BOHAI: Moody's Assigns First Time Ba3 BCA, Outlook Stable
GUANGZHOU FINELAND: Moody's Rates New Unsecured USD Notes 'B3'
LANDSEA GREEN: Fitch Affirms 'B' LongTerm Foreign Currency IDR



H O N G   K O N G

GOLDIN FINANCIAL: Property Tycoon Fending Off Debt Collectors


I N D I A

AMBEY TRADERS: CARE Lowers Rating on INR11.50cr LT Loan to B+
ANKITA IMPEX: CARE Lowers Rating on INR0.52cr LT Loan to B-
ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating
BAHRA EDUCATIONAL: CARE Reaffirms D Rating on INR25cr LT Loans
DEWAN HOUSING: FD Holders May Vote Against Distribution Mechanism

EMCOR PACKAGING: Insolvency Resolution Process Case Summary
FIROZE FABRICATORS: Ind-Ra Affirms 'B+' LongTerm Issuer Rating
GMR BAJOLI: CARE Reaffirms D Rating on INR1,380cr LT Loan
GUPTA BUILDERS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
GUPTA FOODS: CARE Keeps B- on INR9.cr Debt in Non-Cooperating

ISHWAR CABLES: CARE Moves D Debt Ratings to Not Cooperating
ISHWAR METAL: CARE Moves D Debt Ratings to Not Cooperating
J S SPINTEX: CARE Lowers Rating on INR16.74cr LT Loan to B
JAMMU MOTORS: CARE Lowers Rating on INR8.30cr LT Loan to B
K.S. INFRA: CARE Moves D Ratings on INR10cr Loans to NonCooperating

KUNA IMPEX: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
MBE COAL: CARE Reaffirms D Rating on INR18.25cr LT Loan
NARAYANI LAMINATES: CARE Lowers Rating on INR11.82cr LT Loan to B-
NUTECH JETTING: CARE Lowers Rating on INR14.80cr LT Loan to B-
PAGAN PAINTS: CARE Lowers Rating on INR3.50cr LT Loan to B-

R.S. FOODS: CARE Lowers Rating on INR8cr LT Loan to B-
RAYAT & BAHRA: CARE Reaffirms D Rating on INR77.47cr Loans
RAYAT EDUCATIONAL: CARE Reaffirms D Rating on INR33.36cr Loan
RR COTTONS: Ind-Ra Cuts LT Issuer Rating to 'B', Outlook Stable
RUKMINI SILK: CARE Withdraws B+ Rating on Bank Debts

SATGURU AGRO: CARE Keeps B- on INR20.5cr Debt in Not Cooperating
SHIVAAY INT'L: CARE Moves B+ Rating to Not Cooperating
SHRADDHA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
SHUBHLAXMI DAL: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
SUNRISE TIMPLY: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating

VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
VIBRANT FAB: Insolvency Resolution Process Case Summary
VODAFONE IDEA: CARE Puts B+ Debt Ratings on Watch Negative


J A P A N

[*] JAPAN: Hotel Bankruptcies Jumped 57.3% in 2020


S I N G A P O R E

CHIP ENG: Warns of FY2020 Loss Due to Adverse Covid-19 Impact
EZION HOLDINGS: Court to Hear Wind-Up Bid Against Units on Jan. 28
INTERNATIONAL ENERGY: Foo Kon Tan Appointed as Liquidators


S R I   L A N K A

SRILANKAN AIRLINES: Fitch Rates USD175MM Unsec. Bonds 'CCC'

                           - - - - -


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

ACDC HOLDINGS: First Creditors' Meeting Set for Jan. 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of ACDC
Holdings (Aust) Pty Ltd, trading as Plantation Coffee, will be held
on Jan. 21, 2021, at 11:00 a.m. via BPS Teleconference facilities.

David Anthony Hurst of BPS Recovery was appointed as administrator
of ACDC Holdings on Jan. 11, 2021.



ISHARE INCUBATOR: Second Creditors' Meeting Set for Jan. 27
-----------------------------------------------------------
A second meeting of creditors in the proceedings of IShare
Incubator Pty Ltd has been set for Jan. 27, 2021, at 11:00 a.m. at
the offices of SM Solvency Accountants, 10/144 Edward Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 26, 2021, at 5:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of IShare Incubator on
Dec. 16, 2020.


POST PLUS: First Creditors' Meeting Set for Jan. 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of Post Plus
Aus Pty Ltd will be held on Jan. 21, 2021, at 11:00 a.m. at the
offices of BPS Reconstruction and Recovery, Level 5, Suite 6, 350
Collins Street, in Melbourne.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of Post Plus on Jan. 11, 2021.




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

BRILLIANCE AUTO: Shanghai Exchange Penalizes Firm for Bond Breach
-----------------------------------------------------------------
Caixin Global reports that the Shanghai Stock Exchange on Jan. 12
issued a disciplinary penalty to Brilliance Auto Group Holdings Co.
Ltd., parent of BMW AG's main Chinese joint-venture partner,
condemning the company, its chairman and the executive in charge of
information disclosure.

Without disclosing the nature of the penalties, the exchange said
the company violated the exchange's bond listing rules, bond
transfer rules and credit risk management guidelines, Caixin says.
It also violated a public commitment made in its bond offering
prospectus and harmed the interests of bondholders.

Caixin relates that the penalty is related to Brilliance Auto's
stake transfer between subsidiaries. In June and September,
Brilliance Auto transferred some equity in its core subsidiaries
into two newly established units, but it failed to fully disclose
part of the transfer.

Brilliance Auto Group Holdings Co., Ltd., manufactures automobiles.
The Company produces passenger cars, commercial cars, and more.
Brilliance Auto Group Holdings also sells spare parts.


CAR INC: S&P Hikes ICR to 'CCC+' on Convertible Bond Issuance
-------------------------------------------------------------
S&P Global Ratings, on Jan. 13, 2021, raised its long-term issuer
credit rating on China-based CAR Inc. and the long-term issue
rating on the company's senior unsecured notes to 'CCC+' from
'CCC'.

CAR Inc.'s refinancing gap should significantly narrow in 2021
following the completion of the company's US$175 million
convertible bond issuance to MBK Partners Special Situations I L.P.
The issuance of convertible bonds replenishes CAR's liquidity
meaningfully.

S&P said, "We estimate CAR will have about Chinese renminbi (RMB)
3.3 billion–RMB3.7 billion of cash on hand after the convertible
bond issuance. This amount should be sufficient to repay the
company's US$300 million (about RMB2 billion) notes due Feb. 11,
2021 and the RMB750 million dim sum bonds due April 4, 2021.

"We expect the convertible bond issuance to be completed by about
Jan. 15, 2021. The deal was initiated following shareholder
approval on Jan. 6. The five-year bonds carry a 5% annual coupon
and has a conversion price of HK$4. The conversion period starts
after one year of the issuance. If MBK fully converts the bonds,
its stake in CAR will increase by 13.77%.

"We see signs of stabilizing banking relationships, while MBK's VGO
is a major swing factor.We believe CAR's relationships with banks
have started to stabilize after MBK acquired a 20.86% stake in the
company from UCAR Inc. in December 2020, as seen in limited
accelerated repayments. However, CAR is still working to fully
restore its bank funding channels to obtain new credit lines. The
banks are likely to wait for the finalization of CAR's shareholder
structure following MBK's VGO, before offering new lending
facilities.

"We estimate CAR's debt decreased significantly to RMB6.2
billion-RMB6.7 billion as of end-2020, from about RMB14 billion as
of end-2019. The company's debt is now composed of RMB2.7 billion
of bullet maturities each due February and April 2021, US$372
million (approximately RMB2.5 billion) senior unsecured notes due
May 2022, and RMB1.0 billion-RMB1.5 billion of bank loans that are
mostly short-term.

"New funding will be required for fleet normalization. In our view,
CAR needs additional capital to replenish and renew its car fleet
to normalize its car rental operations. The company's fleet size
shrunk by an estimated 30,000 vehicles in 2020 and its
Borgward-branded cars now account for more than the 30% that was
stated by the company in early 2020. Most of the cars sold in the
past few quarters were not Borgward-branded cars. We see fleet
diversity as important to better cater to consumer demand. The
company's Borgward vehicles are also at risk of further write-offs
or rising depreciation costs given that the car manufacturer's
production remains shut.

"The positive outlook reflects our view that CAR's funding access
could improve as banks re-evaluate the company's creditworthiness
after the finalization of MBK's preconditional VGO.

"We could raise the ratings if CAR regains funding access through
better relationships with banks or improved access to capital
markets, such that the company can service its debt, including the
US$372 million notes due May 2022.

"We could lower the ratings if CAR's refinancing capability does
not improve over the next six months, such that the company does
not have the capacity to service its US$372 million notes due May
2022. This may happen if the company fails to restore its
relationships with banks or access to capital markets."


CHINA BOHAI: Moody's Assigns First Time Ba3 BCA, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned Baa3 long-term and Prime-3
short-term local currency and foreign currency deposit ratings to
China Bohai Bank Co., Ltd.

Moody's has also assigned a Baseline Credit Assessment of ba3 and
adjusted BCA of ba3, long-term and short-term Counterparty Risk
Assessments (CR Assessments) of Baa3(cr) and Prime-3(cr); and
long-term and short-term Counterparty Risk Ratings of Baa3 and
Prime-3.

The ratings outlook is stable.

This is the first time that Moody's has assigned ratings to China
Bohai Bank.

RATINGS RATIONALE

China Bohai Bank's Baa3 long-term deposit rating incorporates its
standalone BCA of ba3, and a three-notch uplift based on Moody's
assessment of a very high level of support from the Government of
China (A1 stable) in times of need.

Headquartered in Tianjin, China Bohai Bank was established in
December 2005 and is one of 12 joint-stock commercial banks in
China, a group of banks with nationwide presence. China Bohai Bank
maintains a presence across 23 provinces, autonomous regions and
municipalities in China.

China Bohai Bank's BCA of ba3 reflects its moderate and improving
capitalization and the challenges that the bank faces in its asset
quality and liquidity.

Moody's expects China Bohai Bank will be able to maintain its
Common Equity Tier 1 (CET-1) ratio above 8.0% for the next 12 to 18
months as it slows down its loan growth and continues its internal
capital generation. China Bohai Bank has strengthened its
capitalization through capital raising of HKD15.9 billion from its
initial public offering on the Hong Kong Stock Exchange in July
2020. Prior to the IPO, the bank's reported CET-1 ratio was
relatively low and was at 7.85% at the end of June 2020 due to
rapid loan growth.

Moody's expects the bank's profitability will be challenged given
that the asset quality will remain pressured by the uneven recovery
in China's economy. The bank's reported return on average assets
improved to 0.85% in the first half of 2020 on an annualized basis
from 0.76% in 2019, benefiting from interest income growth.

China Bohai Bank has higher exposure to online consumer loans and
real estate sector loans relative to peers. Given recent stricter
scrutiny on these loans, Moody's expect that China Bohai Bank would
have to reduce its exposure to these loans which may lead to
negative pressure on its profitability and asset quality during the
transition.

The bank will be exposed to unseasoned risks from rapid loan growth
in previous years. China Bohai Bank's non-performing loan and
special-mention loan ratios registered 1.78% and 2.97%,
respectively, at the end of June 2020, flat with 1.78% and 2.93% at
the end of 2019. The NPL ratios have been relatively stable but
have been slightly higher than the other JSCBs.

Market funds form an important part of China Bohai Bank's funding,
which indicates relatively weak liquidity. In addition, the bank's
dependence on wholesale funding and the gap between its market
funding and liquid assets could pressure its liquidity management
in times of market turbulence.

The assignment of new ratings to China Bohai Bank also takes into
account its governance as part of Moody's environmental, social and
governance considerations. Moody's does not have particular
governance concerns for China Bohai Bank, and does not apply
corporate behavior adjustment to the bank's ratings. The bank has
set a comprehensive corporate governance framework. Since
establishment, the board of directors consists of directors
appointed by both its state-owned shareholders, including China
COSCO Shipping Corporation Limited, China Baowu Steel Group
Corporation Limited (A3 stable) and State Development & Investment
Corp., Ltd. (A2 stable), and foreign shareholder, Standard
Chartered Bank (Hong Kong) Limited (deposits A1, BCA a3).

Moody's assessment of a very high level of government support for
China Bohai Bank is underpinned by (1) the bank's status as the
only national JSCB incorporated in Tianjin; (2) its strong
government ownership, as reflected in its 50.44% stake held by
various central state-owned and Tianjin government-owned entities;
(3) it being regulated by the China Banking and Insurance
Regulatory Commission at the national level as a JSCB, despite its
moderate market share. In addition, China Bohai Bank, as Tianjin's
largest state-owned financial institution, is a flagship company
under the government's plan to further develop and strengthen
Tianjin's financial services industry, which signifies its systemic
importance. Moody's also expects China Bohai Bank to be designated
as a domestic systemically important bank given its size and
interconnectedness with the Chinese economy.

China Bohai Bank's ba3 Adjusted BCA does not incorporate any
affiliate support.

China Bohai Bank's rating is based on China's Moderate+ Banking
System Macro Profile. China does not have an operational resolution
regime. Therefore, Moody's applies a basic Loss Given Failure
approach in rating China Bohai Bank and assumes a very high level
of support from the Chinese government in times of need. The
Preliminary Rating Assessment on China Bohai Bank's deposits is at
the same level as the bank's adjusted BCA. As a result, the
counterparty risk ratings and counterparty risk assessments both
incorporate a three-notch rating uplift.

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

There could be upward pressure on China Bohai Bank's deposit rating
should the Chinese government's capability, as reflected in the
Chinese government's senior unsecured rating, to support the bank
strengthens, or its BCA is upgraded. The bank's BCA could be
upgraded if its reliance on market funds declines, with the ratio
of market funds / tangible banking assets consistently lower than
liquid banking assets / tangible banking assets; capitalization
further improves, with CET-1 ratio consistently higher than 10.0%;
or its profitability improves, with return on average assets
consistently higher than 0.9%.

Moody's could downgrade China Bohai Bank's ratings if its operating
environment weakens materially, for example if China's economic
recovery is worse than expected; the state-owned shareholding
declines materially; its importance in Tianjin's financial sector
declines; or its BCA is downgraded.

China Bohai Bank's BCA could be downgraded if its asset quality
weakens significantly, with NPL ratio consistently above 3.0%; its
liquidity position weakens significantly, with the ratio of market
funds / tangible banking assets consistently higher than liquid
banking assets / tangible banking assets.

PRINCIPAL METHODOLOGY

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


GUANGZHOU FINELAND: Moody's Rates New Unsecured USD Notes 'B3'
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Guangzhou
Fineland Real Estate Development Co., Ltd.'s (Fineland, B2 stable)
proposed senior unsecured USD notes.

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

RATINGS RATIONALE

"Fineland's B2 corporate family rating reflects the company's (1)
long operating history and established brand in its core market of
Guangdong province, where there is good demand for residential
properties, (2) adequate liquidity to cover near-term refinancing
needs, and (3) ability to foster relationships with domestic banks
to support its property development business," says Danny Chan, a
Moody's Assistant Vice President and Analyst.

"However, the company's credit profile is constrained by its (1)
small scale, (2) geographic concentration in Guangdong province and
high exposure to lower-tier cities, and (3) modest credit metrics
and ongoing funding needs to support its business growth over the
next 1-2 years," adds Chan.

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

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

Meanwhile, Fineland's EBIT/interest will stay around 2.0x in the
next 12-18 months, similar to the 2.0x it recorded for the 12
months ended June 2020, because of a decline in its gross margin.
Moody's expects Fineland's gross margin will fall slightly to
around 31% in the next 1-2 years from 34% for the 12 months ended
June 2020, due to the regulatory cap on property sale prices and
higher land costs in some of its major markets.

Nevertheless, Fineland's gross margin remains robust relative to
its single-B rated Chinese property peers, thanks to contributions
from its high-margin urban redevelopment projects. Growing
contribution from these projects and robust housing demand in
Fineland's core markets in Guangdong province will also support the
company's contracted sales growth in the next 12-18 months.

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

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

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

In terms of environmental, social and governance factors, Moody's
has considered Fineland's private company status, which means that
its information disclosure and corporate governance are less
transparent than that of listed property developers.

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

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

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

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

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

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

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

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

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


LANDSEA GREEN: Fitch Affirms 'B' LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Landsea Green Properties Co., Ltd.'s
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'. The
Outlook is Stable. Fitch has also affirmed Landsea's senior
unsecured rating and the rating on the outstanding US dollar senior
notes at 'B' with a Recovery Rating of 'RR4'.

Fitch uses the consolidated financials of Landsea Group Co. Ltd,
which holds a 50.1% equity interest in Landsea. Fitch regards the
linkage between the two entities to be strong, due to senior
management overlap, parental control over Landsea's board, and
historical intragroup asset transfers, in line with its Parent and
Subsidiary Linkage Rating Criteria.

The affirmation reflects Landsea's moderate leverage and quality
land bank in China and the US, which supports a moderate scale of
attributable sales of around CNY15 billion. However, the ratings
are constrained by Landsea's limited scale and short land bank life
of around 1.5 years, which is the shortest among Fitch-rated peers.
The small land bank may hamper the company's sales growth and
business sustainability, in Fitch's view.

KEY RATING DRIVERS

Rising but Manageable Leverage: Landsea Group's leverage, as
measured by proportionately consolidated net debt to adjusted
inventory, jumped to 40%-45% by end-2019 and 1H20, from 4.2% at
end-2018, due mainly to large investment in joint ventures (JVs)
and the group's non-development property (non-DP) business, and
slower cash collection (2019: 82%; 2018: 90%). Net investment in
JVs as a percentage of adjusted inventory rose to 42% in 2019 from
20% in 2018.

Fitch expects DP leverage to be maintained at around 40%-45% in the
next one to three years, given the company's pressure to replenish
land - albeit in a controlled manner - to keep the current sales
scale. Annual land premium would represent 40% of sales proceeds in
the next 1-3 years, in Fitch’s estimate.

Small Land Bank: Fitch views Landsea's short land bank life as a
credit constraint because the company may have to replenish land
constantly to support the current sales scale and sustain the
business, even if market conditions are not favourable. Landsea
Group had 1.4 million sq m in land bank at end-1H20 evenly
distributed in the US and China, but could only support 1.5 years
of sales in both markets. Landsea intends to keep a short land bank
life of 1.5-two years in China under its asset-light strategy,
while gradually extending its US land bank to above two years.

Resilient Sales: Fitch estimates Landsea Group achieved CNY15
billion in attributable sales in 2020 on flattish sales in China
but a strong performance in the US, where housing markets were
boosted by low mortgage rates and migration from urban to suburban
locations during the pandemic. Landsea's repositioning to suburban
areas and entry-level products in 2019 placed it favourably to
cater to such strong demand in the US, where it achieved CNY6.3
billion in attributable sales in 11M20, or more than 80% above the
2019 level.

Fitch estimates that Landsea's sales in China remained flattish at
CNY9 billion in 2020, underpinned by the solid Yangtze River Delta
(YRD) and Chengdu-Chongqing area housing markets where the company
has most exposure. However, limited saleable resources constrained
sales growth. Landsea's land bank in China is mainly in core Tier
2-3 cities in Chengdu-Chonqing and YRD. These two areas represented
49% and 42%, respectively, of the land bank at end-1H20 and
contributed 70% and 25% of attributable sales.

Thinner Margin: Fitch expects Landsea Group's EBITDA margin,
excluding capitalised interest from cost of sales, to remain low at
15%-18% in 2020-2023. This is due to rising revenue contribution
from lower-margin US sales (gross profit margin at 13%-17%) and
squeezed profitability amid fierce competition in the Chinese
property businesses, especially as the company is under pressure to
acquire land at market prices due to a small land bank. Fitch
estimates Landsea's Chinese property development businesses to have
a gross margin of 20%-22% in 2020-2023, against above 30%
historically.

Growing Non-DP Businesses: Fitch expects Landsea Group's
non-development EBITDAR net interest coverage to rise to 1.0x-1.2x
in the next three years from 0.8x in 2019, but will be below 1.5x -
the threshold beyond which Fitch regards as a solid credit support.
Fitch estimates Landsea's non-DP business, including project
management, investment properties, long-term rental apartments and
senior living, to generate above CNY1 billion in EBITDAR a year
from 2021.

The asset-light project management segment is the major revenue and
profit contributor. Fitch estimates the segment will book more than
CNY1.5 billion in revenue from 2021 while maintaining a high margin
of around 60%. The long-term rental apartment and senior living
businesses (held by Landsea Group) is not-profitable but management
expects the business to break-even from 2021 onwards.

Strong Parent-Subsidiary Linkage: Fitch assesses the overall
linkage between Landsea and Landsea Group as strong, reflecting
'Weak' legal ties and 'Strong' operational ties. Landsea Group has
control over Landsea's board and there is some overlap in their
senior management teams. Some asset sales between the two companies
have occurred in the past, and Landsea Group has provided
shareholder loans to Landsea, accounting for 12% of Landsea's total
borrowings at end-1H20 (before 2018: around 20% and above). They
also share the same domestic bank credit lines.

DERIVATION SUMMARY

Landsea has a shorter land bank life than 'B' rated peers. Land
bank replenishment may increase group-consolidated leverage to
around 45% in Fitch’s 2021-2023 forecast period, or the mid-range
of Fitch 'B' rated peers, such as China South City Holdings Limited
(B/Stable) and Modern Land (China) Co., Limited (B/Stable), and
higher than Hopson Development Holdings Limited's (B+/Stable)
around 40%. Landsea's quality land bank in China and
diversification in the US will help the company sustain its
contracted sales scale of above CNY15 billion.

The adoption of an asset-light strategy and the monetising of its
experience in green-technology homes differentiate Landsea from
traditional homebuilders. Fitch estimates non-development EBITDAR
from project-management services, investment properties, long-term
rentals and senior-living businesses to be around 1x of Landsea's
net cash interest and rental expenses in the next one to two years,
exceeding that of most of 'B' rated peers, although not reaching a
meaningful level to support the rating.

KEY ASSUMPTIONS

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

-- Annual attributable contracted sales of CNY15 billion-17
    billion during 2020-2022;

-- Land acquisition expenditure to account for 35%-40% of sales
    proceeds during 2020-2022;

-- Construction expenditure to account for 50%-55% of sales
    proceeds during 2020-2022;

-- Cash collection rate at 80%-90% a year during 2020-2022.

Key Recovery Rating Assumptions:

-- The recovery analysis assumes that Landsea would be
    reorganised as liquidated in 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 sale or
    liquidation processes conducted during a bankruptcy or
    insolvency proceeding and distributed to creditors;

-- An advance rate of 70% is applied to onshore adjusted
    inventory and offshore inventory, as Landsea's EBITDA margin
    in China is at 20%-25%, and its US products have a gross
    profit margin of above 10%;

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

-- An advance rate of 55% is applied to investment properties,
    which generates rental yield of around 4%;

-- A standard advance rate of 70% applied to accounts
    receivables;

-- An advance rate of 60% is applied to excess onshore cash (ie
    unrestricted cash - minimum cash amounting to three months of
    contracted sales);

-- An advance rate of 100% applied to restricted cash;

-- Fitch assumes the remainder of onshore liquidation value,
    together with offshore liquidation value, would be distributed
    to offshore creditors;

-- The allocation of value in the liability waterfall results in
    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

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

(Note: all financial metrics are based on Landsea Group's
consolidated number)

-- Net debt/adjusted inventory sustained below 40% (2019: 41.7%;
    end-1H20: 44.2%);

-- Non-development EBITDAR/(net interest + rent) sustained above
    1.5x (2019: 0.8x);

-- Maintaining scale and land bank life in line with higher rated
    peers;

-- Landsea Group's shareholding in Landsea significantly
    decreases, while Landsea's sustained improvement in its
    financial profile justifies a higher rating.

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

-- Net debt/adjusted inventory above 55% for a sustained period;

-- EBITDA margin below 15% for a sustained period;

-- Sustained decreasing sales scale;

-- Unsustainable land bank life.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Landsea Group had CNY4 billion in unrestricted
cash on hand and CNY3.4 billion in unused bank facilities at
end-June 2020, exceeding CNY895 million in short-term debt. Landsea
Group has a satisfactory record of maintaining sufficient liquidity
through managed debt maturities (averaged at 2.6 years) and active
liquidity management, with cash covering short-term debt at above
1x during 2017-1H20.

Multiple Funding Channels: Landsea Group has adequate access to
onshore bank loans (25% of total debt at end-1H20), onshore bonds
(13%), offshore bank loans (30%) and offshore bonds (32%). It also
has access to equity markets through 50.1%-owned listco - Landsea,
and the separate listing of the latter's US business unit would
broaden its access to US equity markets.

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.




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

GOLDIN FINANCIAL: Property Tycoon Fending Off Debt Collectors
-------------------------------------------------------------
Bloomberg News reports that in just five years, Hong Kong property
tycoon Pan Sutong has gone from ranking among Asia's wealthiest
people to having his company's flagship skyscraper seized by
creditors chasing more than US$1 billion of debt.

It's a swift fall from grace for Pan, 57, who was Asia's
fourth-richest man in 2015 with a net worth of US$27 billion,
according to the Bloomberg Billionaires Index. But after shares of
his Goldin Financial Holdings plunged and with most of his
properties locked up as collateral for loans, he has fallen off the
list of the world's 500 wealthiest people, Bloomberg says.

According to Bloomberg, Pan's initial wealth came from dealing in
and then manufacturing electronics, an area he ventured into after
moving to Hong Kong from California, where he'd spent his teens
skipping school and hanging out at his family's chain of Chinese
restaurants. He transitioned to property investing in 2008, a few
years into a red-hot boom that would mint numerous fortunes in Hong
Kong and make it one of the world's most expensive real estate
markets.

He now joins other investors in Hong Kong who overextended
themselves during the boom, only to be undone as months of civil
unrest and the coronavirus pandemic plunged the city into its worst
recession on record, Bloomberg says.

Tang Shing-bor, a veteran investor known as the "Shop King" for his
vast holdings of retail properties, is seeking to sell billions of
dollars of real estate, according to Bloomberg. A group of
investors who paid US$5.2 billion for The Center in the world's
most-expensive office deal, have been unable to flip floors in the
building as the market ground to a halt last year.

"Asset seizures are very company specific," Bloomberg quotes Edward
Chan, a credit analyst at S&P Global Ratings in Hong Kong, as
saying. "If property seizures happen, then the company must be in a
very bad financial position, with high debt and leverage." He
declined to comment specifically on Goldin's situation because S&P
does not cover the developer, Bloomberg notes.

Pan, and Goldin, racked up around HK$38 billion (US$4.9 billion) of
debt between May 2017 and September 2020 for four Hong Kong
properties, according to stock exchange filings and data compiled
by Bloomberg.  At least US$1 billion of that remains outstanding
and tied to Goldin, the filings show, Bloomberg relays.

Bloomberg says the latest available figures show Goldin's net debt
to Ebitda, a key measure of leverage, was about nine times at the
end of 2018. That compares with a ratio of 2.3 times at the end of
2019 for Sun Hung Kai Properties, the city's biggest developer, and
around 2 times for smaller developer HKR International.

Even a US$1.1 billion loan in September from CK Asset Holdings,
backed by Hong Kong tycoon Li Ka-shing, was not enough to help
Goldin.

Bloomberg relates that the loan, offered to a unit that owned the
firm's flagship Goldin Financial Global Centre office tower in
Kowloon, was to repay HK$3.4 billion of borrowings by intermediary
parent companies, Debtwire reported in August. The security trustee
on the loan is applying to a Bermuda court for Goldin Financial to
be wound up.

According to Bloomberg, Pan moved from manufacturing consumer
electronics such as mobile phones and MP3 players to property in
2008, when he renamed his electronics firm Goldin Properties
Holdings and bought a listed company, christening it Goldin
Financial. Goldin Properties was delisted in 2017 and Pan owns a
controlling stake in both firms.

Goldin Financial's downfall can be traced back to Pan's strategy of
splitting ownership of properties between the company and his own
private interests.

Between 2011 and 2020, Pan and Goldin Financial bought one
commercial and two residential properties. Goldin Financial took a
60 per cent ownership stake, while Pan eventually held 40 per cent
privately. There was a similar ownership structure for a majority
stake in a third residential plot.

But starting in 2018, Pan decided he wanted to take full ownership
of one of the residential properties and a majority stake in
another, which are located in Kowloon's prestigious Ho Man Tin
neighbourhood and offered good profit potential.

In turn, he sold his share in the other two assets to his listed
company. These included 40 per cent stakes in the Goldin Financial
Global Centre, his firm's flagship office tower that was saddled
with debt, and an expensive land parcel near the former Kai Tak
airport that would have been costly to develop.

As a result, Pan became sole guarantor for a HK$7.19 billion loan
for one of the residential developments, Bloomberg reports citing
people familiar with the matter. At least four banks involved in
the loan did not agree to the terms of the deal and exited, they
said, declining to be identified as they are not authorised to
speak publicly. This made it harder for Goldin Financial to close
subsequent credit lines.

The Kai Tak project subsequently hit snags. In late 2019, Goldin
Financial failed to raise a loan partly to fund development of the
site, the people, as cited by Bloomberg, said. The firm later sold
the plot for about HK$3.5 billion, less than half what it had paid
in 2018, stock exchange filings and a government land tender
announcement show.

The company's headquarters is at the heart of an asset grab by
creditors after Goldin Financial failed to make timely payments on
its outstanding debt, according to Bloomberg. In July, lenders of
the HK$3.4 billion loan demanded immediate repayment, while holders
of a HK$6.8 billion senior bond threatened to take over the office
block, which had been pledged as security.

Eventually, the receivers linked to the bonds successfully applied
to Hong Kong's High Court to take control of the 27-story building,
and were granted ownership in September, Bloomberg relates. They
have since entered an agreement to sell the building after a
months-long tender.

Bloomberg relates that Goldin said in an exchange filing on Jan. 10
that it's been told by the receivers that the skyscraper's sale
will be sufficient to repay both the bond and the outstanding loan.
The listed company also said that its board is confident that once
the sale is completed, legal proceedings relating to the bond and
the loan "will be resolved amicably."

The sale will put Goldin Financial in the unenviable position of
going from landlord to tenant as the building housing its
headquarters passes from its ownership, a move that mirrors Pan's
own decline in fortunes, adds Bloomberg.

Based in Hong Kong, Goldin Financial Holdings Ltd is a diversified
company. The Company's operations include Factoring, Wine
Production and Sales and Property Investment and Development.




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

AMBEY TRADERS: CARE Lowers Rating on INR11.50cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ambey Traders (AT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      11.50      CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

   Short Term Bank       4.00      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 17, 2020, placed the
ratings of AT under the 'issuer noncooperating' category as AT had
failed to provide information for monitoring of the rating. AT
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated December 30, 2020, December 31, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating is revised taking into account non-availability of
requisite information and no due-diligence conducted due to
non-cooperation by Ambey Traders with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further banker could not be contacted. The rating takes into
account the constraints relating to firm's Modest though
fluctuating scale of operations, Constitution of the entity being a
proprietorship firm. The ratings are further constrained by risk
associated with Project execution risk inherent in various
contracts and highly competitive industry with business risk
associated with tender-based orders. The ratings, however, draw
comfort from experienced management, Moderate profitability
margins, Moderate capital structure and coverage indicators and
Comfortable operating cycle and liquidity position.

Detailed description of the key rating drivers

At the time of last rating on January 17, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Modest though fluctuating scale of operations: AT is a small
regional player involved in executing civil contracts. The ability
of the firm to scale up to larger-sized contracts having better
operating margins is constrained by its modest total operating
income of INR42.62 crore and gross cash accruals of INR3.51 crores
in FY18 (refers to the period April 1 to March 31). Firm's total
operating income has been fluctuating over the past three years
(FY16-FY18). TOI has registered a growth in FY17 and registered a
decline in FY18. The total operating income registered decline in
FY18 over the previous year owing to decrease in number of
contracts executed. Furthermore, the firm's net worth base stood
moderate at INR6.81 crore as on March 31, 2018. The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. Moreover, the firm also suffers on
account of lack of economies of scale.

* Constitution of the entity being a proprietorship firm: AT
constitutes itself as a proprietorship firm which has the inherent
risk of possibility of withdrawal of the proprietor's capital at
the time of personal. Moreover, proprietorship firms have
restricted access to external borrowing as credit worthiness of
proprietor would be a key factor affecting credit decision for the
lenders.

* Project execution risk inherent in various contracts: Given the
nature of projects awarded, the firm is exposed to inherent risk in
terms of delays in certain projects undertaken by the firm due to
delay in approvals and sanction from regulatory bodies, land
acquisition issues etc. thus exposing AT towards the risk of delay
in projects resulting in a delay in the realization of revenue
growth. Also, the firm's ability to execute a project in timely
manner led by its own operational efficiency and timely stage
payments received from clients exposes the firm to potential risk.

* Highly competitive industry with business risk associated with
tender-based orders: AT faces direct competition from various
unorganized players in the market. There are number of small and
regional players and catering to the same market which has limited
the bargaining power of the firm and has exerted pressure on its
margins. Further, the award of contracts are tender driven and
lowest bidder gets the work. Hence, going forward, due to
increasing level of competition and aggressive bidding, the profits
margins are likely to be under pressure in the medium term.

Key Rating Strengths

* Experienced management: The operations of AT are currently being
managed by Mr. Rakesh Kumar Singh and Mr. Ajeet Kumar Singh. Mr.
Rakesh Kumar Singh is a mechanical engineer by qualification and
has an experience of almost one and a half decades in construction
industry through his association with AT and other family run
businesses. Mr. Ajeet Kumar Singh is a graduate by qualification
and has an experience of more than one and a half decades in
construction industry through his association with AT and other
family run businesses. Both brothers are assisted by their mother
Mrs. Chandra Lekha Singh who has an experience of almost three
decades in in construction industry through her association with AT
and other family run businesses.

* Moderate profitability margins: The profitability margins of the
firm have remained moderate during last two financial years
(FY17-FY18) as the profitability varies with the project due to
tender driven nature of the business owing to varying margins in
the different projects undertaken by the firm. The PBILDT margin
and PAT margin of the firm stood at around 9.00% and around 6.25%
for the last two financial years i.e. FY17-FY18.

* Moderate capital structure and coverage indicators: The capital
structure of the firm remained moderate owing to limited reliance
on the external debt coupled with moderate capital of INR6.81
crores as on March 31, 2018. The overall gearing ratio stood below
1.50x as on balance sheet dates of the past three financial years
i.e. FY16-FY18. Owing to moderate profitability levels and lower
total debt the coverage indicators remained at moderate levels for
the past three financial years (i.e. FY16-FY18) characterized by
interest coverage ratio and total debt to GCA of above 6x and lower
than 2x.

* Comfortable operating cycle and liquidity position: AT had
negative operating cycle for FY18. For the smooth execution of
projects inventory is required to be maintained at minimum level at
project site resulting in average inventory at 2 days in FY18. The
firm receives a credit period of around 10-15 days from its
suppliers, which resulted in an average creditor period of 13 days
for FY18. The firm raises bills on milestone basis i.e. on the
completion of certain percentage of work and thereon which gets
acknowledge by client after inspection of work done by AT. Post the
inspection, department clears the payment within a week resulting
in average collection period of 6 days in FY18. Moreover, the firm
had only 30% utilization on its sanctioned fund-based working
capital limits for the last 12 months ended October 31, 2018
indicating ample availability of liquidity to meet exigencies.

Gorakhpur, Uttar Pradesh based Ambey Traders (AT) was established
in April 01, 2012 as a proprietorship firm. The firm is an “A”
class government contractor and is engaged in construction of roads
only for government departments. The firm currently is being
managed by Mr. Rakesh Kumar Singh and Mr. Ajeet Kumar Singh; under
the guidance of their mother Mrs. Chandra Lekha Singh. The main raw
materials are tar, sand, cement, steel, tiles, plywood, bricks,
etc. which the firm procures from various domestic manufacturers
and wholesalers.


ANKITA IMPEX: CARE Lowers Rating on INR0.52cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ankita Impex (AI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.52       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      4.92       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 20, 2019, placed
the rating of AI under the 'issuer non-cooperating' category as AI
had failed to provide information for monitoring of the ratings. AI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2020, December 10, 2020, December
9, 2020 and December 8, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of exposure to raw material
price volatility, constitution of the entity being a proprietorship
firm, highly competitive and fragmented industry resulting in stiff
competition coupled with changing fashions trends. However, the
rating derives strength from experienced proprietor and long track
record of operations, and favourable location of operations.

Key Rating Weaknesses

* Exposure to raw material price volatility: The entities in
textile industry are susceptible to fluctuations in raw material
prices. Cotton (one of the main raw material) being an agricultural
product, its demand supply situation depends on various natural
conditions like monsoons, drought and floods. It being a globally
traded product, its price is very volatile depending on the
demand-supply situation in the global markets. The price of other
raw material, i.e. acrylic yarn is linked to that of crude oil. The
general volatility in the crude oil prices also has an impact on
the price of this product.

* Constitution of the entity being a proprietorship firm: ANI's
constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover, proprietorship
firms have restricted access to external borrowing as the credit
worthiness of proprietor would be the key factors affecting credit
decision for the lenders.

* Highly competitive and fragmented industry resulting in stiff
competition coupled with changing fashions trends: ANI operates in
a highly fragmented industry wherein there is presence of a large
number of players in the unorganised and organised sectors. There
are number of small and regional players catering to the same
market which has limited the bargaining power of the firm. The
apparel sector is highly dependent on fashion trends, consumer
spending habits as well as economic cycles. Therefore, the entities
need to manage their inventories according to fashion and changing
trends. At times, a fashion is short-lived, thus, there is a risk
of inventory getting obsolete and does not meet the taste and
preferences of the customers leading to losses.

Key Rating Strengths

* Experienced proprietor and long track record of operations: ANI
has been in the manufacturing of readymade garments for more than a
decade which aids in establishing relationship with both suppliers
and customers. The firm is currently being managed by Mrs. Indu
Dhand who has an experience of around 12 years in the textile
industry which she gained through her association with this firm
only. She is supported by a team of experienced and qualified
professionals having varied experience in the technical, finance
and marketing fields.

* Favourable location of operations: Ludhiana is a well-established
hub of manufacturing of textiles. The firm benefits from the
location advantage in terms of easy accessibility to large customer
base located in Ludhiana. Additionally, various raw materials
required in manufacturing of textiles are readily available owing
to established supplier base in the same
location as well.

Ankita Impex (AI) is a proprietorship firm established in 2005 by
Mrs. Indu Dhand. ANI is engaged in the manufacturing of fabric and
readymade garments for women, men and kids at its manufacturing
facility located at Ludhiana, Punjab, which has a total installed
capacity of manufacturing 55 lakh pieces of textiles per annum, as
on March 31, 2016. The product line of the firm mainly comprises
sweaters, coats, jackets, tops, sports-wear, shirts, trousers,
kurtis, etc.


ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Astra
Lighting Limited (ALL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.73      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       0.74      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2019, placed the
rating of ALL under the 'issuer non-cooperating' category as ALL
had failed to provide information for monitoring of the ratings.
ALL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 21, 2020, December 20, 2020, and
December 19, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the last time of rating October 23, 2019, the following
weaknesses were considered:

* Instances of delays in the servicing of debt obligation: There
were instances of delays in the servicing of debt obligation. The
delays are on account of weak liquidity as the society is unable to
generate sufficient funds on timely manner.

* Highly competitive and fragmented industry: The electrical
industry is extremely fragmented and competitive in nature and
there is competition from unorganized sector, besides presence of
other large players.
  
Astra Lighting Limited (ALL) was incorporated in 1997 with
promoters and directors: Mr Paramjit Singh Chahal, Mr Parmeet Singh
Chahal and Mrs Gurbir Kaur. The company is engaged in the
manufacturing of High Intensity Discharge Lamps (HID) used in
infrastructure projects, floodlighting of monuments, stadiums,
lighting of streets, highways, and parking areas (outdoor) at its
manufacturing unit located at Solan, Himachal Pradesh with total
installed capacity of 15 lakhs units per annum as on March 31,
2015.


BAHRA EDUCATIONAL: CARE Reaffirms D Rating on INR25cr LT Loans
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Bahra
Educational and Charitable Society (BECS), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           25.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facility of BECS factors in the
ongoing delays in the servicing of the debt obligation.

Key Rating Sensitivity

Positive Sensitivity

Ability of the society to timely service its debt obligation for at
least 3 consecutive months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: The overdraft limit availed by
the society has remained overdrawn for more than 30 days owing to
its stretched liquidity position.

Bahra Educational & Charitable Society (BECS) was established in
2009 and has established a Private University in Solan, named Bahra
University Shimla. BECS is running one campus having seven colleges
located in Solan (operational from 2009), Himachal Pradesh. The
Society was established by Mr. Gurvinder Singh Bahra (Chairman)
with an objective to provide education in the field of engineering
and technology, management and pharmacy. The different courses
offered are duly approved by HP-PERC (Himachal Pradesh Private
Educational Institutions Regulatory Commission) and UGC (University
Grants Commission).


DEWAN HOUSING: FD Holders May Vote Against Distribution Mechanism
-----------------------------------------------------------------
The Hindu BusinessLine reports that concerned about the low
recovery prospects, a large section of fixed deposit holders,
especially those in the retail category, are likely to vote against
the distribution mechanism in the resolution plans for Dewan
Housing Finance Corporation Ltd (DHFL).

"We will vote against the plans and we hope that the stance helps
to strengthen our case in the court," the report quotes Vinay Kumar
Mittal, a lead petitioner in the court on behalf of the FD holders
of DHFL, as saying.  "We will not support the plan," he further
said.

According to the report, FD holders are keen to be repaid in full
for their investments in DHFL, while under the distribution
mechanism, they will get much lesser, and for many, it would be a
negligible amount.

FD holders have admitted claims of about INR5,500 crore in DHFL,
the report notes.

As part of the resolution on distribution mechanism for DHFL, FD
holders and non-convertible debenture holders will be divided into
four categories based on the value of their admitted claims,
BusinessLine relates.

BusinessLine says the first category of up to INR2 lakh will get
100 per cent repayment of the principal under the resolution
mechanism.  The second category is between INR2 lakh and INR5 lakh,
followed by the third category of INR5 lakh to INR10 lakh, and the
fourth category would be of over INR10 lakh.

According to BusinessLine, Mr. Mittal said the recovery for the
remaining three categories will be negligible.

Both Piramal and Oaktree have set aside funds for the FD holders in
the resolution plans. Voting on the resolution plans is on till
January 14, the report notes.

While the voting share of FD holders, especially retail FD holders,
is low in the resolution plan, Mr. Mittal is hopeful that it will
strengthen their case in court, the report relays.

The NCLT is hearing a petition of FD holders on DHFL dues and the
next hearing is scheduled on January 20.

"We will continue our legal fight," Mr. Mittal, as cited by
BusinessLine, stressed.

FD holders are, however, unlikely to join NCD holders after 63
Moons Technologies invited them as well as other NCD holders to
join with them in the NCLT Mumbai by filing separate applications
for recovery from fraudulent transactions, the report notes.

                            About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.


EMCOR PACKAGING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Emcor Packaging Private Limited
        Survey Number 9/2 & 10
        Damaragidda Village
        Chevalla Mandal Chevalla
        Telangana 501503

Insolvency Commencement Date: January 6, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 4, 2021

Insolvency professional: Dommeti Surya Ramakrishna Saibaba

Interim Resolution
Professional:            Dommeti Surya Ramakrishna Saibaba
                         Flat No. A-105
                         Mahindra Ashvita
                         Hafeejpet Road
                         Near Hi-tech City
                         MMTS Railway Station
                         KPHB Colony, Hyderabad
                         Telangana 500085
                         E-mail: dsrk39@yahoo.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Kavuri Hills
                         Hyderabad 500033
                         Telangana
                         E-mail: ip.emcor@gmail.com

Last date for
submission of claims:    January 21, 2021


FIROZE FABRICATORS: Ind-Ra Affirms 'B+' LongTerm Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Firoze
Fabricators' (FF) Long-Term Issuer Rating at 'IND B+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit affirmed with
     IND B+/Stable/IND A4 rating;

-- INR16 mil. Non-fund-based working capital limit affirmed with
     IND A4 rating; and

-- INR6.2 mil. Term loan due on May 2024 assigned with IND B+/
     Stable rating.

KEY RATING DRIVERS

The affirmation reflects FF's continued small scale of operations
as indicated by revenue of INR139.6 million in FY20 (FY19: INR182
million, FY18: INR188.5 million). The decline in revenue was due to
lower execution of orders. As of October 2020, the firm had an
order book of INR105.44 million, to be completed by end-March 2021.
FF reported revenue of INR93.85 million during 9MFY21. Ind-Ra
expects the overall revenue to improve in FY21, on account of a
sizeable revenue that the company reports in the fourth quarter of
each year. FY20 numbers are provisional.

The ratings continue to be constrained by FF's weak credit metrics.
The interest coverage (operating EBITDA/gross interest expense)
declined to 2.3x in FY20 (FY19: 3.0x), due to a rise in the
interest cost to INR5.3 million (INR3.1 million), resulting from an
increase in the debt. However, the net financial leverage (total
adjusted net debt/operating EBITDA) improved to 3.3x in FY20 (FY19:
4.6x) because of an increase in the absolute EBITDA to INR12.4
million (INR9.2 million), partially offset by an increase in the
unsecured loans to INR18.0 million (INR15.3 million). Ind-Ra
expects the credit metrics to remain weak in FY21, on account of
the absence of any major capex and moderate operating
profitability.

Liquidity Indicator - Stretched: The company's average maximum use
of the fund-based and the non-fund-based limits was 28% and 53%,
respectively, during the 12 months ended November 2020. Its net
cash cycle elongated to 136 days in FY20 (FY19: 97 days), owing to
an increase in working capital requirements. Its cash flow from
operations improved, although remained negative, at INR0.3 million
in FY20 (FY19: negative INR18.4 million) due to unfavorable changes
in working capital. Ind-Ra expects the cash flow from operations to
be sufficient to meet the scheduled debt repayments of INR1.79
million in FY22. Furthermore, Ind-Ra expects the company's cash
flow from operations to turn positive in FY21-FY23, on the back of
the improvement in the absolute EBITDA. The firm did not avail the
Reserve Bank of India-prescribed debt moratorium under the COVID-19
relief package.

The ratings continue to factor in FF's average EBITDA margins as
most of its contracts have in-built escalation clauses,
safeguarding the margins from input price volatility. In FY20, the
EBITDA margins improved to 8.9% (FY19: 5.1%), due to the execution
of high-margin irrigation projects. The firm's return on capital
employed was 13% in FY20 (FY19: 12%).

However, the ratings continue to be supported by the partners'
experience of more than two decades in the manufacturing of
precision machinery components, leading to established
relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive: A rise in the revenue and operating profitability,
leading to an improvement in the credit metrics, all on a sustained
basis, will lead to a positive rating action.

Negative: A decline in the revenue or operating profitability,
leading to the gross interest coverage reducing below 1.1x on a
sustained basis, will lead to a negative rating action.

COMPANY PROFILE

FF was established in 1964 as a partnership and started commercial
operations from 1974. FF is engaged in the fabrication and erection
for mechanical and engineering equipment. It undertakes fabricating
contracts for all kinds of mild steel, stainless steel, copper and
aluminum fabrication, supplying of boilers components pressure
parts vessels and non-pressure parts, and erection of heavy
machinery and equipment to various process industries.

GMR BAJOLI: CARE Reaffirms D Rating on INR1,380cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Bajoli Holi Hydro Power Private Limited (GBHHPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities
   (Term Loan-
   Senior debt)       1,380.00     CARE D Reaffirmed

   Long term Bank
   Facilities
   (Non-Fund Based)      25.00     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of the ratings assigned to the long term bank
facilities of GBHHPPL takes into account the instances of delays in
the servicing of debt obligations by the company.

Rating Sensitivities

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

* Timely servicing of debt obligations for more than three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delays in servicing of debt obligations: There have
been instances delays in servicing of debt obligations by the
company. The delay in the servicing of debt obligations is
attributable to pending disbursement of term loan from lenders due
to time and cost over-run in the project leading to stretched
liquidity position of the company. The company has submitted the
proposal with lenders for approval of cost over-run in the project
which is currently under process with the lenders.

* Update on the project: The project was originally envisaged to be
commissioned by December 2017 at a cost of INR2,205 crore. The
project had earlier witnessed time over-run and COD of the project
was revised to August 2018 & subsequently to September 2019. As per
Lenders' Independent Engineer (LIE) report dated December 08, 2020,
the project has further witnessed time over-run and it is now
expected to be commissioned by June 2021 revised from earlier SCOD
date of May 2020. The time over run has also led to cost over-run
leading to revised project cost of INR3,094 crore which is
currently under process for lenders approval. The earlier approved
costs by the lender were INR2,689 crore. As per LIE, the time over
run is largely attributable to delay in civil works given the high
snowfall in the region coupled with nationwide lockdown due to the
current on-going situation of COVOD-19 pandemic.

LIE has further commented that the overall physical progress of the
project was 92.70% till October 20, 2020. The company has incurred
INR2,918.42 crore on the project against current lenders approved
project cost of INR2,689 crore.

Liquidity- Stretched
The liquidity position of the entity remains stretched pending
disbursement of term loans from the lenders. The cash and bank
balance stood at INR14.00 crore as on December 30, 2020. To tide
over the uncertainty attached to the COVID-19 outbreak, the company
has approached lenders for approval of moratorium for part of its
debt obligations, which is in line with the COVID-19 Regulatory
Package announced by the Reserve Bank of India on March 27, 2020
and May 23, 2020 and the same had been approved by the lenders.

GMR Bajoli Holi Hydro Power Private Limited (GBHHPPL), incorporated
on October 1, 2008, is a special purpose vehicle (SPV) promoted by
GMR group under its energy subsidiary GMR Energy Limited, for
implementing 180 MW (3 x 60 MW) hydro power plant (run-of-river
with pondage) on the upper reaches of river Ravi, which belongs to
the Indus river system in Chamba district of Himachal Pradesh. The
project was allotted to GEL by Government of Himachal Pradesh
(GoHP) in July 2007 on Build, Own, Operate and Transfer (BOOT)
basis through international competitive bidding process based on
payment of highest one time up-front premium of INR164 crore. The
project is awarded for a concession period of 40 years post COD.
GBHHPPL had initially considered a construction period of 55 months
from project zero date of June 29, 2013 aiming COD by December 1,
2017. However the same has been extended to June 2021.


GUPTA BUILDERS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gupta Builders
and Promoters Private Limited's (GBPPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-' and placed it on Rating Watch Negative
(RWN). The agency has simultaneously migrated the rating to the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best-available
information. Therefore, investors and other users are advised to
take appropriate caution while using the ratings. The rating will
now appear as 'IND BB+ (ISSUER NOT COOPERATING)'/RWN on the
agency's website.

The instrument-wise rating actions are:

--  INR733 mil. Term Loan due on September 2026 downgraded and
     placed on RWN; migrated to non-cooperating category with
     IND BB+ (ISSUER NOT COOPERATING)/RWN rating.

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

KEY RATING DRIVERS

The RWN reflects GBPPL's application to its lenders for the
restructuring of its term facilities. The company had availed the
Reserve Bank of India-prescribed debt moratorium over March-August
2020. The agency will resolve the RWN once the lenders arrive at
the final decision on the restructuring proposal.

The downgrade reflects Ind-Ra's expectation of deterioration in the
company's booking/collections in FY21 because of the COVID-19-led
operational disruptions in the sector. Ind-Ra has maintained a
negative outlook for the residential real estate sector for 2HFY21.
Ind-Ra believes the overall residential demand will decline about
40% yoy in FY21, with the affordable segment being the worst hit,
due to the higher-than-expected slowdown caused by COVID-19.

The ratings have been migrated to the non-cooperating category as
the company has not provided the agency with the audited balance
sheet for FY20, revised projections, sanction letters and updated
management certificate despite continuous requests and follow-ups.

The agency will continue to monitor the effects of these measures
and the consequent economic/business ramifications on GBPPL's cash
flows and liquidity. Unsuccessful restructuring may lead to a
multi-notch downgrade.

RATING SENSITIVITIES

The RWN indicates that the rating may be affirmed or downgraded
depending on the ability of the company to return to its
pre-pandemic operational performance. The RWN will be resolved once
there is more clarity on the restructuring availed by the entity as
well as the impact of COVID-19 on the operational trajectory of
GBPPL.

COMPANY PROFILE

GBPPL was incorporated in 2011 and is engaged in the development of
independent duplex housing, flats, independent plots, group
housing, malls and commercial complexes. GBPPL has successfully
delivered 12 projects (residential & commercial) spanning over 2.9
million square feet area.

GBP is developing seven residential and commercial projects
spanning over 5.15 million square feet in Chandigarh Tricity
region. The total value of the ongoing projects is INR15 billion.

GUPTA FOODS: CARE Keeps B- on INR9.cr Debt in Non-Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gupta Foods
(GF) continues to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      9.50       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2019, placed the
rating of GF under the 'issuer non-cooperating' category as GF had
failed to provide information for monitoring of the ratings. GF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 21, 2020, December 20, 2020, and
December 19, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on October 23, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Partnership nature of constitution: Gupta Foods' constitution as
a partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factor affecting credit
decision of the lenders.

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

Gupta Foods (GF) is a Punjab based, partnership firm established in
2008 by Mr. Naveen Gupta, Mr. Avinash Gupta, Mrs. Anita Gupta and
Mrs. Shruti Gupta sharing profit and loss in equal proportion. The
company is engaged in processing of paddy at its manufacturing
facility located in Tarn Taran, Punjab having an installed capacity
of processing 20,000 metric tonnes per annum (MTPA) of paddy to
rice, as on March 31, 2015. GF procures paddy directly from local
grain markets through commission agents located in Punjab. The
company sells its products i.e. Basmati and Non-Basmati rice in
Punjab and Delhi through a network of commission agents under brand
name “Radhika GF”.Punjab based partnership firm, Jugal Kishore
& Sons (JGS) is an associate concern of GF who are engaged as
commission agents (since 1980) and being looked after by Mr. Naveen
Gupta, Mr. Avinash Gupta and Mrs. Uma Gupta. The partners of firm
share profit and loss in equal proportion.


ISHWAR CABLES: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ishwar
Cables Private Limited (ICPL) to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ICPL to monitor the ratings
vide e-mail communications/letters dated July 31, 2020, October 16,
2020, November 5, 2020, December 4, 2020, December 22, 2020 and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. Further, ICPL has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on ICPL's bank facilities will now be denoted as CARE D/
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the delays in debt servicing by the
company.

Detailed description of the key rating drivers

At the time of last rating on December 30, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: There were on-going delays in
debt servicing at the time of last rating.

Jaipur (Rajasthan)-based Ishwar Cables Pvt. Ltd. (ICPL) was
incorporated in 2006 by Mr. Rahul Choudhary and his family members.
Subsequently, in 2014, majority of shareholding was transferred to
Mr Arpit Choudhary and Mrs Sunita Matoria. ICPL is engaged in
manufacturing of aluminum wire twisted, copper wire, cables and
conductors as well as trading of aluminium wire and ingot. It had
installed manufacturing capacity of 10,000 tonnes for aluminum wire
twisted as on March 31, 2019.


ISHWAR METAL: CARE Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ishwar
Metal Industries (IMI) to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term/Short     32.50       CARE D; ISSUER NOT COOPERATING
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IMI to monitor the ratings
vide e-mail communications/letters dated July 31, 2020, October 16,
2020, November 05, 2020, December 4, 2020, December 22, 2020 and
numerous phone calls. However, despite repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. Further, IMI has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. In line with
the extant SEBI guidelines, CARE has reviewed the ratings on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
on IMI's bank facilities will now be denoted as CARE D/ CARE D;
ISSUER NOT COOPERATING.

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

The ratings take into account the delays in debt servicing by the
firm.

Detailed description of the key rating drivers

At the time of last rating on December 30, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: There were on-going delays in
debt servicing at the time of last rating.

Jaipur (Rajasthan)-based Ishwar Metal Industries (IMI) was formed
as partnership concern in 1992 by Mr. Shrichand Sigar and his
family members. Subsequently partnership deed was modified and
currently Mr. Shrichand Sigar, Mrs. Kamla Sigar and Mrs. Seema
Sigar are the partners in the firm with profit sharing ratio of
40%, 40% and 20% respectively. IMI is engaged in manufacturing of
aluminum wires, energy meters, cables and conductors as well as
trading of general fabrication items used for power distribution
and transmission lines. It also executes turnkey projects related
to Transmission and Distribution (T&D) segment of power industry.
It had installed manufacturing capacity of 10,000 tonnes for
aluminum wires, 18,000 Kms for conductors and 11,000 kms for cables
as on March 31, 2019.


J S SPINTEX: CARE Lowers Rating on INR16.74cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of J.S.
Spintex Limited (JSSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.74      CARE B; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+

Detailed Rationale & Key Rating Drivers

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

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

Detailed description of the key rating drivers

The revision in the rating takes into account the non-availability
of requisite information due to noncooperation by J S Spintex
Limited with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile. The rating has
been revised on account of deteriorating profitability margins,
susceptibility of operating margins due to rawmaterial price
fluctuation risk, highly competitive and fragmented industry with
susceptibility to government regulations and small scale of
operations. However, the rating derives strength from increasing
scale of operations and moderate overall solvency position and
comfortable operating cycle.

Key Rating Weaknesses

* Deteriorating profitability margins in FY19: The PBILDT margins
deteriorating from 8.88% in FY18 to 6.55% in FY19. The PAT margins,
however, remained
at 0.54% in FY19 (PY: 0.55%).

* Susceptibility of operating margins due to raw-material price
fluctuation risk: Historical data shows that the prices of raw
cotton and cotton yarn have moved in the same direction. It has
been observed in the past that the raw cotton prices are
susceptible to high price volatility owing to cotton being a
seasonal crop and the availability is dependent upon vagaries of
nature. Thus, the above factors exposes operating margin of cotton
yarn manufacturers to price volatility risk.

* Highly competitive and fragmented industry with susceptibility to
government regulations: Cotton yarn business in India is highly
fragmented with presence of a large number of small and medium
scale units. Due to high degree of fragmentation, small players
hold very low bargaining power against both its customers as well
as its suppliers resulting in such companies operating at low
profit margins. The yarn prices are regulated by demand-supply
market position, which in turn limits the bargaining power of the
yarn manufactures

Key Rating Strengths

* Increasing scale of operations: The scale of operations increased
with a TOI of INR59.39 in FY18 to INR72.30 in FY19.

* Moderate overall solvency position: The capital structure of the
firm remained moderate marked by overall gearing of 1.38 times as
on March 31, 2019 (PY: 1.26x). The total debt to GCA ratio stood
moderate and improved on a year on year basis marked by 4.99x, as
on March 31, 2019 (PY: 5.14x). The PBILDT interest coverage ratio
improved on a year on year basis marked by 3.66x in FY19 (PY:
2.41x).

* Comfortable operating cycle: The operating cycle of the company
stood comfortable at 15 days as on March 31, 2019.

J.S. Spintex Limited (JSSL), based in Samana (Punjab), was
incorporated in August, 2012 as a public limited company. It
commenced operations in January, 2014. The company is currently
being managed by Mr. Parminder Singh and Mr. Amandeep Singh. JSSL
is engaged in manufacturing of coarse cotton yarn at its
manufacturing plant located in Samana, Punjab, with total installed
capacity of 4,500 MT per annum, as on June 09, 2016. The company
manufactures yarn of different counts ranging from 18's to 24's
depending upon the customer requirement. The yarn supplied by the
company is used as raw material for manufacturing bed sheets, terry
towel, foot-mats, suiting cloth, etc.


JAMMU MOTORS: CARE Lowers Rating on INR8.30cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jammu Motors Private Limited (JMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.30      CARE B; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Short Term Bank       0.20      CARE A4; Rating continues to
   Facilities                      remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 24, 2019, placed the
rating of JMPL under the 'issuer non-cooperating' category as JMPL
had failed to provide information for monitoring of the ratings.
JMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 21, 2020, December 20, 2020, and
December 19, 2020.In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

The revision in the rating takes into account the non-availability
of requisite information due to noncooperation by Jammu Motors
private Limited with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile. The rating has
been revised on account of low profitability margins, deteriorating
capital structure and intense competition from alternative brands.
However, the ratings derive strength from increasing scale of
operations and moderate debt coverage indicators.

Key Rating Weaknesses

* Low profitability margins: The profitability margins of the
company continued to remain low marked by PBILDT margin and PAT
margin of 2.48% and 1.09% respectively, in FY19.

* Deterioration in capital structure: The capital structure of the
company stood leveraged and deteriorated on a year on year basis
marked by overall gearing ratio of 1.59x as on March 31, 2019 (PY:
1.50x).

* Intense competition from alternative brands: JMPL is an
authorized dealer of BAL, FIPL and MSIL. With these OEM focusing on
expanding their dealership network, also resulting in increased
competitive intensity within its own dealers. Further, the
competition in PV segment is high with other companies like Honda
Motors India Private Limited, Hyundai Motor India Limited etc.
launching new models at competitive prices.

Key Rating Strengths

* Increasing scale of operations: The total operating income of the
company increased from INR181.19 crore in FY18 to INR207.79 crore
in FY19.

* Moderate debt coverage indicators: The debt coverage indicators
of the company also stood moderate marked by total debt to GCA
ratio and interest coverage ratio of 5.35x, as on March 31, 2019
(PY: 5.48) and 3.26x in FY19. (PY: 3.14x).

Jammu Motors Private Limited (JMPL) was incorporated in 1996 by Mr
Sanjay Aggarwal. The company was appointed as an authorized dealer
of Bajaj Auto Limited (BAL) for its two and three wheelers vehicles
in Jammu. Subsequently, in the year 2000, the company was also
appointed as an authorized dealer of Ford India Private Limited
(FIPL). Further in April, 2015 the company has successfully
executed the project to establish a new showroom for vehicles of
Maruti Suzuki India Limited (MSIL) in Jammu. The company currently
operates from its three showrooms in Jammu.


K.S. INFRA: CARE Moves D Ratings on INR10cr Loans to NonCooperating
-------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of K.S.
Infra Transmission Private Limited (KSITPL) to Issuer Not
Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KSITPL to monitor the
ratings vide e-mail communications/letters dated July 31, 2020,
October 16, 2020, November 5, 2020, December 4, 2020, December 22,
2020 and numerous phone calls. However, despite repeated requests,
the company has not provided the requisite information for
monitoring the ratings. Further, KSITPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The ratings on KSITPL's bank facilities will now be
denoted as CARE D/ CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account the delays in debt servicing by the
company.

Detailed description of the key rating drivers

At the time of last rating on December 30, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: There were on-going delays in
debt servicing at the time of last rating.

Jaipur (Rajasthan)-based K.S. Infra Transmission Private Limited
(KSITPL) was incorporated in 2013 by Mr. Rahul Chaudhary and his
family members. KSITPL is engaged in manufacturing of general
fabricated items like Cross Arms, Clamps, Lattice towers,
Substation structures, and Transformer tanks which find application
in Transmission & Distribution (T&D) segment of power industry as
well barbed wires and chain-link wires. It also manufactures line
hardware made of aluminum casting and iron casting.


KUNA IMPEX: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kuna Impex 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 actions are:

-- INR67.5 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating; and

-- INR45 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 6, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in December 1998, Kuna Impex is engaged in the
business of providing customized solutions in the field of
industrial automation and electrical & lighting products.

MBE COAL: CARE Reaffirms D Rating on INR18.25cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of MBE
Coal & Mineral Technology India Private Ltd (MCMT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           18.25      CARE D Reaffirmed

   Long Term/
   Short Term
   Bank Facilities       7.50      CARE D/CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to bank facilities of MCMT continue to take
into account the delays in debt servicing of the facilities by the
company. The ratings are constrained due to weak financial
performance albeit improvement in FY20 (refers to the period April
1 to March 31), vulnerable capital structure and debt protection
metrics, working capital intensive nature of operations, relatively
small sized company and volatility in the prices of raw materials.
The rating, however, derives strength from experienced promoter and
diversified group and moderate order book position.

Rating Sensitivities

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

* Default free track record of 90 days

* Increase in order book and turnaround in operating
profitability

* Timely execution of the order book and timely receipt of
contract proceeds

* Overall gearing below 2x and Total debt to gross cash accruals
reducing below 14x

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: Due to stretched liquidity, there are
overdrawals in cash credit account and devolvement of letter of
credit for more than 30 days.

* Weak financial performance albeit improvement in FY20: The total
operating income improved y-o-y by ~35% to INR33.29 crore in FY20.
However, the company incurred operating loss of INR3.06 crore in
FY20 vis-à-vis operating loss INR7.66 crore in FY19 mainly on
account of under absorption of fixed overheads. The company has
serviced interest and principal repayment out of realization from
long term debtors. The company reported cash loss of INR2.78 crore
in FY20. In Q1FY21, the company reported loss of INR1.70 crore on
total operating income of INR3.83 crore.

* Vulnerable capital structure and debt protection metrics:
Overall gearing ratio of the company although continued to be
vulnerable, however improved from 8.95x as on Mar 31, 2019 to 7.68x
as on Mar 31, 2020. The debt protection metrics remained negative
as on March 31, 2020.

* Working capital intensive nature of operations: MCMT operations
are highly working capital intensive in nature. The tenure of
Operation and Maintenance (O&M) contracts is minimum 3 years, while
the delivery cycle for Centrifuge machine manufacturing and selling
is 3-4 months. Further, EPC contracts for Coal and Mineral
beneficiation plants have a delivery period of around 6-8 months.
The operating cycle although improved from 334 days in FY19 to 192
days in FY20, it continued to remain high. The improvement in
operating cycle was primarily on account of improvement in
collection period.

* Relatively small sized company: MCMT was incorporated in August,
2009 as a separate company through the demerger of the coal and
minerals division of Humboldt Wedag India Pvt Ltd (HWIPL; operating
since 1976). Even then, MCMT continues to be a small company with
total capital employed of INR12.89 crore as on March 31, 2020.

* Volatility in the prices of raw materials: The company is
exposed to volatility in prices of raw materials and finished goods
as majority of the contracts are on fixed price basis.

Key Rating Strengths

* Experienced promoter and diversified group: MCMT belongs to
Kolkata based B.M. Khaitan group, which is a well-diversified
industrial house having interest in dry batteries, tea, chemicals,
construction etc. with Eveready Industries (India) Ltd being the
flagship company. Given the long track record of the B.M. Khaitan
group in construction & construction equipment business, technical
and business support is available to the company.

* Moderate order book position: MCMT has an outstanding order book
of INR35.40 crore as on August 31, 2020 (1.06x of the total
operating income for FY20) as against INR29.97 crore as on Dec 31,
2019.

Liquidity: Poor

Poor Liquidity is marked by fully utilization of bank limits in the
last 12 months ended Oct'20 and modest cash balance of Rs.0.19
crore as on March 31, 2020 vis-à-vis INR2.43 crore as on March 31,
2019. There are various instances of overdrawals in cash credit
account for more than 30 days. The company has availed the
deferment of its interest payments for their fund based working
capital limits.

MCMT belongs to B.M. Khaitan Group of Kolkata. It is a subsidiary
of McNally Sayaji Engineering Ltd. The company is engaged in
turnkey engineering & project execution of coal and mineral
beneficiation plants, manufacturing of various material handling
equipment and trading of material handling equipment.


NARAYANI LAMINATES: CARE Lowers Rating on INR11.82cr LT Loan to B-
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Narayani Laminates Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.82      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Long Term/Short       0.18      CARE A4; CARE B-; Stable/
   Term Bank                       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable/CARE A4 and
                                   moved to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Narayani Laminates Private
Limited to monitor the ratings vide e-mail communications/letters
dated December 14, 2020, December 8, 2020, December 1, 2020,
October 13, 2020, September 2, 2020, August 21, 2020, July 21,
2020, June 24, 2020 and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Narayani
Laminates Private Limited's bank facilities will now be denoted as
CARE B-; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of non-availability of
requisite information and no due diligence conducted due to
non-cooperation by Narayani Laminates Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings of the company continue to be
restricted by small scale of operations coupled with stabilisation
risk, weak financial risk profile, leveraged capital structure and
elongated operating cycle. The ratings further remain constrained
on account of foreign exchange fluctuation risk, stretched
liquidity position and presence in a highly fragmented and
competitive industry. The ratings, however, draw comfort from
qualified and resourceful management.

Detailed description of the key rating drivers

At the time of last rating on October 9, 2019 the following were
the rating weaknesses and strengths (Updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

* Small scale of operations coupled with stabilization risk: The
scale of operations of company has remained small on account of
initial stages of commercial operations. The manufacturing and sale
of ACP Sheets was started in October 2018 thereby recording TOI of
INR~3.07 crore in 6MFY19, therefore Stabilization of operations and
resulting revenue remains a risk factor posing a threat to
stabilization of operations.

* Weak Financial Risk Profile: The financial risk profile remained
weak on account of initial stages of commercial operations and
leveraged capital structure. The company has undertaken a capex
which is majorly funded by external debt, thereby restricting the
expansion plans and accretion of profit to reserves. Further,
generating comfortable PBILDT margin of around 20.80% in FY19, PAT
margin stood negative on account of heavy interest commitments
coupled with low commercial operations. The capital structure of
the company stood leveraged as marked by overall gearing of 7.60x
as on March 31, 2019 on account of higher reliance on external
borrowings.

* Elongated Operating Cycle: The operations of the company are
working capital intensive marked by operating cycle of 284 days for
FY19. The company maintains sufficient inventory of raw material
for the smooth production process. Furthermore, being a
manufacturer the company has to maintain minimum inventory in form
of finished goods to meet the immediate requirement of customers.
Along with this, the company imports aluminium coils from overseas
which take around 60-70 days in shipping, because of which the
company stocks high volume of aluminium coil in different colours.
All this resulted into high inventory holding and the average
inventory period of 233 days for FY19. Being in highly competitive
nature of industry, the company has low bargaining power with its
customers which led to liberal credit policies wherein it allows
credit of around 3 months to its customers. The average collection
period remained high at around 82 days during FY19.

* Foreign exchange fluctuation risk: The business operations of
Narayani Laminates Private Limited involve exports and imports
resulting in cash outflow and inflow in foreign currency. Further,
its export stood at 20% for FY19, while import procurement stood
around 15% in FY19, thereby exposing the company to volatility in
foreign exchange rates. This exposes the company to fluctuations in
rupee against foreign currency for the uncovered portion. Presence
in a highly fragmented and competitive Industry Narayani Laminates
Private Limited operates in a highly competitive industry marked by
the presence of a large number of players in the organized and
unorganized sector. There are number of small and large players and
also catering to the same market which has limited the bargaining
power of the firm and has exerted pressure on its margins. Hence,
the players in the industry have limited pricing power and are
exposed to competition induced pressures on profitability.

Liquidity: Stretched

Liquidity is stretched marked by current and quick ratios of 0.95x
and 0.52x respectively as on March 31, 2019.

Key rating strengths

* Qualified and Resourceful management: The company is currently
being managed by Mr. Akash Jalan, Mr. Pankaj Khetan, Mr. Om Praksh
Jalan, Mr. Gaurav Jalan and Mr, Deepak Kumar Banka who are all well
qualified and hold experience in their respective fields. They are
all connected with this organization since inception. They are all
further supported by qualified TIER-II management consisting of
supervisory staff and other employees. Mr. Aksh Jalan and Mr. Om
Praksh Jalan are also directors in Mahashakti Flour Mills thereby
holding market experience of more than two decades. While Mr.
Deepak Kumar Banka holds various dealership of material related to
Cermica thereby holding an experience of more than two decades in
this industry.

Gorakhpur, Uttar Pradesh based Narayani laminates Private Limited
incorporated in July 2017 is engaged in manufacturing of ACP
(Aluminium Composite Panels) Sheets, which is generally made up of
aluminium composite material which are flat panels consisting of
two thin coiled aluminium sheets bonded to a non aluminium core.
NLPL started its commercial production in October 2018 for Interior
ACP Sheets, while the manufacturing and sale of Exterior ACP Sheets
is under process and is expected to start its commercial operations
soon.


NUTECH JETTING: CARE Lowers Rating on INR14.80cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nutech Jetting Equipments India Private Limited (NIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.80      CARE B-; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B

   Long Term/Short       1.25      CARE B-/CARE A4; ISSUER NOT
   Term Bank                       COOPERATING; Revised from
   Facilities                      CARE B/CARE A4

   Short Term Bank
   Facilities            4.75      CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 24, 2019, placed the
rating of NIPL under the 'issuer non-cooperating' category as NIPL
had failed to provide information for monitoring of the rating.
NIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2020,
November 6, 2020 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Nutech Jetting Equipments India Private Limited
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.  Further, the ratings
continue to remain constrained owing by small scale of operations,
Leveraged capital structure and working capital intensive nature of
operations. The ratings, however, continue to take comfort from
experienced promoters and long track record of operations and
improvement in PBILDT margin.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Small scale of operations coupled with low net worth base: The
scale of operations of the company continues to remain small as
marked by total operating income of INR42.16 crore in FY19 as
against INR39.66 crore in FY19. Furthermore, the company's net
worth base also stood relatively small. The small scale inherently
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. Leveraged capital structure: The
capital structure of the company marked by overall gearing ratio
stood leveraged at 1.98x as on March 31, 2019 as against 2.39x as
on March 31, 2018 owing to high debt levels.

* Working capital intensive nature of operations: The operations of
the company remain working capital intensive mainly on account of
high collection period and high inventory levels. The average
collection period of the company stood high because the major
customer is Indian railway which releases money after testing and
quality check process. The company holds high inventory in form of
raw material (steel, pipes, motors, electric panels) and finished
goods inventory. On the contrary, the company receives average
payable period of around a month from the suppliers which results
into high dependence on external borrowings to meet working capital
requirements.

Key Rating Strengths

* Experienced promoters and long track record of operations: The
company is engaged in manufacturing of high pressure water jetting
machines for the past two decades. The company is managed by Mr.
Ravindra Bhatia who is a graduate and has an overall experience of
more than two decades in this business. He is supported by Mr
Puneet Bhatia who has an overall business experience of around a
decade through his association with NIPL. They collectively look
after the overall operations of the company.

* Improvement in PBILDT margin: The Profitability margins marked By
PBILDT margins improved in FY19 (A) and stood 10.28 % from 8.78 %
in FY18 (A). The PAT margins stood 2.72% in FY19 (A) from -0.16% in
FY18 (A).The improvement in margins is on account decline in
overheads.

Faridabad, Haryana based Nutech Jetting Equipment India Private
Limited (NIPL) was incorporated in May, 1988 by Mr. Ravindra
Bhatia, Mr. Puneet Bhatia, Mrs. Kamlesh Bhatia and Ms. Shalini
Bhatia. The company is engaged in cleaning and hygiene management
services to various private and public entities. The equipment and
machines such as heat exchangers, coolers, condensers, pipelines,
tanks, vessels, boilers, etc. are either manufactured in-house or
are imported from Europe and China.


PAGAN PAINTS: CARE Lowers Rating on INR3.50cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pagan Paints and Chemicals Private limited (PPCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 28, 2019, placed
the ratings of PPCPL under the 'issuer non-cooperating' category as
PPCPL had failed to provide information for monitoring of the
rating. PPCPL continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and an email dated December 3, 2020, December 1, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating is revised taking into account non-availability of
requisite information and no due-diligence conducted due to
non-cooperation by Pagan Paints and Chemicals Private limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. The revision in ratings takes into
consideration Small scale of operations with relatively low net
worth base, Thin profitability margins and leveraged capital
structure, Presence in competitive nature of industry. The rating
draws comfort from experienced management with long track record of
operations, reputed though concentrated customer base and Moderate
operating cycle.

Detailed description of the key rating drivers

At the time of last rating on November 28, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with relatively low net worth base: The
company's scale of operations stood small marked by a total
operating income and gross cash accruals of INR24.78 crore and
INR0.43 crore respectively during FY19 (refers to the period from
April 1 to March 31, based on provisional results). Further, the
company's net worth base stood relatively small at INR2.65 crore as
on March 31, 2019. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

* Thin profitability margins and leveraged capital structure: The
PBILDT margin of the company stood thin and range bound between
4.5%- 5% for the past three financial years i.e. FY17-FY19 mainly
on account of competitive nature of industry. Moreover, the
industrial paint segment is susceptible to volatility in raw
material prices with chemicals and crude based derivatives
accounting for majority of total raw material cost. Further, owing
to higher interest and depreciation expense; PAT stood below unity
for the past three financial years. The capital structure of the
company as marked by overall gearing ratio (Including
Acceptances/Creditors on LC) stood leveraged at around 1.50x as on
past three balance sheet dates (ending March 31 '17-'19) owing to
low net worth base.

* Presence in competitive nature of industry: Chemical and paints
industry is characterized as highly competitive with the presence
of many organized and unorganized players. Further, the competition
in the industry has been increasing due to factors like increase in
urbanization which leads to increase in demand of paints, textiles,
adhesives and construction which further, in turn, leads to
increase in substantial growth opportunities for chemical
companies. With presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key Rating Strengths

* Experienced management and long track record of operations:
Mr. Jagdish Chand Sharma looks after the overall operations of the
firm. Further, Mrs. Manjeet Sharma and Ankur Sharma look after the
finance department and production department respectively. They
have considerable experience through their association with the
entity. PPCPL has been operating in this business for nearly two
and half decades, which aid in establishing a healthy relationship
with both customers and suppliers.

* Reputed though concentrated customer base: The company has
successfully developed strong relationship with various reputed
customers like Hero MotoCorp Limited, Rockman Industries Limited,
Hema Engineering Industries Limited, Amar Autotech Private Limited,
Omax Autos Limited and these customers make almost 50% contribution
to the total operating income for the past three financial year.
This exposes PPCPL's revenue growth and profitability to its
customer's future growth plans. However, the company has been
getting the repetitive orders for the last 10- 11 years from its
clients. This long-term and close relationship with its clients is
reflective of the firm's demonstrated ability to provide quality
products.

* Moderate operating cycle: The company maintains adequate
inventory of around 2 months in the form of raw material for smooth
execution of its manufacturing process and finished goods to meet
immediate demand of its customers. The company provides credit
period of around 2-3 months to its customers owing to competitive
nature of industry. Further, it receives similar credit period from
the suppliers.

Liquidity: Company has availed moratorium as provided by bankers in
line with RBI guidelines in wake of COVID-19.

New Delhi based, Pagan Paints & Chemicals Private Limited (PPCPL)
was incorporated as a private limited company in March, 1994, by
Mr. Jagdish Chand Sharma and Mrs. Manjeet Sharma. PPCPL is
primarily engaged in the manufacturing of automotive and industrial
paints (like epoxy paints & primer, thermosetting acrylic paints,
top coat finishes, acid & alkali proof coating etc.), metal
pre-treatment chemicals (like degreasing & derusting chemicals,
heat treatment salts, blackening salts, chromatizing/ chrome free
chemicals, rust preventive oils etc.) and powder coatings (like
pure epoxy and polyester). Eco- friendly chemicals, paints and
powder coatings produced by PPCPL find application mainly in
automobile and electrical appliances industry. The company procures
raw material in the form of thinner, epoxy, pigments, zinc borate,
barium sulphate etc. The company imports 50% of its raw material
from suppliers located in Malaysia, China and Thailand and rest it
procures from domestic suppliers located mainly in Gujarat and
Mumbai. The company sells its products in the domestic market to
automobile manufacturers on a pan India level. PPCPL is an ISO
9001:2008:14000 certified company. The company operates through its
two branches, in New Delhi and Pune.


R.S. FOODS: CARE Lowers Rating on INR8cr LT Loan to B-
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R.S.
Foods (RSF), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2019 placed the
rating of RSF under the 'issuer noncooperating' category as R.S.
Foods had failed to provide information for monitoring of the
rating. RSF continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated December 21, 2020, December 18, 2020,
December 17, 2020 and December 16, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of susceptibility to
fluctuation in raw material prices and monsoon dependent operations
and partnership nature of constitution. The rating, however,
derives strength from experienced partners and location advantage.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Adverse climatic conditions can affect their availability and leads
to volatility in raw material prices. Any sudden spurt in the raw
material prices may not be passed on to customers completely owing
to firm's presence in highly competitive industry.

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

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

Key Rating Strengths

* Experienced partners: RSF is currently being managed by Mr. Ram
Lal Singla and Mr. Atul Singla. Mr. Ram Lal Singla has a work
experience of around three decades in the rice industry as a
partner in Anand Rice Mills and in the textile industry as a
partner in Gupta Cloth House. Mr. Atul Singla has a work experience
of two years through his association with RSF only.

* Location advantage: RSF's manufacturing unit is located in
Karnal, Haryana which is one of the hubs for paddy/rice, leading to
its easy availability which is the key raw material for the
processing of rice. The unit is also in proximity to the grain
market resulting in procurement at competitive rates.

R.S. Foods (RSF) was established in April, 2015 as a proprietorship
firm by Mr. Satish Kumar. The constitution was converted into a
partnership firm in April 2016 and is currently being managed by
Mr. Ram Lal Singla and Mr. Atul Singla as its partners sharing
profit and losses equally. The firm is engaged in processing of
paddy and trading of rice at its manufacturing facility in Karnal,
Haryana with an installed capacity of processing 2880 tonnes of
paddy per annum.


RAYAT & BAHRA: CARE Reaffirms D Rating on INR77.47cr Loans
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Rayat
& Bahra Group of Institutes (RBGI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           76.47      CARE D Reaffirmed

   Short Term Bank
   Facilities            1.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RBGI factors in the
ongoing delays in the servicing of the debt obligation.

Key rating sensitivities

Positive Sensitivity

Ability of the trust to timely service its debt obligations for at
least 3 consecutive months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the interest as well as principal repayments of the
term loans availed by the society. Furthermore, the overdraft limit
availed by the society has remained overdrawn for more than 30 days
owing to its stretched liquidity position.

Rayat & Bahra Group of Institutes (RBGI), an educational &
charitable society was established in 2003. Currently, RBGI is
running two campuses having twelve colleges located in Mohali and
Hoshiarpur, Punjab. Apart from the above, the society is also
running two K-12 schools, one each under the Mohali and Hoshiarpur
campus. The Society was established with an objective to provide
education in the field of engineering and technology, management
and pharmacy. The different courses offered are duly approved by
AICTE (All India Council of Technical Education), PTU (Punjab
Technical University) - Jalandhar, SCERT (State Council of
Educational Research and Training) - Punjab, PU (Punjab University)
- Chandigarh and PSBTE (Punjab State Board of Technical Education)
- Chandigarh.


RAYAT EDUCATIONAL: CARE Reaffirms D Rating on INR33.36cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Rayat
Educational and Research Trust (RERT), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.36       CARE D; Stable; Rating
   Facilities                      removed to ISSUER NOT
                                   COOPERATING category     
                                   and Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RERT takes into
account ongoing delays in the debt servicing.

Key Rating Sensitivity

* Positive Sensitivity: Ability of the society to timely service
its debt obligation for at least 3 consecutive months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Rayat Educational & Research Trust (RERT) was established in 2001.
Currently, the trust is running one campus having six colleges and
two schools located in Ropar, Punjab. The Trust was established
with an objective to provide education in the field of engineering
and technology, management and pharmacy. The different courses
offered are duly approved by AICTE (All India Council of Technical
Education), PTU (Punjab Technical University) - Jalandhar, SCERT
(State Council of Educational Research and Training) - Punjab, PU
(Punjab University) - Chandigarh and PSBTE (Punjab State Board of
Technical Education) - Chandigarh.


RR COTTONS: Ind-Ra Cuts LT Issuer Rating to 'B', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded RR Cottons'(RRC)
Long-Term Issuer Rating to 'IND B' from 'IND B+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR13.4 mil. reduced from INR15.4 mil. Term loan due on May
     2024 downgraded with IND B /Stable rating; and

-- INR150 mil. Fund-based working capital limits Long-term rating

     downgraded and short-term rating affirmed with IND
     B/Stable/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects RRC's small scale of operations with its
revenue declining to INR435.14 million in FY20 from INR585.8
million in FY19, due to a reduction in the orders received along
with the lower production of raw cotton, due to poor crop
availability. During 8MFY21, the firm recorded a revenue of
INR106.8 million. The agency expects the firm's revenue to decline
in FY21, owing to the COVID-19-led lockdown and the disruptions
that followed. FY20 numbers are provisional in nature.

The ratings continue to be constrained by the firm's weak credit
metrics. The interest coverage (operating EBITDA/gross interest
expense) deteriorated to 0.89x in FY20 (FY19: 1.11x) and the net
leverage (adjusted net debt/operating EBITDAR) to 10.26x (8.14x)
due to reduced absolute EBITDA. Ind-Ra expects the credit metrics
to improve marginally in FY21, on account of a likely improvement
in the absolute EBITDA.

The ratings continue to factor in RRC's modest EBITDA margin even
as it rose to 4.35% in FY20 (FY19: 4.11%), on account of a fall in
the raw material cost. The return on capital employed was 6% in
FY20 (FY19: 8%). However, according to the management, the company
has undertaken cost reduction measures to contain the impact of
COVID-19 that are likely to help the EBITDA margins in FY21.

Liquidity Indicator - Poor: RRC's peak use of its fund-based limits
stood at 98.77% for the 12 months ended November 2020. Its working
capital cycle remained elongated at 171 days in FY20 (FY19: 128
days) due to an increase in debtors' days. The cash flow from
operations turned negative to INR1.85 million in FY20 (FY19:
INR42.5 million; FY18: INR4 million) due to an elongation of the
working capital cycle. At FYE20, the firm had a cash balance of
INR0.73 million (FYE19: INR1.70 million). RRC availed the Reserve
Bank of India-prescribed moratorium for its cash credit and term
loan facilities over March-August 2020. The firm has to make debt
repayments of around INR3.49 billion and INR11.60 billion in 2HFY21
and FY22, respectively.   

However, the ratings continue to be supported by RRC's partners'
three-decade-long experience in the ginning business.

RATING SENSITIVITIES

Negative: Any stretch in the liquidity position, along with a
decline in the revenue or the EBITDA margin, resulting in sustained
deterioration in the credit metrics, could lead to a negative
rating action.

Positive: An improvement in the liquidity position, along with
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to a positive rating
action.

COMPANY PROFILE

RRC were established in July 2016. It is involved in the
manufacturing of ginning and pressing of cotton in Adilabad, Andhra
Pradesh.

RUKMINI SILK: CARE Withdraws B+ Rating on Bank Debts
----------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
B+; Stable; issuer not cooperating; assigned to the bank facilities
Sree Rukmini Silk Emporium with immediate effect.
The above action has been taken at the request of Sree Rukmini Silk
Emporium and 'No Objection Certificate' received from the banker
that have extended the facilities rated by CARE.  The firm has
taken moratorium on deferment of interest on working capital loans
from March 2020 to August 2020 and for vehicle loans moratorium
from May 2020 to August 2020.

Andhra Pradesh family based, Sree Rukmini Silk Emporium (SRSE) is a
partnership firm, established in the year 2017. It was formed as a
result of the merger of 9 entities constituting proprietorship
firms and HUFs of the partners. Each of the partners individually
had more than decades of experience in this business. The entity is
engaged in the business of manufacturing of silk sarees. The firm
purchases the raw materials from the Surat, Chintamani and other
local traders. The firm has the customer base from Tamilnadu,
Kerala, Maharashtra and Kolkata.

During FY19, the TOI of the company remained at INR43.03 crore and
PAT of INR0.22 crore.


SATGURU AGRO: CARE Keeps B- on INR20.5cr Debt in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satguru
Agro Industries Limited (SAIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       20.50      CARE B-; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 19, 2019, placed
the rating of SAIL under the 'issuer non-cooperating' category as
SAIL had failed to provide information for monitoring of the
rating. SAIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated December 2, 2020, December 4, 2020, December 8,
2020 and December 11, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating continues to be constrained by weak financial risk
profile marked by thin profitability, high overall gearing, working
capital intensive nature of operations and presence in highly
fragmented soya sector leading to competition. However, the rating
derives strength from the track record of the company of over 25
years in the soya industry and locational advantage with respect to
close proximity of the raw material. At the time of last rating on
December 19, 2019, following were the rating strengths and
weaknesses (updated for the information available from ROC- Audit
Reports of FY18 and FY19).

Key Rating Weaknesses

* Financial risk profile marked by growth in TOI, however, thin
profitability and high overall gearing: The TOI stood at INR192.78
crore in FY19 as against 161.88 crore in FY18. The PBILDT and PAT
of the company in FY19 were of INR5.61 crore and INR2.50 crore
against INR5.62 crore and INR2.47crores in FY18, respectively.
Overall gearing moderated but remained high at 4.42x as on March
31, 2019 as compare to and 10.36x as on March 31, 2018.

* Concentrated geographical and customer base: The total operating
income of SAIL is generally concentrated in three states namely,
Tamil Nadu, Karnataka and Maharashtra.

* Exposure to intense competition in the highly fragmented soya
market: SAIL operates in an industry which comprises of several
players in the unorganized sector and is characterized by high
degree of fragmentation due to low entry barriers and low level of
product differentiation.

* Working Capital intensive nature of operations: The current ratio
reduced to 0.82x as on March 31, 2019 as compare to 0.96x as on
March 31, 2018.

Key Rating Strengths

* Extensive industry experience of the promoters: SAIL has a wide
experience of over 25 years and has established itself as a well
known player in the soya industry.

SAIL was incorporated in November 1991 at Solapur, Maharashtra
which was promoted by Khaitan family. During 2004, SAIL was
acquired by current management which includes- Mr. Praffulbhai G.
Kalavadia, Mr Dinesh Kumar M. Kalavadia, Mr.Bharatbhai V. Changela,
Mr. Paresh Kiran Parmar, Mr. Kantilal Naranbhai Padodar and Mr.
Ashiwin Kumar Dayabhai Zalawadi. SAIL is engaged in the crushing
and processing of soyabean seed for extraction of soya
de-oiled-cake (DOC), soya wash oil and soya refinery with an
installed capacity of 250 metric tonnes per day (MTPD) for soya DOC
and 50 MTPD for soya refinery. SAIL's product portfolio includes
soya de-oiled cake (DOC), soya wash oil and refined soya oil.


SHIVAAY INT'L: CARE Moves B+ Rating to Not Cooperating
------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shivaay
International LLP (SIL) to Issuer Not Cooperating category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.64       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating moved to
                                   ISSUER NOT COOPERATING category

   Long Term/Short      0.36       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING Rating
   Facilities                      moved to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIL to monitor the rating(s)
vide e-mail communications/letters dated December 21, 2020,
November 23, 2020, November 2, 2020, October 28, 2020, October 1,
2020, September 16, 2020, August 20, 2020, etc. and numerous phone
calls. However, despite repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Shivaay International LLP's bank facilities will now be
denoted as CARE B+; Stable / CARE A4; ISSUER NOT COOPERATING.

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

The ratings take into account the constraints relating to firm's
short track record of operations with net losses and leveraged
capital structure. Further, the ratings are also constrained by
risk associated with fluctuating raw material prices and highly
competitive and fragmented industry resulting in stiff competition
coupled with changing fashions trends. The ratings, however, draw
comfort from experienced partners and moderate operating cycle.

Detailed description of the key rating drivers

At the time of last rating on November 5, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Short track record of operations with net losses: The firm has
started its commercial operations from April, 2018 and has a
relatively short track record of operations. Furthermore, post
project implementation risk in the form of stabilization of the
processing facilities to achieve the envisaged scale of business
and saleability risk associated with the products in the light of
competitive nature of industry remains crucial for the company.
However, the partners have considerable experience in same line of
industry through their association with other family run businesses
which partially offsets this risk. The firm has achieved total
operating income and gross cash accrual of INR6.13 crore and
INR1.22 crore respectively for FY19 (refers to period April 1 to
March 31). The small scale limits the firm's financial flexibility
in times of stress and deprives it of scale benefits. Further, the
firm incurred net losses for INR0.47 crore for FY19 owing to high
depreciation cost incurred due to capex incurred. The firm has
achieved total operating income of INR3.70 crore for 6MFY20 (refers
to period April 1 to September 30, based on provisional results).

* Leveraged capital structure: The capital structure of the firm
stood leveraged as on balance sheet date, i.e., March 31, 2019
owing to low capital base as against debt funded capex incurred.
Debt equity and overall gearing ratio stood at 1.33x and 2.28x
respectively as on March 31, 2019.

* Fluctuating raw material prices: The main raw material of the
firm is cotton fabric (agro commodity), yarn. The raw material
prices are dependent on various factors like government policies
viz. export guidelines, regularity of monsoon and global prices of
crude; any change in the factors will lead to fluctuation in the
prices. And volatility in the prices can
have direct impact on the profitability margins of the company.

* Highly competitive and fragmented industry resulting in stiff
competition coupled with changing fashions trends: SIL operates in
a highly-fragmented industry wherein there is presence of a large
number of players in the unorganized and organized sectors. There
are large numbers of small and regional players catering to the
same market which limits the bargaining power of the firm and
exerts pressure on its margins. The women apparels sector is highly
dependent on fashion trends, consumer spending habits as well as
economic cycles. Therefore, the companies need to manage their
inventories according to fashion and changing trends. At times, a
fashion is short-lived, thus there is a risk of inventory getting
obsolete and does not meet the taste and preferences of the
customers leading to losses.

Key Rating Strengths

* Experienced partners: The firm is managed by Mr. Sanjay Goyal and
Ms. Shweta Goyal who are graduates by qualification and have more
than two decades of experience in readymade garments industry
through their association with the family run businesses.

* Moderate operating cycle: The operating cycle of the firm stood
moderate at 64 days for FY19. The firm offers a credit period of up
to months to its customers and receives around one month of credit
period from its suppliers. It maintains adequate level of inventory
in form of raw material to ensure smooth flow of operations. The
inventory holding period stood at 12 days for FY19. The average
utilization of working capital limits remained around 80% for the
period of 12 months ended November, 2020.

Liquidity: Stretched

The liquidity position of the company remained stretched as marked
by tightly matched accruals to repayment obligations and around 80%
utilization of its working capital borrowings ending November,
2020. Further, in line with RBI guidelines in wake of COVID-19
pandemic, the firm has not availed moratorium period for its
facilities provided by the bank.

Delhi, based Shivaay International LLP (SIL) was established in the
year 2016 and commenced its commercial operations from 2018 is a
limited liability partnership firm with partners Mr. Sanjay Goyal
and Ms. Shweta Goyal who equally share profit and loss. SIL is an
export oriented firm engaged in the manufacturing of readymade
garments and embroidery designs. The manufacturing process of the
firm is done in unit located in Faridabad, Haryana having installed
capacity of 5000 pieces per day.


SHRADDHA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shraddha
Energy and Infraprojects Private Limited (SEIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      164.31      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       13.95     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated November 21, 2019, placed the
ratings of SEIPL under “Issuer non-cooperating” category as the
company had failed to provide information for monitoring the
rating. SEIPL continues to be non-cooperative despite repeated
request for submission of information through mails, phone calls
and a letter dated December 2, 2020, December 4, 2020, December 8,
2020 and December 11, 2020. In line with the extant SEBI guidelines
CARE has reviewed the rating on the basis of best available
information. Further, SEIPL had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
ratings on SEIPL bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 21, 2019, the following were
the rating weaknesses (updated for the information available from
ROC- Audited Reports of FY18 and FY19).

Key Rating Weaknesses

* Delays in debt servicing: There are on-going delays in debt
servicing obligations of the company.

SEIPL, promoted by Mr. Shivaji Bhagwanrao Jadhav in 1986, is the
flagship company of Shraddha group. The company is engaged in the
business of sugar manufacturing, co-generation from Sugar Unit and
construction work related to dams, barrages lift irrigation, etc
and power generation through wind energy.


SHUBHLAXMI DAL: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Shree
Shubhlaxmi Dal & Oil Mill Limited (SSML), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            6.50      CARE B+; Stable Reaffirmed

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

The reaffirmation of the ratings to the bank facilities of SSML
continues to remain constrained on account of its modest scale of
operations with moderate profitability margins, leveraged capital
structure, weak debt coverage indicators, and stretched liquidity
position. The rating is further constrained by presence of the
company in highly fragmented industry with susceptibility of its
operating profitability margins to price volatility associated with
seasonal availability of agro based inputs.

The rating however, is supported by extensive experience of the
promoters with long track record of operations of company of more
than two decades, and long term association with customer and
suppliers.

Rating Sensitivities

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

  * Significant increase in scale of operations along with
improvement in the profitability margins on sustained basis

  * Improvement in solvency position

Negative factors: Factors that could lead to negative rating
action/downgrade:

  * Decline in total operating income along with decline in profit
margins

  * Any un-envisaged borrowing which will result in further
deterioration in capital structure

  * Deterioration in liquidity position

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Modest scale of operations with moderate profitability margins:
The company has an operational track record of more than two
decades. Despite such a long operational track record, the scale of
operation of the company continues to remain modest with TOI of
INR24.32 crore in FY20 (Audited).TOI of the firm has improved by
11.46% in FY20 on account of higher execution of orders and slight
increase in the price of the pulses. Further, the total capital
employed of the company stood at INR11.09 crore as on March 31,
2020. The modest size restricts the financial flexibility of the
company in times of stress and deprives it from scale benefits.
Moreover, the company has achieved a turnover of around ~INR10
crore during 8MFY21 ended on November 30, 2020. The PBILDT margin
stood moderate in the range of 5.43%-7.14% for the last three years
ended March 31, 2020 on account of limited value addition nature of
business and presence of SSML in highly fragmented industry thus
limiting its bargaining power. The PAT margin continues to remain
below unity during the aforementioned period.

  * Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company though improved continues to
remain leveraged with overall gearing ratio of 7.13x as on March
31, 2020 as against 7.99x as on March 31, 2019. The same improved
on account of lower utilization of working capital borrowings.
Moreover, with lower accruals and higher gearing levels, the debt
coverage indicator of the company continues to remain weak with
interest coverage at 1.32x in FY20.

  * Highly fragmented and competitive industry and highly
regulated: SSML operates in an industry characterized by high
competition due to low entry barriers, high fragmentation and the
presence of a large number of players in the organized and
unorganized sector. Thus, the entities present in the segment
generally have a very low bargaining power vis-à-vis their
customers.

  * Operating margins are susceptible to seasonality associated
with agro commodity industry and regulatory risk: Prices of raw
material i.e. toor dal are highly volatile in nature and depend
upon factors like, area under production, yield for the year,
international demand supply scenario, export quota decided by
government and inventory carry forward of last year. SSML usually
has to procure raw materials at significantly higher volume to
bargain bulk discount from suppliers. Further, agro commodity
products being a seasonal crop results into a higher inventory
holding period for the business. Thus, aggregate effect of both the
above factors results in exposure of SSML to price volatility risk.
The dal prices in India are highly regulated by government through
MSP (Minimum Support Price) fixed by government, though due to huge
demand-supply mismatch the prices have rarely been below the MSP.
Moreover, export of dal is also regulated by government through
quota systems to suffice domestic demand for rice and wheat.

Key Rating Strengths

  * Experienced promoters with long and established track record of
more than two decades in decade in the agro products industry: SSML
is currently managed by Mr. Rajendrakumar Mohanlal Agrawal
(Managing Director). He is well versed with the intricacies of the
business on the back of more than two decades of experience in
processing agro commodity through this company. He is ably
supported by Mr. Shyamsunder Mohanlal Agrawal (Director) and Mr.
Pratik Agrawal (Manager) and a team of experienced professionals.
Long experience of the managing director has supported the business
risk profile of the company to a large extent.

  * Established relations with suppliers and customers: SSML has
long-standing relationship with its suppliers and customers due to
the extensive experience of promoters of more than two decades in
the industry. The clients have been associated with SSML over the
years. However, being in a highly competitive business, customer
retention is a constant challenge for the company.

Liquidity indicator: Stretched

The liquidity position of the company remains stretched as marked
by tightly matched accruals to repayment, highly utilized fund
based limits at around 90-100% during the last 12 months ended
November 30, 2020 and modest cash balance of INR0.24 crore as on
March 31, 2020. The operations is characterized by gross current
asset days of 160 days during FY20 (as against 158 days as on March
31, 2019), with fun ds being blocked mainly in inventory due to
owing to seasonality associated with availability of raw material.
The company has not availed moratorium for the period of 6 months
from March to August 2020 for interest payments of cash credit
account as per Covid-19 Regulatory Package announced by RBI.
Further, the company has availed term loan amounting to 20% of the
existing CC limits (Rs.1.19 crore) in line with relief package for
MSME's.

Incorporated in 1997, SSML is managed by Mr. Rajendrakumar Mohanlal
Agrawal, Mr. Shyamsunder Mohanlal Agrawal and Mr. Pratik Agrawal.
The processing facility of SSML is located at Nagpur and has an
installed capacity of processing 8000 metric tons of tur dal per
annum (MTPA).


SUNRISE TIMPLY: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sunrise Timply
Company Private Limited 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 BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR170 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 11, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, Sunrise Timply Company is engaged in the
timber trading business. The company imports round and processed
timber logs from Malaysia, Myanmar, Ivory Coast, Nigeria, New
Zealand and Indonesia. The plywood is procured from the domestic
market. It sells its products to wholesalers, retailers and saw
mills in the domestic market. Its warehousing facility is located
in Khidderpore, Kolkata, which is close to Kolkata Port.

VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Varron
Industries Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.94      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Long Term Bank/     109.10      CARE D; ISSUER NOT COOPERATING
   Short Term Bank                 Rating continues to remain
   Facilities                      Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank     142.80      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 10, 2019 placed the
ratings of VIPL under the 'issuer non-cooperating' category as VIPL
had failed to provide information for monitoring of the rating.
VIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails and phone calls dated
December 15, 2020, December 26 2020 & December 28 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 13th 2017 the following were
the rating weaknesses (updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

* Delays in debt servicing: There are ongoing delays in debt
servicing and the account has been classified as Non-Performing
Asset.

Varron Industries Private Limited (VIPL) is engaged in the
manufacturing of alloy and aluminum based ingots, aluminum castings
and steel forgings utilized in the production of automotive
components and forgings. It manufactures aluminium ingots of all
grades by recycling of aluminium scrap material. The manufacturing
plant of the company is located at Ratnagiri, Maharashtra, VAPL has
installed eight furnaces for the manufacturing of aluminum ingots.


VIBRANT FAB: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Vibrant Fab Private Limited

        Registered office:
        Landmark Empire Build-A
        5th Floor, Sh-517 Landmark Corpo
        Saroli Surat Gujarat 395010

        Other than Registered office:
        Building A, Fourth Floor
        Unit No. 004, Cts No. 183
        Off Village Tungwa
        Saki Vihar Road, Andheri (E)
        Mumbai 400072
        Maharashtra India

Insolvency Commencement Date: December 31, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 4, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Krishna Gopal Ratanlal Maheshwari

Interim Resolution
Professional:            Mr. Krishna Gopal Ratanlal Maheshwari
                         Primus Insolvency Resolution and
                         Valuation Pvt. Ltd.
                         408, Manish Chambers
                         Sonawala Road
                         Above Kotak Bank
                         Goregaon (E)
                         Mumbai 400063
                         E-mail: 1kgmaheshwari@gmail.com
                                 vibrant@primusresolutions.in

Last date for
submission of claims:    January 19, 2021


VODAFONE IDEA: CARE Puts B+ Debt Ratings on Watch Negative
----------------------------------------------------------
CARE continues to place long-term ratings of Vodafone Idea Limited
(VIL) on credit watch with Negative Implications on account of
ongoing evaluation of fund raising option towards network expansion
and payment of Adjusted Gross Revenue (AGR) dues from FY22
onwards.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based        13,825.81      CARE B+; Credit watch with
   Bank Facilities                  Negative Implications
                                    Continues to be on Credit
                                    watch with Negative
                                    Implications

   Non-Fund based     23,737.06     CARE B+; Credit watch with
   Bank Facilities                  Negative Implications
                                    Continues to be on Credit
                                    watch with Negative
                                    Implications

   Non-Convertible     7,500.00     CARE B+; Credit watch with
   Debenture (NCD)                  Negative Implications
   Issues                           Continues to be on Credit
                                    watch with Negative
                                    Implications

CARE continues to monitor the developments pertaining to fund
raising by VIL and will take appropriate rating action based on the
outcome of the same.

Detailed Rationale & Key Rating Drivers

The reaffirmation of long-term rating to bank facilities and
instruments of VIL continues to be constrained by prevalent intense
competition in Indian Telecom industry impacting VIL's operational
performance, moderate financial risk profile. Further, Hon'ble
Supreme Court pronounced judgement on AGR dues payable by VIL to
DoT. Going forward the ability of the company to raise fund towards
network expansion and payment of Adjusted Gross Revenue (AGR) dues
from FY22 onwards remains key rating monitorable.  However, the
rating continues to derive strength from established promoter
groups.

Rating Sensitivities

Positive rating sensitivities

  * Improvement of overall of financial risk profile of the company
on sustained manner

Negative rating sensitivities

  * Any moderation of VIL's financial risk profile and debt
coverage indicators

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Judgement by Hon'ble Supreme Court on AGR dues payable by VIL
to DoT: Hon'ble Supreme Court in its ruling on September 01, 2020
directed telecom companies to pay 10 percent of total AGR dues by
March 31, 2021 and balance amount in annual installments commencing
from April 1, 2021 upto March 31, 2031 payable by March 31 of every
succeeding financial year. The AGR dues for VIL aggregated to
INR58,250 crore upto FY2016-17 on basis of preliminary assessment
by DoT. VIL has already paid INR7,854 crore towards AGR due to DoT
as on date. Further, on September 04, 2020, the Board of Directors
of VIL approved the raising of funds through (1) issue of equity
shares or securities convertible into equity shares, Global
Depository Receipts, American Depository Receipts, foreign currency
convertible bonds, convertible debentures, warrants, composite
issue of non-convertible debentures and warrants entitling the
warrant holder(s) to apply for equity shares or a combination
thereof up to an aggregate amount of INR150 billion by way a public
issue, preferential allotment, private placement, qualified
institutions placement or through any other permissible mode in one
or more tranches; and (2) issuance of unsecured and/or secured,
non-convertible debentures up to an aggregate amount of INR15,000
crore, by way of public offering or private placement basis or
otherwise, in one or more tranches. However the total raising of
funds shall not exceed INR25,000 crore. The company is currently
evaluating various fund raising options. Going forward the ability
of the company to raise fund to support its operation and yearly
payments of AGR dues remains key rating monitorable.

  * Prevalent intense competition in Indian Telecom industry
impacting VIL's operational performance: Revenue of the company
marginally dipped in H1FY21 as compared to H1FY20 despite increase
in tariff in December, 2019 due to prevalent intense competition in
Indian Telecom industry leading to lower ARPU levels. ARPU for
Q2FY21 was INR119 as compared to INR107 in Q2FY20. The subscriber
base declined to 271.8 million in Q2FY21 from 279.8 million in
Q1FY21. However, the gross additions improved with gradual
reopening of retail stores. The subscriber churn increased to 2.6%
as compared to 2.0% in Q1FY21) on account of revival of economic
activity post lifting up of COVID-19 restrictions. However, PBILDT
levels improved in H1FY21 as compared to H1FY20 on account of
implementation of cost optimization plan.

  * Moderate financial risk profile of the company: VIL continues
to report moderate financial risk profile in H1FY21. The loss of
the company dipped to INR32,678 crore in H1FY21 as compared to
INR55,795 crore in H1FY20 on account of lower provisioning of AGR
dues as per judgement of Hon'ble Supreme Court. Consequently, to
higher level of losses in H1FY21 the networth of the company got
eroded. As on March 31, 2020 networth of VIL was INR5,979.90 crore.
Further, the independent auditor's report on quarterly and year to
date unaudited consolidated financial results of the company
mentions material uncertainty on going concern of the company.
Gross debt (excluding lease liabilities) as of September 30, 2020
was INR1,15,941.50 crore, including deferred spectrum payment
obligations due to the Government of INR92,310 crore.

Key Rating Strengths

* Established promoter groups: VIL is a part of Aditya Birla Group
(ABG) and Vodafone Group Plc (VGP). Aditya Birla Group is one of
the largest and oldest corporate houses in India with multinational
presence. ABG led by Mr. Kumar Mangalam Birla has leading presence
across several sectors including metals, cement, telecom, financial
services, textiles and other manufacturing industries in the
country. The group's operations span over 36 countries. VGP is one
of the world's largest telecommunications companies and provides a
range of services including voice, messaging, data and fixed
communications. VGP has mobile operations in 24 countries, partners
with mobile networks in 42 more, and fixed broadband operations in
19 markets. VIL's operations are handled by team of experienced and
professionally qualified personnel headed by Mr. Ravinder Takkar as
Managing Director and Chief Executive Officer.

  * Industry Outlook: The Indian Telecom sector has been witnessing
a lot of volatility for the past few years. The sector has seen
intensified competition which has also resulted in consolidation
among the players. The increase in the subscriber addition of
larger operators is primarily due to exit of the smaller players.
However, the increase in subscribers has not brought proportionate
incremental revenue to the telcos on account of intense competition
in the sector which had led to limited scope for increasing the
tariffs. Development of new technologies and the rapid change in
technology had led to increased challenges for the players with
regards to return on investments in the current technology and
additional investments in the new technology. However, the Digital
India programme promoted by the government, increase in usage of
e-wallets and banking applications are expected to increase the
usage of mobile data consumption in the coming years.

Liquidity analysis:

Liquidity - Poor

Cash and cash equivalent (excluding margin deposits) as on
September 30, 2020 stood at INR1,430 crore. The total debt
servicing obligation for period October 1, 2020 to March 31, 2021
is around INR1,780 crore. Going forward the adequacy of available
funds to meet debt obligations remains to be seen. With negative
networth of the company as on September 30, 2020 there is very
limited headroom for the company to incur any capital expenditure
and raise funds to support operation of the company.

Vodafone Idea Limited is an Aditya Birla Group (ABG) and Vodafone
Group partnership. Vodafone Group owns 44.39% stake and ABG owns
27.66% stake as on September 30, 2020 in VIL. With pan-India
operation, the company is one of the largest telecom operator
providing voice, data, enterprise and other value added services
across 22 service areas. As on September 30, 2020 subscriber base
of the company stood at 271.80 mn with 4G subscriber base of 106.10
million. Aditya Birla Group is India's one of the largest
conglomerate having its presence across 35 countries. Vodafone
Group is one of the world's largest telecommunications companies
having mobile operations across 24 countries, partners with mobile
networks in more than 42 markets, and fixed broadband operations in
around 19 markets.




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

[*] JAPAN: Hotel Bankruptcies Jumped 57.3% in 2020
--------------------------------------------------
The Japan Times reports that the number of bankruptcies in the
hotel industry in Japan in 2020 jumped 57.3% from the previous year
to 118, according to Tokyo Shoko Research Ltd.

According to The Japan Times, the annual total surpassed 100 for
the first time since 2013, mainly due to the impact of the novel
coronavirus epidemic, the credit research firm said on Jan. 12.

Liabilities left by collapsed hotel operators totaled JPY58
billion, with failures of midsize or larger firms increasing, the
report discloses.

By prefecture, 12 of the bankrupt companies were located in Nagano,
home to many spa and ski resorts, 11 in Tokyo and nine in
Shizuoka.

"The situation is expected to remain severe this year" for the
hotel industry, a Tokyo Shoko Research official said, the report
relays. "Bankruptcies are feared to increase further."

Meanwhile, the number of bankruptcies in the travel industry in
Japan last year went up 4.0% to 26, rising for the first time in
three years, The Japan Times discloses.




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

CHIP ENG: Warns of FY2020 Loss Due to Adverse Covid-19 Impact
-------------------------------------------------------------
Michelle Zhu at The Business Times reports that Chip Eng Seng is
expecting to report a FY2020 net loss in mid-February 2021 as
opposed to its FY2019 net profit of SGD32.6 million, due to the
adverse impact of Covid-19 on its businesses.

The full year net loss incurred will be wider than the SGD25.7
million net loss it reported for H1 2020, said the property
developer in its profit warning issued on Jan. 11, BT relays.

In the property segment, Chip Eng Seng's ongoing development
projects Grandeur Park Residences, Park Colonial, Parc Komo and
Kopar at Newton were affected by the closure of their construction
sites for several months in FY2020, which in turn dampened revenue
recognition and progressive payments from property buyers, BT
relates.

Kopar at Newton recognised negligible revenue for the period as
construction progress was in the initial stages at the end of the
"circuit-breaker" period, added the group.

BT says adverse effects are also expected for contribution of
FY2020 revenue from the group's construction business due to delays
in project schedules and increased project costs owing to the
stoppage and subsequent slow resumption of work.

Further, the group noted slow construction demand over H2 2020,
with the bulk of projects secured during the period to commence
only in FY2021.

Due to ongoing travel restrictions and low demand for international
travel, Chip Eng Seng's hospitality businesses in Singapore,
Australia and the Maldives have yet to see any significant recovery
in occupancy rates and revenue, according to BT. This has affected
the valuation of the group's hotel properties, said the group.

It also expects to report significant impairment losses in its
property investment segment due to an overall decline in occupancy
rate and valuation of CES Centre, its office investment property,
BT discloses.

In the education segment, operating costs and expenses were
incurred from the group's new schools in the pipeline, including
Invictus-branded international schools in Singapore, Hong Kong and
Cambodia, resulting in negligible FY2020 revenue contribution from
these schools.

BT adds that the group will also be making a provision for doubtful
debts with respect to its investment in American Scholar Group,
which it said was severely impacted in the face of political
tensions between the US and China, further exacerbated by
Covid-19.

Chip Eng Seng Corporation Limited specializes in building
construction activities in the private and public sector. The
Company also owns, develops, and invests in properties.


EZION HOLDINGS: Court to Hear Wind-Up Bid Against Units on Jan. 28
------------------------------------------------------------------
The Business Times reports that the High Court will hear winding-up
applications against two of mainboard-listed offshore and marine
service provider Ezion Holdings' units on Jan 28, the board said on
Jan. 12.

Whitesea Shipping & Supply (LLC) applied last year to wind up
Ezion's wholly-owned subsidiaries Teras Conquest 3 and Teras
Conquest 5, the report says.

Based in Singapore, Ezion Holdings Limited
--http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
21, 2020, Ezion Holdings on Oct. 19 announced its restructuring
plan to refocus its business on the provision of vessel-management
services, following a strategic review of its options in
consultation with major lenders.  According to The Business Times,
the company said that it will take steps to realise value by
disposing of its vessels in an orderly manner over a period of
time; this will enable it to better manage its cashflow constraints
by reducing the holding costs of the vessels as well as the amount
of liabilities.  It will also implement further cost-cutting
measures in line with business requirements and continue the search
for potential investors to recapitalise the group and realise the
value of the listed status of the company, on the basis of a
vessel-management company.

The company has appointed RSM Corporate Advisory as corporate
restructuring advisor to oversee the implementation of the
restructuring plan over the course of the next year and will in due
course hold an informal meeting for securities holders.


INTERNATIONAL ENERGY: Foo Kon Tan Appointed as Liquidators
----------------------------------------------------------
Manifold Times reports that three notices were published in the
Government Gazette on January 11 regarding the winding up process
of International Energy Group Pte Ltd.

In the first notice, the company's Director, Goh Kok Liang,
declared on January 5 that International Energy Group (IEG) can no
longer continue its business due to its liabilities and proceeded
to summon a creditors' meeting within a month of the declaration,
the report relates.

According to Manifold Times, the second notice was regarding the
appointment of Messrs. Kon Yin Tong and Aw Eng Hai of Foo Kon Tan
LLP as the company's joint liquidators through a resolution passed
by the directors of IEG.

In the third notice, the Director announced a creditors' meeting
has been scheduled to be held electronically on February 1 at 10:30
a.m. for the following purposes:

   * To lay before the creditors a full statement of the affairs
     of the company, showing its assets and liabilities.

   * To confirm the appointment of Messrs. Kon Yin Tong --
     yintong.kon@fookontan.com -- and Aw Eng Hai --
     enghai.aw@fookontan.com -- of Foo Kon Tan LLP, as the
     company's joint liquidators.

   * To authorise the appointed liquidators to open bank accounts
     with a bank for the orderly winding up of the company and
     for them to appoint authorised signatories of the said bank
     accounts.

  * To consider appointing a Committee of Inspection for the
    purpose of winding up the company.

  * Any other business.

It should be noted that proxies to be used at the meeting must be
lodged with the company at the address of the appointed liquidators
at least 48 hours before the time appointed for the meeting.

The appointed liquidators may be reached at:

          Kon Yin Tong
          Aw Eng Hai
          Foo Kon Tan LLP
          24 Raffles Place
          #07-03 Clifford Centre
          Singapore 048621




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

SRILANKAN AIRLINES: Fitch Rates USD175MM Unsec. Bonds 'CCC'
-----------------------------------------------------------
Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA)
USD175 million government guaranteed 7% unsecured bonds due 25 June
2024 at 'CCC'.

KEY RATING DRIVERS

The airline's bonds are rated at the same level as SLA's parent,
the government of Sri Lanka (CCC), due to the unconditional and
irrevocable guarantee provided by the government. The state held
99.5% of SLA as at end-December 2020 through direct and indirect
holdings.

DERIVATION SUMMARY

Fitch has rated SLA's US dollar bonds at the same level as the
sovereign due to the unconditional and irrevocable guarantee
provided by the government. The rating is not derived from the
issuer's standalone credit profile, and is therefore not comparable
with that of industry peers.

RATING SENSITIVITIES

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

-- An upgrade of the sovereign rating

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

-- A downgrade of the sovereign rating

For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in Fitch’s Rating Action Commentary of 27
November 2020

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:

-- External Finances: Improvement in external finances, supported
    by higher non-debt inflows or a reduction in external
    sovereign refinancing risks from an improved liability
    profile.

-- Public Finances: Stronger public finances, accompanied by a
    sustained decline in the general government debt to GDP ratio,
    closer to the 'B' median, underpinned by a credible medium
    term fiscal consolidation strategy

-- Structural: Improved policy coherence and credibility, leading
    to more sustainable public and external finances and a
    reduction in the risk of debt distress

The main factor that could, individually or collectively, lead to
negative rating action/downgrade:

-- Increased signs of a probable default event, for instance from
    severe external liquidity stress, potentially reflected in an
    ongoing erosion of foreign-exchange reserves and reduced
    capacity of the government to access external financing.

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.

CRITERIA VARIATION

The rating on SLA's bonds is derived from the rating of an entity
covered by a group that does not assign Recovery Ratings. As a
result, no Recovery Rating was assigned to SLA's bond.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of SriLankan Airline's (SLA) bonds are directly linked
to the IDR of Sri Lanka, the guarantee provider. A change in
Fitch's assessment of the IDR of Sri Lanka would automatically
result in a change in the rating on SLA's bonds. In addition, any
change in Fitch's view on the contract of guarantee may result in a
downgrade to the guaranteed securities.



                           *********


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
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***