/raid1/www/Hosts/bankrupt/TCRAP_Public/210121.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, January 21, 2021, Vol. 24, No. 10

                           Headlines



A U S T R A L I A

FUTURE CAPITAL: Second Creditors' Meeting Set for Jan. 29
SARACENS INVESTMENTS: First Creditors' Meeting Set for Jan. 29


C H I N A

CITIC RESOURCES: Moody's Completes Review, Retains Ba2 CFR
FOSUN INTERNATIONAL: S&P Rates Guaranteed U.S. Dollar Notes BB
GCL INTELLIGENT: Moody's Withdraws B1 Corp. Family Rating
LUCKIN COFFEE: Resumes Franchise Plan for New Retail Partners
RADIANCE HOLDINGS: S&P Assigns B+ Long-Term ICR, Outlook Stable

RONSHINE CHINA: Moody's Gives B2 Rating to New Sr. Unsec. USD Notes
TIANQI LITHIUM: Share Sale Plan Withers Under Regulatory Scrutiny


H O N G   K O N G

HONG KONG OCEAN PARK: HK Government Mulls HK$3 Billion Rescue


I N D I A

AATHI VELAN: CRISIL Reaffirms B+ Rating on INR13cr Loans
ABD DIAMONDS: CRISIL Withdraws B Rating on INR28.25cr Loan
ABHINAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR4cr Loan
ANUBHAV PLAST: Ind-Ra Keeps B+ LT Issuer Rating in Non-Cooperating
AQUATECH SYSTEMS: CRISIL Withdraws B+ Rating on INR30cr Loan

BHALOTHIA FOODS: CRISIL Hikes Rating on INR14cr Loans to B+
FIBERFILL INTERIORS: CRISIL Moves B+ Rating from Not Cooperating
GANAYA COMMODITIES: Insolvency Resolution Process Case Summary
GANSONS PRIVATE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
GAYATRI SEA: Insolvency Resolution Process Case Summary

GVG EXIM: Ind-Ra Affirms B+ LongTerm Issuer Rating, Outlook Stable
HILAND AGRO: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
INDIAN OIL: Moody's Completes Review, Retains Baa3 Rating
JAI HANUMAN: CRISIL Lowers Rating on INR1.50cr Cash Loan to D
KALYANALAKSHMI SHOPPING: Ind-Ra Places 'B' LT Rating on Watch Neg.

LAHLIWALA STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LONGOWALIA YARNS: CRISIL Withdraws D Rating on INR108.1cr Loan
N.N. SAHA: Ind-Ra Moves 'BB-' LT Issuer Rating to Non-Cooperating
N.R. ISPAT: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
ORIENT STEEL: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable

PADMAVATI FERROUS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
POSHS METAL: Ind-Ra Corrects January 14, 2021 Rating Release
QUA WATER: CRISIL Withdraws B+ Rating on INR3cr Cash Loan
R AND B INFRA: CRISIL Lowers Rating on INR43cr Cash Loan to B
SATABDI TEA: CRISIL Keeps B Debt Ratings in Not Cooperating

SEVEN SEAS: CRISIL Migrates D Debt Ratings from Not Cooperating
SHIVPRASAD FOODS: Ind-Ra Affirms D LongTerm Issuer Rating
SR UDAYASHANKAR: CRISIL Reaffirms B+ Rating on INR2.8cr Loan
SSIPL LIFESTYLE: CRISIL Reaffirms B+ Rating on INR51.5cr Loan
SSIPL RETAIL: CRISIL Reaffirms B+ Rating on INR122cr Cash Loan

SUBHA-SOUMYA COLD: CRISIL Lowers Rating on INR16.18cr Loan to B-
SULAKSHANA AGENCIES: CRISIL Keeps B Rating in Not Cooperating
SUPER HI-TECH: CRISIL Lowers Rating on INR6cr Cash Loan to B
SURYA LAXMI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SWETA MINERALS: CRISIL Keeps B+ Debt Rating in Not Cooperating

TAMIL NAADU: CRISIL Keeps B Debt Rating in Not Cooperating
UNIVERSAL YARNS: CRISIL Keeps B+ Debt Rating in Not Cooperating
VAICHAL CONSTRUCTIONS: CRISIL Cuts Rating on INR3.0cr Loan to B
VIKAS TECHNOPLAST: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
[*] INDIA: Surge in Bad Debt Set to Worsen Shadow Bank Crisis



J A P A N

ANA HOLDINGS: Sees Record Ordinary Loss for 9 Mos. Ended Dec. 31


M A C A U

SJM HOLDINGS: Moody's Assigns First Time Ba1 Corp. Family Rating


M O N G O L I A

MONGOLIAN MORTGAGE: Moody's Rates New USD Sr. Unsec. Debt B3


N E W   Z E A L A N D

CARRICK WINES: Had NZD12MM in Debt When it Went Into Receivership


P H I L I P P I N E S

SHANGRI-LA GROUP: Makati Hotel to Temporarily Shut Down, Cut Jobs


S I N G A P O R E

EAGLE HOSPITALITY: Case Summary & 30 Largest Unsecured Creditors
EAGLE HOSPITALITY: US Entities File Chapter 11 Bankruptcy
FIRST REIT: Unit-Holders OK Proposed Restructuring of MLAs

                           - - - - -


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

FUTURE CAPITAL: Second Creditors' Meeting Set for Jan. 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Future Capital
Group Pty. Ltd. has been set for Jan. 29, 2021, at 11:00 a.m. via
video conference.

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. 28, 2021, at 11:00 a.m.

Mathew Gollant of CJG Advisory was appointed as administrator of
Future Capital on Dec. 14, 2020.


SARACENS INVESTMENTS: First Creditors' Meeting Set for Jan. 29
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Saracens
Investments Pty Ltd will be held on Jan. 29, 2021, at 10:30 a.m.
via virtual meeting.

Stephen James Duncan of DuncanPowell was appointed as administrator
of Saracens Investments on Jan. 18, 2021.




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

CITIC RESOURCES: Moody's Completes Review, Retains Ba2 CFR
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of CITIC Resources Holdings Limited 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.

CITIC Resources Holdings Limited's Ba2 corporate family rating
reflects the company's standalone credit profile and a three-notch
uplift based on our assessment of a high likelihood of
extraordinary support from its parent, CITIC Group Corporation
(CITIC Group, A3), in times of financial distress.

Moody's support assessment takes into account CITIC Resources'
important role within the CITIC Group, where it serves as the
overseas platform for natural resource acquisitions and
development; the high reputational risk for CITIC Group if CITIC
Resources were to default; and the track record of parental
support, as demonstrated by the $500 million shareholder loan
granted to the company in 2017.

The rating also reflects the company's established production track
record at its Karazhanbas oil field; its moderately diversified
portfolio of resources, including oil, coal and other metals; and
the financial and liquidity management oversight by CITIC Group.

At the same time, the rating is constrained by the company's small
scale in the oil exploration and production sector; exposure to the
volatility in oil, coal and metal prices; and modest credit
metrics.

The principal methodology used for this review was Independent
Exploration and Production Industry published in May 2017.

FOSUN INTERNATIONAL: S&P Rates Guaranteed U.S. Dollar Notes BB
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes that
China-based Fosun International Ltd. (Fosun) will unconditionally
and irrevocably guarantee. Fortune Star (BVI) Ltd., a special
purpose entity, will issue the notes. The rating is subject to our
review of the final issuance documentation.

The rating on the notes is the same as the issuer credit rating on
Fosun (BB/Negative/--) because of credit substitution under the
guarantee. As an investment holding company, Fosun's secured debt
at the parent level is less than 50% of total debt. Hence, it does
not breach our 50% notching-down threshold for structural
subordination risk.

Fosun plans to use the proceeds from the proposed notes for
refinancing, working capital, and other general corporate
purposes.

S&P said, 'The negative outlook reflects our expectation that
Fosun's debt maturity profile will remain short in the next 12
months as the company seeks to push out its maturity schedule by
accessing longer-term debt capital. We may lower the ratings if
Fosun fails to lengthen its weighted average maturity from the
current 1.5 years or if the company's cash sources over cash uses
decline below 1.2x. We could also lower the ratings if Fosun's
loan-to-value ratio exceeds 45% because of an increase in the
company's risk appetite (as indicated by acquisitions outpacing
disposals) or a significant decline in the value of its listed
assets."


GCL INTELLIGENT: Moody's Withdraws B1 Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn GCL Intelligent Energy Co.,
Ltd's B1 Corporate Family Rating.

The ratings outlook at the time of the withdrawal was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

GCL Intelligent Energy Co., Ltd (GCL IE) is a privately owned power
generating company that is focused on cogeneration facilities in
industrial parks in China, mainly in Jiangsu Province. As of
end-2019, the company had a total installed capacity of about 3.16
gigawatts, of which 79% was gas-fired and 21% was coal-fired, wind,
biomass and waste-to-energy.

LUCKIN COFFEE: Resumes Franchise Plan for New Retail Partners
-------------------------------------------------------------
Timmy Shen at Caixin Global reports that Luckin Coffee Inc., whose
fraud scandal sent a shockwave through markets last year, is back
in business to resume the franchise plan that it reportedly halted
last year.

Caixin relates that the embattled company, which was delisted from
the Nasdaq Index in June, said on Jan. 18 in a social media post
that it was launching a "new retail partner" recruitment plan,
which is essentially a franchise plan.

The company said that entities joining the new program did not have
to pay a franchise fee, but needed to set aside about CNY350,000 to
CNY370,000 ($57,000) for equipment, store renovations and deposits
to start up, Caixin discloses citing a proposal accompanying the
post.

                        About Luckin Coffee

Based in China, Luckin Coffee Inc., provided non-alcoholic
beverages. The Company offered various types of coffee.  

In July 2020, Luckin Coffee has called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The start-up company named Alexander Lawson of Alvarez & Marsal
Cayman Islands and Tiffany Wong Wing Sze of Alvarez & Marsal Asia
to act as "light-touch" joint provisional liquidators (JPLs) under
a Cayman Islands court order, it said in a regulatory filing in New
York. The move was in response to a winding-up petition by an
undisclosed creditor, it added.

The appointments will create a stable platform to allow the company
and its advisers to negotiate and restructure its financial
obligations, the Xiamen, Fujian-based coffee chain said in the
filing. It hired Houlihan Lokey as financial advisers to implement
a workout with creditors, SCMP disclosed.

RADIANCE HOLDINGS: S&P Assigns B+ Long-Term ICR, Outlook Stable
---------------------------------------------------------------
On Jan. 20, 2021, S&P Global Ratings assigned its 'B+' long-term
issuer credit rating to Radiance Holdings (Group) Co. Ltd., a
China-based developer.

The stable outlook reflects S&P's view that Radiance Holdings will
sustain its revenue growth and stable leverage over the next 12
months.

The rating reflects Radiance Holdings' small scale relative to
peers' and risk of margin compression over the next 12 months due
to rising land costs and price cap in higher-tier cities. These
factors are tempered by the company's solid execution in property
development emanating from its long experience in its targeted
cities, which are evenly spread out across different regions in
China.

Radiance Group is likely to remain the sole operating company of
Radiance Holdings. Therefore our rating on Radiance Holdings
mirrors that on Radiance Group (B+/Stable/--). After the October
2020 listing of Radiance Holdings on the Hong Kong stock exchange,
Radiance Group remains the sole operating platform within the
group. Radiance Group contributes almost all of the group's
revenue. It also contributes more than 95% of the group's debt and
profits, with the parent's administrative costs for its offshore
office operations accounting for most of the gap.

S&P believes the group's business strategy and organization will
remain stable over the next two to three years, and that the parent
is unlikely to engage in any stand-alone businesses on its own.
Therefore, Radiance Holdings will mainly serve as an offshore
financing platform, given it is incorporated offshore.

Radiance Holdings' reliance on auctions for land replenishment may
subject it to higher operational risk. Intense competition exists
in the company's targeted cities, given most of them are
higher-tier and have property price caps.

Despite a recent improvement, Radiance Holdings' revenue booking
and deleveraging lag some similarly rated companies. In S&P's
opinion, Radiance Holdings' scale, especially its revenue size, and
its high leverage relative to higher-rated developers, continue to
constrain its credit profile.

The company's diverse geographic presence and consistent focus on
higher-tier cities are positive factors. Radiance Holdings' solid
execution in higher-tier cities bolsters its cash flow stability.
In S&P's view, the company's steady sales performance is mainly
underpinned by its long operating track record and good brand
recognition in its targeted cities. Its land bank is one of the
most evenly spread geographically among peers, with no single
region accounting for significantly more than 25% of the total land
bank and sales.

S&P estimates that Radiance Holdings' financial leverage will
improve in the next 12 months. The company's look-through
debt-to-EBITDA ratio, which proportionately consolidates
off-balance-sheet joint-venture projects, will be about 6x in
2020-2021, a level comparable with that of 'B+' rated peers. This
will be mainly driven by increased revenue recognition and likely
controlled land spending. That, along with the company's clean and
stable capital structure, is reflected in a one-notch uplift in our
comparable rating analysis.

Radiance Holdings' IPO proceeds of about Chinese renminbi (RMB) 2.3
billion will also support part of its operational needs, easing
some of the pressure of raising debt for financing. S&P believes
the company will control the pace of expansion, given stricter
regulatory scrutiny on developers' debt leverage and market
participants' outlook of milder industry growth.

S&P said, "The stable outlook on Radiance Holdings mirrors that on
Radiance Group. It reflects our view that Radiance Holdings will
steadily grow its sales over the next 12 months by deepening its
focus on China's higher-tier cities and leveraging on its long
operational experience there. The company will sustain solid
revenue growth and stable leverage. We also expect its fairly
diverse geographic exposure to help limit volatility in earnings
and profitability.

"We may downgrade Radiance Holdings if: (1) the company's execution
weakens, which could be indicated by revenue recognition or margins
that are significantly lower than our expectations; or (2) its
debt-funded expansion is more aggressive than we anticipate. A
consolidated debt-to-EBITDA ratio higher than 6.5x or look-through
debt-to-EBITDA ratio more than 6x could indicate such
deterioration.

"We may upgrade Radiance Holdings if the company significantly
improves its financial leverage such that the consolidated and
look-through debt-to-EBITDA ratios improve to less than 5x. This
could happen if Radiance Holdings achieves stronger sales,
expedites delivery of projects, and better manages debt growth by
further controlling the pace of its land acquisitions."


RONSHINE CHINA: Moody's Gives B2 Rating to New Sr. Unsec. USD Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Ronshine
China Holdings Limited's (B1 stable) proposed senior unsecured USD
notes.

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

RATINGS RATIONALE

"Ronshine's B1 Corporate Family Rating reflects its growing scale
and track record of developing properties in the Yangtze River
Delta region and Fujian Province, its good liquidity, strong market
position and sales execution in its key markets," says Kelly Chen,
a Moody's Assistant Vice President and Analyst.

"However, the rating is constrained by its high debt leverage due
to its rapid expansion strategy, and increasing exposure to joint
venture businesses," adds Chen.

The proposed bond issuance will lengthen Ronshine's debt maturity
profile and will not have a material impact on its credit metrics,
because the proceeds will be used for refinancing.

Moody's expects Ronshine's debt leverage - as measured by
revenue/adjusted debt - will improve to 65%-70% over the next 12-18
months from 64% for the 12 months ended June 2020, underpinned by
increased revenue recognition from strong contracted sales over the
past two years.

On the other hand, Ronshine's interest coverage - as measured by
adjusted EBIT/ interest - will remain largely stable at 2.7x, as
compared to 2.8x for the 12 months ended June 2020.

Ronshine's total contracted sales grew 10% year-on-year to RMB155
billion in 2020, after recording robust 16% year-on-year growth to
RMB141 billion in 2019. Moody's expects its contracted sales will
increase to RMB165-175 billion in 2021, supported by its strong
sales execution abilities, good-quality land bank and sizable
salable resources in upper tier cities.

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

The company's liquidity is good. Its cash balance of RMB31.3
billion as of the end of June 2020 covered 170% of its short-term
debt as of the same date. Moody's expects that its cash holdings,
together with the proceeds from its contracted sales after
deducting basic operating cash flow items, will be sufficient to
cover its maturing debt, committed land premiums, and dividend
payments over the next 12 months.

With respect to environmental, social and governance (ESG) factors,
Ronshine's B1 CFR rating takes into consideration the company's
ownership by its chairman, Mr. Ou Zonghong, who owned 65% of
Ronshine as of June 30, 2020. This risk is mitigated by the
company's established governance structures and standards as
required by the relevant code for companies listed on the Hong Kong
Stock Exchange. Besides, Ronshine has three special committees —
an audit committee, a remuneration committee and a nomination
committee -- one of which is chaired and dominated by independent
non-executive directors.

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

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

The stable outlook reflects Moody's expectation that Ronshine can
execute its sales plan, remain prudent in its land acquisitions and
maintain adequate liquidity over the next 12-18 months.

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

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

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

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

Ronshine China Holdings Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2016. As a property developer, it focuses on mid-to
high-end residential units in Fujian Province, the Yangtze River
Delta, the Pearl River Delta, Central China and the Bohai Sea
Region. As of end of June 2020, Ronshine had a total attributable
land bank of 14.2 million square meters (sqm), covering 47 cities
in China.

TIANQI LITHIUM: Share Sale Plan Withers Under Regulatory Scrutiny
-----------------------------------------------------------------
Luo Guoping and Lu Yutong at Caixin Global reports that Tianqi
Lithium Corp. terminated a $2.45 billion plan to issue new shares
to its leading shareholder at a deep discount to pay down its heavy
debt load, one day after the securities regulator raised questions
over the shareholder's recent sale of stock.

Caixin relates that the decision on Jan. 17 came just two days
after Tianqi Lithium told the Shenzhen Stock Exchange that it would
raise the cash by issuing 443 million new shares to its controlling
shareholder Chengdu Tianqi Industry Group Co. Ltd. and Tianqi
Industry's subsidiaries.

Those shares, which would represent 23% of the total post-deal,
were priced at CNY35.94 apiece, representing a 20% discount - the
maximum allowable - from the average over the preceding 20 trading
days, Caixin notes.

                       About Tianqi Lithium

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.  The
company owns a 51% stake in the Greenbushes lithium mine in Western
Australia. It also owns a 25.9% stake in Chilean chemical producer,
Sociedad Quimica y Minera de Chile S.A.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
7, 2020, Moody's Investors Service has downgraded to Caa2 from Caa1
Tianqi Lithium Corporation's corporate family rating (CFR), and to
Caa3 from Caa2 the senior unsecured rating on the bonds issued by
Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium. The ratings
outlook remains negative.



=================
H O N G   K O N G
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HONG KONG OCEAN PARK: HK Government Mulls HK$3 Billion Rescue
-------------------------------------------------------------
Anniek Bao and Zhou Wenmin at Caixin Global report that Hong Kong
is considering putting up HK$3 billion ($462.2 million) in
government funding to help keep the city's second-largest theme
park afloat after coronavirus lockdowns and social unrest kept
visitors away and left its business model in doubt.

Hong Kong Ocean Park and the local government announced a new
development plan that aims to outsource some parts of the venue,
including some attractions and facilities, to third-party
contractors, allowing them to separately set their own admission
prices, Caixin discloses citing a government notice released on
Jan. 18.

The plan, which could go in front of the legislative council's
finance committee and panel on economic development as soon as Jan.
25, offers the funding in two parts: HK$1.67 billion for working
capital, and HK$1.12 billion for conservation and educational
purposes, according to Caixin.




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I N D I A
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AATHI VELAN: CRISIL Reaffirms B+ Rating on INR13cr Loans
--------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Aathi Velan Mills (AVM) at ' CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        3          CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan             2.5        CRISIL B+/Stable (Reaffirmed)  


The rating continues to reflect the firm's modest scale of
operations in the intensely competitive and highly fragmented
textile industry. These weakness are partially offset by its
promoter's extensive experience in the textile industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest Scale of Operations in the Intensely Competitive and
Highly Fragmented Textile Industry: AVM's modest scale of
operations is marked by revenue of INR37.15 crore in fiscal 2020.
The textile industry in the region is highly fragmented with
several established as well as small players, which has increased
competition impacting operating performance. Modest scale of
operations will continue to impact the business profile over medium
term.

* Average Financial Risk Profile: AVM's financial risk profile is
average marked by gearing and TOL TNW of 1.58 and 1.67 times as on
31st March 2020.  Debt protection metrics were relatively moderate
as reflected in interest coverage and NCATD (Net cash accruals to
total debt) of 2.05 and 0.08 times in FY2020. The financial risk
profile of PGIIPL is expected to remain average over the medium
term.

Strength:

* Promoter's Extensive Experience in the Textile Industry: The
proprietor, Mr. P Gopalsamy, has experience of around two decades
in the textile industry. He has associated himself as a project
consultant with many textile mills and has established
relationships with suppliers and customers, resulting in timely
availability of high-quality raw material and repeat orders.

Liquidity: Stretched

Bank limits were highly utilized at around 97% for the past twelve
months ended November 2020. Cash accruals of around INR1.1 crore in
FY2021 are expected to be sufficient against term debt obligations
of INR55 lakh over the same period. The company has availed
interest moratorium for 6 months on its bank sanctioned limits.
Current ratio was moderate at 1.56 times on March 31, 2020.

Outlook Stable

CRISIL believes AVM will continue to benefit from its promoter's
extensive industry experience.

Rating Sensitivity factors

Upward factors

* Increase in scale of operations by 15%, while sustaining
operating margins at over 7%
* Gearing less than 1.25 times

Downward factors

* Decrease in the scale of operations by more than 15%
* Stretch in working capital cycle resulting in weakening of
liquidity profile
* Any large debt funded capital expenditure that weakens capital
structure

Established in 2006 as a proprietorship firm run by Mr. P
Gopalsamy, Aathi Velan Mills manufactures cotton yarn. The firm is
based in Coimbatore, Tamil Nadu.

ABD DIAMONDS: CRISIL Withdraws B Rating on INR28.25cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
ABD Diamonds Private Limited (ADPL) at the company's request and on
receipt of a no-dues certificate from the banker. This is in line
with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.5        CRISIL B/Stable (Withdrawn)

   Foreign Exchange
   Forward               1.25       CRISIL A4 (Withdrawn)

   Term Loan            28.25       CRISIL B/Stable (Withdrawn)


ADPL is based in Ahmedabad and promoted by Mr. Bharat Jivanlal
Patel and Mr. Archan Patel The company manufactures
synthetic/cultivated diamonds. Commercial production started from
June 2019.

ABHINAV INDUSTRIES: CRISIL Reaffirms B+ Rating on INR4cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Abhinav Industries Bhatapara
(AI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)

   Cash Credit             4        CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan         0.28     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's below-average financial
risk profile and modest scale of operations amid intense
competition. These weaknesses are partially offset by the extensive
experience of its proprietor in the rice industry.

Analytical approach

Unsecured loans (outstanding at INR4.12 crore as on March 31, 2020)
extended by the proprietor have been treated as neither debt nor
equity as these are expected to remain in the business over the
medium term.

Key rating drivers & detailed description

Weaknesses:

* Below-average financial risk profile: Networth was small and
gearing was high at INR2.12 crore and 1.92 times, respectively, as
on March 31, 2020. Net cash accrual to adjusted debt and interest
coverage ratios were subdued at 0.11 time and 1.62 times,
respectively, for fiscal 2020. Financial risk profile is expected
to remain at a similar level over the medium term.

* Small scale of operations amid intense competition: Revenue was
small at INR13.37 crore in fiscal 2020. Intense competition from
several unorganised players in the rice milling industry limits
pricing flexibility and bargaining power. Threat from large
integrated players through capacity additions further restricts
opportunities for growth.

Strength:

* Extensive industry experience of the proprietor: The decade-long
experience of the proprietor in the rice industry and his
established relationships with key suppliers and customers will
continue to support the business risk profile.

Liquidity: Stretched

Bank limit utilisation was high at around 92% for the 12 months
through November 2020. Cash accrual is expected to be low at about
INR0.50 crore against miniscule term debt obligation over the
medium term. Current ratio was healthy at 1.97 times on March 31,
2020. The proprietor is likely to extend unsecured loans to meet
working capital requirement and debt obligation. The firm opted for
moratorium on term loan till August 2020.

Outlook: Stable

CRISIL Ratings will continue to benefit from the extensive industry
experience of the proprietor.

Rating sensitivity factors:

Upward factors

* Sustained improvement in revenue and profitability leading to
cash accrual above INR1.0 crore
* Better working capital cycle

Downward factors

* Decline in revenue by 25% and fall in profitability
* Stretch in working capital cycle

AI was set up in 2005 as a proprietorship firm by Mr. Ashwani Kumar
Sharma. The entity mills and processes rice at its plant at
Bhatapara, Chhattisgarh, which has an installed capacity of 240
tonne per day.

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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Non-fund based working capital limits maintained in

     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR15 mil. Proposed non-fund based working capital limits* is
     withdrawn.

*As the company did not proceed with the instrument as envisaged

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1987, Anubhav Plast manufactures steel tubular
poles, traffic light poles, single-hand light poles, double-hang
light poles, pipes, and others at its facility in Kanpur (Uttar
Pradesh).


AQUATECH SYSTEMS: CRISIL Withdraws B+ Rating on INR30cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Aquatech Systems (Asia) Private Limited (ASA) on the request of the
company. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        163       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit            30       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Letter of Credit       12       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)


   Proposed Cash          10       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Withdrawn)

   Proposed Letter of     74       CRISIL A4 (ISSUER NOT
   Credit & Bank                   COOPERATING; Rating Withdrawn)
   Guarantee              
                                   
   Proposed Term Loan     15       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Working Capital
   Term Loan              15       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

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

CRISIL has withdrawn its ratings on the bank facilities of ASA on
the request of the company. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

ASA, based in Pune, was incorporated in 1986 as a wholly owned
subsidiary of Aquatech International Corporation (AIC), Canonsburg,
the USA. AIC, started in 1981 by the late Mr. Prem Sharma, offers
water and waste-water management solutions such as pre-treatment,
ion exchange, membrane processes, and reverse osmosis. ASA focuses
on executing plants for waste-water industrial re-use,
desalination, and zero liquid discharge; and specialises in
providing turnkey (project-specific) solutions for water and
waste-water management.

AIC caters to the US and European markets, while the Middle East
and the Asia-Pacific markets are managed jointly with ASA. Aquatech
Eastern was established in December 2005 to cater to the growing
Middle-East market; Aquatech HK was established in 2003 to cater to
the Chinese market; and Qua Tech was set up in 2009 to manufacture
water-treatment plant components such as fractional
electro-deionisation and ultra-filtration membranes. ASA acquired a
60% stake in Wex Tech in 2011, which manufactures chemicals for
water treatment and is one of the suppliers to ASA.

In July 2016, Ecolab Inc, the parent company of NALCO water, made
an equity investment in AIC for acquiring a minority stake. Ecolab,
listed on the New York Stock Exchange, is a global provider of
water, hygiene, and energy technologies to the food, energy,
healthcare, industrial, and hospitality markets. The strategic
partnership between Ecolab and AIC will enable them to provide
customers with comprehensive end-to-end solutions to minimise net
water usage and maximise process performance and productivity.

BHALOTHIA FOODS: CRISIL Hikes Rating on INR14cr Loans to B+
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Bhalothia Foods Private Limited (BFPL) to ' CRISIL
B+/Stable' from ' CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B / Stable')

   Term Loan             10         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B / Stable')

The upgrade reflects improvement in BFPL's business risk profile,
supported by sharp growth in revenue and sustenance of healthy
profitability. Revenue is likely to rise by 75% year-on-year to
over INR42 crore in fiscal 2021, while the operating margin may
remain above 7.5%, leading to healthy cash accrual. Further ramp up
in operations may lead to revenue growth of 12-15% per fiscal over
the medium term.

The rating continues to reflect the company's exposure to demand
risk and its leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoters in
the flour mill business and their funding support.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to demand risk: Having commenced operations in September
2019, BFPL may face moderate demand risk, as the flour milling
industry is intensely competitive. Timely and successful
stabilisation of operations remains a key rating sensitivity
factor.                      

* Leveraged capital structure: Financial risk profile is
constrained by high gearing and subdued debt protection metrics.
The project was funded aggressively, in a debt-to-equity ratio of
over 4.0 times.

Strengths:

* Extensive experience of the promoters: The decade-long experience
of the promoters in the flour milling industry, their strong
understanding of local market dynamics, and established
relationships with suppliers and customers, will continue to
support the business risk profile.

* Healthy revenue growth: Ramp up in scale has helped BFPL report
revenue of INR24 crore in fiscal 2020, after operations commenced
in September 2019. Revenue is likely to record compound annual
growth rate of 30% over the next three fiscals.

Liquidity: Stretched

Liquidity remains moderate, marked by expected cash accrual of
INR2.1- 2.5 crore in fiscal 2021 and 2022, respectively, against
debt obligation of 1.6 to 1.7 crore per annum. Bank limit
utilisation was low at 21% on an average over the 12 months ending
September 30, 2020.

Outlook Stable

CRISIL Ratings believes BFPL will continue to benefit from the
extensive experience of its promoters in the flour milling
business.

Rating Sensitivity factors

Upward factors:

* Growth in revenue and profitability, leading to increase in cash
accrual by 25%
* Improvement in the financial risk profile

Downward factors:

* Decline in ratio of net cash accrual to debt obligation to below
1.0 time
* Any large, debt-funded capital expenditure, straining the
financial risk profile.

Incorporated in 2018, BFPL is owned and managed by Mr. Bhagwat
Prasad Agrawal, Mr. Rajesh Kumar Bhalothia, Mr. Ritesh Kumar
Bhalothia, Mr. Puneet Kumar Bhalothia, and Mr. Madhav Bhalothia.
The company operates a flour mill in Amethi, Uttar Pradesh.

FIBERFILL INTERIORS: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of (India) guidelines, CRISIL Ratings had migrated
its ratings on the bank facilities of Fiberfill Interiors and
Constructions (India) Private limited (FICIPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the company's
management has started sharing the information necessary for a
comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating the ratings from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

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

   Cash Credit            2.5       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Long Term
   Bank Loan Facility     5.5       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The ratings continue to reflect FICIPL's working capital-intensive
operations and average financial risk profile. These weaknesses are
partially offset by the extensive experience of the key promoter in
the interior designing industry and the company's sound operating
efficiency.

Key rating drivers & detailed description

Weaknesses:

* Working capital-intensive operations: Operations are highly
working capital intensive, as reflected in gross current assets
(GCAs) of 211 days as on March 31, 2020, led by receivables of 142
days and inventory of 40 days. However, working capital management
is aided by credit of 130 days from suppliers. The GCAs also
reflect the higher revenue booked in the last month of the fiscal.

* Average financial risk profile: Networth and gearing stood at
INR2.25 crore and 1.09 times, respectively, as on March 31, 2020.
Total outside liabilities was substantially high at 4.05 times due
to large payables. Debt protection metrics were weak, with interest
coverage and net cash accrual to adjusted debt ratios at 1.28 times
and 0.17 time, respectively, in fiscal 2020.

Strengths

* Extensive experience of the key promoter: The main promoter, Mr.
Jyoti Kachroo, has spent over 35 years in the interior designing
industry. This has helped him gain strong understanding of market
dynamics, and establish healthy relationships with suppliers and
customers. Furthermore, orders of around INR19 crore provide
near-term revenue visibility.

* Healthy operating efficiency: Operating efficiency is indicated
by healthy return on capital employed (RoCE) of 9.20% in fiscal
2020, driven by economies of scale and experienced management.

Liquidity: Stretched

Bank limit utilisation was moderate at 78% on average for the 12
months through December 2020. Cash accrual is expected over INR0.12
crore and will be insufficient to meet term debt obligation of
INR0.07-0.20 crore over the medium term. Current ratio was moderate
at 1.22 times as on March 31, 2020.

Outlook: Stable

CRISIL Ratings believes FICIPL will continue to benefit from the
extensive experience of its key promoter.

Rating Sensitivity Factors

Upward factors

* Sustained increase in revenue and operating margin, leading to
cash accrual of over INR80 lakh
* Improvement in the working capital cycle

Downward factors

* Decline in operating profitability by over 240 basis points
* Large debt-funded capital expenditure weakening the capital
structure

Set up in 2006 in Noida, Uttar Pradesh, FICIPL is owned and managed
by Mr. Jyoti Kachroo and Ms Raj Dulari Kachroo. The company
provides services and solutions related to interior designing and
project management.

GANAYA COMMODITIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ganaya Commodities Private Limited
        G-249, Block-G
        Preet Vihar
        New Delhi 110092

Insolvency Commencement Date: January 12, 2021

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: July 11, 2021
                               (180 days from commencement)

Insolvency professional: Debashis Nanda

Interim Resolution
Professional:            Debashis Nanda
                         Flat No. CS-14, C Floor
                         Ansal Plaza Vaishali
                         Ghaziabad
                         Uttar Pradesh 201010
                         E-mail: dnanda.cma@gmail.com
                                 ip.ganayacom@gmail.com

Last date for
submission of claims:    January 26, 2021


GANSONS PRIVATE: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Rating and Research (Ind-Ra) has downgraded Gansons Private
Limited's (Gansons) Long-Term Issuer Rating to 'IND BB' from 'IND
BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. (increased from INR100 mil.) Fund-based facilities

     downgraded with IND BB/Stable rating; and

-- INR80 mil. (reduced from INR140 mil.) Non-fund-based
     facilities downgraded with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects Gansons' continued small scale of
operations, as reflected by the revenue of INR676 million in FY20
(FY19: INR889 million). The decline in revenue in FY20 was due to
decreased order flow from domestic as well as overseas pharma
companies owing to a slowdown in the overall economy, coupled with
the continuing US Food and Drug Administration's scrutiny on Indian
manufacturing facilities. The management estimates the COVID-19 led
revenue loss to be INR50 million-70 million in FY20. By
end-December 2020, the company recorded a revenue of INR700 million
and the company has an outstanding order book of INR150 million, to
be executed by February 2021. The lower revenue led to the company
reporting EBITDA loss of negative INR54 million in FY20 (FY19:
INR29 million).

The ratings factor in Gansons' modest EBITDA margin, which turned
negative to 8% in FY20 (FY19: 3.3%). The EBITDA margin contraction
was mainly due to a decrease in the revenue, which resulted in poor
absorption of fixed costs. The company's return on capital employed
also was negative due to the EBITDA loss.

The ratings further factor in the company's weak credit metrics.
Owing to the negative absolute EBITDA, the company's interest
coverage (operating EBITDA/interest expenses) stood at negative 4x
in FY20 (FY19: 3.5x) and the net leverage (net debt/operating
EBITDA) at negative 1.3x (2.8x). The company's debt increased to
INR93 million in FY20 (FY19:  INR91 million) for the purchase of
vehicles.

Liquidity Indicator- Stretched: The company's average utilization
of its fund-based facilities was 75% during the last 12-months
ended December 2020. Its cash flow from operations improved to
INR30 million in FY20 (FY19: INR50 million) due to an improvement
in its other current liabilities and an increase in its credit
period. The company receives lease rental revenue of INR25 million
per annum, which provides some sort of cushion to the liquidity.
The company's net cash conversion cycle deteriorated to 137 days in
FY20 (FY19: 75 days) due to an increase in its inventory days to
229 days (85 days) owing to the lockdown.

The ratings are also constrained by the revenue concentration risk,
as Gansons majorly operates in the pharmaceutical industry; the
company generated 95% revenue from pharma segment in FY20 (FY19:
90%). The pharmaceutical industry is highly regulated, and hence,
it is vulnerable to changes in related policies. Furthermore, the
company's order inflow depends completely on the capex cycle of
clients. Hence, any adverse regulatory challenges or any change in
the counterparties' investment cycle could affect the credit
profile of the company. Gansons has limited revenue visibility as
annual-supply contracts are not an industry norm. However, the
company is diversifying its geography to mitigate demand
fluctuations in specific markets.

However, the ratings are supported by Gansons' presence of 72 years
in  process equipment and machinery manufacturing industry,  which
has led to well-established relationships with reputed
pharmaceutical companies, namely Aurobindo Pharma Ltd ('IND
AA+'/Stable), Sun Pharma Industries Ltd, USV Private Limited, Mylan
Laboratories Limited, and Lupin Limited. Moreover, there are other
many big pharmaceutical companies that are Gansons' customers,
indicating its expertise in the pharma manufacturing equipment
business.

RATING SENSITIVITIES

Positive: An increase in the revenue along with an improvement in
the EBITDA, leading to a sustained improvement in the credit
metrics and liquidity will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 1947, Gansons is a Mumbai-based manufacturer of
process equipment and machinery for pharmaceutical and other food
processing applications.


GAYATRI SEA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Gayatri Sea Foods and Feeds Private Limited
        Flat No. 203, 6-3-1099/1/2/3
        Bhavyas Varun Sargam
        Behind Katriya Hotel
        Rajbhavan Road
        Somajiguda
        Hyderabad 500004
    
Insolvency Commencement Date: January 13, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 11, 2021

Insolvency professional: Kasi Srinivas

Interim Resolution
Professional:            Kasi Srinivas
                         1-2-37/4B, Flat No. 4B
                         Jains Bhavani Residency
                         St No. 3
                         Kakatiya Nagar, Habsiguda
                         Hyderabad 500007
                         E-mail: srinivaskashyap111080@gmail.com

                            - and -

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

Last date for
submission of claims:    January 26, 2021


GVG EXIM: Ind-Ra Affirms B+ LongTerm Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GVG Exim's (GVG)
Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. (reduced from INR40 mil.) Fund-based working
     capital limits affirmed with IND B+/Stable/IND A4 rating; and

-- IN30 mil. (reduced from INR35 mil.) Non-fund-based working
     capital limits affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects GVG's continued small scale of operations.
The firm's revenue grew to INR136 million in FY20 (FY19: INR132
million), driven by an increase in the orders executed. The firm
reported revenue of INR60 million during 9MFY21, and the agency
expects the FY21 revenue to decline yoy due to the adverse impact
of the COVID-19 led lockdown. FY20 numbers are provisional in
nature.

Liquidity Indicator - Poor: The firm's average maximum use of the
fund-based and the non-fund-based limits was 74% and 52%,
respectively, during the 12-months ended December 2020. Its cash
flow from operations turned positive to INR26.7 million in FY20
(FY19: negative INR36.7 million) due to an improved in its net cash
cycle to 116 days (208 days). Furthermore, given the positive
trajectory being witnessed by the firm's margins, Ind-Ra expects
GVG's cash flow from operations to remain positive over FY21-FY23.
The firm did not avail the Reserve Bank of India-prescribed debt
moratorium under the COVID-19 relief package.

The ratings continue to factor in GVG's modest EBITDA margins, due
to its trading nature of business. In FY20, the EBITDA margin
contracted to 3.2% (FY19: 5.5%), due to the firm's execution of
higher number of low-margin orders. However, the firm's margin
expanded to 4.1% in 9MFY21 owing to a decrease in variable costs.
The firm's return on capital employed was 6% in FY20 (FY19: 12%).

The ratings also factor in the firm's modest credit metrics. The
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 0.73x in FY20 (FY19: 1.6x), due to a rise in the
interest cost to INR6 million (INR4.4 million). The firm's net
leverage (total adjusted net debt/operating EBITDA) also
deteriorated to 9.6x in FY20 (FY19: 6.5x) due to a decrease in the
absolute EBITDA to INR4.39 million (INR7.2 million). Ind-Ra expects
the firm's credit metrics to remain modest in FY21, on account of
the absence of any major capex and continued moderate operating
profitability.

However, the ratings are supported by the promoters' over three
decades of experience in the paper industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
stable margins, leading to an improvement in the credit metrics, on
a sustained basis, will be positive for the ratings.

Negative: A decline in the revenue or margins, leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

GVG is engaged in the trading of iron scrap and waste paper.


HILAND AGRO: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hiland Agro
Products Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
surveillance 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:

-- INR52.3 mil. Term loan due on May 2022 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR10.0 mil. Fund-based facilities migrated to non-cooperating

     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Hiland Agro Products, a Coimbatore-based company was incorporated
in May 2017 and commenced operations in July 2018. The company
produces high-quality feed for the cattle and poultry sectors. Its
installed capacity is 5,000 mt per month. Thangavel Ramesh,
Annapooranai and Baluswamy Vanieswari are the promoters of the
company.


INDIAN OIL: Moody's Completes Review, Retains Baa3 Rating
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Indian Oil Corporation Ltd 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.

Indian Oil Corporation Ltd's Baa3 rating incorporates its ba1
baseline credit assessment (BCA) and; high likelihood of
extraordinary support from and very high dependence on the Indian
government (Baa3), which results in a one notch uplift.

The ba1 BCA reflects the company's large petroleum refining and
marketing operations in India balanced by exposure to cyclical
refining margins and an uncertain regulatory environment in the
country. The BCA also takes into account high shareholder
distributions.

Moody's support assessment reflects IOCL's vital role in India's
oil and gas sector as the largest refining and marketing company as
well as 51.5% equity ownership by the government.

The principal methodologies used for this review were Refining and
Marketing Industry published in November 2016.

JAI HANUMAN: CRISIL Lowers Rating on INR1.50cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Jai Hanuman Agrotech
Pvt Ltd (JHAPL) to 'CRISIL D/CRISIL D; issuer not cooperating' from
'CRISIL B-/Stable/CRISIL A4; issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft Facility    0.18       CRISIL D (Downgraded from
                                    'CRISIL A4 ISSUER NOT     
                                    COOPERATING')

   Term Loan             3.62       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with JHAPL for
obtaining information through letters and emails dated November 30,
2019, and April 11, 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 while using the ratings assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on best-available, limited or
dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of the company, which restricts the
ability to take a forward-looking view on the credit quality.
CRISIL Ratings believes the information available is consistent
with 'Scenario 1' outlined in the Framework for Assessing
Consistency of Information with ' CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse banker feedback, CRISIL
has downgraded the ratings to 'CRISIL D/CRISIL D; issuer not
cooperating' from 'CRISIL B-/Stable/CRISIL A4; issuer not
cooperating'.

The downgrade reflects continuous over drawing in the cash credit
account for more than 30 days and delays in term loan repayment.

JHAPL was set up by Mr. Santosh Kumar, Mr. Ajeet Kumar and Mr.
Pramod Kumar for providing a multipurpose cold storage facility in
Patna. The total capacity is 10,000 tonne and has been operational
since March 2015.

KALYANALAKSHMI SHOPPING: Ind-Ra Places 'B' LT Rating on Watch Neg.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Kalyanalakshmi
Shopping Mall's (KLSM) Long-Term Issuer Rating of 'IND B' on Rating
Watch Negative (RWN). The Outlook was Negative.

The instrument-wise rating actions are:

-- INR101.5 mil. (reduced from INR117.5 mil.) Fund-based working
     capital limits placed on RWN with IND B/RWN/ IND A4/RWN
     rating; and

-- INR16 mil. Term loan due on November 2024 assigned; placed on
     RWN with IND B/RWN rating.

KEY RATING DRIVERS

The RWN reflects the persisting uncertainty over the timeframe of
the sanction of the rated term loan based on the  open cash credit
facility  to augment the company's net working capital, to meet
operational liabilities and to help the business recover from the
impact of the  COVID-19-led disruptions. The firm had availed the
Reserve Bank of India-prescribed debt moratorium for March-August
2020. Ind-Ra shall continue to monitor KLSM's debt servicing
ability and clarity on the timeframe of the abovementioned issue.
    
RATING SENSITIVITIES

The RWN indicates that the ratings may be affirmed or downgraded
upon resolution. Ind-Ra expects to resolve the RWN in the next
three months based on the demonstration of timely debt servicing by
KLSM.

COMPANY PROFILE

KLSM was established in 2011 as a partnership firm. The firm is
engaged in the trading of ready-made garments. It has one outlet in
Warangal, Telangana.


LAHLIWALA STEELS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lahliwala
Steels Private Limited (LSPL) continue to be ' CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.35       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           8.00       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility    1.55       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with LSPL 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 LSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LSPL is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LSPL
continues to be ' CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

LSPL was set up in December 2005 by Mr. Raj Kumar Agarwal and his
son, Mr. Mohit Agarwal. It was taken over in fiscal 2013 by Mr. Raj
Kumar Goenka and his son, Mr. Vikas Goenka. The company
manufactures structural products such as flat bars, angles,
channels, beams/joists, rounds, and square bars at its rolling mill
in Dhulagarh Industrial Park, West Bengal, which has capacity of
20,000 tonne per annum. LSPL also undertakes opportunistic trading
in structural steel.

LONGOWALIA YARNS: CRISIL Withdraws D Rating on INR108.1cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Longowalia Yarns Limited (LYL) and subsequently withdrawn them at
the company's request and on receipt of a no-objection certificate
received from the bankers. The rating action is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            68        CRISIL D (Rating Reaffirmed
                                    and Withdrawn)

   Letter of Credit       14        CRISIL D (Rating Reaffirmed
                                    and Withdrawn)


   Long Term Loan         14.9      CRISIL D (Rating Reaffirmed
                                    and Withdrawn)

   Proposed Working
   Capital Facility      108.1      CRISIL D (Rating Reaffirmed
                                    and Withdrawn)

LYL (formerly, Amarson Yarns Ltd), incorporated in 1994, was
acquired by Mr. Gian Chand Garg in 2000. The company manufactures
acrylic, polyester, and blended yarn.

N.N. SAHA: Ind-Ra Moves 'BB-' LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated N. N. Saha & Sons
Agro 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 BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Proposed fund-based working capital limit*
     withdrawn (issuer is no longer proceeding with the instrument

     as envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 9, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, N. N. Saha & Sons Agrois engaged in the
trading of basmati and non-basmati rice in Kolkata (West Bengal).


N.R. ISPAT: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained N.R. Ispat &
Power Pvt. Ltd.'s (NRIPPL) Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR269 mil. Fund-based working capital limit* maintained in
     the non-cooperating category and withdrawn; and

-- INR279.5 mil. Term loan* due on April 2023 maintained in the
     non-cooperating category and withdrawn.

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

KEY RATING DRIVERS

NRIPPL did not participate in the rating exercise despite
continuous requests and follow-ups by the agency.

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

COMPANY PROFILE

Incorporated in 2008, NRIPPL manufactures sponge iron and mild
steel ingots at its facility in Raigarh, Chhattisgarh.  


ORIENT STEEL: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Orient Steel And
Industries Limited (OSIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits assigned with IND BB+/Stable
     rating; and

-- INR120 mil. Non-fund-based limits* assigned with IND A4+
     rating.

*One way interchangeability of the non-fund-based limits (up to
INR50 million) to fund-based limits

KEY RATING DRIVERS

The ratings reflect OSIL's small scale of operations even as its
revenue grew 15.98% yoy to INR709 million in FY20 due to an
increase in order execution. In 1HFY21, OSIL booked revenue of
INR233 million. Ind-Ra expects the revenue in FY21 to reduce
year-on-year due to COVID-19-led disruptions.

The ratings are constrained by OSIL's modest EBITDA margins due to
the intense competition in the steel industry. In FY20, the EBITDA
margin fell marginally to 15.47% (FY19: 15.63%) due to an increase
in raw material costs; the return on capital employed was 10.50%
(9.40%).  In FY21, the agency expects the margins to improve
marginally, owing to the higher margins earned in 1HFY21 due to
inventory gain, resulting in the improvement in absolute EBITDA of
INR95.39 million (1HFY20: INR14.05 million).

The ratings also factor in OSIL's moderate credit metrics. In FY20,
the interest coverage (operating EBITDAR/gross interest expense)
and the net leverage (adjusted net debt/operating EBITDA) improved
marginally to 2x (FY19: 1.96x) and 4.28x (4.45x), respectively, due
to an increase in the absolute EBITDA to INR109.85 (INR95.65
million). Ind-Ra expects the company's credit metrics and EBITDA to
be stable in FY21 on account of similar level of business
activity.

Liquidity Indicator – Stretched: OSIL's average maximum
utilization of fund-based limits was about 25% for the 12 months
ended October 2020. The networking capital cycle elongated to 237
days in FY20 (FY19: 196 days) as the company has to maintain a long
inventory period to avoid raw material price fluctuation; moreover,
the debtors were also high due to low realization in 4QFY20. The
cash flow from operations turned negative at INR64 million in FY20
(FY19: INR4.30 million) on account of unfavorable changes in
working capital requirement. As of March 31, 2020, OSIL had cash of
INR0.76 million (FY19: INR1.60 million) against a total debt of
INR470 million (INR423 million), which includes interest-bearing
unsecured loan of INR410 million (INR373 million) from directors
and body corporates. OSIL did not avail the Reserve Bank of
India-prescribed moratorium.

The ratings are, however, supported by the promoters' long-standing
experience in the steel industry.

RATING SENSITIVITIES

Negative: A further decline in the revenue, along with sustained
deterioration in the credit metrics, with the interest coverage
falling below 2x, all on a sustained basis, could be negative for
the ratings.  

Positive: An increase in the revenue, along with an improvement in
the credit metrics, both on a sustained basis, could be positive
for the ratings.  

COMPANY PROFILE

Incorporated in 1956, OSIL manufactures steel castings, cold rolled
formed section, hot rolled products, and cold rolled products. The
company has two manufacturing units - one each in Howrah, West
Bengal and Faridabad, Haryana, with a total production capacity of
152,200mtpa.


PADMAVATI FERROUS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Padmavati Ferrous
Limited's (PFL) Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions:

-- INR85 mil. Fund-based/non-fund-based working capital limit is
     withdrawn; and

-- INR24.43 mil. Term loan issued on March 31, 2019 is withdrawn.

KEY RATING DRIVERS

The ratings have been withdrawn as the agency has received a no
dues certificate from the rated facilities' lenders. Ind-Ra will no
longer provide rating or analytical coverage for PFL.

COMPANY PROFILE

PFL was incorporated in 2002 by Manmohan Goel and Madhur Goel. The
company's first ferro alloys unit was set up in 1988 in Rohtak,
Haryana in the name of M/s. Haryana Ferro Alloys Ltd. PFL has
around 110 acres of land in Bellary, Karnataka.


POSHS METAL: Ind-Ra Corrects January 14, 2021 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Poshs Metal
Industries Private Limited's (PMIPL) ratings release published on
January 14, 2021, to correctly state the size of issue of the
fund-based facilities and term loan.

The amended version follows:

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:

-- INR10 mil. Fund-based facilities affirmed with IND BB/Stable/

     IND A4+ rating;

-- INR790 mil. Fund-based facilities assigned with IND BB/Stable/

     IND A4+ rating; and

-- INR130 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
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 centre and
manufactures shape blanks of steel at its plants located in Taloja
and Pune.

QUA WATER: CRISIL Withdraws B+ Rating on INR3cr Cash Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
QUA Water Technologies Private Limited (QUA) on the request of the
company. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

   Letter of Credit       1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    13        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating)

CRISIL has been consistently following up with QUA for obtaining
information through letters and emails dated April 29, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its ratings on the bank facilities of QUA on
the request of the company. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 2010 in Pune, Qua manufactures ultra-filtration
modules and fractional electro-de-ionisation stacks that are used
in water and waste water treatment solutions. Operations began in
March 2011. Qua is a wholly owned subsidiary of Aquatech Systems
(Asia) Pvt Ltd (ASA).

ASA, also based in Pune, was incorporated in 1986 as a wholly owned
subsidiary of Aquatech International Corporation (AIC). AIC, set up
in 1981 by the late Mr. Prem Sharma, offers water and waste water
management solutions. ASA was initially set up to act as a support
centre to AIC and also as a sourcing hub for projects across the
globe. Over the past few years, ASA has been bidding and executing
projects with support from AIC. The ASA group sets up plants for
waste water industrial re-use, desalination, and zero liquid
discharge, and specialises in providing turnkey (project-specific)
solutions for water and waste water management.

In July 2016, Ecolab Inc (Ecolab), the parent company of NALCO
water, made an equity investment in AIC, for acquiring a minority
stake. Ecolab, listed on the New York Stock Exchange, is a global
provider of water, hygiene, and energy technologies and services to
the food, energy, healthcare, industrial, and hospitality markets.
The strategic partnership between Ecolab and AIC will enable them
to provide customers with comprehensive end-to-end solutions to
minimise net water usage and maximise process performance and
productivity. Qua is also expected to benefit from the strategic
partnership between the Aquatech group and Ecolab.

R AND B INFRA: CRISIL Lowers Rating on INR43cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of R and
B Infra Project Private Limited (RBIPL) 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         40        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ' ISSUER NOT
                                    COOPERATING)

   Cash Credit            43        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable' ISSUER
                                    NOT COOPERATING)

CRISIL has been consistently following up with RBIPL 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 RBIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RBIPL is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RBIPL
revised to ' CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
' CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

RBIPL, promoted by Mumbai-based entrepreneurs Mr. Ratansingh
Rathore and his brother Mr. Mangal Singh Rathore, undertakes civil
construction development. It constructs roads, bridges, and
buildings, lays and maintains pipelines, and develops gardens
mainly through RBIPL and MEPL. It undertakes and executes projects
awarded by government agencies, such as the Municipal Corporation
of Greater Mumbai and the Public Works Department, Government of
Maharashtra.


SATABDI TEA: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satabdi Tea
Processing Private Limited (STPPL) continue to be ' CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.25       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter Of Guarantee   0.50       CRISIL A4 (Issuer Not
                                    Cooperating)

   Long Term Loan        7.75       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with STPPL 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 STPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on STPPL is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of STPPL
continues to be ' CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in December 2013 by Mr. Nikunj Agrawal and Mr. Nikhar
Agrawal, STPPL is engaged in processing and manufacturing of
crushed-torn-curled (CTC) tea in Siliguri, West Bengal. The unit
has processing capacity of 20 lakh kg per annum. Commercial
production started from June 2017.

SEVEN SEAS: CRISIL Migrates D Debt Ratings from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated its
ratings on the bank facilities of Seven Seas Hospitality Private
Limited (SSHPL) to 'CRISIL D/; issuer not cooperating'. However,
SSHPL subsequently started sharing the requisite information for
carrying out a comprehensive review of the rating. Consequently,
CRISIL has migrated its ratings to 'CRISIL D'.


                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility       26        CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Proposed Working        13.74      CRISIL D (Migrated from
   Capital Facility                   'CRISIL D ISSUER NOT
                                      COOPERATING')

   Term Loan              182.26      CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

The rating continues to reflect delays in debt servicing in all the
facilities availed from banks and a weak financial risk profile.
These weaknesses are partially offset by extensive experience of
promoters.

Analytical Approach: Not applicable

Key Rating Drivers & Detailed Description

Weakness:

* Delay in meeting term debt obligation: The company has delayed
paying interest and principal on term loan and overdrawn on
overdraft facilities for the last 3 fiscals.

* Weak financial risk profile: Estimated cost of INR336 crore for
the hotel project has been funded through term loan of INR218 crore
and the rest via equity and unsecured loans from promoters. This
led to high total outside liabilities to adjusted net worth and
weak liquidity.

Strengths:

* Extensive experience of promoters and established brand:
Longstanding presence of more than two decades in catering business
has enabled the promoters to scale up operations in a short period.
The banquet halls commenced operations in February 2016 and
operating income increased to INR128 crore in fiscal 2020 from
INR47 crore in fiscal 2016.

Liquidity: Poor

Liquidity of the company remains poor, reflected in delays in
payment of term loans and overdraft facilities for the last 3
fiscals.

Outlook – Not Applicable

Rating Sensitivity factors

Upward factors:

* Significant track record of payment of loans in a timely manner
* Significant equity infusion or reduction in debt levels, leading
to better accruals and liquidity

Incorporated in 2006 and promoted by the Dang group, SSHPL offers
banqueting and catering services at three banquet halls at Lawrence
Road, Delhi, with combined seating capacity of 1500 people. The
company has set up a five-star
hotel-cum-restaurant-cum-banquet-hall at Rohini, Delhi.

SHIVPRASAD FOODS: Ind-Ra Affirms D LongTerm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shivprasad Foods
and Milk Products' (SFMP) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR3.8 mil. Term loans (Long-term) due on March 2024 assigned
     with IND D rating;

-- INR16.2 mil. Working capital demand loan (Long-term) due on
     July 2022 assigned with IND D rating;

-- INR55 mil. Fund-based working capital limits (Long-term/Short-
     term) assigned with IND D rating;

-- INR63.3 mil. Term loans (Long-term) due on March 2024 affirmed

     with IND D rating; and

-- INR120 mil. Fund-based working capital limits (Long-
     term/Short-term) affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects SFMP's continued delays in term debt
servicing and instances of overutilization of the working capital
limits during the three months ended December 2020, indicating its
stressed liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Established in 2009, Maharashtra-based SFMP is engaged in the
processing of milk and the manufacturing of milk products.


SR UDAYASHANKAR: CRISIL Reaffirms B+ Rating on INR2.8cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4
ratings on the bank facilities of SR Udayashankar (SRU).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)

   Overdraft Facility      2.8      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations in a competitive civil construction industry,
below-average financial risk profile and working capital-intensive
operations. These weaknesses are partially offset by the extensive
experience of its proprietor in the civil construction industry.

CRISIL had reaffirmed its 'CRISIL B+/Stable/CRISIL A4 ratings on
the bank facilities of SRU vide a rationale dated September 8,
2020.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in intensely competitive segment:
Despite presence of nearly three decades in the construction
sector, revenue remained subdued at INR11.3 crore in fiscal 2020.
This is compounded by intense competition in the industry. Turnover
is expected to remain muted over the medium term.

* Below-average financial risk profile: Debt protection metrics
were moderate, with net cash accrual to total debt and interest
coverage ratios of 0.09 time and 3.56 times, respectively, for
fiscal 2020. However, total outside liabilities to tangible
networth ratio (TOLTNW) was weak at 2.97 times as on March 31,
2020, while networth was small at INR9.20 crore.

* Working capital-intensive operations: Gross current assets (GCAs)
were estimated to be high at around 465 days as on March 31, 2020,
on account of significantly stretched receivables, advances
extended to suppliers and deposits to customers.

Strengths:

* Extensive experience of the proprietor: The proprietor has been
in the construction business for nearly four decades and has
executed projects for government and private entities.

Liquidity: Stretched

Liquidity is expected to remain stretched over the medium term.
Expected annual cash accrual of INR1-1.5 crore will tightly match
yearly debt obligation of INR0.60-1.20 crore, over the medium term.
Working capital limit of INR5.00 crore was utilized fully over the
12 months through Dec 2020. The proprietor is likely to extend
unsecured loans to meet working capital requirement and debt
obligation.

Outlook Stable

CRISIL believes SRU will continue to benefit from its proprietor's
extensive experience

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operations and operating
margin, leading to higher cash accrual

* Better working capital cycle, with GCAs improving to 200 days

Downward factors

* Incremental working capital requirement further weakening
financial risk profile, especially liquidity

* Decline in cash accrual to less than INR1.15 crore for fiscal
2021

Set up in 1984 in Bengaluru as a proprietorship concern by Mr.
Suresh Udayashankar, SRU constructs roads for government and
private entities.

SSIPL LIFESTYLE: CRISIL Reaffirms B+ Rating on INR51.5cr Loan
-------------------------------------------------------------
CRISIL Ratings has removed its ratings on the bank facilities of
SSIPL Lifestyle Private Limited (SLS; part of the SSIPL group) from
'Rating Watch with Negative Implications' and has reaffirmed the
ratings at 'CRISIL B+/CRISIL A4'; a 'Negative' outlook has been
assigned to the long-term rating.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit &         51.5       CRISIL B+/Negative (Removed
   Working Capital                  from 'Rating Watch with
   Demand Loan                      Negative Implications';
                                    Rating Reaffirmed)

   Letter of credit       8         CRISIL A4 (Removed from
   & Bank Guarantee                 'Rating Watch with Negative
                                    Implications'; Rating
                                    Reaffirmed)

   Rupee Term Loan       30.26      CRISIL B+/Negative (Removed
                                    from 'Rating Watch with
                                    Negative Implications';
                                    Rating Reaffirmed)

CRISIL Ratings had, on October 20, 2020, placed the ratings on
watch as the group had applied to its lenders for restructuring of
its loans under the Reserve Bank of India Covid-19 relief measures,
and formal approval was awaited from them. As per the latest
understanding received from the management, the proposal for
restructuring was withdrawn by the group, as it intends to raise
fresh funds to meet business requirement. Hence, the ratings have
now been removed from watch.

The revision in the outlook factors in the concern towards timely
realisation of funds. The management intends to raise INR140-150
crore from sale of its owned stores, and an additional INR40-50
crore of credit is expected to be raised from banks under the
Emergency Credit Line Guarantee Scheme. The fund infusion, which is
expected by the end of February 2021, would help business
requirement, particularly liquidity. However, any delay in the
realisation would lead to a further deterioration in the already
weak liquidity. Hence, CRISIL Ratings will continue to monitor
developments in this regard.

The ratings reflect the group's weak financial risk profile and
expected deterioration in the business risk profile. These
weaknesses are partially offset by an established position in the
Indian footwear industry.

Analytical Approach

For arriving at the ratings of SLS (part of SSIPL group), CRISIL
has applied its parent notch up framework

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Business losses in fiscal 2020
resulted in weakening of both debt protection metrics and the
capital structure. Demand challenges related to the pandemic have
further aggravated the situation as the sizeable business losses
expected in fiscal 2021 should lead to an increase in the total
outside liabilities to tangible networth ratio to 8-10 times as on
March 31, 2021, from 3.7 times as on March 31, 2020. The debt
protection metrics should remain weak on account of negative
operating profitability and hence negative cash accrual.

* Expected weakening of the business risk profile: Operations
remained closed for a major part of the first quarter of fiscal
2021 because of the lockdown imposed to contain the Covid-19
pandemic. Thereafter, demand was subdued in the second quarter. As
a result, the operating profitability margin (negative 0.3% in
fiscal 2020) is likely to weaken to a negative 15-17% in fiscal
2021. This, along with an expected decline in revenue by 40-50%
year-on-year, will result in negative cash accrual of INR90-100
crore in fiscal 2021. Although revival in business performance is
expected from fiscal 2022, the extent of such revival will remain a
key monitorable.

Strength:

* Established position in the Indian footwear industry: The group
has a healthy relationship with global brands, such as Nike,
Clarks, Lotto, Levis and United Colors of Benetton (UCB). It has
diversified into manufacturing, distributorship and retailing. In
the retail segment, the group caters to all customer segments
through exclusive and multi-brand outlets. These factors and the
addition of customers, such as Converse and Paragon, shall continue
to support the business risk profile over the medium term.

Liquidity: poor

Cash accrual will remain negative over the medium term and timely
meeting of term debt obligation will largely depend upon timely
realisation of funds expected from store sale and fresh bank
credit. The bank lines remain highly utilised because of large
working capital requirement, leaving minimal cushion for
medium-term exigencies, if any. Average bank limit utilisation was
around 94% during January to November 2020.

Outlook: Negative

CRISIL believes group's liquidity will remain under pressure on
account of business losses. Though expected fund infusion is
expected to alleviate the liquidity needs, timeliness of the same
will remain a key monitorable

Rating Sensitivity factors

Upward factors:

* Increase in revenue and operating profitability, leading to cash
accrual of INR15 crore per fiscal
* Improvement in the financial risk profile, with better leverage
and debt protection metrics
* Efficient working capital management, resulting in moderation in
bank limit utilisation

Downward factors:

* Further stretch in the working capital cycle
* Delays in timely receipt of funds or in executing the
deleveraging plan, thereby weakening the financial risk profile

                          About the Group

The SSIPL group is a specialty retailer of international sports and
lifestyle brands in India and has diversified into manufacturing,
retailing and distribution.

SRL, the flagship company of the group, was set up in 1994 as Moja
Shoes Pvt Ltd by Mr. Rishab Soni, Mr. Sunil Taneja and Mr. Amit
Mathur. It manufactures sports shoes for Puma, Lotto and its own
brand, Mmojah, and operates several Nike stores. The facilities are
located in Haryana, Uttarakhand and Himachal Pradesh.

Incorporated in 2007, SLS retails brands such as Lotto, Levis and
UCB, and owns multi-brand outlets (Sports Station, Shoetree, Value
Station and Mmojah).

SSIPL RETAIL: CRISIL Reaffirms B+ Rating on INR122cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has removed its ratings on the bank facilities of
SSIPL Retail Limited (SRL; part of the SSIPL group) from 'Rating
Watch with Negative Implications' and has reaffirmed the ratings at
'CRISIL B+/CRISIL A4'; a 'Negative' outlook has been assigned to
the long-term rating.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit &       122        CRISIL B+/Negative (Removed
   Working Capital                from 'Rating Watch with
   Demand Loan                    Negative Implications';
                                  Rating Reaffirmed)

   Letter of credit      4        CRISIL A4 (Removed from
   & Bank Guarantee               'Rating Watch with Negative
                                  Implications'; Rating
                                  Reaffirmed)

CRISIL Ratings had, on October 20, 2020, placed the ratings on
watch as the group had applied to its lenders for restructuring of
its loans under the Reserve Bank of India Covid-19 relief measures,
and formal approval was awaited from them. As per the latest
understanding received from the management, the proposal for
restructuring was withdrawn by the group, as it intends to raise
fresh funds to meet business requirement. Hence, the ratings have
now been removed from watch.

The revision in the outlook factors in the concern towards timely
realisation of funds. The management intends to raise INR140-150
crore from sale of its owned stores, and an additional INR40-50
crore of credit is expected to be raised from banks under the
Emergency Credit Line Guarantee Scheme. The fund infusion, which is
expected by the end of February 2021, would help business
requirement, particularly liquidity. However, any delay in the
realisation would lead to a further deterioration in the already
weak liquidity. Hence, CRISIL Ratings will continue to monitor
developments in this regard.

The ratings reflect the group's weak financial risk profile and
expected deterioration in the business risk profile. These
weaknesses are partially offset by an established position in the
Indian footwear industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRL and its fully owned subsidiary,
SSIPL Lifestyle Pvt Ltd (SLS). That's because the two companies,
together referred to as the SSIPL group, have a common management,
strong business linkages and are in the same line of business.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile: Business losses in fiscal 2020
resulted in weakening of both debt protection metrics and the
capital structure. Demand challenges related to the pandemic have
further aggravated the situation as the sizeable business losses
expected in fiscal 2021 should lead to an increase in the total
outside liabilities to tangible networth ratio to 8-10 times as on
March 31, 2021, from 3.7 times as on March 31, 2020. The debt
protection metrics should remain weak on account of negative
operating profitability and hence negative cash accrual.

* Expected weakening of the business risk profile: Operations
remained closed for a major part of the first quarter of fiscal
2021 because of the lockdown imposed to contain the Covid-19
pandemic. Thereafter, demand was subdued in the second quarter. As
a result, the operating profitability margin (negative 0.3% in
fiscal 2020) is likely to weaken to a negative 15-17% in fiscal
2021. This, along with an expected decline in revenue by 40-50%
year-on-year, will result in negative cash accrual of INR90-100
crore in fiscal 2021. Although revival in business performance is
expected from fiscal 2022, the extent of such revival will remain a
key monitorable.


Strengths:

* Established position in the Indian footwear industry: The group
has a healthy relationship with global brands, such as Nike,
Clarks, Lotto, Levis and United Colors of Benetton (UCB). It has
diversified into manufacturing, distributorship and retailing. In
the retail segment, the group caters to all customer segments
through exclusive and multi-brand outlets. These factors and the
addition of customers, such as Converse and Paragon, shall continue
to support the business risk profile over the medium term.

Liquidity: poor

Cash accrual will remain negative over the medium term and timely
meeting of term debt obligation will largely depend upon timely
realisation of funds expected from store sale and fresh bank
credit. The bank lines remain highly utilised because of large
working capital requirement, leaving minimal cushion for
medium-term exigencies, if any. Average bank limit utilisation was
around 94% during January to November 2020.

Outlook: Negative

CRISIL believes group's liquidity will remain under pressure on
account of business losses. Though expected fund infusion is
expected to alleviate the liquidity needs, timeliness of the same
will remain a key monitorable

Rating Sensitivity factors

Upward factors:

* Increase in revenue and operating profitability, leading to cash
accrual of INR15 crore per fiscal

* Improvement in the financial risk profile, with better leverage
and debt protection metrics

* Efficient working capital management, resulting in moderation in
bank limit utilisation

Downward factors:

* Further stretch in the working capital cycle

* Delays in timely receipt of funds or in executing the
deleveraging plan, thereby weakening the financial risk profile

The SSIPL group is a specialty retailer of international sports and
lifestyle brands in India and has diversified into manufacturing,
retailing and distribution.

SRL, the flagship company of the group, was set up in 1994 as Moja
Shoes Pvt Ltd by Mr. Rishab Soni, Mr. Sunil Taneja and Mr. Amit
Mathur. It manufactures sports shoes for Puma, Lotto and its own
brand, Mmojah, and operates several Nike stores. The facilities are
located in Haryana, Uttarakhand and Himachal Pradesh.

Incorporated in 2007, SLS retails brands such as Lotto, Levis and
UCB, and owns multi-brand outlets (Sports Station, Shoetree, Value
Station and Mmojah).

SUBHA-SOUMYA COLD: CRISIL Lowers Rating on INR16.18cr Loan to B-
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Subha-Soumya Cold Storage Private Limited (SSCSPL) to
' CRISIL B-/Stable' from 'CRISIL B/Stable', and has reaffirmed the
' CRISIL A4' rating on the short-term bank facility.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.15       CRISIL A4 (Reaffirmed)

   Cash Credit          16.18       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B / Stable')

   Proposed Long Term    6.84       CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B / Stable')

   Term Loan             8.5        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B / Stable')

   Working Capital       3.33       CRISIL B-/Stable (Downgraded
   Loan                             from 'CRISIL B / Stable')

The downgrade reflects weakening in the company's liquidity risk
profile because of sizeable debt obligation. The company is
expected to have a mismatch between cash accrual and debt
obligation in fiscal 2021 on account of suboptimal capacity
utilisation due to the Covid-19 pandemic.

The ratings reflect the company's below-average financial risk
profile, exposure to risks related to regulations and intense
competition in the cold storage industry and vulnerability to
delays in payment by farmers because of adverse market conditions.
These weaknesses are partially offset by the extensive experience
of the promoter in the cold storage industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: The financial risk profile
was constrained by small networth and high gearing estimated at
around INR6.5 crore and 2.86 times, respectively, as on March 31,
2020. Debt protection metrics were weak, reflected in interest
coverage and net cash accrual to total debt ratios estimated at
1.38 times and 0.03 time, respectively, in fiscal 2020. The
financial risk profile will remain subdued over the medium term.

* Exposure to risks related to regulations and intense competition
in the cold storage industry: The potato cold storage industry in
West Bengal is regulated by the West Bengal Cold Storage
Association, with rental rates fixed by the state's Department of
Agricultural Marketing. Fixed rentals will continue to limit
players' ability to earn profit based on their strengths and
geographical advantages. Pressure to offer discounts to ensure
healthy utilisation of storage capacity also constrains
profitability of players such as SSCSPL.

* Vulnerability to delays in payment by farmers because of adverse
market conditions: As part of the government's initiative to
support agriculture, banks extend financial assistance to farmers
storing produce in private cold storages against pledge of cold
storage receipts. The cold storage facility obtains loans from
banks on behalf of farmers and traders, and has the primary
responsibility to repay the loans. During adverse market conditions
and decline in potato prices, farmers do not find it profitable to
pay rentals and interest charges along with loan obligation and
hence, do not retrieve potatoes from cold storage. Consequently,
cold storages have cash flow mismatch and bank liabilities. Though
SSCSPL has not faced any such issue in the recent past, the company
is vulnerable to downturns in the agricultural industry.

Strength:

* Extensive experience of the promoter: The promoter's experience
of over two decades in the cold storage industry, sound
understanding of industry dynamics and healthy relationships with
traders and farmers will continue to support the business.

Liquidity: Stretched

The company is expected to have a mismatch between cash accrual and
debt obligation in fiscal 2021 on account of suboptimal capacity
utilisation due to the pandemic. The promoter will extend
need-based financial support. Bank limit utilisation was high over
the 12 months through November 2020. Current ratio was low at 0.81
time as on March 31, 2020.

Outlook Stable

SSCSPL will continue to benefit from the extensive experience of
its promoter.

Rating Sensitivity factors

Upward factors

* Increase in rental rates and optimum capacity utilisation
resulting in ramp-up in revenue, while operating margin exceeds
30%
* Improvement in liquidity, with cash accrual comfortably covering
debt obligation of more than INR40 lakh per annum

Downward factors

* Decline in rental rates and fall in capacity utilisation
* Weakening in the interest coverage ratio to less than 1 time
Delay in payments by farmers

Incorporated in 2011 and promoted by Mr. Kartick Ghosh, SSCSPL
commenced operations in March 2012. It has set up a cold storage
facility for potatoes in Paschim Mednipur, West Bengal, with
capacity of 18,000 tonne (2 chambers of 9,000 tonne each) which has
been enhanced to 48,000 tonne in fiscal 2020.

SULAKSHANA AGENCIES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sulakshana
Agencies (Sulakshana) continues to be ' CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             6        CRISIL B/Stable (Issuer Not
                                    Cooperating)      

CRISIL has been consistently following up with 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 Sulakshana, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Sulakshana is
consistent with ' Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Sulakshana continues to be ' CRISIL B/Stable Issuer Not
Cooperating'.

Sulakshana was originally established as a proprietorship firm in
1994 by Mr. Sridhar Kamath; it was reconstituted as a partnership
firm in 2010. Sulakshana, based in Mangaluru (Karnataka), is
currently engaged in distribution of the Samsung brand of consumer
durables over three districts of Karnataka' Dakshina Kannada,
Udupi, and North Kanara.

SUPER HI-TECH: CRISIL Lowers Rating on INR6cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Super
Hi-Tech Engineers and Contractors (SHEC) 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        6.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+' ISSUER NOT   
                                    COOPERATING)

   Cash Credit           6          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

CRISIL has been consistently following up with SHEC 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 SHEC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SHEC is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SHEC
revised to ' CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
' CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

SHEC was set up in 1997 as a partnership firm by Mr. Mohammed
Nazeeruddin and his sons, Mr. Mohammed Zaheeruddin, Mr. K M
Salahuddin, and Mr. Mohammed Naheemuddin. The firm, based in
Hyderabad, constructs roads, primarily for government undertakings.

SURYA LAXMI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya Laxmi
Industries (SLI) continue to be ' CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Issuer Not
                                    Cooperating)     
  
   Term Loan              3         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with SLI 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 SLI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SLI is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SLI
continues to be ' CRISIL B+/Stable Issuer Not Cooperating'.

SLI was set up in 2011 as a partnership firm by the Baheti and the
Karnany families, and started operations from May 2012. SLI
manufactures polypropylene (PP) spun-bonded non-woven fabric. The
plant at Kala Amb, Himachal Pradesh, has capacity to produce 4000
tonne per annum of fabric. The unit, however, works at 75-80
percent of capacity currently.

SWETA MINERALS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sweta
Minerals (SM) 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)

   Inland/Import
   Letter of Credit      6.5        CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with SM 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 SM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SM is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SM
continues to be ' CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

SM was set up by Ms. Sweta Budhia as a proprietorship firm in
Ranchi (Jharkhand) in 2011. The firm trades in iron ore pellets,
manganese ore, and non-coking coal, and caters to sponge iron
manufacturers, ferro-alloy manufacturers and other traders in the
region.

TAMIL NAADU: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tamil Naadu
Edible Oils Private Limited (TNEOPL) continue to be ' CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

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

   Letter of Credit       20        CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL has been consistently following up with TNEOPL 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 TNEOPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TNEOPL is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TNEOPL
continues to be ' CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

TNEOPL, incorporated in 1989, refines edible sunflower oil. The
company is promoted by Mr. Mahavir P Gupta and his family members.

UNIVERSAL YARNS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Yarns and Tex Private Limited (UYTPL) continue to be ' CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5.43        CRISIL A4 (Issuer Not
                                     Cooperating)
   Cash Credit           6.57        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL has been consistently following up with UYTPL 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 UYTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on UYTPL is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of UYTPL
continues to be ' CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established as proprietorship firm in 1989 and reconstituted as a
private limited company in 2007, UYTPL manufactures industrial
fabric.

HIFPL was incorporated in 1981 in Kanpur and is promoted by Mr.
Rajiv Kishore Bhartiya and Ms. Gayatri Devi Bhartiya. The company
manufactures industrial fabrics.

VAICHAL CONSTRUCTIONS: CRISIL Cuts Rating on INR3.0cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Vaichal Constructions Private Limited (VCPL) 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         2.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+' ISSUER NOT
                                    COOPERATING)

   Cash Credit            3.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

CRISIL has been consistently following up with VCPL 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 VCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VCPL is consistent
with ' Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VCPL
revised to ' CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
' CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 2000 and promoted by Mr. Sanjay Vaichal, VCPL is a
Pune-based company that constructs industrial, institutional, and
commercial buildings. The company has also undertaken a residential
real estate project (Kalpa Vruksha) in Pirangut near Pune.

VIKAS TECHNOPLAST: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vikas Technoplast
Pvt Ltd's (VTPL) Long-Term Issuer Rating of 'IND B+' to the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit* migrated to the
     non-cooperating and withdrawn; and

-- INR5.6 mil. Term loan** due on December 2022 migrated to the
     non-cooperating and withdrawn.

*Migrated to 'IND B+ (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT
COOPERATING)' before being withdrawn

**Migrated to 'IND B+ (ISSUER NOT COOPERATING)'  before being
withdrawn

KEY RATING DRIVERS

VTPL did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

Incorporated in 2013, VTPL manufactures plastic bottles, pet jars,
preforms, moulds and other plastic products used for packaging and
storage purposes.  


[*] INDIA: Surge in Bad Debt Set to Worsen Shadow Bank Crisis
-------------------------------------------------------------
Divya Patil and Anil Poonia at Bloomberg News report that India's
troubled shadow banks face mounting challenges to a nascent
recovery from the pandemic, with their asset quality set to
deteriorate further as flagged recently by the financial
regulator.

Bloomberg relates that non-performing assets already swelled in the
most recent data to the highest in at least five years, at 6.3% as
of March 2020 even before the worst of the pandemic impact, the
Reserve Bank of India said in a report last week. That's up 100
basis points from the year earlier, and the RBI forecasts it's
headed higher.

Recent days have brought more reminders of strains, as creditors to
bankrupt shadow lender Dewan Housing Finance Corp. voted on a
takeover plan, Bloomberg says. Further financial pain in the
industry could threaten a recent rebound driven by stimulus last
year. Ample liquidity helped non-bank lenders' borrowing costs stay
near a five-year low in December, according to a gauge that's among
four indicators compiled by Bloomberg to check on the health of the
industry.

Bloomberg says shadow lenders fund a wide range of businesses from
small holiday tour operators to property giants. Any setback would
not bode well for an economy already heading for its worst annual
contraction since the 1950s this financial year. Fitch Ratings this
month said rating outlooks have turned negative for many non-bank
financial companies and that asset quality risks loom as support
measures may be pared down this year.

The sector, meanwhile, piled on more debt last month, a Bloomberg
index measuring outstanding liabilities showed.

Shadow banks were first hit in 2018 when a major infrastructure
financier IL&FS Group defaulted, Bloomberg notes. Risks roared back
when Dewan Housing and Altico Capital India Ltd. also failed to
honor debt repayments the following year.

Non-bank finance companies and housing finance firms are the
largest borrowers of funds from the nation's financial system, the
RBI said in the report, Bloomberg relays. A substantial part of
that funding comes from banks and hence any failure of a shadow
lender could act as a solvency shock to their banks.

To be sure, the central bank last month said it would introduce
risk-based internal audits at large non-bank finance companies. The
authority is also monitoring the country's 100 non-bank lenders
rigorously to ensure financial stability is maintained.

The Bloomberg check-up of the sector's health also showed that:

   * Cash conditions in the nation's financial markets improved
last month

   * Shares of non-bank firms that are part of the benchmark S&P
BSE 500 index remained buoyant

   * The scores attached to each of the indicators have been
calculated by Bloomberg by normalizing the deviation of the latest
value of the indicator from its yearly average. They are assigned
on a scale of 1 to 7, with 1 implying weakness and 7 showing
strength.



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

ANA HOLDINGS: Sees Record Ordinary Loss for 9 Mos. Ended Dec. 31
----------------------------------------------------------------
The Japan Times reports that ANA Holdings Inc. is expected to
report a record ordinary loss for the nine months ended Dec. 31 due
to the impact of the coronavirus pandemic, informed sources said on
Jan. 16.

According to the Japan Times, the Japanese airline is believed to
have swung to a consolidated ordinary loss of over JPY300 billion
in the April-December period from a profit of JPY122.5 billion a
year before.

The All Nippon Airways parent is scheduled to post its
April-December results on Jan. 29, the report notes.

The Japan Times relates that the number of passengers on ANA's
international flights in the October-December quarter fell over 90%
from a year earlier due to pandemic-related travel restrictions.

For domestic flights, the number of passengers recovered in
November to some 50% of the year-before level thanks to the
Japanese government's Go To Travel tourism promotion initiative.
But the figure fell to some 40% toward the end of the year due to
the suspension of the program following a resurgence of the virus.

The Japan Times says the company has been struggling with high
aircraft maintenance and personnel costs.

Its financial estimates released in October called for an ordinary
loss of JPY500 billion and a net loss of JPY510 billion for the
full year ending in March, the report notes.

According to the report, the government's declaration of a
coronavirus state of emergency earlier this month is expected to
drastically dampen passenger demand in the January-March quarter.

But ANA may not lower its earnings forecasts given its freight
business' stronger-than-expected performance thanks to
transportation of smartphones and expensive electronics equipment,
the sources said.

The Japan Times adds that the company plans to slash costs by
JPY400 billion by the end of March 2022 through structural reform
efforts, including sending personnel on loan to firms outside the
group, cutting the average annual income of All Nippon Airways
employees by 30% and reducing the number of its aircraft.

ANA said Jan. 19, it will further reduce domestic operational costs
in the next business year starting April by reviewing its fleet
management, drastically cutting its use of large jets and relying
more on smaller ones, the report relays.

Under its domestic operations plan for the new business year, ANA
will also suspend some services, including between Narita Airport
and Osaka, due largely to reduced demand amid the coronavirus
pandemic, adds the Japan Times.

Compared with its initial domestic flight plan for the current
business year, released in January 2020, the use of large jets will
be cut by half while that of small aircraft will be raised by 30%,
it said.

It will review its flight plan on a monthly basis depending on
travel demand, the company added.

Compared with its initial plan for the current business year, the
plan for the year starting April 1 represents a 15% decline in
service capacity in terms of available seat kilometers, according
to the Japan Times.

                         About ANA Holdings

Headquartered in Tokyo, Japan, Ana Holdings Incorporated provides a
variety of air transportation-related services.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
5, 2020, Egan-Jones Ratings Company, on October 30, 2020,
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Ana Holdings Inc. to B+ from BB-.



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

SJM HOLDINGS: Moody's Assigns First Time Ba1 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating (CFR) to SJM Holdings Limited, and a Ba2 backed
senior unsecured rating to the proposed notes to be issued by
Champion Path Holdings Limited and guaranteed by SJM Holdings
Limited.

The rating outlooks are negative.

SJM plans to use 90% of the proceeds of the notes for refinancing
of its existing term loans, and the remainder for general corporate
purposes.

RATINGS RATIONALE

"SJM's Ba1 CFR is mainly underpinned by its established gaming
operations in Macao SAR, the expected earnings contributions from
its new integrated resort in Cotai, and its conservative financial
track record," says Sean Hwang, a Moody's Assistant Vice President
and Analyst.

These strengths are counterbalanced by SJM's currently sluggish
operations amid the pandemic, the ramp-up risk associated with its
soon-to-open Grand Lisboa Palace (GLP) project in Cotai, and the
company's geographic concentration in Macao SAR.

SJM's gaming business in Macao SAR dates back over 50 years, and it
operates the largest number of casinos and tables across the gaming
hub. The company's long operating history and well-entrenched
market presence, together with the good long-term growth prospects
for Macao SAR's gaming market, mitigate its geographic
concentration in the territory.

The planned opening of GLP in the second quarter of 2021 and its
subsequent ramp-up will allow SJM to increase market share,
significantly improve earnings, and reduce its financial leverage.
In particular, GLP's large non-gaming offerings, including some
1,900 luxury hotel rooms, should increase SJM's appeal to the
high-margin premium mass segment of gaming patrons. Moody's expects
GLP's earnings to account for 40%-50% of SJM's total EBITDA by
2023.

Macao SAR's gross gaming revenue should rebound gradually from 2021
from the very weak level in 2020, following some relaxation of
travel restrictions between the territory and mainland China.
However, Moody's expects Macao SAR's gaming market will only
recover to pre-pandemic levels in 2022-23, because of the remaining
restrictions and precautionary measures as well as the lingering
fear of infection.

Based on the expectations, Moody's projects SJM's adjusted EBITDA
to be sluggish at around HKD1.5 billion in 2021, before growing to
around HKD5.5 billion in 2022 and further to HKD7.5 billion-HKD8.0
billion in 2023. SJM's adjusted EBITDA (incorporating Moody's
adjustments) was HKD4.7 billion in 2019.

SJM has a conservative financial policy, as evidenced by its
moderate shareholder distributions and the maintenance of a net
cash position until 2018.

While the remaining construction payments for GLP and sluggish
operations will increase SJM's adjusted debt to around HKD23
billion by the end of 2021 from HKD16 billion at the end of 2019,
Moody's expects SJM to gradually reduce debt from 2022 based on
earnings growth and a significant reduction in capital spending.

As a result, Moody's projects SJM's adjusted debt/EBITDA will
improve to about 3.7x in 2022 and 2.4x in 2023 from over 10x in
2021. This projected level of leverage for 2023 will be appropriate
for its Ba1 rating.

That said, significant uncertainties exist over this projection,
because of the still uncertain prospect for Macao SAR's gaming
market and the inherent ramp-up risk for GLP. These uncertainties
drive the negative outlook.

The ratings factor in the company's planned bond issuance and
refinancing of the existing term loan, which will significantly
strengthen its liquidity profile. As of September 30, 2020, SJM's
cash of HKD5.9 billion and unused credit facilities of HKD8.5
billion were insufficient to cover the HKD15 billion term loan
maturities through February 2022 and the remaining capital spending
for the GLP project.

The Ba2 rating for the proposed notes is one notch lower than SJM's
Ba1 CFR because of the risk of structural and legal subordination.
This reflects Moody's expectation that secured bank loans and
subsidiary-level liabilities will remain the preponderance of SJM's
liability structure, even after the proposed refinancing, and have
priority over the senior unsecured claims at the holding company in
a default scenario.

The ratings also take into account the following environmental,
social and governance (ESG) factors.

Moody's regards the coronavirus outbreak as a social risk, given
the substantial implications for public health and safety. The
gaming sector has been one of the sectors most significantly
affected by the shock, given its sensitivity to travel restrictions
and consumer sentiment.

In terms of governance, SJM is majority-owned and controlled by
Sociedade de Turismo e Diversoes de Macau (STDM). That said, STDM
has a track record of conservatively managing SJM over the past
decade.

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

An upgrade is unlikely over the next 1-2 years, given the negative
outlook. The outlook could change to stable if SJM improves its
earnings, contains debt growth and maintains strong liquidity, with
adjusted debt/EBITDA falling below 3.3x-3.5x on a sustained basis.

Moody's could downgrade SJM's ratings if the company fails to
achieve the expected improvement in its financial profile, such
that adjusted debt/EBITDA is likely to remain above 3.3x-3.5x by
2022-23. This can happen if protracted weakness in SJM's existing
operations or a sluggish ramp-up of its new Cotai project lead to
weaker cash flow and materially higher debt than Moody's currently
anticipates.

SJM's rating can also be downgraded if its liquidity weakens, for
example as a result of a significant delay in completing its
planned bond issuance and term loan refinancing.

The principal methodology used in these ratings was Gaming
Methodology published in October 2020.

SJM Holdings Limited develops and operates casinos and integrated
resort facilities in Macao SAR. The company is listed on the Hong
Kong stock exchange, and is owned 54% by Sociedade de Turismo e
Diversoes de Macau (STDM).



===============
M O N G O L I A
===============

MONGOLIAN MORTGAGE: Moody's Rates New USD Sr. Unsec. Debt B3
------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Mongolian
Mortgage Corporation HFC LLC's (MIK) proposed USD-denominated
senior unsecured debt. The final amounts and terms of the debt will
depend on market conditions and on the result of a cash tender
offer.

The proposed senior unsecured debt is guaranteed by MIK's parent
company, MIK Holding JSC.

The proceeds will be used to finance MIK's cash tender offer to
repurchase its outstanding senior unsecured debt maturing in
January 2022, to repay any remaining outstanding debt and for
general corporate purposes.

The rating on the securities is subject to the receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents that Moody's
has reviewed. Should issuance conditions and/or final documentation
deviate from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the ratings and act accordingly.

The entity-level outlook on MIK remains negative.

RATINGS RATIONALE

The B3 rating is in line with MIK's long-term foreign currency
issuer rating, as the senior unsecured bonds will constitute a
direct, general, unsubordinated, unconditional and unsecured
obligation of the issuer. The bonds will be redeemable at principal
on maturity.

On January 14, in addition to issuance of the new senior unsecured
debt, MIK also announced a tender offer on its $300 million 9.75%
senior unsecured notes maturing in January 2022 at 102% of the
debt's principal, in addition to accrued interest.

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

WHAT COULD CHANGE THE RATING UP

Given that MIK's B3 ratings are the same as Mongolia's sovereign
issuer rating, an upgrade of the company's ratings is unlikely.
Moody's could change the outlook on MIK to stable from negative if
(1) the outlook on the sovereign rating is changed to stable from
negative, (2) the banking system's operating environment remains
broadly stable, and (3) the company maintains sound financial
metrics.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade MIK's ratings if (1) its standalone
assessment is lowered, (2) the risks in Mongolia's banking system
rise materially, and/or (3) the sovereign rating is downgraded.
Moody's could lower MIK's standalone assessment if (1) the
company's liquidity profile relative to its foreign currency debt
servicing weakens substantially, and/or (2) the asset quality of
Mongolia's mortgage loans deteriorate materially.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.

Mongolian Mortgage Corporation HFC LLC (MIK) is a wholly owned
subsidiary of MIK Holding JSC, which is headquartered in
Ulaanbaatar. MIK Holding JSC's consolidated assets totaled MNT4.18
trillion ($1.5 billion) as of December 31, 2019.



=====================
N E W   Z E A L A N D
=====================

CARRICK WINES: Had NZD12MM in Debt When it Went Into Receivership
-----------------------------------------------------------------
Otago Daily Times reports that an Otago vineyard owned by a
murdered Auckland woman owed more than NZD12 million when it went
into receivership.

Carrick Wines Ltd, in Bannockburn, was owned by 55-year-old
Elizabeth Zhong, who was found dead in the boot of her car in
November, near her East Auckland house, according to ODT.

At the time of her death, she faced court action amid claims she
owed associates millions of dollars, the report notes.

ODT says Ms. Zhong was the sole director and shareholder of two
wine-making companies, Waiheke Island's Kennedy Point Group Ltd and
Central Otago's Carrick Wines Ltd.

Carrick Wines Ltd had been for sale for about 18 months before Ms.
Zhong's death and was put into receivership following her death.

Andrew McKay and Andrew Bethell were appointed joint receivers on
November 2, ODT notes.

Their first report, dated December 29, revealed the company owed
NZD12.32 million at the time it went into receivership, ODT
discloses.

The bulk of that, NZD9.64 million, was to a bank, while a further
NZD2.2 million was owed to shareholders.

New Zealand Customs was owed NZD20,000 in unpaid excise fees, and
employees were owed NZD45,000.

The report noted that, after it was completed, NZD3.56 million of
bank debt had been repaid through the settlement of property,
leaving an outstanding bank debt of NZD6.09 million, ODT relays.

It also noted it was too early to determine whether any funds would
be available for unsecured creditors.

The vineyard was listed for sale and put up for tender in December,
ODT states.

Police are still investigating Ms Zhong's death. She was last seen
alive on the evening of November 27, ODT adds.



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

SHANGRI-LA GROUP: Makati Hotel to Temporarily Shut Down, Cut Jobs
-----------------------------------------------------------------
Rappler.com reports that luxury hotel Makati Shangri-La is
temporarily closing its doors and laying off employees, as the
coronavirus pandemic has dragged on for almost a year.

The temporary closure begins on February 1.

In a statement on January 20, the Shangri-La Group said the
prolonged pandemic "resulted in increasing financial pressure on
the company," Rappler.com relays.

With few to no room bookings and events, the hotel tried to cushion
the financial impact of the pandemic through reductions of
managers' salaries, shortened work weeks, and limits on
non-essential spending, according to the report.

Despite these efforts, the 5-star hotel said it must make the
"extremely difficult decision" to lay off workers. It did not
specify how many workers would be affected, the report notes.

"Every effort is being made to support all our affected colleagues
through this transition, including providing a fair compensation
package that is higher than local statutory guidelines and
extending healthcare coverage and grocery support until December
31, 2021, to provide affected employees and their families peace of
mind during these uncertain times," the Shangri-La Group said,
Rappler.com relays. "We are also providing colleagues with career
transition assistance to help them get back on their feet."

The hotel first opened its doors in 1993 and has since been
recognized as among the landmarks of the Makati City business
district, the report says.



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

EAGLE HOSPITALITY: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: EHT US1, Inc.
             12 Marina Boulevard
             Marina Bay Financial Centre
             Tower 3, Level 44
             Singapore

Business Description:     Eagle Hospitality Trust --
                          https://eagleht.com/ -- is a hospitality
                          stapled group comprising Eagle
                          Hospitality Real Estate Investment Trust
                          ("Eagle H-REIT") and Eagle Hospitality
                          Business Trust.  Based in Singapore,
                          Eagle H-REIT is established with the
                          principal investment strategy of
                          investing on a long-term basis, in a
                          diversified portfolio of income-
                          producing real estate which is used
                          primarily for hospitality and/or
                          hospitality-related purposes, as well as
                          real estate-related assets in connection
                          with the foregoing, with an initial
                          focus on the United States.

Chapter 11 Petition Date: January 18, 2021

Court:                    United States Bankruptcy Court
                          District of Delaware

Twenty-seven affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                       Case No.
    ------                                       --------
    EHT US1, Inc. (Lead Debtor)                  21-10036
    Eagle Hospitality Trust S1 Pte. Ltd.         21-10037
    Eagle Hospitality Trust S2 Pte. Ltd.         21-10038
    EHT Cayman Corp Ltd.                         21-10039
    USHIL Holdco Member, LLC                     21-10040
    UCCONT1, LLC                                 21-10041
    UCF 1, LLC                                   21-10042
    UCHIDH, LLC                                  21-10043
    UCRDH, LLC                                   21-10044
    Urban Commons 4th Street A, LLC              21-10045
    Urban Commons Anaheim HI, LLC                21-10046
    Urban Commons Bayshore A, LLC                21-10047
    Urban Commons Cordova A, LLC                 21-10048
    Urban Commons Danbury A, LLC                 21-10049
    Urban Commons Highway 111 A, LLC             21-10050
    Urban Commons Queensway, LLC                 21-10051
    Urban Commons Riverside Blvd., A, LLC        21-10052
    CI Hospitality Investment, LLC               21-10053
    ASAP Cayman Atlanta Hotel LLC                21-10054
    ASAP Cayman Denver Tech LLC                  21-10055
    ASAP Cayman Salt Lake City Hotel LLC         21-10056
    Atlanta Hotel Holdings LLC                   21-10057
    ASAP Salt Lake City Hotel LLC                21-10058
    Sky Harbor Denver Holdco, LLC                21-10059
    Sky Harbor Atlanta Northeast, LLC            21-10060
    5151 Wiley Post Way Salt Lake City LLC       21-10061
    Sky Harbor Denver Tech Center, LLC           21-10062

Debtors'
General
Bankruptcy
Counsel:                  Luc A. Despins, Esq.
                          G. Alexander Bongartz, Esq.
                          PAUL HASTINGS LLP
                          200 Park Avenue
                          New York, NY 10166
                          Tel.: (212) 318-6000
                          Fax: (212) 319-4090
                          Email: lucdespins@paulhastings.com
                                 alexbongartz@paulhastings.com

Debtors'
Delaware
Counsel:                  G. David Dean, Esq.
                          COLE SCHOTZ P.C.
                          500 Delaware Avenue, Suite 1410
                          Wilmington, DE 19801
                          Tel: (302) 652-3131
                          Fax: (302) 652-3117
                          Email: ddean@coleschotz.com

Debtors'
Singapore Law
Counsel:                  RAJAH & TANN SINGAPORE LLP

Debtors'
Cayman Law
Counsel:                  WALKERS

Debtors'
Restructuring
Advisor:                  FTI CONSULTING, INC.

Debtors'
Investment
Banker:                   MOELIS & COMPANY LLC
                   
                            - AND -
               
                          MOELIS & COMPANY ASIA LIMITED



Debtors'
Claims &
Noticing
Agent:                    DONLIN, RECANO & COMPANY, INC.          


https://www.donlinrecano.com/Clients/eagle/Static/CaseInformation
              
Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $500 million to $1 billion

The petitions were signed by Alan Tantleff, president.

A copy of EHT US1's petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/34GGINY/EHT_US1_Inc__debke-21-10036__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Lodging USA Lendco LLC               Loan           $89,000,000
c/o ASAP International Hotel, LLC
81 N. Mentor Avenue
Pasadena CA 91106
Jerome Yuan
Tel: (213) 625-1200
Email: jerome@asapholdings.com

2. Crestline Hotels & Resorts LLC       Hotel           $5,750,000
3950 University Drive                 Management
Suite 301
Fairfax VA 22030
Ed Hoganson
Tel: (571) 529-6111
Email: ed.hoganson@crestlinehotels.com

3. Aimbridge Hospitality, LLC           Trade           $3,475,764
5501 Headquarters Drive
Suite 300-W
Plano TX 75024
Mark Lewis
Tel: (949) 307-1829
Email: mark.lewis@evolutionhospitality.com

4. Intercontinental Hotels Group        Trade           $3,257,449
PO Box 101074
Atlanta GA 30392-1074

5. Evolution Hospitality LLC            Trade           $2,067,427
5501 Headquarters Drive
Suite 300-W
Plano TX 75024
Mark Lewis
Tel: (949) 307-1829
Email: mark.lewis@evolutionhospitality.com

6. Marriott International               Trade           $1,733,018
10400 Fernwood Road
Bethesda MD 20817

7. Sentry Control Systems Inc.          Trade             $811,491
6611 Odessa Avenue
Van Nuys CA 91406
Brent Gonzalez
Tel: (818) 381-5259
Email: brent.gonzalez@skidata.com

8. Hilton Worldwide                     Trade             $778,533
4649 Paysphere
Circle Chicago IL 60674

9. Hospitality Staffing                 Trade             $657,424
Solutions LLC
PO BOX 742822
Atlanta GA 30374-2822
Michael Patterson
Tel: (678) 426-5664
Email: MPatterson@hssstaffing.com

10. Kaiser Foundation Health Plan       Trade             $554,252
FILE 5915
Los Angeles CA 90074-5915
Antonio Ayala
Tel: (720) 857-4319
Email: Antonio.J.Ayala@kp.org

11. Sysco                               Trade             $498,978
20701 East Currier Road
Walnut CA 91789
Angelline Ng
Tel: (909) 595-9595
Email: Ng.Angelline@la.sysco.com

12. US Foods                            Trade             $408,579
9399 W Higgins Road
Suite 400
Rosemont IL 60018
Charlene K. Goss
Tel: (847) 268-5428
Email: charlene.goss@usfoods.com

13. Everest National                    Trade             $328,456
Insurance Company
P.O. Box 499
Newark NJ 07101
Tel: (714) 371-9600

14. Gibs Inc.                           Trade             $327,789
c/o Carnival Corporation
231 Windsor Way
Long Beach CA 90802
Wilkin Mes
Tel: (562) 243-2191
Email: WMes@carnival.com

15. Hotelier Management                 Trade             $299,734
Services LLC
PO Box 715123
Cincinnati OH 45271-5123
Angel Pis-Dudot
Tel: (786) 301-6559
Email: angel@hotelierlinen.com

16. Aetna Life Insurance Company        Trade             $278,210
PO Box 31001-1408
Pasadena CA 91110-1408
Tel: (866) 899-4378

17. Belfor USA Group Inc.               Trade             $277,098
5085 Kalamath Street
DenverCO 80221
Tim Smith
Tel: (303) 656-1178
Email: tim.smith@us.belfor.com

18. Blackhawk Protection                Trade             $257,513
30141 Antelope Road
Suite D #786
Menifee CA 92584
Javier Escobar
Tel: (909) 384-9015
Email: tiffganino@aol.com

19. Enwave USA                          Trade             $206,773
PO Box 207851
Dallas TX 75320-785
Robert Fox
Email: efox@enwaveusa.com

20. PSAV                                Trade             $199,566
23918 Network Place
Chicago IL 60673
Dawn C. Montgomery
Tel: (727) 743-9577
Email: dmontgomery@PSAV.com

21. Fiserv                              Trade             $199,320
255 Fiserv Drive
Brookfield WI 53045
Deborah Stevenson
Tel: 301-665-4031
Email: Deborah.Stevenson@fiserv.com

22. Ecolab Inc.                         Trade             $198,477
2301 Maitland Center Parkway
Suite 175
Maitland FL 32751
Angie Berberich
Tel: 1 (800) 352-5326
Email: angela.berberich@ecolab.com

23. Duke Energy                         Trade             $190,635
550 South
Tryon Street
Charlotte NC 28202
Tel: (877) 372-8477
Email: Florida.support@duke-energy.com

24. American Hotel                      Trade             $188,258
Register Company
PO Box 206720
Dallas TX 75320-6720
Sue Black
Tel: 1 (800) 323-5686
Email: sblack@americanhotel.com

25. JN Cleaning Solutions               Trade             $185,853
1424 Ridge St
Kissimmee FL 34744
Jusemil Abijamad
Tel: (407) 460-3981
Email: jabijamad@jncleaningsolutions.com

26. Iwerks Entertainment Inc.           Trade             $170,870
27509 Avenue Hopkins
Santa Clarita CA 91355
Kate Magnusson
Tel: (416) 597-1585
Email: kmagnusson@iwerks.com

27. EPIC Entertainment                  Trade             $170,622
207 E Broadway #302
Long Beach CA 90802
Steve Sheldon
Tel: (323) 641-3742
Email: steve@epicentertainmentgroup.com

28. Main Competitors Inc.               Trade             $166,834
800 Robinson Ave
Kissimmee FL 34741

29. Southern California                 Trade             $165,710
Edison
P.O. Box 300
Rosemead CA 91772-0001

30. City of Anaheim Public Utilities    Trade             $148,150
P.O. Box 3069
201 South Anaheim Blvd
Anaheim CA 92803-3069

EAGLE HOSPITALITY: US Entities File Chapter 11 Bankruptcy
---------------------------------------------------------
Uma Devi at The Business Times reports that Eagle Hospitality Trust
(EHT) on Jan. 20 confirmed that 27 of the trust's entities have
filed for Chapter 11 bankruptcy in the United States in order to
stay claims against its various US-based entities and provide the
"necessary protection for the benefit of all stakeholders".

The Business Times had reported Jan. 19 that multiple entities
within the EHT stable had filed for bankruptcy protection.

BT relates that DBS Trustee, as trustee of Eagle Hospitality Real
Estate Investment Trust (EH-Reit), added that the intention is to
commence a marketing process to sell some hotels. This process does
not, however, preclude the continued exploration of other
restructuring alternatives.

EHT is a stapled group comprising EH-Reit and the dormant Eagle
Hospitality Business Trust. Its stapled securities have been
suspended since March 24, 2020, after EH-Reit defaulted on a loan
of US$341 million.

According to BT, DBS Trustee said the Chapter 11 filings would
allow for a stable and collective process to protect the Chapter 11
entities and their assets.

The filings also allow the entities to obtain debtor-in-possession
(DIP) financing to pay for "critical expenses to protect the value
of EH-Reit's assets and to give EH-Reit the runway to execute any
potential value-maximising strategies or propositions", it added,
BT relates.

According to the report, the Chapter 11 entities on Jan. 17
executed a commitment letter with Monarch Alternative Capital.

BT relates that Monarch, which is acting on behalf of one or more
advisory clients and/or related entities, will extend a DIP credit
facility of up to US$100 million to the Chapter 11 entities.

This facility can be increased to as much as US$125 million.

Use of the facility is subject to the approval of the US Bankruptcy
Court and is on an "as-needed basis only", DBS Trustee said, BT
relays.

BT says the facility is secured primarily by liens on 15 previously
unencumbered hotels or, in the case of the Queen Mary Long Beach
hotel, a lien on the proceeds of the hotel lease.

EHT lost its manager last year following a directive from the
Monetary Authority of Singapore to remove the incumbent manager
Eagle Hospitality Reit Management, BT recalls. A proposal to
appoint a new manager failed to get the necessary support from
stapled securityholders at an extraordinary general meeting (EGM)
on Dec. 30.

Following the EGM, DBS Trustee said it has "limited options" as EHT
does not have sufficient resources to operate as a going concern.

Current troubles for the company include a list of defaults, legal
proceedings and employment-related claims, BT adds.

                      About Eagle Hospitality

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

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

FIRST REIT: Unit-Holders OK Proposed Restructuring of MLAs
----------------------------------------------------------
The Business Times reports that unit-holders of First Reit on Jan.
19 voted overwhelmingly in favor of the proposed restructuring of
the Lippo Karawaci (LK) master lease agreements (MLAs), as well as
the whitewash resolution waiving the right to receive a takeover
offer from First Reit's substantial shareholder, OUE.

At the Reit's extraordinary general meeting held on Jan. 19,
unit-holders representing some 91.33 million units, or 91.25 per
cent, voted in favor of the first resolution related to the
proposed restructuring, BT says.

As for the whitewash resolution, unit-holders representing some 90
million units, or 90.5 per cent, voted in favor of it, BT relates.

According to the report, Stephen Riady and James Tjahaja Riady,
each regarded as controlling unit-holders of First Reit and
controlling shareholders of the Reit's manager, abstained from
voting on the first resolution. They did so alongside their
associates, which include OUE Limited, OUE Lippo Healthcare Limited
and the manager.

Chief executive of the manager Victor Tan, as well as Christopher
James Williams and Minny Riady, who are all non-independent
directors of First Reit's manager, also abstained from voting on
the proposed restructuring, the report says.

BT notes that the restructuring of LK's MLAs with First Reit comes
amid the risk of LK defaulting on its obligations under the
existing terms, given that it has been in a negative cash flow
position since 2015.

BT relates that the board and the management of First Reit had
earlier said that the financial distress it is facing came as a
result of the soft Indonesian property market, with the issue
further exacerbated by the weakening of the rupiah, as well as the
Covid-19 pandemic.

In FY2019, First Reit's 11 MLAs with LK constituted about 72 per
cent of the Reit's rental income.

Pertaining to the second resolution, First Reit, which is similarly
facing financial difficulties, had proposed a 98-for-100
renounceable rights issue at SGD0.20 per unit to raise gross
proceeds of SGD158.2 million, according to BT.

Unit-holders did not vote directly on the proposed rights issue;
instead, they voted on a proposed waiver by unit-holders other than
Clifford Development (CDPL) and its concert parties of their rights
to receive a general offer for their units in First Reit from
CDPL.

First Reit now has about SGD400 million in debts, of which SGD196.6
million is due on March 1, the report notes.

It plans to use about SGD140 million of the SGD158.2 million in
gross proceeds raised to repay its upcoming debt; the remaining
money will be set aside for professional and other fees incurred,
master lease restructuring costs and working capital, adds BT.

First Real Estate Investment Trust (First REIT) is a
Singapore-based healthcare real estate investment trust (REIT). The
Trust is focused on investing in healthcare and healthcare-related
real-estate assets throughout Asia. The Trust operates in
Indonesia, Singapore and South Korea. The Trust has an asset
portfolio of 17 properties across Asia, which include 13 properties
in Indonesia consisting of hospitals, a hotel and Country club and
an integrated hospital and hotel, three nursing homes in Singapore
and a hospital in South Korea. The Trust's properties in Indonesia
include Siloam Hospitals Makassar, Siloam Sriwijaya, Siloam
Hospitals Purwakarta, Siloam Hospitals Bali, and Imperial Aryaduta
Hotel & Country Club, among others. Its properties in Singapore
include Pacific Healthcare Nursing Home and The Lentor Residence.
Its Property in South Korea includes Sarang Hospital. Bowsprit
Capital Corporation Limited is the manager of First Real Estate
Investment Trust.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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