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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

          Friday, January 15, 2021, Vol. 24, No. 6

                           Headlines



A U S T R A L I A

BARRELHOUSE PAYROLL: Second Creditors' Meeting Set for Jan. 22
KCR PROPERTY: Second Creditors' Meeting Set for Jan. 22
TYRO PAYMENTS: Defends Response to Week-Long Outages
WSTC PTY: Clifton Hall Appointed as Liquidators


C H I N A

ANTON OILFIELD: Moody's Completes Review, Retains B1 CFR
CHINA FORTUNE: Moody's Cuts CFR to B2, Under Review for Downgrade
CHINA: Bankruptcy Regulation Set to Boost Social Credit System
IONIX TECHNOLOGY: Signs $253,500 Funding Agreements with Labrys
REMARK HOLDINGS: Gets $1 Million Loan

ZHENRO PROPERTIES: S&P Withdraws 'B' LT Issuer Credit Rating


H O N G   K O N G

SPI ENERGY: Unit Acquires Consumer Contracts of Petersen-Dean


I N D I A

ALTAIR POWER: CRISIL Keeps B- Debt Ratings in Not Cooperating
AMIT LEATHER: CRISIL Reaffirms B+ Rating on INR3.2cr Term Loan
ANDHRA PRADESH: Ind-Ra Affirms BB Rating on INR629.8MM LT Loan
ARAVALI CYLINDERS: CRISIL Keeps B Debt Ratings in Not Cooperating
ARHAM IRON: CRISIL Lowers Rating on INR6.1cr Secured Loan to D

ARYAN ISPAT: Ind-Ra Cuts LT Issuer Rating to 'D', Outlook Negative
COVIDH TECHNOLOGIES: Insolvency Resolution Process Case Summary
DEWAN HOUSING: India Bankruptcy Law Faces Vital Test with Vote
FAVOURITE FABTECH: Insolvency Resolution Process Case Summary
GEMUS ENGINEERING: Ind-Ra Moves BB- LT Rating to Non-Cooperating

GOALTORE COLD: CRISIL Upgrades Rating on INR6.33cr Loan to B-
GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
HEAVY METAL: Insolvency Resolution Process Case Summary
INDIA COKE: Ind-Ra Hikes LongTerm Issuer Rating to 'BB+'
KAIZEN METAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KIRPA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
L SUDERSHAN: CRISIL Lowers Rating on INR3.5cr Overdraft Loan to B
LION INSULATION: CRISIL Withdraws B- Rating on INR3.4cr Loan
MEMORIAL INSTITUTE: Ind-Ra Lowers Bank Loan Rating to 'BB+'
OM GRAM: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating

OVEL LAMINATE: CRISIL Keeps B Debt Ratings in Not Cooperating
PALNADU INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
PATEL TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
POSHS METAL: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
PRADHAMA MULTI: Ind-Ra Assigns 'D' Long-Term Issuer Rating

RAJ SHREE: CRISIL Lowers Rating on INR4.3cr Cash Loan to B
RUBYKON MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
S S P SPONGE IRON: Insolvency Resolution Process Case Summary
SAFETY CONTROLS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
SHIVALIKA RUGS: CRISIL Keeps B Rating on INR3cr Bill Discounting

SIGNUM ELECTROWAVE: CRISIL Withdraws B Rating on INR5cr LT Loan
SILVER JUBILEE: CRISIL Keeps B Debt Ratings in Not Cooperating
STANZEN ENGINEERING: Ind-Ra Moves B- LT Rating to Non-Cooperating
SUMERU DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
SUMIT WOOL: CRISIL Keeps D Debt Ratings in Not Cooperating

SUNIL GARG: CRISIL Lowers Rating on INR11cr Cash Loan to B
SURYA TEXTECH: CRISIL Keeps B Debt Ratings in Not Cooperating
SVAM POWER: CRISIL Keeps B Debt Ratings in Not Cooperating
TIRUPATI MICROTECH: CRISIL Lowers Rating on INR15cr Loan to B
TUSHAR FABRICS: CRISIL Keeps B+ Debt Rating in Not Cooperating

VEDANT EDIBLE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
WELTIME FOOTWEAR: CRISIL Reaffirms B- Rating on INR9cr Cash Loan


J A P A N

[*] JAPAN: Corporate Bankruptcies Fall to 31-Year Low in 2020


M A C A U

MELCO RESORTS: Moody's Rates Sr. Unsec. Notes Proposed Add-on Ba2


M A L A Y S I A

AIRASIA BHD: Unit Shows Court Creditors' Support for Restructuring


S O U T H   K O R E A

ASIANA AIRLINES: KFTC Starts Review of Takeover Deal


S R I   L A N K A

KOTAGALA PLANTATIONS: Fitch Affirms National LT Rating at 'RD(lka)'

                           - - - - -


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A U S T R A L I A
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BARRELHOUSE PAYROLL: Second Creditors' Meeting Set for Jan. 22
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Barrelhouse
Payroll Pty Ltd has been set for Jan. 22, 2021, at 10:00 a.m. at
the offices of Hogansprowles Pty Ltd, Level 9, at 60 Pitt Street,
in Sydney, NSW.

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. 21, 2021, at 4:00 p.m.

Michael Hogan and Brendan Copeland of Hogansprowles were appointed
as administrators of Barrelhouse Payroll on Dec. 16, 2020.

KCR PROPERTY: Second Creditors' Meeting Set for Jan. 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of KCR Property
Pty Ltd has been set for Jan. 22, 2021, at 2:00 p.m. at the offices
of BPS Reconstruction and Recovery, Level 5, 350 Collins Street, in
Melbourne, Victoria.

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. 21, 2021, at 4:00 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of KCR Property on Dec. 8, 2020.

TYRO PAYMENTS: Defends Response to Week-Long Outages
----------------------------------------------------
Cara Waters at The Sydney Morning Herald reports that embattled
payments technology company Tyro has defended its response to week
long outages after its terminals were 'bricked', leaving small
businesses around Australia unable to process payments.

SMH relates that Tyro is the largest provider of Eftpos terminals
outside the big four banks and alerted the Australian Securities
Exchange to a "terminal connectivity" outage last week which it
said affected less than 15 per cent of its terminals and less than
5 per cent of customers.

Small businesses owners have flooded Tyro's Facebook page with
complaints with one posting "Two of my venues can't accept card for
four days. I'm expecting you guys will cover loss of revenue?".

Tyro chief executive Robbie Cooke told The Age and The Sydney
Morning Herald the problem was confined to a subset of Tyro's
terminals that have a particular version of software installed.

"We understand the significance of this disruption and sincerely
apologise to our impacted merchants," the report quotes Mr. Cooke
as saying. "We are committed to genuinely considering all options
to help our customers who have been impacted by this issue and
these discussions will be prioritised once the issue has been
completely resolved."

SMH relates that Mr. Cooke said Tyro had been actively collecting,
repairing and returning terminals and was working "24/7" with
terminal provider Wordline and partner Amtek.

"We are working at pace and will be in a position to update
customers and the market on this shortly, when we will also have a
clearer idea of how long it will take to have most impacted
customers back to normal operations," he said.

Tyro listed on the Australian Securities Exchange in December 2019
and is chaired by former Telstra chief executive David Thodey.

The fintech was valued at AUD1.4 billion on debut and reported a
AUD19 million loss in February last year, SMH discloses.

According to the report, Melbourne craft brewer Moon Dog was one of
the businesses hit by the outage with nine of its 14 Tyro terminals
bricking on Jan. 6 and chief executive Maurice McGrath said the
terminals still have not been replaced.

"It hasn't affected us as much as other businesses as we have still
been able to get by with the five still working," the report Mr.
McGrath as saying.

However, Mr. McGrath said he would consider switching payment
providers as a result of the outage.

"Our priority at the moment is to make sure they are operational
again but the reality again is that when you have a significant
technological issue you have to evaluate your options going
forward."

Tyro Payments -- https://www.tyro.com/ -- is an Australian
financial institution specializing in merchant credit, debit and
EFTPOS acquisition.

WSTC PTY: Clifton Hall Appointed as Liquidators
-----------------------------------------------
Timothy Clifton of Clifton Hall was appointed as Liquidator of WSTC
Pty Limited on Jan. 11, 2021.

Initial information was posted to creditors on Jan. 13, 2021.  

The information sent to creditors includes voting forms in respect
of proposals requiring creditor approval.  Completed forms must be
returned by 5:00 pm on Feb. 12, 2021, for vote to be counted.




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C H I N A
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ANTON OILFIELD: Moody's Completes Review, Retains B1 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Anton Oilfield Services Group and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 12, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations.

Anton Oilfield Services Group's (Anton) B1 corporate family rating
reflects its operational benefits from its integrated business
model and its strong market position in China and competitiveness,
underpinned by its strategic alliances. The rating is also
supported by growing capabilities and more established track record
of operating geographically diversified businesses. Besides, Anton
has modest financial debt leverage.

At the same time, Anton's rating is constrained by the company's
exposure to oil price volatility and risks associated with its
overseas expansion. The rating is also constrained by its small
scale with high customer concentration and weak liquidity.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.

CHINA FORTUNE: Moody's Cuts CFR to B2, Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from Ba3 China
Fortune Land Development Co., Ltd.'s (CFLD) corporate family rating
and CFLD (Cayman) Investment Ltd.'s backed senior unsecured
rating.

At the same time, Moody's has placed the ratings under review for
further downgrade. The previous outlook was negative.

"The downgrade reflects CFLD's weaker-than-expected operating
performance and cash flow generation, which has heightened
refinancing risk given its weak liquidity position and sizable debt
maturing or becoming puttable over the coming 12-18 months," says
Danny Chan, a Moody's Analyst.

"Meanwhile, the review for further downgrade reflects the
uncertainties related to its refinancing plans," adds Chan.

RATINGS RATIONALE

Moody's expects CFLD's revenue/adjusted debt and EBIT/interest to
decline to 35%-40% and 1.5x-2.0x respectively, over the next 12-18
months from the 50% and 2.8x it recorded for the 12 months ended 30
June 2020, driven mainly by weak revenue growth and sustained high
debt.

This weak revenue growth is in turn driven by CFLD's weakened
property sales in the past 12-18 months. CFLD's total contracted
sales declined 40% year-over-year in the first nine months of 2020
to RMB60 billion, following a 12% decline in 2019. The sales
decline was mainly driven by the weak residential property
development business, with a 60% year-over-year drop in sales to
RMB30 billion in that segment more than offsetting 37%
year-over-year sales growth in its industrial segment during the
first nine months of 2020.

Moody's expects the company's weak liquidity position will persist
over the next 12-18 months as its sales performance will likely
remain weak, in turn driven by home purchase restrictions that are
still prevalent in many of CFLD's core markets and the generally
tight policies on credit growth in the China's property sector.

Moody's estimates that CFLD has about RMB90 billion of debt
maturing in 2021 - including onshore bonds of RMB24 billion and
offshore senior unsecured notes of USD1.6 billion (or RMB11
billion) -- far exceeding its cash balance of RMB38 billion as of
September 2020.

CFLD's cash holdings and expected operating cash flow will be
insufficient to cover its maturing debt and unpaid land premiums
over the next 12-18 months. As such, the company will need to rely
on additional debt or other forms of capital to address its
refinancing needs. While CFLD has a track record of refinancing
maturing onshore and offshore debt, its weak operating performance
and the tightened funding environment have weakened its access to
funding.

CFLD's refinancing risk could be mitigated by support from its
second-largest shareholder, Ping An Life Insurance Company of
China, Ltd. (A2 stable), which owns a 25% equity stake in CFLD.
Ping An and its affiliates have provided debt funding to CFLD over
past 6-12 months, including Ping An Life's subscription to CLFG's
RMB12 billion perpetual bonds. However, CFLD's refinancing risks
could escalate if there are any signs of weakening support from
Ping An.

CFLD's B2 corporate family rating reflects its standalone credit
strength and a one-notch uplift based on Moody's expectation that
Ping An Life will provide support to CFLD in times of need.

With regards to governance risk, Moody's has considered CFLD's
aggressive financial policy and the concentration of ownership in
its controlling shareholder, Mr. Wen-Xue Wang, who collectively
with persons acting in concert held a 37.20% stake in the company
at the end of June 2020, with 32.13% of this stake pledged as of
the same date.

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

Moody's review will focus on CFLD's plans to refinance its maturing
debt in 2021, including the USD530 million bond due Feb 2021; its
liquidity position and fundraising capability to repay or refinance
the maturing debt; and its relationship with Ping An, and in
particular any signs of direct or indirect support from Ping An.

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

China Fortune Land Development Co., Ltd. was established in 1998
and listed on the Shanghai Stock Exchange in 2011. The company
engages in residential property development and the investment and
operation of integrated industrial parks. The company's industrial
park businesses include primary land development, infrastructure
development and construction, industry development services, and
property management and public services.

CHINA: Bankruptcy Regulation Set to Boost Social Credit System
--------------------------------------------------------------
China Daily reports that China's first regulation on individual
bankruptcy, adopted in August in Shenzhen, Guangdong province, will
play a big role in stimulating the country's market vitality,
maintaining its social stability and helping it improve its credit
system, a high-placed bankruptcy court official in the city said.

The regulation takes effect on March 1. It is seen as a key step by
Shenzhen, the nation's first special economic zone, in setting up a
system for entities to withdraw from the market by rule of law,
according to Cao Qixuan, chief judge of the Shenzhen Bankruptcy
Court at the Shenzhen Intermediate People's Court, China Daily
relays.

China Daily relates that Cao regarded the system as a second chance
for "honest but unlucky" businesspeople, saying it will help them
"take a breath" from heavy debts they can't pay off and sharpen
their competitive edge to drive the country's economy through
innovation.

IONIX TECHNOLOGY: Signs $253,500 Funding Agreements with Labrys
---------------------------------------------------------------
Ionix Technology, Inc. executed and closed on the following
agreements with Labrys: (i) Securities Purchase Agreement dated
Dec. 21, 2020; and (ii) Self-Amortization Promissory Note dated
Dec. 21, 2020. The Company entered into the Labrys Agreements with
the intent to acquire working capital to fund current operations
and grow the Company's business.

The total amount of funding under the Labrys Agreements is
$253,500. The Notes carry an original issue discount of $30,000, a
transaction expense amount of $3,000, and a fee to J. H. Darbie &
Co. of $13,500, for total debt of $300,000. The Note has an
amortization schedule of $35,000 at each month end beginning April
23, 2021 through Dec. 21, 2021. The Company issued commitment
shares related to the Labrys Agreements as follows: 447,762 shares
of Common Stock and 1,119,402 shares of Common Stock. The Second
Commitment Shares must be returned to the Borrower's treasury if
the Note is fully repaid and satisfied on or prior to the Maturity
Date. The Company agreed to reserve 7,052,239 shares of its common
stock for issuance if any Debt is converted. The Debt is due on or
before Dec. 21, 2021. The Debt carries an interest rate of five
percent. The Note is not convertible unless in Default, as defined
in the Note. If the Note is in Default, the Debt is convertible
into the Company's common stock at a conversion price which shall
equal the lesser of (i) the closing bid price of the Common Stock
on the Principal Market on the Trading Day immediately preceding
the Issue Date or (ii)the closing bid price of the Common Stock on
the Principal Market on the Trading Day immediately preceding the
date of the respective conversion, subject to adjustment as
provided for in the Note.

                            About Ionix

Headquartered in Liaoning Province, China, Ionix Technology, Inc.
-- http://www.iinx-tech.com-- is a holding company that is
principally engaged in the photoelectric display and smart energy
industries. The company has four operating subsidiaries: Changchun
Fangguan Photoelectric Display Technology Co., Ltd, a company which
specializes in developing, designing, producing, and selling TN and
STN LCD, STN, CSTN, and TFT LCD modules as well as other related
company which specializes in LCD slicing, filling, researching and
designing, manufacturing and selling of LCD Modules (LCM) and PCBs;
Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged
in the production of intelligent electronic devices; and Dalian
Shizhe New Energy Technology Co., Ltd., a company engaged in
photo-voltaic power generation, electric vehicles and charging
piles with corresponding operation and maintenance and three
dimensional parking.

Ionix reported a net loss of $277,668 for the year ended June 30,
2020, compared to net income of $397,047 for the year ended June
30, 2019. As of Sept. 30, 2020, the Company had $17.12 million in
total assets, $7.23 million in total liabilities, and $9.89 million
in total stockholders' equity.


REMARK HOLDINGS: Gets $1 Million Loan
-------------------------------------
Remark Holdings, Inc. executed a promissory note with a private
lender under which the Company borrowed $1.0 million. The Note
Payable bears interest at 10% per annum. The entire principal
balance, as well as any interest accrued thereon, is due and
payable in full on Dec. 30, 2023, or such earlier date as the
principal may become due and payable pursuant to the terms of the
Note Payable.

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes. The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas. The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions. The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

As of Sept. 30, 2020, the Company had $16.08 million in total
assets, $18.93 million in total liabilities, and a total
stockholders' deficit of $2.85 million.

Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated May 29, 2020, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities and has a negative working capital and a stockholders'
deficit that raise substantial doubt about its ability to continue
as a going concern.

ZHENRO PROPERTIES: S&P Withdraws 'B' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B' long-term issuer credit
rating on Zhenro Properties Group Ltd. at the request of the
China-based property developer. The rating outlook was positive at
the time of the withdrawal.




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H O N G   K O N G
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SPI ENERGY: Unit Acquires Consumer Contracts of Petersen-Dean
-------------------------------------------------------------
SolarJuice American, Inc., a wholly owned subsidiary of SPI Energy
Co., Ltd., acquired the consumer contracts of Petersen-Dean, Inc.,
one of the largest full-service, privately-held roofing and solar
companies in the US.

Petersen-Dean was generating $300 million to $400 million in sales
annually with favorable profit margins prior to COVID-19. "Our
acquisition of these consumer contracts could save thousands of US
jobs that were in jeopardy following Petersen-Dean's Chapter 11
filing in June 2020. This is also a major win for us as we work to
accelerate our penetration in the vast US markets and create better
renewable products and services for American residential
customers," stated Xiaofeng Peng, Chairman and CEO of SPI Energy.

Founded in 1984, Petersen-Dean was one of the nation's largest
independently owned solar and roofing companies that specialized in
new residential construction. At its peak, the company employed
nearly 3,000 solar and roofing employees in nine states: Arizona,
California, Colorado, Florida, Hawaii, Louisiana, Nevada, Oklahoma
and Texas.

The U.S. installed 3.8 gigawatts (GW) of solar PV capacity in Q3
2020 to reach 88.9 GW of total installed capacity, enough to power
16.4 million American homes. Wood Mackenzie forecasts 43% annual
growth in 2020, with more than 19 GW of installations expected. In
total, the U.S. solar market will install more than 107 GW of solar
over the next five years.

                     About SPI Energy Co., Ltd.

SPI Energy -- http://www.spigroups.com-- is a global provider of
photovoltaic solutions for business, residential, government and
utility customers, and investors. The Company develops solar PV
projects that are either sold to third party operators or owned and
operated by the Company for selling of electricity to the grid in
multiple countries in Asia, North America and Europe. The Company's
subsidiary in Australia primarily sells solar PV components to
retail customers and solar project developers. The Company has its
operating headquarter in Hong Kong and its U.S. office in Santa
Clara, California. The Company maintains global operations in Asia,
Europe, North America, and Australia.

SPI Energy reported a net loss attributable to shareholders of the
Company of $15.26 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to shareholders of the Company
of $12.28 million for the year ended Dec. 31, 2018.

Marcum Bernstein & Pinchuk LLP, in Beijing China, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated June 29, 2020, citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.



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ALTAIR POWER: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Altair Power
Private Limited (APPL) continue to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            4         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     5         CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

APPL, incorporated in 2013, manufactures electric power cables such
as XLPE cables, PVC cables and aerial bunched cables among others
used in the power transmission industry. The company's
manufacturing unit is located in New Delhi and has capacity to
manufacture 700 to 800 kilometres of cables per month.

AMIT LEATHER: CRISIL Reaffirms B+ Rating on INR3.2cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Amit Leather Wears (ALW).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit        7          CRISIL A4 (Reaffirmed)
   in Foreign
   Currency               

   Proposed Term         0.3       CRISIL B+/Stable (Reaffirmed)
   Loan                  

   Term Loan             3.2       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale and large
working capital requirement, along with a weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the proprietor in the leather industry.

Due to COVID-19 pandemic, there has been decline in the export
orders, because of which the firm is expected to see a decline in
top-line of 20-25% in fiscal 2021 as compared to fiscal 2020.

Key rating drivers and detailed description

Weaknesses

* Modest scale of operations: With operating income of INR60.74
crore in fiscal 2020, the scale of operations remains modest.
Despite expected revenue growth, scale will likely remain subdued
over the medium term on account of intense competition.

* Large working capital requirement: Operations are expected to
remain working capital-intensive, as reflected in gross current
assets (GCAs) of 187 days as on March 31, 2020, driven by inventory
and receivables of 48 and 95 days, respectively. However, payables
of 238 days support the working capital.

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio is estimated at a high 13.91 times as on
March 31, 2020, with substantial creditors. Though the ratio will
improve gradually with expected accretion to reserve and in the
absence of any large, debt funded capital expenditure, it should
remain high at 9-10 times over the medium term. Networth was modest
at INR2.9 crore as on March 31, 2020. Debt protection metrics were
average, indicated by interest coverage and net cash accrual to
total debt ratios of 2.47 times and 0.08 time, respectively, in
fiscal 2020.

Strength

* Extensive experience of the proprietor: The two-decade-long
experience of the proprietor and his healthy relationships with
suppliers and customers should continue to support the business.
Despite intense competition from China, Brazil and Vietnam, the
firm has maintained a strong clientele in the overseas markets.

Liquidity: Stretched

Bank limit utilisation averaged 91% over the 12 months through
September 2020. Cash accrual, expected at INR1 crore per annum,
will sufficiently cover yearly debt obligation of INR40-90 lakh
over the medium term. The moratorium and the covid emergency line
of INR2.72 crores availed during fiscal 2021 also supports the
liquidity of ALW.

Current ratio was low at 0.81 time on March 31, 2020.

Outlook: Stable

CRISIL believes ALW will continue to benefit from the proprietor's
extensive experience and healthy clientele.

Rating sensitivity factors

Upward factors

* Increase in operating income by 20% along with stable operating
margin

* Efficient working capital management, indicated by decline in
GCAs

Downward factors

* Dip in operating margin by over 150 basis points
* Deterioration in the working capital cycle leading to stretched
liquidity

Established in 1989 as a proprietorship concern by Mr. Dheeraj
Rehan, ALW manufactures and exports leather garments and bags. It
has five manufacturing facilities with combined installed capacity
of 10,000 garments and bags per month.

ANDHRA PRADESH: Ind-Ra Affirms BB Rating on INR629.8MM LT Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Andhra Pradesh
State Financial Corporation's (APSFC) bonds and bank facilities as
follows:

-- INR5.20 bil. Bonds* affirmed with IND BB/Stable rating; and

-- INR629.80 mil. (reduced from INR1.750 bil.) Long-term loans
     due on December 2025 affirmed with IND BB/Stable rating.

*Details in Annexure

KEY RATING DRIVERS

Bifurcation Approval from Central Government Pending: The scheme of
reorganization to form separate state finance corporations for
Andhra Pradesh and Telangana, in accordance with the Andhra Pradesh
Reorganization Act 2014, has been approved by the board of
directors and shareholders; however, it is pending approval from
the government of India.  

Shrinking Asset and Core Income Persists: APSFC's interest income,
its core operating income, fell 11.15% yoy to INR3,249.62 million
in FY20. This was due to a fall in loans and advances (earning
assets) to INR16,143.73 million in FY20 from INR20,276.55 million
in FY19. Ind-Ra expects APSFC to continue to experience lower loans
and advances in the near term leading to a further shrinking asset
base and low core income. FY20 financials are provisional in
nature.

Deterioration in Asset Quality: Despite improved recoveries and
in-house collection by the corporation, APSFC's gross
non-performing assets (NPA) were high at INR2,930.25 million in
FY20 (FY19: INR1,959.30 million) as it lends to the micro, small
and medium enterprises (MSME) segment. Gross NPA, as a percentage
to gross loans and advances, increased to 16.79% in FY20 from 9.26%
in FY19 (FY18: 9.27%) on account of a 49.56% yoy increase in gross
NPAs and a 17.48% yoy fall in gross loans and advances. The
recoveries were INR9,331.20 million in FY20 as against INR10,184.66
million in FY19. APSFC recorded an average provisioning coverage of
44.75% over FY18-FY20. APSFC has written off all doubtful assets
since FY09. The bad debt write-offs were INR1,266.91 million in
FY20 as against INR1,073.43 million in FY19. Ind-Ra believes the
gross NPA will remain high over FY21-FY22 as APSFC will continue to
lend to MSMEs.

Liquidity Indicator – Stretched: The structural liquidity
statement shows APSFC had a deficit of INR410.92 million for the
maturity bucket of less than one year on 31 March 2020. However, no
negative gaps were found in the rest of the maturity bucket on
March 31, 2020. APSFC's collection from bad debts recoveries (FY20:
INR883.64 million), which are not part of the inflow from assets in
the asset liability management calculation, will reduce the deficit
to some extent in FY21. Nevertheless, APSFC has to rely mainly on
overdraft facilities to meet the deficit. On an average, APSFC
maintained a cash and bank balance of over INR662 million over
FY16-FY20. Ind-Ra believes APSFC's liquidity and fund raising will
be key monitorables over the near term.

Low Concentration Risk: APSFC caters to the loan requirements of
the MSME customer profile in rural geographies. The lending
exposure of APSFC's loans and advances is fairly distributed among
sectors. APSFC's lending exposure was well diversified over
FY15-FY19 among various industries with the average lending
exposure to chemical products being the highest at 16.71% followed
by food products at 10.05%, services at 9.18% and non-metallic
mineral products at 7.97%. Ind-Ra has not yet been provided with
the industry-wise lending exposure for FY20. However, it is likely
to follow the historical trend in FY20. Ind-Ra believes lending
exposure will remain fairly distributed among sectors resulting in
low concentration over FY21-FY22 as well.

Simultaneously, APSFC's wide geographical reach and sanctioned
loans to various constitutions indicate its diversified operating
performance. Furthermore, at FYE20, its top 10 borrowers
proportioned just 10.23% of the total gross loans and advances and
the largest borrower group proportioned just 1.14% of the total
gross loans and advances. Hence, it faces low concentration risk.
However, APSFC's lending is mainly to small scale industries, thus
adding pressure on its financial performance.

Adequately Capitalized: APSFC's core capital risk-weighted adequacy
ratio improved gradually to 36.70% in FY20 from 28.52% in FY19 on
the back of a 6.99% yoy improvement in its net worth to INR7,545.06
million (INR7,052.16 million). Moreover, its net interest
income/average earning assets ratio improved to 11.50% in FY20 from
10.63% in FY19 on account of a 12.80% yoy fall in the average
earning assets;  the net interest income declined 5.67% yoy in
FY20. APSFC's leverage (debt/equity) improved to 0.90x in FY20
(FY19: 1.41x) due to a 33.71% yoy fall in debt and a 4.17% yoy
increase in equity due to annual profit in FY20. Ind-Ra expects the
capitalization to remain comfortable over FY21-FY22 on a continued
improvement in its net worth.

RATING SENSITIVITIES

Positive: Developments that could, individually or collectively,
lead to a positive rating action include:

• the settlement of the bifurcation and the restoration of
explicit government support to the corporation

• APSFC's demonstrated ability to improve the earning assets by
5% yoy on a sustained basis

• an improvement in the liquidity profile in conjunction with
the asset liability management resulting in annual surplus (inflow
from assets less outflow from liabilities), on a sustained basis,
in the short-term bucket

• improved asset quality on reporting gross NPA ratio of under
9%

Negative: Developments that could, individually or collectively,
lead to a negative rating action include:

• a sustained fall in the total earning assets and the scale of
operations

• sustained asset liability mismatches in the short-term buckets


• an increase in debt/equity to above 2x

COMPANY PROFILE

APSFC is a state financial corporation that was formed in 1956
under the State Financial Corporation Act, 1951.  APSFC provides
various schemes and offers term loans, working capital, bridge
loans, and special capital assistance mainly to MSMEs.


ARAVALI CYLINDERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aravali
Cylinders Private Limited (ACPL; previously known as Sunrays
Engineers Private Limited) continue to be 'CRISIL B/Stable/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.30       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           3.97       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      0.75       CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Term Loan    0.48       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1984, SEPL, promoted by Mr. Vimal Mahipal,
manufactures LPG cylinders. The company undertakes tenders from oil
marketing companies Indian Oil Corporation Ltd (IOCL), Bharat
Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum
Corporation Ltd (HPCL) for supply of cylinders across India.


ARHAM IRON: CRISIL Lowers Rating on INR6.1cr Secured Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Arham Iron and Steel Industries (AISI) to 'CRISIL D'
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Secured Overdraft       6.1        CRISIL D (Downgraded from
   Facility                           'CRISIL B/Stable')

The downgrade reflects delay by AISI in servicing of interest
payment on term debt obligation and continuous overdrawals in the
overdraft facility during last three months ending December 2020.

The rating also factors in AISI's modest scale of operations and
low operating margin because of the trading business. These
weaknesses are partially offset by extensive experience of the
proprietor in the steel industry and prudent working capital
management.

Key Rating Drivers & Detailed Description

Weakness:

* Continuously overdrawn limits and delay in debt servicing due to
weak liquidity: AISI's had delayed in servicing its interest
obligations on guaranteed emergency credit line (GECL) in recent
months and had continuous overdrawals in CC limits for more than 30
days because of weak liquidity. AISI's performance was impacted in
fiscal 2021 amid covid-19 outbreak and business disruptions
resulting in stretched receivables. The firm has repaid the overdue
since December 2020. A track record of timely repayment of all debt
obligations remains critical.

* Modest scale of operations and low profitability: The trading
industry is highly fragmented and the consequent intense
competition may continue to constrain scalability, pricing power
and profitability. Thus, despite a long track record, revenue and
operating margin were average at INR75.62 crore and 2%,
respectively in fiscal 2019.

Strength:

* Extensive experience of proprietor: The proprietor's experience
of over 2 decades, his strong understanding of local market
dynamics, and healthy relationships with suppliers and customers
should continue to support the business.

Liquidity: Poor

Liquidity should continue to be weak, driven by continuous
overdrawals in secured overdraft facility and delay in interest
payments. The firm had availed of moratorium due to Covid-19
lockdown. Cash accrual is projected at INR30-40 lakh per annum over
the medium term, insufficient to meet the yearly debt obligation of
INR30-35 lakh.

Rating Sensitivity Factors

Upward Factors

* Timely repayment of debt for more than three months

* Sustained revenue growth of 20% per annum and improvement in
financial risk profile

AISI was set up in 2005 by the proprietor, Mr. Davendra Kumar
Parakh. This Hyderabad-based firm trades in steel and iron
products, including mild steel (MS) channels, MS angles and
thermo-mechanically-treated bars.

ARYAN ISPAT: Ind-Ra Cuts LT Issuer Rating to 'D', Outlook Negative
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aryan Ispat and
Power Private Limited's (AIPPL) Long-Term Issuer Rating to 'IND D'
from 'IND BBB-'. The Outlook was Negative.  

The instrument-wise rating actions are:

-- INR921 mil. (reduced from INR1.066 bil.) Term loan (Long-term)

     due on September 2025 downgraded with IND D rating;

-- INR444 mil. (reduced from INR934 mil.) Proposed term loans#
     (Long-term) assigned and downgraded with IND D rating;

-- INR150 mil. Term loan* (Long-term) assigned with IND D rating;

-- INR340 mil. Fund-based & non-fund based working capital
     facility (Long-term/Short-term) assigned with IND D rating;
     and

-- INR250 mil. Proposed fund-based working capital facility
     (Long-term/Short-term) withdrawn (not availed as envisaged).

#The provisional ratings of the proposed bank facilities have been
converted to final ratings, as per Ind-Ra's updated policy. This is
because the agency notes that the debt seniority and the general
terms and conditions of term loans are likely to be the same as
that of the existing ones. Assigned 'IND BBB-'/Negative before
being downgraded.

*The final rating has been assigned as per the received bank
sanction documents; however, it is yet to be executed.  

KEY RATING DRIVERS

The downgrade reflects AIPPL's delays in the debt servicing of its
term loan from September 2020 to January 2021. While AIPPL did not
report these delays in its monthly no-default statements submitted
over September 2020-December 2020, the management confirmed the
delays to Ind-Ra on January 14, 2021.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

AIPPL, incorporated in 2003, primarily manufactures sponge iron. It
also operates power plants with combined generation capacity of
18MW, owns a railway siding and provides transportation and
logistics services for mining operations.


COVIDH TECHNOLOGIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Covidh Technologies Limited
        B-2, Plot: 797/A
        Sai Krishna Building
        Road No. 36
        Jubilee Hils
        Hyderabad TG 500033
        IN

Insolvency Commencement Date: January 5, 2021

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Narala Varalakshmi

Interim Resolution
Professional:            Narala Varalakshmi
                         1-8-588/29/A
                         Achhainagar, Baghlingampally
                         Backside RTC Kalyana Mandapam
                         Hyderabad, Telangana 500044
                         E-mail: ip.varalakshmin@gmail.com
                                 irp.covidtechnologies@gmail.com

Last date for
submission of claims:    January 19, 2021


DEWAN HOUSING: India Bankruptcy Law Faces Vital Test with Vote
--------------------------------------------------------------
Benjamin Parkin and Stephanie Findlay at The Financial Times report
that India's bankruptcy law faces a vital test as creditor banks
vote on a winning bid for the first financial company to go through
insolvency resolution, a process pitting US distressed-debt fund
Oaktree Capital against India's Piramal Group.

Dewan Housing Finance Corporation, known as DHFL, was the first
financial group forced into insolvency in November 2019 after
defaulting on about $12 billion in debt, the FT notes.

The FT relates that authorities hope a successful resolution will
create a new avenue to clean up India's fragile financial system,
where defaults and governance scandals have forced multiple central
bank- and government-led bailouts. "There's a lot of focus,
attention on this process because it's precedent-setting," said one
person involved.

DHFL's case is also being seen as a bellwether by foreign investors
at a time when India is under pressure to welcome overseas capital,
after lengthy tax disputes with Vodafone and Cairn Energy that have
tarnished the country's image, according to the report.

But bickering between rival bidders accusing each other of
rule-bending and unfair practices has prolonged the process. DHFL's
creditors were due to vote on a winning bid on Jan. 14, but people
close to the process said litigation may further delay resolution.

The FT relates that Oaktree, which has $140 billion in assets
globally, has threatened litigation over what it calls
discrimination by the creditors against foreign investors. The fund
has alleged its superior bid was being overlooked in favour of
Piramal's because local banks preferred an Indian buyer.

"Foreign investors do not expect to be invited to participate in an
auction process, and then be discriminated against on the basis
that they are not domestic entities," Oaktree said in a letter to
the creditors last month, the FT relays. "This will unquestionably
deter foreign investors from participating in future resolution
processes."

In a response to Oaktree's allegations, Piramal - a sprawling,
family-run conglomerate with interests spanning pharmaceuticals to
finance - accused Oaktree of breaching bid process rules, including
revising its proposal after a late December deadline. Piramal
argued its offer was the strongest.

"This is not about Indian versus foreign," Ajay Piramal, chairman
of Piramal Group, told the Financial Times. "It's really about
following the rules of the bidding process and achieving the best
bid for the asset."

Oaktree declined to comment, but a person close to the fund said it
had merely made a clarification after the deadline, not a changed
bid, the FT relates.

Creditors are expecting to recover around $5 billion through the
winning bid.

The FT says DHFL was also the subject of controversy in November
when bidders accused the powerful Adani Group of making an
"unsolicited bid" for the shadow bank after the deadline. Oaktree
and Piramal went on to offer higher bids in a subsequent round.

DHFL has become symbolic of the scale of the challenge facing
India's financial system. It flourished as the economy boomed only
for its risky bets to sour as growth slowed.

The FT notes that the company also became mired in allegations of
wrongdoing under Kapil Wadhawan, its former chairman. He has denied
any wrongdoing.

According to the report, analysts said a clean resolution of DHFL's
case is necessary to affirm faith in authorities' ability to revive
failed lenders - particularly less-regulated shadow banks - through
the landmark bankruptcy code introduced in 2016.

"Being the first case that is going through this process, there's
really no benchmark," the FT quotes Ananda Bhoumik, managing
director of India Ratings and Research, Fitch's local unit, as
saying. Resolution "would help bring [completion] to a large
case".

                             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.


FAVOURITE FABTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Favourite Fabtech Private Limited
        G/741, Lodhika
        GIDC, Metoda
        Rajkot Gujarat 360021

Insolvency Commencement Date: March 17, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 13, 2021

Insolvency professional: Malhar Rashmikant Mehta

Interim Resolution
Professional:            Malhar Rashmikant Mehta
                         404, W1
                         Opp. PSP Project House
                         Off Iscon-Ambli Road
                         Ahmedabad 380058
                         E-mail: malhar_mehta@hotmail.com
                                 cirp.favourite@gmail.com

Last date for
submission of claims:    January 27, 2021


GEMUS ENGINEERING: Ind-Ra Moves BB- LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gemus Engineering
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
BB-(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR135 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR18.09 mil. Term loan due on September 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 28, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

KEY RATING DRIVERS

While the company's financials were made available to Ind-Ra, it
does not have information regarding the current financial year and
the projections for the next five years to take a rating action.

COMPANY PROFILE

Incorporated in 1996, Gemus Engineering manufactures cast iron
components of various grades and shapes at its 7,000-metric
ton-per-annum facility in Birshibpur in the Uluberia industrial
region of West Bengal. The company is promoted by Rajeev Sharma.

GOALTORE COLD: CRISIL Upgrades Rating on INR6.33cr Loan to B-
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Goaltore Cold Storage Pvt Ltd (GCSPL) to 'CRISIL
B-/Stable' from 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.33       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D ')

   Proposed Long Term    3.35       CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D ')

   Working Capital       1.32       CRISIL B-/Stable (Upgraded
   Facility                         from 'CRISIL D ')

The upgrade reflects regular account conduct demonstrated by GCSPL
over the past four months. Liquidity should remain comfortable, as
the expected cash accrual could cover the working capital expenses,
in the absence of any maturing debt or major capital expenditure
plans. The business risk profile too has been largely stable.

The ratings continue to reflect the company's exposure to intense
competition, and its weak financial risk profile. These weaknesses
are partially offset by the extensive experience of the promoters
in the cold storage industry.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to changes in regulations and intense competition:
The potato cold storage industry in West Bengal is regulated by the
regional Cold Storage Association, and rentals are fixed by the
Department of Agricultural Marketing. Fixed rentals will continue
to restrict profitability, as players are unable to leverage their
strengths and geographical advantages. Pressure to offer discounts
to ensure healthy utilisation of storage capacity, amidst intense
competition, will further constrain the operating margin.

* Weak financial risk profile: Financial risk profile may remain
modest over the medium term, owing to loans extended to farmers,
especially towards the fiscal end. Networth was low around INR1.6
crore as on March 31, 2020, with gearing high around 2.5 times.
Debt protection metrics are also average, with estimated interest
coverage and net cash accrual to total debt ratios of 1.2 times and
0.03 time, respectively, in fiscal 2020.

* Vulnerability to delay in payments from farmers, given the
adverse market conditions: GCSPL extends loans to farmers against
their produce in the cold storage unit. If market trends turn
unfavourable, farmers do not find it profitable to pay the rental
and interest charges along with the loan obligation, and hence, do
not retrieve their potatoes from cold storages. Thus, the company
remains vulnerable to delays in payments from farmers.

Strengths:

* Extensive experience of the promoters: The promoters' presence
over nearly three decades in the cold storage business, and their
longstanding association with farmers and traders will continue to
ensure utilisation of the storage capacity and support business.

Liquidity: Stretched

Liquidity remains comfortable, in the absence of any debt
obligation. Bank limit utilisation is higher during March and
April, the peak season for the cold storage industry. Current ratio
was moderate at 1.3 times as on March 31, 2020. However, the
promoters may offer timely funding support, as and when required.

Outlook Stable

CRISIL Ratings believes GCSPL will continue to benefit from the
extensive experience of its promoters in the cold storage
industry.

Rating Sensitivity factors

Upward factors

* Increase in rental rates and optimum capacity utilization,
supporting revenue growth, while operating margin exceeds 30%

*Better liquidity, with cash accrual comfortably exceeding debt
repayment, if any, by over INR30 lakh per annum

Downward factors

* Decline in rental rates and capacity utilization, weakening the
business risk profile

* Drop in interest coverage ratio to below 1 time

* Delay in payments by farmers

Initially established as a partnership firm in 1993, West
Bengal-based GCSPL was reconstituted as a private limited company
in 1997. The company operates a cold storage unit for potato
farmers. Mr. Tapan Karak and his family members are the promoters.

GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Grace
International (GI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with GI for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GI was set up by Mr. Vikram Jain as a proprietorship firm in 1993.
It trades in buttons, hooks, patches, zipper sliders, cufflinks,
belt buckles, and other garment accessories. Its registered office
is in Delhi.

HEAVY METAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Heavy Metal & Tubles Ltd.
        201, Ashwarath Complex
        Opp. Hotel Fortune Landmark
        Ushmanpura, Ashram Road
        Ahmedabad Gujarat 380013

Insolvency Commencement Date: January 1, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: June 30, 2021
                               (180 days from commencement)

Insolvency professional: CA Trupalkumar J. Patel

Interim Resolution
Professional:            CA Trupalkumar J. Patel
                         401-402, Narnarayan Palace
                         Nr. Kothawala Flats
                         Pritamnagar, Ellisbridge
                         Ahmedabad 380006
                         E-mail: trupal.ca@gmail.com

                            - and -

                         C/505-506, The First
                         Behind ITC Narmada
                         Nr. Keshavbaug Party Plot
                         Vastrapur, Ahmedabad
                         Gujarat 380015
                         E-mail: cirp.hmtl@gmail.com

Last date for
submission of claims:    January 26, 2021


INDIA COKE: Ind-Ra Hikes LongTerm Issuer Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded India Coke and
Power Private Limited's (ICPPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR1.0 bil. Non-fund-based working capital facility affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in ICPPL's profitability in
FY20, owing to lower forex and receivable risks. The company
reported an EBITDA profit of INR38 million in FY20 (FY19: loss of
INR290 million, FY18: INR58 million), due to a reduction in forex
losses to INR484 million (INR504 million), as the company began to
pass on the hedging cost to its end-user customers as part of its
one-time contract. It reported an EBITDA of INR226 million in
1HFY21, due to a one-time forex gain of INR84 million and a
reduction in selling, general and administrative expenses.

Furthermore, the end-user customers in the portfolio increased to
40% of the total sales in 1HFY21 (FY20: 30%), leading to an
improvement in ICPPL's business profile. Ind-Ra expects
diversification of the customer base to end-users from traders and
its ability to pass on the hedging cost to the customers, will aid
in reduced forex losses, and thereby the volatility in EBITDA,
leading to stable EBITDA margins. ICPPL had EBITDA margins of 0.13%
in FY20 with a return on capital employed of 5.9x.

The company's top 10 customers accounted 37% of the total sales in
FY20 (FY19: 34%, FY18: 32%), of which 60% have an investment-grade
rating, thus reducing the risk of bad debt. Also, ICPPL reduced its
unsecured loans and advances to INR16.9 million as of December 2020
(FYE20: INR620 million) at an interest of 14%-18%; it also
preserves collateral securities to mitigate collection risks.

The ratings are also supported by low offtake risk as 75% of
ICPPL's inventory, at any point in time, is in reserved status as
it is purchased against the back-to-back contracts with customers,
thus reducing inventory price risk; while the balance 25% is sold
to small traders for which it has to bear the price risk.

The ratings also factor in ICPPL's comfortable credit metrics with
the interest coverage (operating EBITDAR/gross interest expense +
rents) improving to 14.7x in 1HFY21 (FY20: 1.4x) and the net
leverage (adjusted net debt/operating EBITDAR) to 0.09x (0.5x), due
to the minimal short-term debt of INR22 million at FYE20. ICPPL
funds its working capital requirement by procuring supplies on
letters of credit (LCs) or open credit basis from its parent IMR
Metallurgical Resources AG, while it discounts LCs from its
customers as per the sale agreements and receipt of 10% advance
from some customers.

Liquidity Indicator – Stretched: On 31 October 2020, ICPPL had
free cash balances of INR227 million (FY20: INR145 million, FY19:
INR70 million). Its average peak use of the non-fund-based working
capital limit was 79% for the 12 months ended December 2020. ICPPL
has been funding most of its large working capital requirements
through elongated trade payables, supported by IMR Metallurgical
Resources. Moreover, the management has access to the
non-fund-based import LC facility of INR1,000 million. The company
did not avail the Reserve Bank of India-prescribed moratorium.

The ratings remained constrained by significant cyclical changes in
the demand and supply of steel.

However, the ratings continue to benefit from ICPPL's large scale
of operations with revenue of INR12,016 million in 1HFY21 (FY20:
INR30,198 million excluding additional income from interest of
INR192.9 million).

The ratings also remain supported by the promoter's experience of
more than two decades in the steel industry and the company's
established relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive:  A further increase in the proportion of sales to
end-users, leading to stable EBITDA margins and a reduction in
receivables/forex risks will lead to a positive rating action.
Also, a sustained improvement in the operating profitability,
leading to the interest coverage sustaining above 2.0x will be
positive for the ratings.

Negative: A sharp decline in the scale of operations and/or
weaker-than-expected credit metrics, both on a sustained basis,
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2010, ICPPL is engaged in the trading of
metallurgical coke, coking coal, thermal/steam coal, pig iron, iron
ore, pet coke, chrome-ore, manganese ore, anthracite, and
ferroalloys. Anirudh Misra is the promoter.

KAIZEN METAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaizen Metal
Forming Private Limited (KMF) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      0.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Long Term Loan        2.0        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.0        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL has been consistently following up with KMF for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2003, KMF is promoted by Mr. N K Chawla. The company
manufactures sheet-metal components, welded sub-assemblies,
pressing tools and dies, checking gauges, welding jigs and
fixtures, steel boxes, cases, trolleys, pallets, and specialised
fabrications. It has four manufacturing units: one each in Mohali,
Punjab, and Khushkhera, Rajasthan, and two in Greater Noida, Uttar
Pradesh.

KIRPA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kirpa Rice
Mills (KRM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            29        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with KRM for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KRM, established in 1998, processes and sells basmati rice. Its
facility in Ladhu Ka (district Firozpur), Punjab, has milling and
sortex capacity of 4 tonne per hour.

L SUDERSHAN: CRISIL Lowers Rating on INR3.5cr Overdraft Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of L
Sudershan Reddy Contractor (LSR) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          2        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ' ISSUER NOT
                                    COOPERATING)

   Overdraft Facility      3.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

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

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

Detailed Rationale

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

LSR was established in 1971 as a proprietary firm by Mr. L.
Sudershan Reddy. It undertakes Civil Construction of roads and
buildings among others.

LION INSULATION: CRISIL Withdraws B- Rating on INR3.4cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Lion Insulation Private Limited (LIPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3         CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan             3.4       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with LIPL for obtaining
information through letters and emails dated May 23, 2020 and
November 14, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2011 and promoted by Mr. Omkar Sharma and family,
LIPL manufactures rockwool insulation products at its plant in
Guna, Madhya Pradesh, which has installed capacity of 7500 tonne
per annum.

MEMORIAL INSTITUTE: Ind-Ra Lowers Bank Loan Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) downgraded B. D. Memorial
Institute's bank loan rating to 'IND BB+ (ISSUER NOT COOPERATING)'
from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency.

The instrument-wise rating action is:

-- INR95.07 mil. Bank loans downgraded with IND BB+ (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. According to the circular, any issuer with an
investment-grade rating remains non-cooperative with rating agency
for over six months, should be downgraded to sub-investment grade
rating category. B. D. Memorial Institute has been in the
non-cooperative with the agency since July 17, 2020.

B. D. Memorial Institute's current rating of 'IND BB+ (ISSUER NOT
COOPERATING)' may not reflect its credit strength as the issuer has
been non-cooperative with the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

COMPANY PROFILE

B.D. Memorial Institute, a registered society, was established in
1966. It manages a school (B. D. Memorial International School) in
Pratapgarh, Kolkata. The school offers K-12 education and Central
Board of Secondary Education Curriculum.

OM GRAM: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Om Gram Udyog
Samiti's bank facilities in the non-cooperating category. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR9.74 mil. Term loan (Long-term) due on July 2021 maintained

     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR15 mil. Working capital facility (Long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 11, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Om Gram Udyog Samiti was registered under the Registrar of
Societies in May 2001. The promoters are looking to set up a par
boiled rice unit of two-ton capacity at Village Ramgarh Sanduan,
Punjab.

OVEL LAMINATE: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ovel Laminate
LLP (OLL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             6.35       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with OLL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in April, 2017, OLL, a partnership firm of Mr. Amit
Ughreja, Mr. Jayanti Ughreja, Mr. Jasmin Patel and Mr. Sandip
Patel, is engaged in the manufacture of laminate sheets.

PALNADU INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palnadu
Infrastructure Private Limited (PIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         3.5       CRISIL D (Issuer Not
                                    Cooperating)     

   Proposed Long Term
   Bank Loan Facility     2.15      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with PIPL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PIPL was set up in 2013 by Mr. K Mahesh Reddy, Mr. Rajesh Alla, and
their family members. The company develops real estate, and is
currently developing a commercial real estate project in Hyderabad.

PATEL TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Patel Trading
Corporation (PTC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility      7        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with PTC for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1982, Bengaluru-based PTC trades in a large number of
industrial tools and welding products primarily catering to the
manufacturing, construction, and infrastructure industries. The
day-to-day operations of PTC are managed by its partner, Mr.
Sandeep Patel.

POSHS METAL: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Poshs Metal
Industries Private Limited's (PMIPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are given below:

-- INR10 mil. Fund-based facilities affirmed with IND BB/Stable/
     IND A4+ rating;

-- INR70 mil. Fund-based facilities assigned with IND BB/Stable/
     IND A4+ rating; and

-- INR13 mil. Term loan due on September 2023 assigned with
     IND BB/Stable rating.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view of PMIPL and its subsidiaries Poshs Cinoti
Private Limited (99.9% shares held by PMIPL) and Ayasto Steel Pac
Private Limited (99.9%) owing to strong operational and legal
linkages among them.

KEY RATING DRIVERS

The affirmation reflects the group's continued medium scale of
operations. The  group generates revenue from steel service
centers, it also manufactures and sells shaped blanks (auto
division) and is engaged in infrastructure activities. The auto
division is the highest contributor to the revenue (FY20: 90.7%,
FY19: 93.7%).

The group's revenue declined to INR4,270 million (FY19: INR5,313
million, INR4,733 million), primarily on account of (i) lower
revenue contribution from one of the top customers in the auto
division; (ii) a slowdown in the auto sector in FY20, resulting in
lower demand; and (iii) a drop in steel prices leading to a
reduction in the average realization during FY20. FY20 consolidated
financials are provisional in nature.

The ratings continue to factor in the group's modest operating
profitability of 4%-5% over FY17-FY20. During FY20, the operating
profitability reduced marginally to 4.8% (FY19: 5.0%, FY18: 4.7%),
on account of an increase in variable overheads. Ind-Ra expects the
group's operating profitability to remain in the similar levels
over the medium term. Its return on capital employed was 8% in FY20
(FY19: 14%, FY18: 14%).

The ratings reflect the group's modest credit metrics as indicated
by interest coverage (operating EBITDA/gross interest expense) of
1.3x in FY20 (FY19: 1.9x, FY18: 1.9x) and net leverage (adjusted
net debt/operating EBITDAR) of 5.8x (4.5x, 4.5x). Despite a
reduction in the total debt level to INR1,230 million at FYE20
(FYE19: INR1,232 million, FYE18: INR1,001 million), the credit
metrics deteriorated primarily on account of a reduction in
operating EBITDA to INR205 million (INR265 million). Ind-Ra expects
the overall credit metrics to remain at similar levels in FY21.

Liquidity Indicator - Stretched: PMIPL's average utilization of the
fund-based working capital limits was 90.9% over the seven months
ended October 2020. The net cash conversion cycle elongated to 78
days in FY20 (FY19: 67 days, FY18: 54 days) on account of an
increase in the receivable period to 62 days (FY19: 50 days,
FY18:60 days) and an increase in the inventory holding period to 54
days (46 days, 29 days) due to stoppage of production led by the
COVID-19 led nationwide lockdown. The fund flow from operation
remained positive, although reduced to INR58 million in FY20 (FY19:
INR110 million, FY18: INR87 million), on account of the decline in
the operating EBITDA. The group has scheduled repayments of INR46
million and INR63 million for FY21 and FY22, respectively, which is
likely to be serviced through internal accruals. PMIPL had availed
the Reserve Bank of India-prescribed debt moratorium over March to
August 2020; all the accumulated interest and installments were
repaid in August 2020.

However, the ratings draw comfort from the group's longstanding
relationships with its customers and suppliers, and its presence in
a diversified end-user industry. Within the group, PMIPL is
generating the majority of the revenue as it is the authorized
steel service centre for Tata Steel Limited ('IND AA'/Negative).
The company also manufactures shaped blanks and sells to original
equipment manufacturers through its tier 1 suppliers. The group's
infrastructure business is supported by its healthy relationships
with its reputed players such as AFCONS Infrastructure Limited,
Larsen & Toubro Limited ('IND AAA'/Stable), NCC limited ('IND
A'/Positive), J Kumar Infraprojects Ltd ('IND A+'/Stable), among
others. The group procures a majority of its raw materials from
Tata Steel, processes and sells its to various industries such as
automotive and construction. The group's revenue is also backed by
long term agreements between Tata Steel and PMIPL.

The ratings are also supported by the promoters' over a decade-long
experience in the manufacturing shape blanks of steel for the auto
sector.

On a standalone basis, PMIPL's revenue declined to INR3,875 million
in FY20 (FY19: INR4,976 million). The margins remained stable at
4.3%-4.5% over FY16-FY20, due to the company's ability to pass on
the fluctuations in raw material  prices to its customers. The
interest coverage deteriorated to 1.5x in FY20 (FY19: 1.7x) and the
net leverage to 4.9x (4.5x), on account of a reduction in the
operating EBITDA to INR174 million (INR219 million). PMIPL achieved
revenue of INR1,071 million with an operating profitability of 3.7%
in during 6MFY21.

RATING SENSITIVITIES

Negative: Deterioration in the group's scale of operations and the
consolidated operating EBITDA, leading to deterioration in the
credit metrics with the interest coverage sustaining below 1.4x and
weakening of the liquidity position, all on a sustained basis, will
lead to a negative rating action.

Positive: An improvement in the group's scale of operations and the
operating EBITDA, leading to an improvement in the credit metrics
with the interest coverage increasing above 1.7x and an improvement
in the liquidity position, all on a sustained basis, will lead to a
positive rating action.

COMPANY PROFILE

The Poshs group is engaged in varied businesses and caters mainly
to the auto and infrastructure industries. PMIPL was incorporated
in December 1998. The company has a steel servicing center and
manufactures shape blanks of steel at its plants located in Taloja
and Pune.


PRADHAMA MULTI: Ind-Ra Assigns 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pradhama Multi
Speciality Hospital & Research Institute Ltd. (PMSHRIL) a Long-Term
Issuer Rating of 'IND D'.

The instrument-wise rating actions are:

-- INR60.7 mil. Fund-based facilities (Long-term/Short-term)
     assigned with IND D rating; and

-- INR1.273 bil. Term loans (Long-term) due on June 2027 assigned

     with IND D rating.

KEY RATING DRIVERS

The ratings reflect delays in debt servicing by PMSHRIL due to
tight liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

PMSHRIL is a 600-bed capacity multi-specialty hospital in
Visakhapatnam (Andhra Pradesh).

RAJ SHREE: CRISIL Lowers Rating on INR4.3cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Raj
Shree Limes (RSL) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

   Term Loan             1.05       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

CRISIL has been consistently following up with RSL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2013, RSL, a proprietorship firm of Mr. Vikram Singh
Rathore, is engaged in the extraction of limestone and manufacture
of hydrated lime and quick lime from it and supplying the output
locally.

RUBYKON MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rubykon
Manufacturing Company (RMC) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            13        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Letter          5.7      CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Letter of Credit        0.1      CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          6.7      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with RMC for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2011 as a partnership firm by Mr. Ashok Mehta and
his wife Mrs. Bharti Mehta, RMC is engaged in manufacturing of 3
ply and 5 ply corrugated boxes and cardboard cartons widely ranging
in thickness, shapes and sizes. The firm has manufacturing plant
set up at Kala Amb, Himachal Pradesh.

S S P SPONGE IRON: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: S S P Sponge Iron Private Limited
        3-4-811, D Block
        Road No. 1 Barkatpura
        Hyderabad 500027
        Telangana

Insolvency Commencement Date: January 6, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 5, 2021

Insolvency professional: Chandra Sekhar Arasada

Interim Resolution
Professional:            Chandra Sekhar Arasada
                         Flat No. 304
                         Siri Nivas Apartments
                         Balaji Park Town
                         Nizampet
                         Hyderabad 500090
                         E-mail: chandra61ca@gmail.com

                            - and -

                         Plot No. 1183
                         H.No. 8-3-430/1/23
                         1st Floor, Street No. 10
                         Yella Reddy Guda
                         Ameerpet
                         Hyderabad 500073

Last date for
submission of claims:    January 24, 2021


SAFETY CONTROLS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Safety Controls
& Devices Private Limited's (SCDPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is
Negative.

The instrument-wise rating actions are:

-- INR65 mil. (increased from INR55 mil.) Fund-based working
     capital limits Long-term rating downgraded; Short-term
     affirmed with IND BB/Negative/IND A4+ rating; and

-- INR355 mil. (reduced from INR792.2 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a significant decline in SCDPL's revenue in
FY20, leading to deterioration in its EBITDA and credit metrics.
The revenue plunged to INR261 million in FY20 (FY19: INR1,014
million), due to slower pace of execution of orders due to land
availability issues, which were further aggravated by the COVID-19
led supply chain disruptions. The company's scale of operations is
small. Until December 21, 2020, SCDPL executed only about INR101.53
million of its order book of around INR2,687.71 million (10x of
FY20 revenue) as of April 1, 2020. Around 30% of the total projects
are slow-moving due to land availability issues in Bihar. The
company booked revenue of around INR200 million as of 21 December
2020. As result, Ind-Ra expects the revenue to improve, although
remain low, in FY21.

The Negative Outlook reflects Ind-Ra's expectation of a continued
low revenue and an elongated working capital cycle in FY21, leading
to weakening of the credit metrics and a further stretch in the
liquidity position.

The EBITDA margins were average with a return on capital employed
of 9% in FY20 (FY19: 23%). Despite the revenue decline, the margins
increased to 10% in FY20 (FY19: 6%), due to a decrease in raw
material and procurement cost as a percentage of revenue to 49%
(53%) and subcontracting cost to 9% (18%), due to the lower
execution of orders.  

The ratings also factor in the company's modest credit metrics. The
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.56x in FY20 (FY19: 2.21x) and the net leverage
(total adjusted net debt/operating EBITDA) to 3.0x (0.93x), due to
the decline in the EBITDA to INR26.28 million (INR58.59 million)
and an increase in the total debt to INR82 million (INR58
million).

Liquidity Indicator - Stretched: SCDPL's cash flow from operations
remained negative at INR25.34 million in FY20 (FY19: negative
INR22.44 million), due to an increase in working capital
requirements. The company's working capital cycle elongated to 155
days in FY20 (FY19: 31 days), owing to an increase in receivable
period to 231 days (92 days) which led to delays in payments from
customers at the end of the year due to COVID-19 led disruptions.
The average peak use of the fund-based working capital limits was
moderate at 66% during the 12 months ended November 2020. The
company received around INR77 million from its debtors in April
2020, which led to the lower utilization of the working capital
limits. SCDPL did not avail the Reserve Bank of India-prescribed
moratorium under the COVID-19 relief package. It had only INR2
million of long-term debt outstanding at FYE20, which will be
repaid in FY21-FY22.

However, the ratings remain supported SCDPL's promoters' more than
two decades of experience in the execution of engineering,
procurement and construction contracts.

RATING SENSITIVITIES

Negative: Inability to increase the revenue and a further
elongation of the working capital cycle, leading to the interest
coverage sustaining below 1.6x will lead to a negative rating
action.

Positive: A substantial improvement in the scale of operations and
the working capital cycle, leading to the interest coverage
increasing above 1.6x will lead to the Outlook revision to Stable.

COMPANY PROFILE

SCDPL was established in 1997 as a proprietorship concern by
Rajnish Chopra. It was reconstituted as a private limited company
and renamed as SCDPL in June 2015. The company is engaged in the
erection of power substations and installation of safety
equipment.


SHIVALIKA RUGS: CRISIL Keeps B Rating on INR3cr Bill Discounting
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Shivalika
Rugs (TSR) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       3         CRISIL B /Stable (Issuer Not
                                    Cooperating)

   Derivatives
   Facility               0.3       CRISIL A4 (Issuer Not
                                    Cooperating)

   Export Packing         1.8       CRISIL B/Stable (Issuer Not
   Credit                           Cooperating)

CRISIL has been consistently following up with TSR for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

TSR, based at Panipat (Haryana), and set up in 1981-82 (refers to
financial year, April 1 to March 31), manufactures home furnishing
products such as cushions, curtains, rugs and carpets. The firm is
promoted by Mr. S K Leekha and Mr. Rahul Leekha.

SIGNUM ELECTROWAVE: CRISIL Withdraws B Rating on INR5cr LT Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Signum Electrowave (SE) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        CRISIL B /Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Letter of Credit       5.5      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan         5        CRISIL B /Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2012 and promoted by Mr. Akshat Jindal and Mr.
Pushpak Jindal, SE manufactures PCBs.


SILVER JUBILEE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Silver
Jubilee Motors Limited (SJML) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           53.75      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.25      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL has been consistently following up with SJML for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1935, SJML is a Pune (Maharashtra) based listed
entity. The company has automobile dealership of Mahindra &
Mahindra (for light commercial vehicles as well as passenger
vehicles) and is operating a fuel station under IOCL dealership.
SJML is promoted and managed by Mr. Sanjay Jagtap.

STANZEN ENGINEERING: Ind-Ra Moves B- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Stanzen
Engineering 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:

-- INR50 mil. Fund-based limit migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR1.86 mil. Long-term loan due on July 2020 migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, Stanzen Engineering manufactures auto
components. The company also undertakes job work of stamping,
wherein it embosses logos on auto components.


SUMERU DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sumeru
Developers (SD) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility     3         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with SD for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SD, based at Pune and established in 2006, is a proprietorship firm
of Pune-based Raikar family. The firm develops real estate. It has
completed one project, Sushrut, and is undertaking construction of
a residential project in Pune.

SUMIT WOOL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sumit Wool
Processors (SWP) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            17        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      4        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with SWP for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Ludhiana-based SWP was established in 1990 by Mr. Rajnish Kumar
Tuli, and trades in polyester yarn till fiscal 2010, after which it
began manufacturing grey polyester fabric. Currently, the firm has
30 knitting machines with total capacity of 15 tonne per day.

SUNIL GARG: CRISIL Lowers Rating on INR11cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sunil
Garg and Co (SGC) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ' ISSUER NOT
                                    COOPERATING)

   Cash Credit           11         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

CRISIL has been consistently following up with SGC for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SGC was established in April 2004 as a partnership firm. It is
based in Ghaziabad, Uttar Pradesh, and undertakes civil
construction and other allied activities for government and public
works departments. It is registered as a 'Class A' contractor with
Uttar Pradesh Public Works Department, Uttar Pradesh Irrigation
Department, Ghaziabad Development Authority, and Hapur Pilakhua
Development Authority. The firm is managed by three brothers: Mr.
Sunil Garg, Mr. Anil Garg, and Mr. Praveen Garg.

SURYA TEXTECH: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya Textech
(ST) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit        10           CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       0.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Working Capital        1.0       CRISIL B/Stable (Issuer Not
   Demand Loan                      Cooperating)

CRISIL has been consistently following up with ST for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ST is a partnership firm established in 2006-07 (refers to
financial year, April 1 to March 31) by the Kansal and Gupta
families. In 2014-15, the Goel family was inducted in the
partnership by replacing the share of Kansal family. ST
manufactures and trades in polypropylene spun-bonded non-woven
fabrics. The firm has a manufacturing facility at Kala Amb
(Himachal Pradesh) with total production capacity of 22 tonnes per
day.

SVAM POWER: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Svam Power
Plants Private Limited continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           3          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term   10          CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Vendor Financing      5.5        CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with Svam for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1981, Svam is an authorised dealer and service
centre for Cummins's diesel engines, diesel generator sets, and
other electrical equipment such as alternators; it also trades in
oil for Valvoline Cummins Ltd. Svam purchases generators from
original equipment manufacturers appointed by Cummins. It provides
servicing through annual maintenance contracts. Svam currently is a
dealer for Cummins in Gurgaon, Faridabad, Rohtak, Sonepat, and
Rewari (all in Haryana), and is expected to start dealing in
fire-fighting systems and solutions.

TIRUPATI MICROTECH: CRISIL Lowers Rating on INR15cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Tirupati Microtech Private Limited (TMPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable' ISSUER
                                    NOT COOPERATING)

   Letter of Credit        2        CRISIL A4 (Issuer Not
   Bill Discounting                 Cooperating)

   Proposed Long Term      0.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable' ISSUER
                                    NOT COOPERATING)

CRISIL has been consistently following up with TMPL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

TMPL was set-up in 1996 by by Mr. Pawan Kothari and his family
members. The company processes zirconium silicate, which is used as
raw material in the ceramics industry. It has plants in Daman and
Puducherry with production capacity of 20,800 tpa.

TUSHAR FABRICS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tushar Fabrics
Private Limited (TFPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            25        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with TFPL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Promoted by Mr. Tushar Thakkar, TFPL (erstwhile Tushar Textile),
was established in 1988 as partnership firm and was incorporated as
private company in January 2007. Company is engaged in trading of
Denim fabric.

VEDANT EDIBLE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vedant Edible
Products Private Limited (VEPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility     1         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with VEPPL for obtaining
information through letters and emails dated June 29, 2020 and
December 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VEPPL, incorporated in fiscal 2010, is promoted by Mr. Shiv Kumar
Dubey, Mr. Ram Kumar Dubey, and Ms Neeru Dubey. The company
provides farmers with cold storage services for vegetables and
fruits.

WELTIME FOOTWEAR: CRISIL Reaffirms B- Rating on INR9cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable' rating on the
bank facilities of Weltime Footwear Private Limited (WFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit       9         CRISIL B-/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      0.5       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.05      CRISIL B-/Stable (Reaffirmed)

   Term Loan              8.4       CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the company's weak liquidity,
average financial risk profile and large working capital
requirement. These weaknesses are partially offset by the extensive
industry experience of the promoters.

Analytical Approach

Unsecured loans (INR4.50 crore as on March 31, 2020) from the
promoters and their family members have been treated as neither
debt nor equity as the loans are expected to remain in the business
over the medium term and are subordinated to bank loan.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: Financial risk profile is average
marked by high gearing at 2.45 times on account of modest net worth
at INR7.44 crore in fiscal 2020. Further, debt protection metrics
were moderate, with interest coverage and net cash accrual to total
debt ratios at 1.90 times and 0.06 time, respectively, for fiscal
2020.

* Large working capital requirement: Operations are working capital
intensive, reflected in gross current assets of 453 days as on
March 31, 2020, on account of large receivables at around 301 days
and inventory at around 112 days for fiscal 2020.

Strengths:

* Extensive industry experience of the promoters: The promoters'
experience of around 30 years in the industry has helped them
develop strong relationships with suppliers and customers.

Liquidity: Poor

Liquidity may remain week over the medium term in the absence of
sufficient cash accrual to repay the loan obligations, however
promoters are likely to extend support in the form of equity or
unsecured loans to the company to meet its working capital
requirements and repayment obligations. Further, bank limit was
also fully utilized over the past one year through Jan 2020.

Outlook Stable

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

Rating Sensitivity Factors

Upward factors

* Sustainable improvement in scale of operation marked by 20% YOY
growth along with improvement in margin by 200 basis point.

* Improvement in financial risk profile along with efficient
capital management

Downward factors

* Decline in profitability exceeding 100 basis points or less than
20% yoy growth in the revenue.

* Stretched in working capital or withdrawal of USL which lead
weakening the financial risk profile or liquidity profile

Established in 2014 as a private limited company and promoted by
Mr. Mohd Hausildar, Mr. Mohd Havaldar, and Mr. Mohd Taiyab, WFPL
manufactures footwear including hawai chappals, sandals, and shoes.
Its manufacturing facility at Haryana has capacity of 30,000-35,000
pairs of shoes and sandals per day.



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

[*] JAPAN: Corporate Bankruptcies Fall to 31-Year Low in 2020
-------------------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
in Japan dropped to the lowest in 31 years in 2020, aided by
government financial support amid the novel coronavirus pandemic,
data released by a credit research company showed Jan. 13.

Business failures with debts of at least JPY10 million ($96,000)
fell 7.3% from 2019 to 7,773, the lowest since 1989 when 7,234
firms went bankrupt and the first decline in two years, the Japan
Times discloses citing data from Tokyo Shoko Research. The total
includes 792 bankruptcies attributed to the pandemic.

The Japan Times says the drop reflects the impact of the
government's measures, including interest-free loans without
collateral that helped small and medium-sized companies reeling
amid the COVID-19 outbreak.

The number of bankruptcies with debts of below JPY10 million rose
23.0% to 630 in 2020, as the pandemic hit hard small businesses in
the dining-out and tourism sectors, the research company said.

"Sales have not recovered yet at many companies, and the second
state of emergency is also having a major impact on some sectors
including the restaurant industry," the report quotes an official
at Tokyo Shoko Research as saying. "We may see an increase in the
number of bankruptcies this year."

The government declared a state of emergency in Tokyo and three
neighboring prefectures last week, nine months after its first
declaration, the report notes. The state of emergency was expanded
Jan. 12 to seven additional prefectures.

The total liabilities left by bankrupt companies fell 14.3% from
2019 to JPY1.22 trillion ($11.7 billion) after some large
bankruptcies with debts of more than JPY100 billion were seen the
previous year, according to The Japan Times.

By sector, information and communications posted the largest drop
in corporate bankruptcies with a 22.1% fall, followed by the retail
sector which saw a 14.3% decline to 1,054, the lowest since 1991,
as demand for food and beverages grew amid stay-at-home requests,
the report relays.

But the service industry, including the restaurant and lodging
sectors, saw a 1.1% rise to 2,596, increasing for a fifth straight
year, after the number of inbound travelers to Japan plunged due to
tighter border controls and people refrained from nonessential
outings amid the spread of the virus, adds The Japan Times.




=========
M A C A U
=========

MELCO RESORTS: Moody's Rates Sr. Unsec. Notes Proposed Add-on Ba2
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
add-on to Melco Resorts Finance Limited's (MRF, Ba2 negative)
senior unsecured notes due 2029.

The rating outlook on MRF is negative.

MRF will use the proceeds from the add-on issuance, and cash on
hand if applicable, to repay existing debt at its subsidiary, MCO
Nominee One Limited, together with accrued interest and associated
costs. Any remaining amount will be used for general corporate
purposes.

RATINGS RATIONALE

"The Ba2 ratings reflect the group's established operations and
high-quality assets under its parent, Melco Resorts & Entertainment
Limited (MRE), which counterbalance its geographic concentration in
Macao SAR's gaming market," says Sean Hwang, a Moody's Assistant
Vice President and Analyst.

MRF's credit quality and ratings are driven by the consolidated
credit quality of MRE, because MRE wholly owns MRF and relies
heavily on MRF for profit generation and funding.

MRE's operations continue to be weak amid lingering
pandemic-related disruptions. The company reported negative EBITDA
of $221 million for the first nine months of 2020, compared with
$1.2 billion positive EBITDA a year earlier.

Moody's expects gaming revenue in Macao SAR will improve in 2021
from the very weak level in 2020, underpinned by a rebound in
Chinese tourists visiting the territory following the relaxation of
some travel restrictions. However, the recovery will be gradual and
partial, at least for most of 2021, given the remaining
restrictions and social distancing measures and a lingering fear of
infection.

As a result, Moody's expects MRE's earnings in 2021 will remain
sluggish, before recovering close to pre-pandemic levels in
2022-23.

At the same time, Moody's expects MRE's consolidated debt level
(including lease liabilities and Moody's adjustments) will increase
to around $7 billion over the next 12-18 months from $6.1 billion
as of September 30, 2020, as the company's sluggish cash flow and
planned capital spending, including the phase two construction of
the Studio City property and the development of its Cyprus
integrated resort, will likely lead to negative free cash flow
during this period.

Given the expectations, Moody's projects MRE's adjusted debt/EBITDA
will be elevated at around 10x or higher in 2021 before improving
to around 5x-6x in 2022 and around 4x in 2023.

While MRE's projected leverage for 2023 would be appropriate for
its Ba2 ratings, there is significant risk to this projection,
given the lingering uncertainties over the pace and extent of the
company's earnings recovery. A prolonged weakness in operations can
lead to larger negative free cash flow and higher debt leverage
than Moody's currently anticipates. The negative rating outlook
reflects this risk.

MRE's liquidity sources, including its consolidated cash of $1.9
billion at the end of September 2020 and its revolving credit
facility, whose availability will increase to $1.9 billion after
the proposed refinancing, provide adequate cushions against the
expected negative free cash flow over the next 12 months.

The Ba2 rating for the proposed senior unsecured notes is in line
with the company's corporate family rating because Moody's expects
the company to keep its secured debt at a low level.

In terms of environmental, social and governance considerations,
Moody's regards the coronavirus outbreak as a social risk, given
the substantial implications for public health and safety. The
gaming sector is among the sectors most significantly affected by
the shock, given its sensitivity to travel restrictions and
consumer sentiment.

Moody's also considers the risks associated with MRE's increasing
appetite for growth, as illustrated by its continued pursuit of
partly debt-funded expansion projects, as well as its high
ownership concentration. However, MRE's track record of maintaining
healthy financial leverage and good liquidity, and the oversight
exercised by its independent board directors mitigate these risks.

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

Moody's could return MRF's outlook to stable if the Melco group
under MRE improves its earnings, contains its debt growth and
continues to maintain its sizeable cash. This can be evidenced by
MRE's adjusted debt/EBITDA falling below 4.5x-5.0x on a sustained
basis.

Moody's could downgrade MRF's ratings if it believes that MRE's
adjusted debt/EBITDA would not return to below 4.5x-5.0x on a
sustained basis, due to a sustained weakness in earnings or a
significant increase in debt, or if MRE's liquidity weakens
significantly. This situation could arise from a protracted and
severe impact of the coronavirus outbreak or the company's
continuation of its aggressive financial policy during the earnings
downturn.

In addition, the ratings on MRF's senior unsecured notes could come
under pressure in the event of a sustained increase in MRF's
subsidiary-level priority claims relative to its consolidated
claims.

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

Melco Resorts Finance Limited (MRF) is a wholly-owned subsidiary of
Melco Resorts & Entertainment Limited (MRE), which is listed on the
NASDAQ exchange and is majority-owned by the Hong Kong-listed Melco
International Development Ltd. All of MRF's operations are
currently located in Macao SAR.

Through Melco Resorts (Macau) Limited, MRF operates two
wholly-owned casinos in the territory, Altira Macau and City of
Dreams. It also has non-casino-based operations at its Mocha Clubs
and operates the gaming business at the Studio City casino.



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

AIRASIA BHD: Unit Shows Court Creditors' Support for Restructuring
------------------------------------------------------------------
Reuters reports that most of AirAsia X Bhd's lessors support a
restructuring plan, and the Malaysian airline has received interest
from potential investors for fundraising after reorganization,
court documents filed this month show.

In emails attached to the court filings, supportive lessors said
they wanted to continue discussions with the budget airline and
potential new investors, seeking more equitable terms and new
commercial arrangements, Reuters relays.

According to Reuters, the affidavits come after more than a dozen
creditors filed to intervene with its proposed court-supervised
restructuring, with lessor BOC Aviation Ltd and airport operator
Malaysia Airports Holdings Bhd arguing that AAX is "hopelessly
insolvent".

Reuters relates that planemaker Airbus SE also filed an affidavit
last month saying it could lose more than $5 billion worth of
aircraft orders if the low-cost, long-haul carrier proceeded with
the plan.

AAX's senior legal counsel, Shereen Ee, said in court documents
seen by Reuters that 15 out of 20 aircraft lessors were not in
favour of AAX liquidating, and three other interveners - Airbus,
Rolls-Royce Group and BNP Paribas - were "not objecting" to the
restructuring plan.

Lessors in favor of a restructuring include Macquarie Aircraft
Leasing Services and Aircastle, according to the documents cited b
Reuters.

Aircastle Asia Pacific executive vice president Nigel Harwood told
AAX in an email that his firm was not seeking liquidation of the
airline, according to the court filings.

"We look forward to working with you to arrive at a revised
commercial arrangements once we understand your future business
plan with the introduction of new investors," Mr. Harwood, as cited
by Reuters, said.

Macquarie's email said it was willing to support a recapitalised
AAX and make a restructured lease agreement on condition that the
airline has a detailed business plan, credible third-party
investors and that lessors have a meaningful say, according to the
filings.

AAX said it had received 10 letters from Malaysian and Singaporean
corporations and high net worth individuals indicating interest to
participate in its proposed fundraising exercise, according to an
affidavit.

The 10 includes Tune Group Sdn Bhd, owned by AirAsia Group Bhd
co-founders Tony Fernandes and Kamarudin Meranun. Tune is the
largest AAX shareholder, with a 17.83% stake, the report notes.

Reuters adds that AAX said it also received interest from a
public-listed financial group and the subsidiary of another, both
preferring to be unnamed.

AAX, an affiliate of AirAsia Group, last month said it planned to
raise up to 200 million ringgit ($49.49 million) by issuing shares
to new investors after its debt restructuring, Reuters notes.

The airline is seeking to restructure MYR64.15 billion of debt. Its
accrued debt amounts to MYR2.24 billion, without taking into
consideration contingent debts such as its large aircraft order
book with Airbus.

Reuters says some lessors have argued the Airbus orders should be
excluded. However, AAX said the contingent debts must be dealt with
and will be reduced by the re-negotiated leases and other
commercial contracts.

AAX estimated that lessors that continue with the airline
post-restructuring would be able to recover approximately 44-66% of
their lease rental loss under new agreements, Reuters adds.

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.



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

ASIANA AIRLINES: KFTC Starts Review of Takeover Deal
----------------------------------------------------
Yonhap News Agency reports that South Korea's antitrust regulator
said Jan. 14 it has started to review a deal by Korean Air Lines
Co., the country's biggest carrier, to buy the debt-ridden Asiana
Airlines Inc.

According to Yonhap, the Korea Fair Trade Commission (KFTC) said it
will see if the merger of the nation's two largest carriers could
constitute a monopoly or hurt market competition as Korean Air
submitted an application for approval earlier in the day.

In November 2020, Korean Air said it will acquire its smaller rival
Asiana Airlines in a deal valued at KRW1.8 trillion (US$1.6
billion) that could create the world's 10th-biggest airline by
fleets, Yonhap recalls.

Yonhap relates that industry watchers expect the takeover, if
approved, will likely reshape the country's airline sector that has
been reeling from the fallout of the COVID-19 pandemic.

But critics said the merger is feared to create a monopoly in the
local airline industry, the report states.

Korean Air, currently the world's 18th-largest airline by fleet,
will become Asiana's biggest shareholder with a 63.9 percent stake
if the acquisition is completed, says Yonhap.

On domestic routes, the two airlines accounted for a combined 42
percent of the market as of end-2019. The merger could raise the
total share to 66 percent when combined with the market shares of
their three budget carriers -- Korean Air's Jin Air Co. and
Asiana's Air Busan Co. and Air Seoul Inc, the report notes.

In reviewing a corporate takeover, the KFTC judges a company's
acquisition of a non-viable company as an exception to application
of the antitrust law.

According to Yonhap, experts said there is a high possibility that
Korean Air's deal will fit into such a case, as it is being pushed
as part of efforts to reshape the airline segment hit by the new
coronavirus outbreak.

Korean Air has also filed for approval with eight foreign antitrust
authorities, including those from the United States, the European
Union (EU), China and Japan, the KFTC said.

If any foreign regulator does not give the green light to the deal,
Korean Air's acquisition could fall apart, Yonhap notes.

                        About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

Asiana Airlines' net losses deepened for the January-March quarter
to KRW683.26 billion from KRW89.18 billion a year earlier.  The
airline has suspended most of its flights on international routes
as more than 180 countries have strengthened entry restrictions
amid coronavirus fears this year, according to Yonhap News Agency.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April until business circumstances normalize, Yonhap
noted.  Asiana's executives have also agreed to forgo 60% of their
wages, though no specific time frame was given for how long the pay
cuts will remain in effect.



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

KOTAGALA PLANTATIONS: Fitch Affirms National LT Rating at 'RD(lka)'
-------------------------------------------------------------------
Fitch Ratings has taken rating action on Sri Lankan non-financial
corporates following the recalibration of its Sri Lankan National
Rating scale to reflect changes in the relative creditworthiness
among the country's issuers following the downgrade of the
sovereign rating to 'CCC' from 'B-' on 27 November 2020. Fitch
typically does not assign Outlooks or apply modifiers to sovereigns
with a rating of 'CCC' or below. For details, see "Fitch Ratings
Recalibrates its Sri Lankan National Rating Scale", dated 22
December 2020, at www.fitchratings.com/site/pr/10147729.

The recalibration of Fitch’s Sri Lankan National Rating scale has
resulted in rating affirmations in some cases and the assignment of
revision ratings to others. Revision ratings are used to modify
ratings for reasons that are not related to credit quality.

A full list of Fitch's rating actions is at the end of this
commentary:

Dialog Axiata PLC

-- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook
    Stable

Distilleries Company of Sri Lanka PLC (DIST)

-- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook
    Stable

Melstacorp PLC

-- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook
    Stable

Hemas Holdings PLC

-- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook
    Stable

Lion Brewery (Ceylon) PLC

-- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook
    Stable

Lakdhanavi Limited

-- National Long-Term Rating affirmed at 'AA+(lka)'; Outlook
    Stable

Sunshine Holdings PLC

-- National Long-Term Rating revised to 'AA+(lka)' from 'A(lka)';
    Outlook Stable

Abans PLC

-- National Long-Term Rating revised to 'AA(lka)' from
    'BBB+(lka)'; Outlook Stable

Singer (Sri Lanka) PLC

-- National Long-Term Rating revised to 'AA(lka)' from
    'BBB+(lka)'; Outlook Stable

DSI Samson Group (Private) Limited (DSG)

-- National Long-Term Rating revised to 'AA(lka)' from
    'BBB(lka)'; Outlook Stable

Sri Lanka Telecom PLC (SLT)

-- National Long-Term Rating revised to 'AA-(lka)' from
    'AA+(lka)'; Outlook Stable

Ceylon Electricity Board (CEB)

-- National Long-Term Rating revised to 'AA-(lka)' from
    'AA+(lka)'; Outlook Stable

Sierra Cables PLC

-- National Long-Term Rating revised to 'AA-(lka)' from
    'BB(lka)'; Outlook Stable

Kotagala Plantations PLC

-- National Long-Term Rating affirmed at 'RD(lka)'

National scale ratings are a risk ranking of issuers in a
particular market designed to help local investors differentiate
risk. Sri Lanka's national scale ratings are denoted by the unique
identifier '(lka)'. Fitch adds this identifier to reflect the
unique nature of the Sri Lankan national scale. National scales are
not comparable with Fitch's international ratings scales or with
other countries' national rating scales.

DERIVATION SUMMARY

Dialog, Melstacorp, DIST, Hemas and Lion are rated 'AAA(lka)' to
reflect their stable operating cash flows from defensive demand for
end products and strong market shares in core businesses, strong
financial profiles and solid liquidity. Dialog, DIST, Melstacorp
and Lion Brewery have more dominant market positions than Hemas and
therefore can withstand higher leverage for the same rating, as
reflected in their rating sensitivities.

Lakdhanavi's 'AA+(lka)' rating reflects stable cash flow generation
from fixed long-term operation and maintenance contracts and power
purchase agreements. Sunshine's 'AA+(lka)' rating reflects its
defensive cash flow from mainly pharmaceutical and medical device
sales, and the protected domestic crude palm-oil sector.
Lakdhanavi's rating is moderated by its exposure to the Sri Lanka
sovereign as a key counterparty, whereas Sunshine's rating is
moderated by its smaller scale against higher-rated peers. Both
companies have strong financial profiles and solid liquidity.
Lakdhanavi has more stable operating cash flow than that of
Sunshine, in Fitch’s view, given the latter's exposure to the
competitive value-added tea segment and weather dependent power
generation sector, and can therefore withstand higher leverage for
the same rating level.

Singer, Abans and DSG are rated at 'AA(lka)' to reflect their
higher business risk than higher-rated peers, stemming from their
exposure to more discretionary demand, such as consumer durables in
the case of Singer and Abans, and domestic tyre sales for DSG. DSG
is also faced with intense competition in its footwear segment,
which accounts for a significant portion of its earnings. All three
companies have weaker financial profiles compared with higher-rated
peers, but sufficient near-term liquidity.

Sierra's 'AA-(lka)' rating stems from its small operating scale
compared with higher-rated peers, cyclical cash flow from its
exposure to the domestic infrastructure and construction sector, as
well as its tight liquidity.

SLT's rating is constrained at 'AA-(lka)' in line with Fitch's
Government-Related Entities (GRE) Rating Criteria because the Sri
Lankan government directly and indirectly has a controlling stake
in the company and exercises significant influence over its
operations. SLT's unconstrained standalone credit profile is
stronger than that of the government of Sri Lanka, reflecting the
company's market leadership in fixed-line services and
second-largest position in mobile, its ownership of an extensive
optical-fibre network, and a solid financial profile.

CEB's 'AA-(lka)' rating is equalised with that of its parent, the
Sri Lankan sovereign, in line with Fitch's GRE criteria. This is
based on Fitch’s assessment of a very strong likelihood of
support from the state. CEB is the country's monopoly electricity
transmitter and distributor, and also accounts for around 75% of
the country's power generation.

RATING SENSITIVITIES

Dialog

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

-- There is no scope for an upgrade because Dialog is rated at
    the highest end on the Sri Lankan National Ratings scale.

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

-- Fitch does not envisage any negative rating action in the
    medium term because of the standalone strength of the business
    profile, low financial leverage and implied support from the
    stronger parent.

Melstacorp and DIST

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

-- There is no scope for an upgrade, as the company is already at
    the highest rating on the Sri Lankan National Rating scale.

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

-- Consolidated financial leverage - measured as adjusted net
    debt/EBITDAR (including 51% consolidation of Aitken Spence PLC
    but excluding Continental Insurance Lanka Limited (National
    Insurer Financial Strength: A(lka)/Stable)) - increasing to
    over 5.5x for a sustained period;

-- Group operating EBITDAR/interest paid + rent (including 51%
    consolidation of Aitken Spence PLC but excluding Continental
    Insurance Lanka Limited), falling below 1.8x for a sustained
    period.

Hemas

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

-- There is no scope for an upgrade, as the company is already at
    the highest rating on the Sri Lankan National Rating scale.

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

-- Group net debt/EBITDA rising above 4.5x on a sustained basis;

-- Group EBITDA/interest cover falling below 2.3x on a sustained
    basis.

Lion

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

-- There is no scope for an upgrade, as the company is already at
    the highest rating on the Sri Lankan National Rating scale.

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

-- An increase in Lion's leverage, measured as total debt net of
    cash/EBITDA, to over 5.0x for a sustained period;

-- A decrease in EBITDA/interest coverage to less than 2.0x on a
    sustained basis;

-- Stronger links with parent Carson Cumberbatch PLC under
    Fitch's Parent and Subsidiary Linkage Rating Criteria or
    weakening of the parent's consolidated credit profile.

Lakdhanavi

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

-- Fitch does not anticipate any positive rating action in the
    next two years due to the company's significant investment
    plans and counterparty risk profile.

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

-- LTL Holdings (Private) Limited's consolidated adjusted net
    debt/EBITDAR (with proportionate consolidation of its
    subsidiaries, Lakdhanavi Bangla Power Limited (LBPL 51%) and
    Feni Lanka Limited (Feni 56%) rising above 5.5x on a sustained
    basis;

-- LTL Holdings (Private) Limited's consolidated operating
    EBITDA/interest paid (with proportionate consolidation of its
    subsidiaries, LBPL and Feni) falling below 2.0x on a sustained
    basis;

-- Material weakening of the counterparty risk;

-- Any strengthening of LTL Holdings (Private ) Limited's
    linkages with the parent, CEB.

Sunshine

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

-- Increased scale of operations while maintaining a healthy
    financial profile.

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

-- An increase in Sunshine's leverage - total net debt/operating
    EBITDA (including proportionate consolidation of Sunshine
    Wilmar Private Limited) - to more than 4.0x over a sustained
    period;

-- Sunshine's EBITDA coverage of gross interest (including
    proportionate consolidation of Sunshine Wilmar Private
    Limited) falling below 2.3x over a sustained period.

Abans

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

-- No upgrade in the medium term, given the exposure to more
    volatile cash flow compared with higher-rated peers.

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

-- Fixed-charge coverage declining below 1.3x on a sustained
    basis;

-- A significant weakening in the company's liquidity position.

Singer

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

-- No upgrade in the medium term, given the exposure to more
    volatile cash flow compared with higher-rated peers

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

-- Fixed-charge coverage declining below 1.3x on a sustained
    basis;

-- A significant weakening in the company's liquidity position.

DSG

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

-- No upgrade in the medium term, given the exposure to more
    volatile cash flow compared with higher-rated peers.

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

-- Fixed-charge coverage declining below 1.5x on a sustained
    basis;

-- A significant weakening in the company's liquidity position.

SLT

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

-- An upgrade in the Sri Lankan sovereign's Long-Term Issuer
    Default Rating (IDR) could result in a upgrade of SLT's
    National Long-Term Rating.

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

-- A downgrade in the Sri Lankan sovereign's Long-Term IDR could
    result in a downgrade of SLT's National Long-Term Rating.

CEB

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

-- An upgrade of the Sri Lankan sovereign's Long-Term IDR could
    result in corresponding action on CEB's National Long-Term
    Rating.

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

-- A significant weakening in the likelihood of support from the
    sovereign;

-- A downgrade of the Sri Lankan sovereign's Long-Term IDR could
    result in corresponding action on CEB's National Long-Term
    Rating.

Sierra

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

-- An increase in Sierra's scale of operations measured by EBITDA
    relative to higher-rated peers.

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

-- Leverage above 4.0x on a sustained basis;

-- Coverage falling below 1.5x on a sustained basis;

-- Significant deterioration in liquidity.

Kotagala

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

-- Following a possible financial restructuring and when
    sufficient information is available, the 'RD (lka)' rating
    will be upgraded to reflect the appropriate National Long-Term
    Rating for the post-restructuring capital structure, risk
    profile and prospects, in accordance with Fitch’s criteria.

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

-- Kotagala entering into bankruptcy filings, administration,
    liquidation or other formal winding-up procedures.

Sri Lanka Sovereign Long-Term IDR:

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.


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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,
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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.

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