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

                     A S I A   P A C I F I C

          Friday, January 22, 2021, Vol. 24, No. 11

                           Headlines



A U S T R A L I A

CORONADO GLOBAL: Moody's Downgrades CFR to B2, Outlook Negative
DJM CONCRETE: Second Creditors' Meeting Set for Feb. 1
FIRST CHOICE: First Creditors' Meeting Set for Feb. 1
FUTURE CAPITAL: Second Creditors' Meeting Set for Jan. 29
PIC AU HOLDINGS: Moody's Rates Sr. Sec. Bank Credit Facility 'B3'

SAM GILL: First Creditors' Meeting Set for Feb. 1
SPEEDCAST INT'L: Strikes Deal With Centerbridge, Black Diamond
STRATH PASTORAL: Second Creditors' Meeting Set for Jan. 29
WATJICO NEW: Second Creditors' Meeting Set for Feb. 1


C H I N A

R&F PROPERTIES: Sells Majority Stake in Logistics Park for US$1.1BB
TAIZHOU HUAXIN PHARMACEUTICAL: Fitch Affirms 'BB+' LongTerm IDRs
TD HOLDINGS: Inks Deal to Sell $24.4MM Worth of Common Shares
TSINGHUA UNIGROUP: Bedevilled by Debt and Bad Bets


I N D I A

ABHISHEK PROPBUILD: CARE Moves D Debt Rating to Not Cooperating
ACCORD ELECTROPOWER: CARE Lowers Rating on INR3.96cr Loan to B
ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
ANISHA ENTERPRISES: CARE Lowers Rating on INR10cr LT Loan to B
ARYA FIN-TRADE: Ind-Ra Withdraws 'BB-' Issuer Rating

BHARAT WIRE: CARE Keeps D Debt Ratings in Not Cooperating Category
BIMBAN INDUSTRIES: CARE Lowers Rating on INR5cr LT Loan to B
CANTECH ENGINEERS: CARE Lowers Rating on INR7.34cr Loan to B+
D.M. JEWELLERS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
ERODE SRI PALANI: CARE Cuts Rating on INR15cr Loans to D

G.R. FABRICS: CARE Lowers Rating on INR8.77cr LT Loan to B+
GARG ALUMINIO: CARE Keeps D Debt Ratings in Not Cooperating
GLOBAL CLOUD: Completes Financial Restructuring, Exits Chapter 11
GUJARAT CONSTRUCTION: Ind-Ra Corrects Dec. 19, 2019 Rating Release
GUJARAT CONSTRUCTION: Ind-Ra Moves 'BB-' Rating to Non-Cooperating

HPCL-MITTAL ENERGY: Moody's Completes Review, Retains Ba2 CFR
INDIA: Court Upholds Law Protecting New Owners of Bankrupt Firms
JBC INDUSTRIES: CARE Lowers Rating on INR8.50cr LT Loan to B
KEJRIWAL BEE: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
MNC ELECTRICALS: CARE Lowers Rating on INR7.0cr LT Loan to B-

NARAYANI STEELS: CARE Keeps D Debt Ratings in Not Cooperating
OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category
RAJ ELECTRICALS: CARE Lowers Rating on INR2.25cr Loan to B+
RAMACHANDRA POOJA: CARE Lowers Rating on INR7.0cr Loan to B

S. S. NATH: CARE Lowers Rating on INR10cr LT Loan to B+
S.K. BROTHERS: CARE Lowers Rating on INR4.10cr LT Loan to B-
S.V.E.C CONSTRUCTIONS: Insolvency Resolution Process Case Summary
SOCIETY OF CARMELITE: CARE Cuts Rating on INR11.78cr Loan to B+
SOLAN SPINNING: CARE Lowers Rating on INR8.50cr LT Loan to B-

SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
UNIVERSAL STARCH-CHEM: CARE Cuts Rating on INR33cr LT Loan to B
VATIKA INFRACON: CARE Lowers Rating on INR128.90cr NCD to D
VISHAVKARMA AGRO: CARE Lowers Rating on INR9.73cr Loan to B
YAKSHAKRAPA CASHEW: CARE Lowers Rating on INR6.44cr LT Loan to B



J A P A N

[*] JAPAN: More Stores Shut in Tokyo's High-End Ginza Six Mall


S I N G A P O R E

GRAB HOLDINGS: Moody's Affirms B3 CFR, Outlook Stable
NEW SILKROUTES: SGX Queries on Liquidation of Oil-Trading Unit

                           - - - - -


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A U S T R A L I A
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CORONADO GLOBAL: Moody's Downgrades CFR to B2, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Coronado Global Resources
Inc.'s corporate family rating to B2 from B1.

The outlook on the rating remains negative.

RATINGS RATIONALE

"The rating action reflects the considerable uncertainty around the
timing and pace of recovery of Australian metallurgical coal
prices," says Saranga Ranasinghe, a Moody's Vice President and
Senior Analyst.

"Moody's expects that Coronado's cash generation will remain
negative at current metallurgical coal prices, and that prices
would have to improve further from current levels in order for the
company to be within its financial covenants by the end of the
waiver period in September 2021," adds Ranasinghe.

As Australia-China trade tensions have escalated, China has imposed
tariffs on a range of Australian products, including beef, barley,
coal and wine. As the largest buyer of Australian metallurgical
coal, the reduced demand from China has had an impact on Australian
coal prices.

As a consequence, Moody's expects Coronado will likely need to rely
on liquidity on hand to fund operations over the next few quarters,
until there is a sustained improvement in prices.

The company has received a covenant waiver until September 2021.
Moody's expects Coronado will require a further waiver, unless
metallurgical coal prices are sustained above USD130-USD135/tonne
over the next 9 months.

An inability to obtain further covenant relief from banks prior to
the breach would likely result in a multi notch ratings downgrade.

The B2 rating reflects Coronado's position as a high quality
metallurgical coal producer with geographically diversified
operations in Australia and the United States.

At the same time, the rating is constrained by the company's
reliance on two operations for about 80% of earnings, as well as
significant customer concentration risk.

Further, Coronado's margins and cash generation are constrained by
high royalty arrangements which constrain operating cashflow at
lower price levels when compared to its peers, primarily reflecting
the long-term agreement in place with the Queensland government's
Stanwell Corporation at its Curragh operation. The agreement
requires Coronado to supply thermal coal to Stanwell at an agreed
contract price, which is currently less than the cost of supply.
Moody's expects that this agreement will expire in 2027, once a
pre-determined amount of energy has been delivered to the power
stations.

In August 2020, Coronado raised US$180 million of equity. The
raising alleviated immediate liquidity risks and has provided the
company with headroom under its bank facilities to navigate the
current weak price environment.

Coronado's rating also takes into account the elevated and
immediate exposure of the coal sector to environmental risk. The
environmental impact of the coal industry includes issues such as
carbon emissions, land use, waste management, and water and air
pollution caused by its mining, processing and end-use. These
issues could materially increase regulatory costs, affect
Coronado's profitability, and/or reduce demand for Coronado's
products.

However, Moody's views Coronado as somewhat insulated from these
risks over the next several years given its focus predominately on
the export of high-quality metallurgical coal from its US and
Australian operations. Moreover Moody's expects demand for
metallurgical coal will be less impacted by environmental risks
than thermal coal over the next several years. Coronado's thermal
coal production, which is more exposed, also benefits from its high
quality and from long-term contracts in place at what Moody's views
as below market rates.

While Coronado's private equity ownership has reduced to around 56%
following the equity raising, the concentrated ownership raises the
potential for the company to continue to emphasize shareholder
returns, consistent with management's public announcements, and
return any surplus cash flow to shareholders, unless there is an
acquisition or need to build cash. The company's dividend policy is
to distribute 60% to 100% of free cash flow.

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

An upgrade is unlikely over the next 12-18 months, given the
negative outlook.

The outlook could return to stable if there is a sustained
improvement in metallurgical coal prices and there is an
improvement in Coronado's credit metrics such that adjusted
debt/EBITDA remains below 4.5x. A change in outlook to stable would
also be reliant on the company maintaining sufficient headroom
under its financial covenants and adequate liquidity to cover its
cash needs over the next 12-18 months.

Moody's could downgrade the rating if Coronado is unable to
maintain its available liquidity headroom either through cash flows
from operations, asset sales and/or further debt or equity
issuance; it fails to obtain a further covenant waiver if prices do
not improve; or if it engages in aggressive shareholder
distributions or investments, reducing available liquidity.

The principal methodology used in this rating was Mining published
in September 2018.

Coronado Global Resources Inc. (ASX:CRN) was founded in 2011 with
the intention to acquire and develop existing metallurgical coal
operations. It is majority-owned (80%) by The Energy & Minerals
Group (EMG), a private investment firm. CRN is listed on the
Australian Stock Exchange.

DJM CONCRETE: Second Creditors' Meeting Set for Feb. 1
------------------------------------------------------
A second meeting of creditors in the proceedings of DJM Concrete
Constructions Pty Ltd has been set for Feb. 1, 2021, at 2:00 p.m.
at the offices of Hamilton Murphy, Level 1, 255 Mary Street, in
Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2021, at 4:00 p.m.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of DJM Concrete on Dec. 15, 2020.

FIRST CHOICE: First Creditors' Meeting Set for Feb. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of First Choice
Haulage Pty. Ltd. will be held on Feb. 1, 2021, at 2:30 p.m. at the
offices of David Clout & Associates, Level 3, 26 Wharf Street, in
Brisbane, Queensland.

David Lewis Clout of David Clout & Associates was appointed as
administrator of First Choice on Jan. 20, 2021.


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
videoconference.

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.

PIC AU HOLDINGS: Moody's Rates Sr. Sec. Bank Credit Facility 'B3'
------------------------------------------------------------------
Moody's Investors Service assigned Caa1 ratings to proposed senior
secured notes to Peabody Energy Corporation and assigned B3 to
senior secured term loan and senior secured notes co-issued by PIC
AU Holdings Corporation and PIC AU Holdings LLC, an Australian
subsidiary of Peabody Energy Corporation. Moody's also confirmed
Peabody's Caa1 Corporate Family Rating, confirmed the Caa1 senior
secured ratings for the company's bank debt and Senior Secured
Notes due 2025, and downgraded the senior secured rating for the
company's Senior Secured Notes due 2022 ("Existing Notes"). The
downgrade incorporates the expectation that the company will
complete a proposed debt exchange that results in protective
covenants being stripped from notes held by non-participating
holders. Moody's also changed the company's Speculative Grade
Liquidity Rating to SGL-3 from SGL-4. These actions conclude the
review for downgrade initiated on November 12, 2020. The outlook
is
stable.

Assignments:

Issuer: Peabody Energy Corporation

Senior Secured Regular Bond/Debenture, Assigned Caa1 (LGD3)

Issuer: PIC AU Holdings Corporation (co-issuer PIC AU Holdings
LLC)

Senior Secured Bank Credit Facility, Assigned B3 (LGD3)

Senior Secured Regular Bond/Debenture, Assigned B3 (LGD3)

Confirmations:

Issuer: Peabody Energy Corporation

Corporate Family Rating, Confirmed at Caa1

Probability of Default Rating, Confirmed at Caa1-PD

Gtd. Senior Secured Bank Credit Facility, Confirmed at Caa1
(LGD3)

Issuer: Peabody Securities Finance Corporation

Senior Secured Regular Bond/Debenture due 2025, Confirmed at Caa1
(LGD3)

Downgrades:

Issuer: Peabody Securities Finance Corporation

Senior Secured Regular Bond/Debenture due 2022, Downgraded to Caa3
(LGD5) from Caa1 (LGD3)

Upgrades:

Issuer: Peabody Energy Corporation

Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4

Outlook Actions:

Issuer: Peabody Energy Corporation

Outlook, Changed To Stable From Rating Under Review

Issuer: Peabody Securities Finance Corporation

Outlook, Changed To Stable From Rating Under Review

Issuer: PIC AU Holdings Corporation

Outlook, Stable

The ratings remain subject to Moody's review of the terms and
conditions of the proposed transaction. Ratings for instruments
which no longer exist will be withdrawn.

RATINGS RATIONALE

Peabody announced on January 8, 2021 that approximately 85% of the
Senior Notes due 2022 had tendered in connection with a previously
announced exchange offer. Participating investors will receive
dollar-for-dollar value comprised of: cash payment; new secured
notes that mature in 2024 issued by the existing entity ("New
Peabody Notes"); and new secured notes that mature in 2024
co-issued by PIC AU Holdings LLC, a Delaware limited liability
company and an indirect, wholly-owned subsidiary of Peabody, and
PIC AU Holdings Corporation, a Delaware corporation and an
indirect, wholly-owned subsidiary of Peabody ("New Co-Issuer
Notes"). Moody's likely will view the transaction as a distressed
exchange and a Moody's-defined default event if completed as
announced, resulting in a temporary designation of /LD after
completion. Moody's definition of default includes situations not
considered a legal default under the company's debt agreements.

Peabody also reached an agreement with lenders under its revolving
credit facility to amend financial maintenance covenants. The
agreement will eliminate the net leverage ratio test that would
have posed a problem in the very near term. Peabody's $540 million
revolving credit facility will be replaced by: a $206 million
senior secured term loan co-issued by PIC AU Holdings LLC and PIC
AU Holdings Corporation ("New Co-Issuer Term Loan"); and $324
million letter of credit facility at Peabody Energy Corporation --
used to support existing and future letters of credit. Revolving
lenders will also receive cash payments. The only remaining
financial maintenance covenant will be a $125 million minimum
liquidity test under the Letter of Credit Facility.

Moody's believes that these actions will be sufficient to meet the
conditions set by surety providers in an earlier agreement.
Management announced during the third quarter earnings conference
call that the company had reached a standstill agreement with
surety bond providers related to recent collateral requests that is
contingent on the company achieving certain milestones by December
31, 2020, which can be extended to January 29, 2021 for purposes of
increasing participation. The standstill agreement requires the
company post $75 million of additional collateral in 2020 and $25
million of collateral per year through 2025 -- subject to
adjustment if the company generates more than $100 million of free
cash flow in a twelve month period or has individual asset sales
over $10 million. In exchange, surety providers will refrain from
requesting additional collateral through the earlier of the
maturity date of the credit agreement and December 2025.

The B3 ratings for the New Co-Issuer Notes and New Co-Issuer Term
Loan reflect structural seniority to the company's existing debt.
The debt will be issued at a subsidiary that owns the company's
highly-profitable Wilpingjong thermal coal mine in Australia. The
debt will benefit from an equity pledge and a springing lien on all
assets (existing commercial arrangements prevent providing a lien
today). The expected cash flow generation from this mine, combined
with modest legacy liabilities compared to the rest of the
company's portfolio, create an advantaged credit position and an
opportunity for meaningful debt reduction at this subsidiary
compared to the rest of the company. While this subsidiary carries
operating risk associated with a single mining asset, this weakness
is incorporated fully in a B3 rating, but, combined with the
springing lien structure, would limit the extent to which the
rating could be raised in the future if the company reduces debt at
this subsidiary.

The Caa1 CFR balances an asset base capable of supporting higher
ratings with a debt-laded balance sheet that created significant
financial difficulty in 2020. Peabody has a diverse platform of
thermal and metallurgical coal mines in Australia and the United
States. Most of the company's US thermal coal is sold to domestic
utilities and all the US-produced metallurgical coal is sold into
the seaborne market. Most of the company's coal produced in
Australia is sold into the seaborne thermal and metallurgical coal
markets in Asia. Like other rated coal producers, environmental and
social factors have a material impact on the company's credit
quality by increasing the cost of capital. The rating also takes
into consideration that some mining assets have less favorable
operating prospects in the coming years and, therefore, could be
subject to more significant reclamation-related spending over the
rating horizon.

The SGL-3 Speculative Grade Liquidity Rating signals adequate
liquidity to support operations following the completion of the
proposed financial transactions. The transactions remove
substantial liquidity-related overhang related to: collateral
requests from surety providers; potential covenant violations in
the existing structure; and debt maturities in 2022. However,
Moody's baseline forecast anticipates modest cash burn absent
meaningful improvement in realized pricing. Moody's expects that
the company's free cash flow generation will be
breakeven-to-modestly negative based on a forecast that
incorporates the mid-point of Moody's medium term sensitivity
ranges for metallurgical coal ($100-160/metric ton CFR Jingtang)
and thermal coal ($55-75/metric ton Newcastle), subject to
adjustment for location of mines and quality of coal. Current spot
market pricing and future indicators suggest upside to this
forecast. A substantial cash balance offsets Moody's near-term
concerns about potential modest cash consumption and liquidity is
expected to remain well above the minimum liquidity threshold over
the next 12-18 months.

Environmental, social, and governance factors have a material
impact on Peabody's credit quality. The company is exposed to ESG
issues typical for a company in the coal mining industry, including
increasing global demand for renewable energy that is detrimental
to demand for coal, especially in the United States and Western
Europe. From an environmental perspective, the coal mining sector
is also viewed as: very high risk for air pollution and carbon
regulations; high risk for soil and water pollution, land use
restrictions, and natural and man-made hazards; and moderate risk
for water shortages. Specific social issues with respect to Peabody
include the future operational status of the company's North
Goonyella metallurgical coal mine that is not operational following
a mine fire. The company continues to weigh its strategic
development alternatives while the North Goonyella commercial
process is advancing. Governance-related risks have increased in
early 2020 following a change in the CFO and the company's
announcement that it would nominate two directors from its largest
shareholder and one independent director. Peabody returned more
than $1.6 billion of cash to shareholders from 2017-2019 and
subsequently suspended its dividend and has eliminated share
repurchases in an effort to preserve cash. The company's financial
policy decisions have culminated in a situation where existing
financial arrangements became unsustainable during an industry
downturn.

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

The stable outlook assumes that the company will limit cash burn on
a consolidated basis, start repaying debt at the Australian
subsidiary, and maintain adequate liquidity to support operations.

Moody's could raise the company's rating with expectations for at
least $100 million of free cash flow on an annual basis, adjusted
financial leverage sustained below 4.0x Debt/EBITDA, and some debt
reduction. Moody's could downgrade the rating with expectations for
meaningful cash burn or erosion in liquidity.

Peabody Energy Corporation is a leading global pure-play coal
producer with coal mining operations in the US and Australia and
about 4 billion tons of proven and probable reserves. The company
generated $4.6 billion in revenues in 2019.

The principal methodology used in these ratings was Mining
published in September 2018.

SAM GILL: First Creditors' Meeting Set for Feb. 1
-------------------------------------------------
A first meeting of the creditors in the proceedings of Sam Gill
Corporation Pty Ltd will be held on Feb. 1, 2021, at 2:00 p.m. at
the offices of David Clout & Associates, Level 3, 26 Wharf Street,
in Brisbane, Queensland.

David Lewis Clout of David Clout & Associates was appointed as
administrator of Sam Gill on Jan. 20, 2021.


SPEEDCAST INT'L: Strikes Deal With Centerbridge, Black Diamond
--------------------------------------------------------------
Steven Church of Bloomberg News reports that Centerbridge Partners
and Black Diamond Capital Management struck  a deal to end their
court battle over how to reorganize SpeedCast International Ltd.,
the bankrupt satellite communications company's lawyers told a
federal judge Jan. 14, 2021.

The investors declined to outline the agreement in court until they
have a final written version, lawyers for the companies told U.S.
Bankruptcy Judge Marvin Isgur, who is based in Houston.  The
company will make the deal public in a court filing in the coming
days.

"We're pleased with the results," SpeedCast attorney Gary Holtzer
said during a court hearing held by video.

                 About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services.  SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band, and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local upport from more than 40
countries. Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise, and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020. At the time of the filing, the Debtors
each had estimated assets of between $500 million and $1 billion
and liabilities of the same range.

Judge David R. Jones oversees the cases.

Speedcast is advised by Weil, Gotshal & Manges LLP as global legal
counsel and Herbert Smith Freehills as co-counsel. Michael Healy of
FTI Consulting, Inc. is Speedcast's Chief Restructuring Officer,
and FTI Consulting, Inc. is Speedcast's financial and operational
advisor.  Moelis Australia Advisory Pty Ltd and Moelis & Company
LLC are Speedcast's investment bankers. KCC is Speedcast's claims
and noticing agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.

On August 13, 2020, the Debtor received a $395 million equity
commitment from Centerbridge Partners, L.P. and its affiliates, one
of its largest lenders.

STRATH PASTORAL: Second Creditors' Meeting Set for Jan. 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of Strath Pastoral
Pty Ltd has been set for Jan. 29, 2021, at 11:00 a.m. via
teleconference.

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 5:00 p.m.

Stuart Otway and Travis Olsen of SV Partners were appointed as
administrators of Strath Pastoral on Dec. 23, 2020.

WATJICO NEW: Second Creditors' Meeting Set for Feb. 1
-----------------------------------------------------
A second meeting of creditors in the proceedings of Watjico New Pty
Ltd has been set for Feb. 1, 2021, at 2:30 p.m. via Teleconference
Facilities.

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 Feb. 1, 2021, at 11:00 a.m.

Jason Walter Bettles of Worrells Solvency & Forensic Accountants
was appointed as administrator of Watjico New on Dec. 23, 2020.




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R&F PROPERTIES: Sells Majority Stake in Logistics Park for US$1.1BB
-------------------------------------------------------------------
Sandy Li at South China Morning Post reports that R&F Properties
has raised US$1.1 billion by selling a majority stake in its huge
urban logistics park in the Greater Bay Area in a sign that heavily
indebted mainland Chinese developers are gearing up to offload
assets.

The sale of a 70 per cent stake in Guangzhou International Airport
R&F Integrated Logistics Park to Blackstone Real Estate has been
completed, according to a statement from Blackstone on Jan. 20,
SCMP relays. The mainland developer still holds the remaining 30
per cent.  

Savills predicted that debt reduction would be one of the major
trends in the Chinese property market in 2021, the report notes.

"The renewed focus on debt levels, especially in the real estate
market, means challenges for developers, encouraging them to
proactively offload noncore assets," the global property adviser in
its latest report.

According to SCMP, Cushman & Wakefield believes the recent
introduction of tough new government rules designed to limit the
borrowing capacity of developers already laden with debt will force
many to raise capital by selling assets.

"Under the strict ‘three red lines' finance regulations, real
estate firms determined as falling into the orange and red tiers
are more likely to seek to dispose of assets, and we can expect to
see more quality projects in core locations to enter the market
through auction and so forth," the report quotes Alvin Yip, head of
capital Markets in China at the property services giant, as
saying.

SCMP says Chinese financial regulators have drawn three so-called
red lines under developers' borrowings, capping their debt-to-asset
ratio at 70 per cent, their net debt-to-equity ratio at 100 per
cent and barring short-term borrowings from exceeding their cash
reserves.

R&F, ranked 21st among Chinese developers by home sales, is
categorised as red currently, meaning it is in breach of all three
thresholds set out in the new regulations, the report states.

It had a liability-to-asset ratio of 78.2 per cent, excluding
advanced proceeds, and a net debt-to-equity ratio of 179.7 per
cent, according to the latest data from Wind Information. Its
cash-to-short term debt ratio stood at 0.46, and its total debts
came to CNY187.7 billion (US$29 billion).

Two weeks ago, R&F Properties pledged its stakes in three companies
controlling US$10 billion in combined assets to a unit under the
Guangzhou city authorities to meet government limits on debt
exposure, SCMP says.

According to the report, R&F said earlier that the sale of the
logistics park was aimed at "optimising the allocation of
resources, focusing on the development of [its] core business,
increasing capital reserve and reducing [its] gearing ratio".

Some developers have been trying to shed debt through aggressive
property sales, the report notes.

China Evergrande, the most indebted company in China with
accumulated loans of CNY835.5 billion, slashed prices by 30 per
cent in all of its projects nationwide for a month in September to
shore up cash flow. Its property sales grew by a robust 20.3 per
cent year on year to CNY723.25 billion in 2020, SCMP discloses
citing a filing with the Hong Kong stock exchange.

R&F's logistics park, located in Huadong County in the Huadu
District of Guangzhou, has a planned total construction area of
more than 1.2 million square metres.

Some 889,820 square metres of rentable area comprising warehouses,
plants and cold storage are currently completed. There are also
supporting facilities, and an undeveloped land area for warehouses
of about 140,000 sq m.

SCMP adds that Blackstone said the transaction expands its China
logistics portfolio by about a third to 53 million square feet
across 23 Chinese cities.

                       About R&F Properties

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
13, 2020, Fitch Ratings assigned China-based property developer
Guangzhou R&F Properties Co. Ltd.'s (B+/Negative) proposed US
dollar senior notes a 'B+' rating with a Recovery Rating of 'RR4'.
The proposed notes will be issued by Easy Tactic Limited, a wholly
owned subsidiary of R&F Properties (HK) Company Limited (RFHK;
B+/Negative), which is in turn a subsidiary of Guangzhou R&F. The
notes' rating aligns with the rating of RFHK, which provides them
with an unconditional and irrevocable guarantee. Guangzhou R&F
provides credit support, via a keepwell deed and deed of equity
interest purchase and investment undertaking, to the notes.
Guangzhou R&F intends to use the net proceeds from the proposed
issuance to refinance medium-to-long-term debt that will be due
within one year. The Negative Outlook reflects the refinancing risk
on the upcoming maturities of capital-market debt and the execution
risks related to Guangzhou R&F's refinancing plans. However, Fitch
believes the company has a number of options to address these
upcoming debt maturities, with CNY230 billion of saleable resources
and an increased willingness to boost sales by cutting prices. The
company is also in discussions for a number of asset disposals,
which could bring in additional liquidity.


TAIZHOU HUAXIN PHARMACEUTICAL: Fitch Affirms 'BB+' LongTerm IDRs
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Taizhou Huaxin
Pharmaceutical Investment Co., Ltd.'s (THPI) Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB+'. The Outlook is
Stable.

Fitch has also affirmed the 'BB+' rating on THPI's senior unsecured
debt issued by Huaxin Pharmaceutical (Hong Kong) Co., Limited, and
guaranteed by THPI.

THPI, established in 2005, is wholly owned by the Taizhou
municipality. The company is positioned as the flagship
government-related entity (GRE) of the Taizhou Medical High-tech
Industrial Development Zone (HTDZ) and is tasked with the urban
development of the zone and supporting the pharmaceutical
industry.

KEY RATING DRIVERS

Status, Ownership, and Control 'Very Strong': Fitch believes the
state's ownership and a very high level of control over THPI will
reinforce the government's incentive to provide extraordinary
support. The municipality owned 89.89% of the company as of
end-2020. Fitch expects the government to purchase the remaining
minority shareholding under an existing agreement.

The Taizhou government's control over THPI is exercised through the
appointment of the company's board members and senior management,
allowing it to dictate the company's strategic direction. All major
financial planning and investment decisions also require government
approval.

Support Track Record 'Strong': The assessment reflects the
government's record of providing sizeable financial support,
including a combination of annual subsidies and capital injections.
Fitch believes the financial support indicates the government's
willingness to support the company's operations. THPI received CNY1
billion in capital injections in 2020, with another CNY1 billion
planned in 2021, according to management. The company also received
regular subsidies, totalling CNY2 billion over the past five years,
exceeding its pretax profit.

Socio-Political Implications of Default 'Moderate': The attribute
strength reflects THPI's policy role in its urban development of
the HTDZ, and its political importance in developing the
pharmaceutical industry. Fitch believes a default of THPI could
disrupt the zone's economic activity. The company is unlikely to be
replaced by the private sector due to its status as a flagship GRE
dedicated to the HTDZ and its relationship with the government
sponsor. However, the attribute strength is constrained by the
possibility that there are other GREs in Taizhou that may act as
substitutes for THPI's policy role, if needed.

Financial Implications of Default 'Strong': THPI is the largest
policy-driven GRE in Taizhou by assets and plays an important
policy role in financing the HTDZ's urban development. Fitch
believes failure by the government to provide timely support to
THPI could damage its credibility and indicate a reduction in its
willingness to support its policy-driven GREs. This could affect
the availability and cost of financing options for other key GREs.
The attribute was not assessed at a higher level because THPI
focuses on the HTDZ and, hence, may not necessarily be viewed by
investors as a proxy for the government.

SCP Assessed at 'b-': THPI's Standalone Credit Profile (SCP) is
predominantly driven by Fitch’s expectation of a 'Weaker'
financial profile, with net adjusted debt/EBITDA of over 40x in
2019, a level consistent with Fitch’s forecast period through
2024. The company's weaker liquidity relative to its short-term
debt resulted in a lower SCP assessment of 'b-' in comparison with
other urban developers with similar leverage. Fitch does not expect
the financial profile to materially improve in the absence of
further capital injections.

Fitch assessed the revenue defensibility as 'Weaker', factoring in
Fitch’s expectations of stable demand offset by the government's
pricing constraints. Fitch assessed the operating risk as
'Midrange' in consideration of the stable nature of urban
development and the company's ability to pass through certain costs
to the sponsor.

DERIVATION SUMMARY

Fitch assessed THPI under Fitch’s Government-Related Entities
Rating Criteria. The rating approach factors in the government's
direct ownership and very high level of control, and the company's
important policy role as the urban developer of the Taizhou HTDZ
and the developer of the zone's strategic pharmaceutical industry.
Hence, Fitch believes the government will provide extraordinary
support to THPI, if needed.

RATING SENSITIVITIES

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

-- A change in Fitch's credit view of the Taizhou municipality's
    ability to provide subsidies, grants or other legitimate
    sources allowed under China's policies and regulations may
    result in rating action.

-- An expansion of the company's policy role could result in a
    strengthening of the sponsor's incentive to provide support

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

-- Deterioration in Fitch's credit view of the Taizhou
    municipality's ability to provide subsidies, grants or other
    legitimate sources allowed under China's policies and
    regulations may result in negative rating action

-- A weakening of the government linkage strength, including a
    dilution in shareholding or weakening incentive to support,
    including a reduced policy role, may result in a downgrade

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

TD HOLDINGS: Inks Deal to Sell $24.4MM Worth of Common Shares
-------------------------------------------------------------
TD Holdings, Inc. entered into a certain securities purchase
agreement with Ms. Renmei Ouyang, the chief executive officer and
chairwoman of the Company, and Mr. Shuxiang Zhang, both of whom are
"non-U.S. Persons" as defined in Regulation S of the Securities Act
of 1933, as amended, pursuant to which the Company agreed to sell
an aggregate of 15,000,000 shares of its common stock, par value
$0.001 per share, at a per share purchase price of $1.63, which is
the closing price of the Common Stock on the date immediate prior
to the date of the SPA.  The gross proceeds from such Offering will
be $24,450,000.  Since Ms. Ouyang and Mr. Zhang are affiliates of
the Company, the Offering was approved by the Audit Committee of
the Board of Directors of the Company, which solely consistent of
independent directors, as well as the Board of Directors of the
Company.

The parties to the SPA have each made customary representations,
warranties and covenants, including, among other things, (a) the
Investors are "non-U.S. Persons" as defined in Regulation S and are
acquiring the Shares for the purpose of investment, (b) the absence
of any undisclosed material adverse effects, and (c) the absence of
legal proceedings that affect the completion of the transaction
contemplated by the SPA.

The SPA is subject to various conditions to closing including the
Nasdaq's completion of its review of the notification to Nasdaq
regarding the listing of the Shares.  The Shares to be issued in
the Offering are exempt from the registration requirements of the
Securities Act of 1933, as amended, pursuant to Regulation S
promulgated thereunder.

The net proceeds of the Offering shall be used by the Company in
connection with the Company's general corporate purposes, working
capital, or other related business as approved by the board of
directors of the Company.

                         About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) operates a luxurious car
leasing business as well as a commodities trading business
operating in China.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  The Company said these factors caused
concern as to its liquidity as of Dec. 31, 2019.

TSINGHUA UNIGROUP: Bedevilled by Debt and Bad Bets
--------------------------------------------------
Josh Horwitz at Reuters reports that Tsinghua Unigroup, a Chinese
conglomerate that has long sought to become a semiconductor
powerhouse, is now caught between a rock and a hard place as debt
woes mount while key chip units are failing to thrive, sources with
knowledge of the matter said.

Best known for an unsuccessful $23 billion bid for U.S. chipmaker
Micron Technology Inc in 2015, Unigroup in November shocked
investors with a default on a CNY1.3 billion ($200 million) bond,
Reuters recalls. Including that bond, Unigroup has now either
defaulted or had cross-defaults triggered on seven onshore and
offshore bonds worth about $3.6 billion, according to Refinitiv
data.

The state-backed conglomerate, which has warned it may not be able
to make upcoming bond payments, had some $31 billion in debt as of
late June, more than half of which was due to mature in a year's
time, Reuters discloses citing filings. In contrast, it had roughly
$8 billion in cash and cash equivalents.

Reuters relates that the crisis has raised questions about
Unigroup's long-term stability and how much backing the
conglomerate, which is 51% owned by Tsinghua University, will
continue to be given by Beijing. The central government, keen to
develop a weak domestic chip industry, has invested billions of
dollars in Unigroup projects as well as in other chipmakers such as
SMIC.

According to Reuters, Unigroup's efforts to raise more capital
have, however, been stymied by the university's attempts to offload
its stake, in line with a change in government policy in 2018 which
called for higher education institutes to divest their business
holdings.

Many banks have been reluctant to lend money because Unigroup may
soon be without its parent company but at the same time, it can't
easily find a new strategic investor due to its heavy debt load,
said a source with knowledge of the matter, Reuters relays.

"And lots of the company's subsidiaries are still not mature enough
to go to capital markets, and not mature enough to generate
positive cash flow," the source, as cited by Reuters, said.

Some attempts to sell the university's stake to local authorities,
such as the Shenzhen government, have fallen through, according to
public filings cited by Reuters. Sources familiar with the matter
said Unigroup is continuing talks with other local governments
about potential investment.

In 2015, Unigroup Chairman Zhao Weiguo declared he would spend $47
billion in five years to turn the company, then a little-known
maker of chemicals and scanners, into China's next chip giant,
primarily through acquisitions, recalls Reuters.

But three sources - all current or former senior officials within
Unigroup - told Reuters its chip units have not generated hoped-for
revenue and its investment strategy was haphazard, with too much
money going into unrelated, often unprofitable businesses ranging
from real estate to online gambling and an Indian phone maker.

"A majority of the company's investments are pretty poor, and
that's how they got themselves into this kind of trouble," Reuters
quotes a former Unigroup executive involved in investment as
saying.

Unlisted Unigroup does not break down its revenue and profit
figures in detail. According to bond analysis firm YY Ratings,
chips accounted for at most 20% of Unigroup's CNY332 billion in
revenue for the first half of 2019, with 69% coming from servers
and IT equipment, Reuters discloses.

Tsinghua Unigroup Co., Ltd manufactures computer products. The
Company produces computer softwares, computer hardwares, computer
auxiliary equipment, and other products. Tsinghua Unigroup also
produces electronic components, chemicals, and other products.



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

ABHISHEK PROPBUILD: CARE Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Abhishek
Propbuild Pvt Ltd to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       129.3      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Abhishek Propbuild Private
Limited to monitor the rating vide e-mail communications dated
December 8, 2020, December 10, 2020, December 14, 2020 and numerous
phone calls. However, despite repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Abhishek Propbuild Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on January 23, 2020 the following was
considered

Key rating weakness

* Delays in debt servicing: As per banker interaction, it was
informed that there have been continuing delays in debt repayments.
The company availed moratorium under RBI Covid-19 Regulatory
Package for a period of 6 months starting from
March, 2020.

Analytical approach: Standalone financials of the company along
with transaction structure based upon escrowing of receivables from
underlying windmill assets of Abhishek Propbuild Private Ltd,
Mantri Developers Private Ltd and Mantri Homes is considered.

Abhishek Propbuild Pvt Ltd, part of Mantri group, is operating a
retail mall viz. 'Mantri Square Mall (MSM)' in Malleswaram,
Bengaluru with leasable area of 867,636 sft and 12 MW of wind mill
assets in Davangere district of Karnataka. The power generated from
wind mills is largely utilized for captive consumption with balance
power sold out to 3rd parties in open market. The wind mill
receivables of the firm along with receivables from group windmill
assets aggregating to 23 MW are separately securitized.

ACCORD ELECTROPOWER: CARE Lowers Rating on INR3.96cr Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Accord Electropower Private Limited (AEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.96       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 25, 2019, placed
the rating(s) of AEPL under the 'issuer non-cooperating' category
as AEPL had failed to provide information for monitoring of the
rating. AEPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated December 4, 2020 and December 1, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating has been revised on account of non-availability of
information and no due diligence conducted due to noncooperation by
Accord Electropower Private Limited with CARE'S efforts to
undertake a review of the rating outstanding.

CARE views information non-availability risk as a key factor in its
assessment of credit risk. The ratings take into account small
scale of operations with low net worth base, declining
profitability margins, elongated collection period and weak
liquidity indicators and competitive industry and risks associated
with tender-based orders. The rating, however, draws comfort from
experienced promoters and moderate capital structure.

Detailed description of the key rating drivers

At the time of last rating on December 25, 2019, the following were
the rating weaknesses and strengths (Updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

* Small scale of operations with low net worth base: The scale of
operations stood modest as marled by TOI and GCA of INR51.83 crore
and INR1.47 crore respectively in FY19 as against INR15.35 crore
and INR0.52 crore respectively in FY18. Further, the networth base
continues to be small at Rs.3.38 crore as on March 31, 2019. The
small scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

* Declining profitability margins: Profitability margins stood
declining as marked by PBILDT and PAT margins of 4.71% and 2.12%
respectively in FY19 as against 6.07% and 2.20% respectively in
FY18. Elongated collection period with weak liquidity indicators
The inventory requirements (comprising raw material) is primarily
order backed and AEPL maintain inventory of around 60 days for
smooth execution of contracts. The product manufactured by the
company is dispatched only after testing and quality checks by
various government and private agencies. In FY19, the inventory
holding period stood elongated at 60 days in FY19 owing to delay in
obtaining clearance from government agencies for the same.
Furthermore, the power distribution companies release money once
the product meet the specifications resulting in delayed
realization of payments which further results in delayed payment to
its supplier. Moreover, the liquidity indicators marked by current
ratio and quick ratio stood weak at 0.98 and 0.38 times
respectively as on March 31, 2019.

* Competitive industry and risks associated with tender-based
orders: The transformer industry faces direct competition from
various unorganized and organized players in the market. The
competition in the domestic transformer industry has been
increasing since the last two-three years due to factors like
import of cheaper equipment, especially from China and large number
of smaller players with limited capacity entering the industry due
to its high profitability and easy availability of technology.
Also, as most of the business is tender-driven, the incumbent
players have witnessed margin pressures due to aggressive bidding
from the players seeking an entry in the market and the growth of
the business depends on its ability to successfully bid for I,' the
tenders and emerge as the lowest bidder.

Key Rating Strengths

* Experienced promoters: AEPL is currently being managed by Mr.
Deepak Kumar Gaur and Mr. Paramhansh Raghav. Both of them are
graduates by qualification and have an experience of around half a
decade in the power distribution industry through their association
with this entity. Further, they are also assisted by qualified
personnel having requisite experience in their respective fields.

* Moderate capital structure and moderate order book: Capital
structure continues to be moderate as marked by overall gearing of
1.27x as on March 31, 2019 as against 1.18x as on March 31, 2018
owing to higher reliance on external borrowings. The order book of
the company stood at INR53.23 crore as on September 30, 2018 which
is approximately 3.47 times of its total operating income for FY18,
thereby giving the company short to medium term revenue visibility.
Updated information is not available due to non-cooperation by
AEPL.

Accord Electropower Private Limited (AEPL) was incorporated in
2015. The company is currently being managed by Mr. Deepak Kumar
Gaur and Mr. Paramhansh Raghav. The company is engaged in
manufacturing of Power and distribution transformers which finds
its application in power generation and distribution industry. The
company has its manufacturing unit in Noida, The company cater to
both private and government company involve in DISCOMS
(Distribution companies).

ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Angle
Infrastructure Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       90.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 14, 2017, placed the
rating of AIPL under the 'issuer non-cooperating' category as AIPL
had failed to provide information for monitoring of the rating.
AIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 4, 2021;
December 16, 2020 and December 1, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on November 19, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There have been on-going delays by AIPL
in servicing of its debt obligations. This could be attributed to
the tight liquidity position of the company owning to slowdown in
real estate market leading to slow sales and collection from
customers.

* Limited experience of Promoters in the industry: AIPL is promoted
by Mr. Amit Katyal and his family members. The group is present in
liquor business for over three decades and it entered the real
estate business in 2011 by launching its first ultra -luxury
project in Gurgaon. Though, the promoter group has been involved in
the development of more than 5 residential/commercial projects in
and around Delhi/NCR. However, the experience of the promoters in
real estate development has been limited with the absence of any
real estate project completed so far.

* Subdued Real estate scenario: The sector continues to remain
troubled with issues of high unsold inventory, delayed delivery of
projects and financial stress on developers, the only segment that
showed some signs of a rebound was the affordable housing category
in the peripheries of the major markets. The broader market opinion
is that while the long-term story for residential market
remains strong; the short term is expected to be sluggish.

Key Rating Strengths

* Locational Advantage: The project under AIPL enjoys location
advantage on account of being situated in prominent location of
Gurgaon having easy accessibility and good connectivity. Florence
Estate project is situated on Sohna road with vicinity to the
proposed Metro Rail at Sector 70, Gurgaon. However, single project
within the company and most of the other projects within the group
lying in the Delhi NCR region, the group is exposed to geographical
concentration risk.

Incorporated in April 30, 2010, Angle Infrastructure Private
Limited (AIPL) is engaged in the development of residential/group
housing project in Gurgaon (Haryana). AIPL is a part of Delhi based
Krrish Group, which has interests in liquor business in Delhi,
Haryana, Bihar, Jharkhand, U.P. and real estate business in
Gurgaon, Faridabad and Delhi in India and Colombo in Sri Lanka. The
group is present in liquor business for over three decades through
Frost Falcon Distilleries Limited. The group entered the real
estate business in 2011 by launching its first ultra -luxury
project Provence Estate (under Jasmine Buildmart Pvt. Ltd. (JBPL),
a 10 lsf residential project in Gurgaon. AIPL is currently engaged
in the construction and development of the project viz. Florence
Estate project. The project is a residential group housing project
on a land area measuring approximately 13.46 acres situated at
Village Fazilpur Jharsa, Sector-70, Gurgaon, Haryana and comprises
of 510 residential units for central government employees. The
Company has obtained requisite approvals for development and
construction of the project.

ANISHA ENTERPRISES: CARE Lowers Rating on INR10cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the rating on the Long Term bank facilities of
Anisha Enterprises (AE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 6, 2019 placed the
rating(s) of AE, under the 'issuer non-cooperating' category as AE
had failed to provide information for monitoring of the ratings. AE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated January 2020 to December 31 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by Anisha
Enterprises with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on December 6, 2019 and January 28, 2019
the following were the rating strengths and weaknesses:

Key Rating Weakness

* Short track record and Small scale of operations during the
review period: The scale of operations of the firm has been small
during the review period as the entity was established in the year
2017 resulting to short track record. The total operating income of
the firm stood at INR12.41 crore with moderate networth of INR6.59
core as compared to others peers in the industry. However, the firm
achieved the total operating income of INR7.50 crore in 9M FY19
(Prov.,). The firm has its customer base only from Andhra Pradesh
resulting to customer and geographic concentrated risk.

* Weak debt coverage indicators: The firm had weak debt coverage
indicators during review period marked by Total debt/GCA which
stood at 63.26x as on March 31, 2018 due to high debt levels as the
firm had fully utilized the working capital bank borrowings and
availment of unsecured loans from related parties for meeting the
day to day operations of the firm. Further, Interest coverage ratio
& total debt/cash flow from operating activities stood at 2.08x &
30.44x respectively in FY18.

* Elongated collection and inventory days resulted in Working
capital intensive nature of operations: The operating cycle of the
firm stood elongated and stood at 372 days mainly on account of
high collection period and inventory period. The firm usually makes
the payments to its suppliers within 90-180 days, whereas it
receives the payments from its customers within 45-90 days.
Sometimes, the firm gets extended credit period from its suppliers,
based on long term relationship. Furthermore, the firm maintains an
average inventory of about 45-60 days in order to meet the customer
requirements. The firm has approximately 80% of debtors and
creditors from its associate concerns resulting to working capital
intensive nature of operations.

* Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's capital
at the time of personal contingency which can affect its capital
structure. Further, partnership concern has restricted access to
external borrowing which limits their growth opportunities to some
extent.

* Highly fragmented industry with intense competition from large
number of players: The company is engaged in trading of pulses and
shrimp which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

Key Rating Strengths

* Qualified and Experienced Promoter in various businesses: Anisha
Enterprises (AE) was promoted as a proprietorship concern by Mr.
Srimannarayana in May, 2017. Mr. Srimannarayana is a Doctor by
qualification and has worked in a hospital. Since 3 years, he
established his own clinic. The entity purchases Channa, Bengal
gram, tur dal etc., and shrimp from local farmers in and around
ongole, Andhra Pradesh and sells the same to the customers located
in the districts of Andhra Pradesh.

* Moderate Capital Structure: The capital structure of the firm
remained moderate during the review period marked by debt equity
and overall gearing ratio which stood at 0.11x & 1.66x as on  March
31, 2018 due to availment and fully utilization of working capital
bank borrowings and unsecured loans from related parties for
meeting the day to operations of the firm.

* Satisfactory PBILDT margin albeit thin PAT Margins: The
profitability margins of the firm remained satisfactory during the
review period. The PBILDT margin of the firm stood at 2.66% in FY18
due to initial year of operations resulted in under absorption of
raw material and other expenses.  Furthermore, PAT margin of the
firm remained above unity during review period and stood at 1.28%
in FY18 due to trading nature of business.

* Stable outlook for agriculture industry: The Indian food industry
is poised for huge growth, increasing its contribution to world
food trade every year due to its immense potential for value
addition, particularly within the food processing industry. The
agriculture sector in India is expected to generate better momentum
in the next few years due to increased investments in agricultural
infrastructure such as irrigation facilities, warehousing and cold
storage. Furthermore, the growing use of genetically modified crops
will likely improve the yield for Indian farmers. India is expected
to be self-sufficient in pulses in the coming few years due to
concerted efforts of scientists to get early-maturing varieties of
pulses and the increase in minimum support price.

Anisha Enterprises (AE) was established and started the commercial
operations in the year May 2017 by Mr. Srimannarayana as a
proprietorship concern. Initially, the firm was engaged in the
business of trading of Tobacco, Pulses and Shrimp. At present the
firm is engaged in the wholesale and retail trading of different
kinds of pulses and shrimp. The firm generates 95% of the revenue
from the trading of pulses and remaining 5% from sale of shrimp.
The firm sells both pulses and shrimp in the states of Andhra
Pradesh and purchases the same from the farmers located around
Prakasham district, Andhra Pradesh.

ARYA FIN-TRADE: Ind-Ra Withdraws 'BB-' Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings on
Arya Fin-trade Services (India) Private Limited as follows:

-- The 'IND BB- (ISSUER NOT COOPERATING)' Issuer rating is
     withdrawn; and

-- The 'IND A4+ (ISSUER NOT COOPERATING)' on the INR220 mil. Non-
     fund-based facilities are withdrawn.

KEY RATING DRIVERS

The agency is no longer required to maintain the ratings, as it has
received a no due certificate from the rated facilities' lenders.

COMPANY PROFILE

Arya Fin-trade Services (India) is engaged in the provision of
broking services and the trading of derivatives and equity on BSE
Ltd (cash and currency derivatives) and National Stock Exchange
Limited (cash, futures and options and currency derivatives).


BHARAT WIRE: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bharat Wire
Ropes Ltd (BWRL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       385.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       65.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers:

CARE has been seeking information from BWRL to monitor the
rating(s) vide e-mail communications/letters dated December 28,
2020, December 31, 2020, January 5, 2021 and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines CARE's rating on Bharat Wire Ropes
Ltd.'s bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers:

The rating has been reaffirmed on account of the ongoing delays in
debt servicing of the company as per the auditor's report.

BWRL is engaged in manufacturing of variety of wire strands, wire
ropes and slings of various sizes and dimensions ranging from 6
mm-125 mm diameter. The company has its facility located at Atgaon
with installed capacity of 12000 MTPA (metric tonnes per annum).
Further BWRL has commenced commercial production on March 22, 2017
at its Chalisgaon factory which has an installed capacity of 66,000
MTPA. The wire ropes are manufactured in galvanized as well as
ungalvanised carbon steel variants, stainless steel wire ropes. The
Company has a diverse product mix which includes Mechanically
Spliced Slings, Hand Spliced Slings, Earth Wires, Stay Wires, Guy
Wires, Spiral Strands, General Purpose Ropes, Fishing Ropes, Crane
Ropes, Structural Ropes, Elevator Ropes, Mining Ropes, Oil & Gas
Ropes & Shipping Ropes. The products find application in different
industries including oil & gas, mining, fishing, ports & marine,
elevator, power transmission, railways, construction,
infrastructure, defence, crane manufacturers, among others.


BIMBAN INDUSTRIES: CARE Lowers Rating on INR5cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bimban Industries Private Limited (BIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 10, 2019, placed
the rating(s) of BIPL under the 'issuer non-cooperating' category
as BIPL had failed to provide information for monitoring of the
rating. BIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated November 11, 2020 to November 18, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the public available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the ratings is on account of non- availability of
requisite information for monitoring the ratings

Detailed description of the key rating drivers

At the time of last rating on December 10, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations: The scale of operations remained small
marked by a total operating income (TOI) of INR16.45 crore in FY19
(Prov.) as compared to INR14.50 crore in FY18.

* Working capital intensive nature of operations: The operating
cycle of the company elongated and stood at 136 days and net worth
of INR1.86 crore in FY19 (Prov.) as against 124 days and INR1.63
crore in FY18.

* Weak capital structure and debt coverage indicators: The capital
structure of the company stood leveraged marked by overall gearing
of 3.61x as on March 31, 2019 (Prov.) as compared to 3.31x as on
March 31, 2018. The debt-coverage indicators stood weak marked by
TD/GCA and Interest coverage stood at 22.38x and 1.58x as compared
to 22.73x and 1.36x in FY18 on account increase in unsecured loans
borrowed for business operations despite growing operating
profits.

Key Rating Strengths

* Experienced and established track of Promoters in fabric
industry: Mrs Sujata Ganeriwala, the Managing Director of BIPL has
more than two decades of experience in the fabric industry. She is
a qualified Diploma in Textile Engineering. Prior to BIPL, she was
providing technical expertise for about two decades in a company
manufacturing of tyre cord fabrics. Mr. Srinivas, Director of BIPL,
has about two decades of experience in various business industries
in his career who provides administrative and management expertise
in operations of BIPL. The vast experience of the promoters is to
benefit the company at large.

* Satisfactory profitability margins: The PBILDT margin of the
company improved and stood at 6.61% in FY19 (Prov.) as compared to
6.51% in FY18 and PAT margin has declined to 1.43% in FY19 (Prov.)
as compared to 1.47% in FY18.

Bimban Industries Private Limited (BIPL) formerly known as
Hyderabad Polyplast Marketing Private Limited was established in
November 2010 by Mr. Ramesh Agarwal and Mr. Shiv Prasad Sharma. The
company did not commence any operation and was idle in the initial
years. The company was taken over in the name of BIPL from the year
2014 by Mrs. Sujata Ganeriwala who is the managing director. The
commercial operations commenced in 2015. The other directors
include Mr. Shwetaank Ganeriwala, Mr. N. Srinivas. The registered
office and the factory is located in Kolkata and Bangalore
respectively. BIPL is engaged in manufacture of tyre cord fabric
which is a raw material for tyre manufacturing. The company is into
manufacturing customer specific cord fabrics. The company imports
synthetic yarns from suppliers in Indonesia and China and sells the
finished product in domestic as well as export market i.e, in
Srilanka Tunisia etc.

CANTECH ENGINEERS: CARE Lowers Rating on INR7.34cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cantech Engineers Private Limited (CEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.34       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 20, 2019 placed the
ratings of CEPL under the 'issuer non-cooperating' category as CEPL
had failed to provide information for monitoring of the rating.
CEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 1, 2020, December 29, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further banker could not be contacted.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by CEPL with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings continue to remain constrained owing by modest and
fluctuating scale of operations, Elongated collection period, Raw
material price fluctuations risk and highly competitive nature of
industry.  The ratings, however, continue to take comfort from
experienced promoters coupled with long track record of operations,
moderate profitability margins, comfortable capital structure and
debt coverage indicators.

Detailed description of the key rating drivers

At the time of last rating on November 20, 2019 the following were
the rating weaknesses and strengths: (Updated for the information
available from the Registrar of Companies).

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest and fluctuating scale of operations: CEPL's scale of
operations remained modest as marked by total operating income and
gross cash accruals of INR28.50crore and INR2.49crore,
respectively, for FY19 (refers to the period April 1 to March 31).
TOI registers a growth in FY17 over FY16 and thereafter declined in
FY18 and FY19 on account of lower quantity sold. The modest scale
of operations limits the company's financial flexibility in times
of stress and deprives it of scale benefits.

* Elongated collection period: Being in highly competitive nature
of industry, the company has liberal credit policies wherein it
allows credit period of around 3-4 months to its customers.
Further, the same was prolonged to 105 days for FY19 as against 120
days in FY18. The company pays to its suppliers once the money is
realized from the customers. The company maintains inventory of
around 35 days in FY 19 as against 17 days in FY18 in form of raw
material for smooth running of its production processes. The
operating cycle stood at 33 days in FY19 as against 14 days in
FY18.

* Raw material price fluctuations risk: The company is exposed to
the raw material price volatility risk due to the volatility
experienced in the prices of steel and allied products and their
prices fluctuates rapidly due to demand supply gap. Raw materials
such as mild steel (MS) sheets, cold rolled (CR) sheets, gaskets,
etc. constitute a major component of the raw material. Hence, any
volatility in their prices has a direct impact on the profitability
margins of the company.

* Highly competitive nature of industry: CEPL operates in highly
competitive industry characterized by the presence of large number
of players in the unorganized sector and organized sectors. There
are number of small and regional players and catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

Key Rating Strength

* Experienced promoters coupled with long track record of
operations: CEPL's is a family runs business and its operations are
currently being managed by Mr. Surender Kumar Chaturvedy & Mr.
Shashank Chaturvedy. Both the directors have accumulated experience
of more than one decade in this business through their association
with this entity. Furthermore, CEPL is also supported by a team of
qualified engineers, supervisory and technical staff to work on
various projects/orders. CEPL has been operating in this business
for more than one and half decade, which aid in establishing a
healthy relationship with both customers and suppliers. Over these
years, the company has established business relationship with
reputed companies like Mahindra and Mahindra Limited (M&M), Bharti
Airtel Limited, Aditya Birla Fashion and Retail Limited, L G
Electronics India Private Limited, etc. Association with reputed
customers coupled with repeated orders enhances the image of the
company in the market regarding product quality.

* Moderate profitability margins, comfortable capital structure and
debt coverage indicators: The company has long standing presence in
the market along with association with customer base which has
resulted into competitive edge over other established players; the
same is evident from moderate profitability margins in the past
three financial years i.e. (FY17-FY19). PBILDT and PAT margin stood
at 11.38% and 1.97% for FY 19 as against 18.64% and 10.45% in FY18.
The capital structure of the company stood comfortable as marked by
overall gearing ratio which stood at 0.26x in FY19 as against 0.46x
In FY18 on account of satisfactory net worth base against the debt
levels. Further, owing to moderate profitability margins; the debt
service coverage indicators as marked by interest coverage and
total debt to GCA stood comfortable at 5.21x and 2.15x during FY19
as against 72.59x and 1.89x in FY18.

Delhi based Cantech Engineers Private Limited (CEPL) (CIN No.
U31101DL2008PTC178423) was incorporated in May, 2008. CEPL has
succeeded an erstwhile proprietorship firm established in 2002
under the name "Cantech Engineers". In May, 2008, the name changed
to present one. The company is currently managed by Mr. Surender
Kumar Chaturvedy & Mr. Shashank Chaturvedy. The company is engaged
in the manufacturing of acoustic enclosures for DG sets,
furniture's & fixtures such as display stand, display wall, display
counters & industrial doors, LT & HT panels, racks, etc. and its
related sheet metal components. The company also operates as an
authorized dealer of Mahindra & Mahindra Limited (M&M) DG sets &
engines. The company has one associate concern namely "M/s Cantech
Automobiles" (established in 2015) operates as an authorized dealer
of Royal Enfield.

D.M. JEWELLERS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated D.M. Jewellers'
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 D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR187 mil. Fund-based limits (Long-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 21, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

D.M. Jewellers is a Gujarat-based proprietorship firm that trades
gold, diamond and silver jewellery. It has a 1,200 square foot
showroom in Navsari, Gujrat.


ERODE SRI PALANI: CARE Cuts Rating on INR15cr Loans to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Erode Sri Palani Murugan Spinning Mills Private Limited (ESMPL),
as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.67       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

   Short Term Bank      0.33       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 10, 2020, placed the
rating(s) of ESMPL under the 'issuer non-cooperating' category as
ESMPL had failed to provide information for monitoring of the
rating. ESMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 11, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the rating takes into account of ongoing delays as
per publically available information and non-availability of
requisite information due to non- cooperation by ESMPL with CARE's
efforts to undertake a review of the outstanding ratings as CARE
views information availability risk as key factor in its assessment
of credit risk profile.

Key Rating Weakness

* Ongoing delays: As per the publically available information there
are ongoing delays in debt servicing and the account is classified
under SMA I category by its lender.

Key Rating Strengths

* Long track record of the company and experience of the promoters
for more than one decade in textile industry: Erode Sri Palani
Murugan Spinning Mills Private Limited (ESPMSPL) was promoted by
Mr. E. Palanisamy (Managing Director) and others. Mr.E.Palanisamy
has more than 20 years of experience in textile industry.
Mr.S.Palanisamy (Director), Mr.P.Pramod Kumar (Director),
Mr.M.Kandasamy (Director) and Mr.R.Sivalingam (Director) have more
than 15 years of experience in textile industry. Mr.P.Pavathal
(Director) has more than 10 years of experience in textile
industry. Due to long experience of the promoters, they were able
to establish long term relationship with clientele which will help
in growing the business in near future.

Erode Sri Palani Murugan Spinning Mills Private Limited (ESMPL) is
a Tamil Nadu based company, which was incorporated in 2006 and
promoted by Mr. E. Palanisamy and others as a Private Limited
company. The company is engaged in manufacturing of cotton yarn
(30-46 counts) with a total installed capacity of 13,824 spindles
at its manufacturing unit located at Erode, Tamil Nadu. The
manufacturing process includes ginning of raw cotton, blending,
carding, combing, drawing out, twisting and spinning. The company
is also engaged in manufacturing of cloth at its weaving mill from
rayon yarn.

G.R. FABRICS: CARE Lowers Rating on INR8.77cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G.R.
Fabrics Private Limited (GRF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.77       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING (Revised from
                                   CARE BB-; Stable; and
                                   moved to ISSUER NOT
                                   COOPERATING category)

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GRF to monitor the rating
vide email communications dated July 21, 2020, August 13, 2020,
September 18, 2020, October 7, 2020, November 2, 2020, November 13,
2020, December 3, 2020, December 11, 2020, January 7, 2021, January
11, 2021 and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which, however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on GRF's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING*/CARE A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of GRF has been revised
on account of non-availability of requisite information for
carrying out rating exercise.

Detail description of the key rating drivers

At the time of last rating on December 18, 2019, the following were
the rating strengths and weaknesses (updated from information
available from client).

Key rating weaknesses

* Modest scale of operations coupled with thin profitability in
FY20: During FY20(Provisional, refers to period April 1 to March
31), Total Operating Income (TOI) of the company has marginally
increased by 6.24% over FY19 but remained modest at INR21.03 crore.
During FY20 (A), the PBILDT margin has decreased by 104bps due to
increase in material cost, power & fuel cost and employee cost and
remained moderate at 8.08% as against 9.11% during FY19.
Consequently with high interest and depreciation cost incurred
during the year, PAT margin also declined and remained thin at
0.06% in FY20 as against 0.07% in FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of GRF as on March 31, 2020 deteriorated
mainly due to increase in total debt mainly in form of unsecured
loan and remained leveraged as reflected by an overall gearing
ratio of 2.78 times as compared to 2.68 times as on March 31, 2019.
Further, as a result of thin profitability with leveraged capital
structure, Debt service coverage indicators continue to remain weak
with total debt to GCA of at 21.14 times as on March 31, 2020 as
against 16.76 times as on March 31, 2019 while interest coverage
ratio remained at 1.42 times during FY20 as against 1.51 times
during. Further, GRW has availed moratorium benefit on TL and CC
for 6 months ending August, 2020.

* Presence in a highly competitive and fragmented textile industry
and vulnerability of margins to fluctuation in raw material prices:
GRF has presence in the textile industry which is highly
fragmented and competitive with presence of numerous independent
small scale enterprises owing to low entry barriers leading to high
level of competition. Smaller companies are more vulnerable to
intense competition and have limited pricing flexibility, which
constrains their profitability as compared to larger companies who
have better efficiencies and pricing power considering their scale
of operations. The prices of yarn are in fluctuating trend and
hence, the profitability of the company is vulnerable to any
adverse movement in the raw material prices.

Key Rating Strengths

* Experienced and qualified management and group support: Mr.
Girraj Kishore Goyal, Director, has more than four decades of
experience and looks after the overall affairs of the company. He
is supported by Mr. Brajesh Goyal, Director, who has 25 years of
experience in the industry. Further, the promoters are supported
with the experienced second-tier management which includes; Mr. M.L
Sharma who looks after production and factory department, Mr.
Praduman looks after marketing department, Mr. Arpit Jain,
Chartered Accountant by qualification looks after accounts and
finance function of the company. They are supported by a team of
qualified and skilled employees. Further, the company also gets
support by its other group concern, G.R Weavers Private Limited and
Shree Vallabbh Agencies which is engaged in the business of
manufacturing of PP woven bags and trading of cloth and fabrics.
Further the company sells one of its products Multi filament yarn
to its group concern G.R Weavers Private Limited.

* Established track record of operations with established client
base: GRF was incorporated in the year 1987 and hence, has a track
record of more than three decades in the industry having
established relationship with its customers and suppliers. The
company is empanelled for supplying uniforms fabrics to Central
Police Canteen, Para Military forces and Border Security Force
across India. Further, the company offers diversified types of
fabrics including synthetics and Khadi according to the requirement
of the national armed forces. In FY19, top 5 customers contributed
61.42% of its TOI. Further, out of which 25% of its TOI of FY19 is
from sale to its group concern; G.R. Weavers Private Limited(GRW).
The company also purchased around 21.69% of its raw-material
requirement of FY19 from GRW. GRF purchases fabrics from GRW and
then process its further and sell Multifilament yarn to GRW.

Gwalior (Madhya Pradesh) based G.R. Fabrics Private Limited (GRF)
was incorporated in 1987 by Mr. Brajesh Goyal along with others
family members. GRF is engaged in the manufacturing and processing
of all types of fabrics such as synthetics and khadi etc. It also
gets the work done on job work basis. The plant of GRF is located
at Banmore, Madhya Pradesh and has 8 sulzer looms with total
installed capacity of 12 lakh metres per annum as on March 31,
2019. Further from June, 2018, it commenced manufacturing of
Multifilament yarn and BCS printed woven fabric and bags also.

GARG ALUMINIO: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg
Aluminio Private Limited (GAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.14      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 25, 2019, placed the
rating(s) of GAPL under the 'issuer non-cooperating' category as
GAPL had failed to provide information for monitoring of the
rating. GAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mail
communications/letters dated Nov. 6, 2020, Nov. 9, 2020, Nov. 10,
2020 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Garg Aluminio Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, banker feedback is not available.  The rating
on the company's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

There have been instances of delays in debt servicing due to
stretched liquidity position.

Delhi-based GAPL (erstwhile Yash Ceramics Private Limited Ltd, name
changed on April 25, 2013), incorporated in June 04, 1997, was
promoted by Mr. Suresh Chand Garg and Mr. Atul Chanana. Currently,
the company is engaged in the manufacturing of aluminum wires,
aluminum alloy wires and copper clad aluminum wires. The
manufacturing facility of the unit is located at Bahadurgarh,
Haryana. The company mainly caters to the domestic market .The
company has an associate concern "Garg Inox Limited" also engaged
in the business of manufacturing of stainless steel wires, bright
bars, zinc wires, aluminum wires, and copper clad aluminum wires.

GLOBAL CLOUD: Completes Financial Restructuring, Exits Chapter 11
-----------------------------------------------------------------
Global Cloud Xchange on Jan. 6, 2021, disclosed that effective Dec.
31, 2020, the Company's remaining U.S. regulated businesses and
non-U.S. entities have successfully emerged from the Chapter 11
bankruptcy process following receipt of regulatory approvals. This
completes the financial restructuring process of all the Company's
business entities and follows the prior announcement of emergence
from bankruptcy of its non-regulated businesses, which represented
a vast majority of the global network and operations, on April 15,
2020.

Through the Company's Plan of Reorganization, the Company reduced
debt and gained a more robust capital structure with new financing
and ownership to support long-term growth. This provides the
Company with a platform to accelerate the introduction of new
innovative connectivity solutions to its customers through
automation and to drive the adoption of an end-to-end digital
experience. In addition, the financial restructuring better
positions GCX as a forward-driven enterprise with the ability to
generate significant value for its shareholders.

"In completing the financial restructuring process, GCX reaches a
significant milestone, emerging as an energized future-focused
company offering new solutions for its customers," said Carl
Grivner, CEO of GCX. "During the process, there has been no impact
on the interactions between GCX and its customers nor any
interruptions in the services the Company provides. In fact, we
have successfully added exciting new partnerships and customers
throughout this process. As GCX leaps forward, unleashing its new
strategy, we believe our significant investments in technology and
talent will drive our company into an exciting new era of growth
while providing our customers with simplicity, speed, and security.
It's an exciting time to be a GCX customer."

Jim Ousley, Chairman of Global Cloud Xchange, added, "This is an
important day for GCX as we complete our Plan of Reorganization,
and strategically move ahead as a stronger company with the agility
to succeed. As a result of full emergence, we are better positioned
to capitalize on many of the opportunities we see in our business.
I, along with the rest of the GCX management team, are confident in
GCX's future and excited about all that we will be able to
accomplish as we move forward."

Additional information about GCX's restructuring is available via
the Company's restructuring website,
https://cases.primeclerk.com/gcx.

                      About Global Cloud Xchange

Global Cloud Xchange (GCX), a subsidiary of India-based Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies. GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform. With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.

GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.

The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of $200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.

The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.

The Hon. Christopher S. Sontchi is the case judge.

The Debtors tapped Paul Hastings LLP as general bankruptcy counsel;
Young Conaway Stargatt & Taylor, LLP as local bankruptcy counsel;
FTI Consulting, Inc. as financial advisor; and Lazard & Co.,
Limited as investment banker. Prime Clerk LLC is the claims agent.

GUJARAT CONSTRUCTION: Ind-Ra Corrects Dec. 19, 2019 Rating Release
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified on Gujarat
Construction Co. (GCC) published on December 19, 2019 to correctly
state the size of issue of the non-fund-based limits.

The amended version follows:

India Ratings and Research (Ind-Ra) has assigned Gujarat
Construction Co. (GCC) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits assigned with IND BB-/Stable
     rating; and

-- INR76 mil. Non-fund-based limits assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect GCC's medium scale of operations, as indicated
by revenue of INR1,310.71 million in FY19 (FY18: INR 982.89
million). The revenue grew due to an increase in work orders from
the state governments of Gujarat and Rajasthan. The revenue in FY19
includes income of INR1,056.82 million from sublet agreements in
Gujarat and Rajasthan. At end-October 2019, GCC had an order book
of INR2,534.28 million (1.93x of the total revenue in FY19).

Liquidity Indicator – Stretched: The company had liquid cash and
cash equivalents of INR21.00 million at end-FY19 (end-FY18: INR4.22
million) against a total debt of INR130.29 million (INR106.09
million). GCC's average use of the fund-based facility was 96.71%
for the 12 months ended November 2019. Cash flow from operations
turned positive at INR41.75 million in FY19 (FY18: negative
INR78.86 million), as the working capital cycle shortened to 31
days in FY19 (FY18: 39 days) owing to a decline in stockholding
days.

The ratings are also constrained by the partnership nature of the
organization.

The ratings factor in the moderate credit metrics. The metrics
improved in FY19 due to an increase in the absolute EBITDA to
INR90.22 million (FY18: INR66.87 million). The interest coverage
(operating EBITDA/gross interest expense) improved to 4.88x in FY19
(FY18: 4x) and net leverage (total adjusted net debt/operating
EBITDAR) improved to 1.21x (1.52x).

The ratings, however, are supported by GCC's healthy EBITDA
margins. The margins rose to 6.88% in FY19 (FY18: 6.80%) because of
a fall in personnel expenses. The return on capital employed was
30.6% in FY19 (FY18: 28.7%).

The ratings are supported by the promoters' experience of two
decades in the construction of drainage systems, water supply
pipelines and other construction projects.

RATING SENSITIVITIES

Negative: A decline in the scale of operations and deterioration in
credit metrics, with interest coverage falling below 1.70x, could
lead to a negative rating action.

Positive: A sustained improvement in the revenue and EBITDA margins
or maintaining of comfortable credit metrics could lead to a
positive rating action.

COMPANY PROFILE

GCC was established in 1992 as a partnership firm by Janak kumar
Bholabhai Patel, Navinkumar Bholabhai Patel, and Jay Janakkumar
Patel in Mehasana. It is registered as 'AA' class approved
contractor by Government of Gujarat and the firm is primarily
engaged in the water supply and sewage network and environmental
projects.       


GUJARAT CONSTRUCTION: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gujarat
Construction Co.'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 the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to non-cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR76 mil. Non-fund-based limits migrated to non-cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 19, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gujarat Construction Co. was established in 1992 as a partnership
firm by Janak kumar Bholabhai Patel, Navinkumar Bholabhai Patel,
and Jay Janakkumar Patel in Mehasana. It is registered as 'AA'
class approved contractor by the Government of Gujarat and the firm
is primarily engaged in the water supply and sewage network and
environmental projects.


HPCL-MITTAL ENERGY: Moody's Completes Review, Retains Ba2 CFR
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of HPCL-Mittal Energy 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.

HPCL-Mittal Energy Limited's (HMEL) Ba2 corporate family rating
incorporates a two-notch uplift based on Moody's expectation of
extraordinary support from its shareholder and key off-taker,
Hindustan Petroleum Corporation Limited (HPCL, Baa3).

HMEL's rating is supported by the company's high-complexity
refinery and its 15-year offtake agreement with HPCL that provides
high visibility on sale volumes. The rating, however, is
constrained by the company's weak credit metrics resulting from the
current subdued industry environment and its ongoing expansion into
petrochemicals, which has led to an increase in borrowings. The
rating also reflects its moderate scale of operations, with a
single refinery and a single crude distillation unit.

The principal methodology used for this review was Refining and
Marketing Industry published in November 2016.

INDIA: Court Upholds Law Protecting New Owners of Bankrupt Firms
----------------------------------------------------------------
Bloomberg News reports that India's Supreme Court upheld laws that
protect new owners of insolvent companies from charges filed
against the previous management in a verdict that could pave the
way for faster resolution of big bankruptcies.

A bankrupt company and its assets cannot face criminal proceedings
once it is sold to new owners, the Supreme Court said on Jan. 19
while dismissing petitions challenging the rules. The former
management can still be prosecuted, Bloomberg relates.

Bloomberg says the verdict offers some clarity and protection to
potential investors looking to buy into one of the world's biggest
piles of bad loans. India's central bank forecasts soured assets
will almost double to 13.5% of total advances in the year through
September as the pandemic slams businesses.

There is an "imperative need to attract resolution applicants who
would not shy away from offering reasonable and fair value" for the
bankrupt company and its property, a three-judge panel headed by
Justice Rohinton F. Nariman said in its verdict, Bloomberg relays.
Extinguishing criminal liability will help the new management "to
make a clean break with the past and start on a clean slate," it
said.

According to Bloomberg, the sale of bankrupt companies, including
JSW Steel Ltd.'s takeover bid for Bhushan Power & Steel Ltd. -- one
of the 12 big debtors pushed into bankruptcy by the central bank in
2017 -- have been stuck after India's anti-money laundering agency
seized assets and opposed the deals while investigating alleged
offenses by previous owners.

The law granting immunity was first passed by a bankruptcy tribunal
last year. The Supreme Court's judgment on Jan. 19 was part of a
case by homebuyers and some creditors who challenged the law.

"With multiple criminal prosecutions often plaguing debtor
companies, the ring fencing done by the 2020 amendment would
hopefully serve as impetus for resolution for the Reserve Bank of
India's dirty dozen and beyond," Bloomberg quotes Sushmita Gandhi,
a partner at law firm IndusLaw, as saying.

The court on Jan. 19 also upheld curbs disallowng individual
homebuyers from initiating bankruptcy against builders. The new law
requires at least 100 buyers or 10% in a project to initiate a
bankruptcy case, Bloomberg adds.

JBC INDUSTRIES: CARE Lowers Rating on INR8.50cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of JBC
Industries (JBC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING (Revised from
                                   CARE B+; Stable; and
                                   moved to ISSUER NOT
                                   COOPERATING category)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JBC to monitor the ratings
vide e-mail communications/letters dated July 9, 2020, November 4,
2020, November 25, 2020, December 22, 2020, and numerous phone
calls. However, despite repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, JBC Industries has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
JBC's bank facilities will now be denoted as CARE B; Stable; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in December 3, 2019 the following were
the rating weaknesses and strengths

Key Rating Weaknesses

* Small size of operations with low profit margins: The scale of
operations of the entity remained small marked by total operating
income of INR34.57 crore (Rs.35.57 crore in FY18) with a PAT of
INR0.35 crore (Rs.0.35 crore in FY18) in FY19. Further, the net
worth base and total capital employed also remained low at INR4.16
crore and INR15.56 crore, respectively, as on March 31, 2019. The
small size restricts the financial flexibility of the entity in
times of stress and it suffers on account of lack of economies of
scale. Furthermore, the profit margins of the entity remained low
marked by PBILDT margin of 5.46% and PAT margin of 1.01% in FY19.

* Proprietorship nature of constitution: JCB, being a
proprietorship entity, is exposed to inherent risk of the capital
being withdrawn at time of personal contingency and entity being
dissolved upon the death/insolvency of the proprietor. Further,
proprietorship entity has restricted access to external borrowing
as credit worthiness of the partners would be the key factors
affecting credit decision for the lenders.

* Renewal based dealership agreement: The dealership agreement
between Tata Steel Limited (Agrico & wire division) and JBC is
valid for one year, thereafter it is subject to automatic yearly
renewal unless it is terminated due to breach of contract/fraud by
the entity or its going into liquidation. The agreement has been
renewed regularly in the past starting since 1995. The entity has
been continuously growing over the past years hence; the
probability of non-renewal of contract is low.

* Stretched operating cycle: The operating cycle of the entity
remained stretched at 140 days mainly due to high inventory period.
The average inventory period was on the higher side at 111 days
during FY19 as the entity maintained high level of traded goods
inventory to meet customer requirements coupled with sluggish
demand and raw material inventory in view of volatile prices of
iron and steel products. On the other hand, JBC has been offering
credit period of 44 days to its customers. This has resulted in
significant working capital requirement for the entity.
Accordingly, average working capital utilization remained high at
98% during last twelve months ending Oct. 31, 2019.

* Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the entity remained leveraged
owing to its working capital-intensive nature of operations
resulting in higher dependence on bank borrowings. The overall
gearing ratio has deteriorated due to higher utilization of working
capital limit and the same stood at 2.74x (2.47x as on March 31,
2018) as on March 31, 2019. The debt coverage indicators remained
moderate marked by interest coverage of 1.41x (1.47x in FY18) and
total debt to GCA of 28.87x (24.65x in FY18) in FY19. The interest
coverage ratio deteriorated in FY19 due to higher increase in
interest expenses vis-a-vis increase in PBILDT level. Moreover; the
total debt to GCA improved in FY19 owing to increase in cash
accruals during the year.

* Intensely competitive industry: The entity is engaged in the
trading & manufacturing of iron & steel related products which is
primarily dominated by large players and characterized by high
fragmentation and competition due to the presence of numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the industry
participants which induces pressure on profitability. The fortunes
of companies like JCB from the steel industry are heavily dependent
on the automotive, engineering and infrastructure industries. Steel
consumption and, in turn, production mainly depends upon the
economic activities in the country. Construction and infrastructure
sectors drive the consumption of steel. Slowdown in these sectors
may lead to decline in demand of steel& alloys. Furthermore, all
these industries are susceptible to economic scenarios and are
cyclical in nature.

Key Rating Strengths

* Experienced proprietor with long track record of operations: JBC
has been engaged in trading and manufacturing of iron & steel
products since 1995 and thus has more than two decades of track
record of operations. Being in the industry since 1995, the
proprietor has built up good relationship with clients. Mr.
Jitendra Patra, graduate aged about 67 years, having four decades
of experience in iron & steel industry, looks after overall
management of the entity.

* Association with reputed supplier: JBC enjoys the advantage of
being an authorized dealer of Tata Steel Ltd (Agrico & wire
division) having established presence and brand image in Indian
market.

JBC Industries (JBC) was established as a proprietorship entity on
August 1, 1995 by Mr. Jitendra Patra based out of Odisha. Since
inception, the entity has been engaged in trading of iron & steel
hardware products like HB wire, GI wire, agricultural equipment's
and manufacturing of binding wire, barbed wire, chain-link net and
fastener nails. JBC is the authorized dealer of Tata Steel Limited
(Agrico and wire division) for 22 districts of Orissa. The
manufacturing facility of JBC is located at Mancheswar Industrial
Estate of Bhubaneswar, Orissa with an aggregate installed capacity
of 200 MTPA. The entity derived its major revenue (84% of total
revenue in FY19) from trading activities and balance from
manufacturing activities. Moreover the entity has not availed any
moratorium as mentioned by the lender (Bank of Baroda).

KEJRIWAL BEE: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kejriwal Bee
Care India Private Limited's (KBCIPL) Long-Term Issuer Rating to
'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


The instrument-wise rating actions are:

-- INR48 mil. Term loan due on February 2023 downgraded with IND
     BB (ISSUER NOT COOPERATING) rating;

-- INR630 mil. Fund-based limits downgraded with IND BB (ISSUER
     NOT COOPERATING)/ (IND A4+ ISSUER NOT COOPERATING) rating;
     and

-- INR20 mil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information

KEY RATING DRIVERS

The downgrade is pursuant to the SEBI Circular SEBI/HO/MIRSD/CRADT
/CIR/P/2020/2 dated January 3, 2020. As per the circular, any
issuer having an investment-grade rating remaining non-cooperative
with a rating agency for over six months should be downgraded to a
sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect KBCIPL's credit strength as the issuer has been
non-cooperative with the agency since March 3, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

Established in 2002, KBCIPL is a part of the Kejriwal Group and is
engaged in beekeeping, and extracting, processing and selling of
honey in the domestic and overseas markets.


MNC ELECTRICALS: CARE Lowers Rating on INR7.0cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MNC
Electricals Private Limited (MNCEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/           12.00      CARE B-; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 17, 2019, placed the
rating(s) of MNCEPL under the 'issuer non-cooperating' category as
MNCEPL had failed to provide information for monitoring of the
rating. MNCEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mail
communications/ letters dated Nov. 4, 2020, Nov. 6, 2020, Dec. 8,
2020, Dec. 9, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, the banker
could not be contacted. The rating on the company's bank facilities
will now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING/
CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by MNCEPL with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
The ratings has been revised by taking into account its small scale
of operations and weak debt service coverage indicators, working
capital intensive nature of operations, low profitability margins
and competitive nature of industry coupled with business risk
associated with tender-based orders. Further, the rating draws
comfort from experienced management.

Detailed description of the key rating drivers

At the time of last rating on Oct 17, 2019 the following were the
rating weaknesses and strengths:

Key Rating Weakness

* Small scale of operations and weak debt service coverage
indicators: Scale of operation remained small marked by TOI of
INR11.45 cr in FY19 as against INR31.76 crore in FY18. The small
scale limits the company's financial flexibility in times of stress
and deprives it from scale benefits. Coverage indicators stood weak
marked by interest coverage and total debt to GCA of 0.29x (PY:
1.64x) and -5.03x (PY: 11.80x) respectively in FY19.

* Working capital intensive nature of operations: Working capital
cycle remained elongated at 263 days in FY19 as against 102 days in
FY18. The collection period of the company stood elongated at 236
days in FY19 (FY18: 135 days). Further, the company is required to
maintain adequate inventory in the form of raw materials for smooth
running of its production process resulting in an average inventory
holding of 252 days in FY19 (FY18: 76 days). Furthermore, low
current ratio as on the last three balance sheet dates also
reflects working capital intensive nature of operations.

* Low profitability margins: The profitability varies with each
project owing to varying margins in the different projects
undertaken by the company. Profitability margins marked by PBILT
margin and PAT margins stood low at -4.12 % (PY: 9.47%) and -19.08%
(PY: 3.39%) respectively in FY19.

* Competitive nature of industry coupled with business risk
associated with tender-based orders: MNCEPL faces direct
competition from various organized players and unorganized players
in the market. There are number of small and regional players and
catering to the same market which can exert pressure on its
margins. The company undertakes contracts from government
departments, which are awarded through the tender-based system. The
company is exposed to the risk associated with the tender-based
business, which is characterized by intense competition. The growth
of the business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Further, any changes in
the government policy or their spending on projects are likely to
affect the revenues of the company.

Key Rating Strengths

* Experienced management: MNCEPL's business operations are being
managed by Mr. Man Singh, Mr. Deepak Chaudhary and Mrs. Seema
Chaudhary. Mr. Man Singh is a graduate by qualification and has
almost four decades of experience in the electrical equipment
industry through his association with MNCEPL and Dakshin Haryana
Bijli Vitran Nigam. Mr. Deepak Chaudhary is an engineer by
qualification and has more than half a decade of experience through
their association with MNCEPL. Mrs Seema Chaudhary is a graduate by
qualification and around half a decade of experience in the
electrical equipment industry through her association with MNCEPL.

Haryana based, MNC Electricals Private Limited (MNCEPL) was
incorporated on May 02, 2005 and is currently being managed by Mr.
Man Singh, Mr. Deepak Chaudhary and Mrs Seema Chaudhary. MNCEPL is
engaged in the trading and installation of electrical equipment
(electric poles, electric meters and high voltage transformers
etc.). The company primarily executes contracts for state
electricity boards. Jyoti Electroctrack Private Limited is a group
associate and is also engaged in trading and installation of
electrical equipment.

NARAYANI STEELS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narayani
Steels Limited (NSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      97.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank    125.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NSL to monitor the ratings
vide e-mail communications/letters dated June 2, 2020 among others
and numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on Narayani Steels Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account continuing overdues as confirmed by
the lenders.

Detailed description of the key rating drivers

At the time of last rating on November 15, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange filings):

Key Rating Weaknesses

* Continuing over due's with respect to debt servicing: The lenders
have confirmed that are continued overdrawal's in account and the
account has turned NPA owing to liquidity issues. For H1FY21, the
company has reported cash loss of INR15.19 crore.

Key Rating Strengths

* Promoter's significant experience in Iron & Steel Industry:
Narayani Steels Limited is the flagship company of Narayani Group,
incorporated in the year 1996 by Mr. Kishanlal Choudhary, who
currently serves as the chairman and non-executive director of the
company, he has more than three decades of experience in the Iron &
Steel industry. Mr. Sunil Kumar Choudhary is the managing director
and the Chief Executive Officer of the company; he looks after the
overall business operations of the company and has two decades of
experience. Further, they are ably supported by Mr. Bivor Bagaria,
a qualified chartered accountant who has an overall experience of
over a decade and takes care of finance. Moreover, the management
team comprises of professionals having significant experience in
the related domain of business operations.

Narayani Steels Limited (NSL), which belongs to Narayani Group, is
incorporated in the year 1996 by Mr. Kishanlal Choudhary, who is
the chairman of the company and he is ably supported by his son Mr.
Sunil Choudhary, who is the managing director and chief executive
officer with an overall experience of 20 years. During FY17,
Narayani Steels Limited got listed through SME platform of Bombay
stock exchange in FY17. NSL is part of Narayani group; the group
comprises of five companies namely Narayani Steels Limited (NSL),
Narayani Ispat Limited (NIL), Hari Equipment Private Limited
(HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony
Tradex Vyaappar Private Limited (ATVPL). Narayani group is engaged
in trading of blooms, billets, TMT bars, pellets, wire coils and
manufacturing of TMT bars and other long products such as rounds,
flats, angles, channels, etc. Further, the group has a wide network
for the sales and distribution of the products across Andhra
Pradesh, Telangana and other states in India.

OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oyster
Steel and Iron Private Limited (OSIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       100.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       20.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 11, 2020, placed
the rating(s) of OSIPL under the 'issuer non-cooperating' category
as OSIPL had failed to provide information for monitoring of the
rating. OSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated January 7, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been reaffirmed on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

Detailed description of the key rating drivers

Weaknesses:

* Stretched liquidity position: The overall gearing of the company
deteriorated to -62.60x as on March 31, 2019 (PY: 26.67x). The
company has elongated operating cycle of 5436 days during FY19 (PY:
127 days) marked by increase in debtors period to 8673 days as on
March 31, 2019 (PY: 169 days) and increase in creditors days to
3369 days (PY: 51 days). There are delays in debt servicing by the
company and the company was declared as an NPA as per the audit
report of FY19.

* Low profitability margins: The company reported loss of INR7.65
cr as on March 31, 2019 (PY:Loss of INR21.56 cr ) against operating
revenue of INR9.54 cr during FY19 (PY: INR370.01 cr). The PBILDT
margin of the company during FY19 stood at loss
of 8.01% (PY: loss of 2.95%).

Liquidity: No latest information available

Incorporated in 2008 by Mr. Prem Chand Gupta, OSIPL is engaged in
trading of aluminium and copper products in the form of ingots,
wire rods etc. The company also has associate concerns i.e.
Worldwide Metals Private Limited, Olympus Metal Private Limited,
Prominent Metal Private Limited, and Duke Sponge and Iron Private
Limited engaged in similar industry i.e. trading of aluminium and
copper components.

OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ozone GSP
Infratech (OGI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        35.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 21, 2018, placed the
rating(s) of OGI under the 'issuer noncooperating' category as OGI
had failed to provide information for monitoring of the rating. OGI
continues to be noncooperative despite repeated requests for
submission of information through e-mails dated January 4, 2021;
December 16, 2020 and December 1, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on November 19, 2019 the following were
the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There have been on-going delays by
Ozone GSP Infratech in servicing of its debt obligations. The delay
in interest servicing is due to the tight liquidity position of the
firm owning to slowdown in real estate market leading to slow sales
and collection from customers.

* Slow progress on sale with only 40% of the area sold: OGI
launched the project "Sarvome- The Presidio" in November2015 and
has sold about 40% of the total area under construction as on March
31, 2017, thereby reflecting the slow sales. The firm has realized
only 40% of the total sales value and has pending receivable of
INR30 crore out of the total sold area valued INR51 crore. Going
forward it is imperative for the firm to sell the remaining area at
or above the current price in a time bound manner to maintain
enough liquidity and generate funds for repayment of debt and for
completion of project.

* High dependence of project execution and debt repayments on
customer advances: The total project cost of INR102 crore is being
funded by OGI through a debt of INR35 crore, partners' contribution
of INR30 crore and remaining by the customers' advances of INR37
crore. The firm has received customer advances of INR21 crore as on
March 31, 2017, and is having a pending receivable of INR30 crore
from the confirmed sales. However, the firm is required to expend
further INR18 crore on the construction cost and INR35 crore
towards repayment of debt, which makes it highly dependent on
customer advances.

* Constitution as a partnership firm: OGI, being a partnership
firm, is inherently exposed to the risk of partner's capital
withdrawal due to personal exigencies. The constitution further
restricts its financial flexibility with limited access to capital
markets to fund expansion in the future. The constitution as a
partnership thus, poses a further risk of dissolution/
reconstruction of the entity in case of withdrawal of
capital by either partner.

* Inherent risks associated with real estate industry: The real
estate sector is moving towards a more rational regime with the
implementation of the transformational reforms. Residential sales
were positively impacted by flexibility in pricing and payment
schedules, especially for projects with quality construction,
appropriate sizes and prime locations. The introduction of the RERA
Act, will also move the sector towards transparent and credible
measures with sustenance for organized players. Currently, the
sector continues to remain troubled with issues of high unsold
inventory, delayed delivery of projects causing financial stress on
developers. The only segment that showed some signs of a rebound
was the affordable housing category in the peripheries of the major
markets. Thus, the broader market opinion is that while the long
term story for residential market remains strong; the short term is
expected to be sluggish.

Key Rating Strengths

* Experienced Promoters: Ozone GSP Infratech, a partnership venture
by Jotindra Steel and Tubes Limited and Mr. Akhil Kumar Surekha, is
engaged in development of a group housing society at sector-31,
Faridabad. Mr. Akhil Surekha, a commerce graduate from the
University of Delhi has a long standing experience of over two
decades in the steel industry. The management is well supported by
an experienced and qualified team of professionals. The
organization is a part of business conglomerate comprising of
Jotindra Steel & Tubes Limited (CARE C/ CARE A4 ISSUER NOT
CO-OPERATING), Mauria Udyog Limited (rated CARE D/ CARE D; ISSUER
NOT COOPERATING) and Bihariji Ispat Udyog Limited. The group
company, Bihariji Ispat Udyog Limited has experience in successful
execution of the real estate projects together with M/s Matoshree
Properties Pvt. Ltd. and M/s Jhunjhunwala Trading Pvt. Ltd. under
the name of "Rashi Developers". However, the current project is the
first independent launch of the group's real estate activities
under its own brand name.

Ozone GSP infratech constituted as a partnership firm on September
20, 2010 is currently partnered by Jotindra steel and tubes limited
and Mr. Akhil Kumar Sureka. The entity is a part of a business
conglomerate that is engaged in diverse industries viz. Steel tube
manufacturing, LPG Cylinder manufacturing, trading and finance
businesses and real estate. OGI is currently executing a
residential project, namely "Sarvome- the Presido" comprising of 78
apartments located at sector 31, Faridabad. The project comprises
of luxury housing complexes of 3 BHK, 3+1 BHK and 4+1 BHK
apartments and is expected to be completed by February, 2019. Ozone
GSP Infratech is following completion method for recognition of
revenue in the books of accounts of the firm. Since, the project
undertaken by the firm is under execution stage, no revenue
pertaining to the same has been recognized yet. The financial
statements, thus do not present a meaningful view in this regard.

RAJ ELECTRICALS: CARE Lowers Rating on INR2.25cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Raj
Electricals (RAJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.25       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

   Long Term/Short      6.50       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING
   Facilities                      Revised from CARE BB-;
                                   Stable/CARE A4 and moved
                                   to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RAJ to monitor the rating(s)
vide e-mail communications/letters dated September 30, 2020,
October 6, 2020, October 29, 2020, December 5, 2020 and December
18, 2020 and numerous phone calls. However, despite repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating based on best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on RAJ's bank facilities will now be
denoted as CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-receipt of requisite
information. The ratings continue to remain constrained on account
of modest scale of operation, moderate profitability margins,
stretched liquidity position and its constitution as a
proprietorship concern. The ratings, further, continue to remain
constrained owing to low and skewed order book position in the
highly fragmented and competitive construction industry with tender
based nature of operations and geographical concentration risk. The
ratings, further, continue to derive strength from experienced
proprietor with long track record of operations and moderate
solvency position.

Detailed description of the key rating drivers

At the time of last rating on October 22, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Low and skewed order book position: As on October 11, 2018, Raj
has an outstanding order book position of about INR13.46 crore
forming 0.98 times of FY19's TOI with one project in hand
reflecting low order book position. The order is to be executed by
end of December, 2019 thereby translating into low revenue
visibility in the near-term. Further, there is a price escalation
clause in this contract mitigating the risk arising out of adverse
movement in the raw material prices. The order base of the firm is
skewed with one order in hand. This increases its dependency on
order which is saddled with increased competition in the contractor
industry.  Nevertheless, the firm's ability to secure further
orders will be critical for maintaining the growth in TOI.

* Increase in TOI in FY19 although stood modest: During FY19, TOI
increased by 2.28 times over FY18 and remained modest at INR13.61
crore. Further till September 30, 2019, it has achieved TOI of
INR12.50 crore approximately. During the last year, the firm
concentrated on the project undertaken from AVVNL, Ajmer amounting
to INR41.21, where the work is certified after supply and erection
whereas in other orders executed by the firm in the past 90% of
revenue was generated on supply of materials resulting in decline
in TOI in FY18, however the same was recovered in FY19 as the
erection work commenced from May, 2018.

* Moderate profitability margins: The profitability margins
remained moderate with PBILDT and PAT margin of 8.15% and 3.88%
respectively in FY19 as against 8.59% and 3.45% respectively in
FY18. During FY19, PBILDT margin has dipped marginally by 44 bps
over FY18 mainly on account of increase in labour charges. Despite
decrease in PBILDT margin which is offset by proportionate decline
in interest and finance expenses, PAT margin has improved by 43 bps
over FY18. Furthermore, the GCA level has increased however
remained thin at INR0.54 crore in FY19.

* Constitution as a proprietorship concern: Constitution as a
proprietorship concern with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external fund for any future expansion plans. Furthermore, there is
an inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of proprietor.

* Fragmented nature of construction sector with tender based nature
of operations: The construction sector in India is highly
fragmented with a large number of small and mid-sized players. This
coupled with tendering process in order procurement results into
intense competition within the industry, fluctuating revenues and
restrictions in profitability. Additionally, continued increase in
execution challenges including delays in land acquisition,
regulatory clearances, aggressive bidding, interest rate risk and
delays in project due to environmental clearance are other external
factors that affect the credit profile of industry players.

Key Rating Strengths

* Experienced proprietor with long track record of operations: Mr.
Anurag Sharma has diploma in mechanical engineering and looks after
the overall affairs of the firm. He has more than a decade of
experience in the electric and civil construction industry. He is
supported by a team of experts for execution of contracts and other
work. Being present in the industry since a long period of time, he
has established relationship with its customers and suppliers of
raw materials as well as equipment suppliers as Raj mainly take
equipment on hire/rent for erection.

* Moderate solvency position: The capital structure of the firm
stood moderate with overall gearing of 1.25 times as on March 31,
2019, improved from 2.01 times as on March 31, 2018 mainly on
account of repayment of unsecured loans during the year along with
higher accretion of profit to reserve. Further, the debt coverage
stood moderate with total debt to GCA of 4.98 times as on March 31,
2019, improved significantly from 14.17 times as on march 31, 2018
due to decrease in total debt with increase in GCA level. The
interest coverage improved but remained moderate at 1.95 times in
FY19 as against 1.80 times in FY18 due to higher proportionate
increase in PBILDT than in interest and finance expenses.

Liquidity: Stretched

The collection period remained elongated at 105 days in FY19
although improved from 190 days in FY18 owing to receipt of part
payment from state electricity boards which ultimately improved the
operating cycle from 85 days in FY18 to 26 days in FY19. Further,
debtor stood at INR2.16 crore as on September 30, 2019 against
INR3.53 crore as on March 31, 2019 and cash and bank balance stood
at INR0.02 crore as on March 31, 2019.  Due to higher debtor,
liquidity ratio remained moderate with current ratio and quick
ratio stood at 1.48 times and 1.41 times as on March 31, 2019. The
firm utilizes upto 90-95% of its fund based and non-fund based
limits in last twelve month ended
September, 2019.

Jaipur-based (Rajasthan) Raj was formed in 2011 by Mr. Anurag
Sharma as a proprietorship concern. Raj is registered as an 'A'
class (second highest in the scale of AA to E) contractor with
Rajasthan State Electricity Boards. It executes electrical
contracts for Jaipur Vidyut Vitran Nigam Limited (JVVNL), Jodhpur
Vidyut Vitran Nigam Limited (JdVVNL), Ajmer Vidyut Vitran Nigam
Limited (AVVNL) and contract work includes erection of power line
with material and without material. It also undertakes the turnkey
projects given by the power department where work includes survey,
erection of power lines, supply of material (transformer, power
pole, power lines).


RAMACHANDRA POOJA: CARE Lowers Rating on INR7.0cr Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Ramachandra Pooja Industries, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING (Revised from
                                   CARE B+; Stable; and
                                   moved to ISSUER NOT
                                   COOPERATING category)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from of Sri Ramachandra Pooja
Industries to monitor the rating(s) vide e-mail communications
dated September 7, 2020 to December 30, 2020 and numerous phone
calls. However, despite repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Sri Ramachandra Pooja Industries bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by Sri Ramachandra
Pooja Industries, with CARE'S efforts to undertake a review of the
rating outstanding, as CARE views information availability risk as
key factor in its assessment of credit risk profile. However, the
ratings continuous to be tempered by small scale of operations,
seasonal nature of availability of paddy resulting in working
capital intensive nature of operations and partnership nature of
constitution with inherent risk of withdrawal of capital and
marginal deterioration in capital structure, debt coverage
indicators and working capital cycle The rating is, however,
continues to be underpinned by the established track record and
experience of partner for more than two decades in rice milling
industry, stable total operating income during FY19 (Prov.),
healthy demand outlook of rice and location advantage with presence
in cluster and easy availability of paddy.

Detailed description of the key rating drivers

At the time of last press release dated November 19, 2019 the
following were the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations and thin profitability margins: The
scale of operations continued to remain small at total operating
income of INR38.50 crore in FY19 (Prov.) with a small net worth of
INR4.40 crore as on March 31, 2019 (Prov.). The net worth has
improved from INR3.96 crore in FY18 on back of accretion of profits
to the reserves. The profitability margin increased marginally, by
16 bps, from 1.55% in FY18 to 1.71% in FY19 (Prov.) on back of
reduced cost of raw material. The PAT margin stood stable at 0.12%
in FY19 (Prov.) due to increase in the interest cost on back of
increase in the working capital utilization to fund the day-to-day
business needs.

* Marginal deterioration in capital structure, weak debt coverage
indicators and operating cycle: The capital structure of the firm
marked by overall gearing deteriorated from 1.27x as on March 31,
2018 to 1.60x as on March 31, 2019 (Prov.) due to increased working
capital for funding the day-to-day business of the firm despite an
increase in the net worth of the firm and repayment of long-term
loan. The debt coverage indicators of the firm continued to remain
weak, and declined, marked by total debt/GCA, from 35.65x in FY18
to 54.52x in FY19 (Prov.) due to increase in total debt on back of
increase in the working capital balance on the balance sheet date.
The PBILDT interest coverage ratio, declined marginally from 1.20x
in FY18 to 1.15x in FY19 (Prov.) due to increase in interest
expenses. TD/CFO declined and stood negative at 3.80x in FY19
(Prov.) due to negative working capital changes resulting from an
increase in the receivables on as balance sheet date.  The
operating cycle of the firm increased and stood at 92 days in FY19
(Prov.) as against 78 days in FY18 on back of increase in the
average inventory period from 55 days in FY18 to 69 days in FY19
(Prov.) to meet the demand for rice. The firm receives the payment
from its customer within 45-60 days and makes the payment to its
supplier within 5-10 days.  The firm holds the average inventory of
around 60-80 days to meet the requirement of customer as on need
basis. The average utilization of working capital limit stood at
~98% for the last 12 month ended October 31, 2019.

* Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations: Paddy in India is harvested
mainly at the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers have to stock
enough paddy by the end of the each season as the price and quality
of paddy is better during the harvesting season. During this time,
the working capital requirements of the rice millers are generally
on the higher side. Majority of the firm's funds of the firm are
blocked in inventory and with customers. Moreover, the paddy is
procured from the farmers generally against cash payments or with a
minimal credit period of 5- 10 days while the millers have to
extend credit to the wholesalers and distributors around 20-30 days
resulting in high working capital utilization reflecting working
capital intensity of business.

* Partnership nature of constitution with inherent risk of
withdrawal of capital: SRPI, being a partnership firm, is exposed
to inherent risk of the partner's capital being withdrawn at time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth. However, the partners infused
capital of INR0.39 crore during FY19 (Prov.).

Key Rating Strengths

* Established track record and experience of partner for more than
two decades in rice milling industry: SRPI was promoted by Mr.
Krishna Rao (Managing Partner), Mr. Subba Rao (partner) and his
family members. Partners have around 25 years of experience in rice
processing business. Through his experience in the rice processing,
they have established healthy relationship with key suppliers,
customers, local farmers, dealers and also with the brokers
facilitating the rice business within the state. Stable total
operating income during FY19 (Prov.) The total operating income
remained almost stable at INR38.50 crore in FY19 (Prov.) as against
INR38.48 crore in FY18 on back of demand from existing customers
remaining almost stable.

* Healthy demand outlook of rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the rice
millers and thus the demand is expected to remain healthy over
medium to long term. India is the second largest producer of rice
in the world after China and the largest producer and exporter of
basmati rice in the world. The rice industry in India is broadly
divided into two segments – basmati (drier and long grained) and
non-basmati (sticky and short grained). Demand of Indian basmati
rice has traditionally been export oriented where the South India
caters about one-fourth share of India's exports. However, with a
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic market.
Demand for non-basmati segment is primarily domestic market driven
in India. Initiatives taken by government to increase paddy acreage
and better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units. Rice being
the staple food for almost 65% of the population in India has a
stable domestic demand outlook. On the export front, global demand
and supply of rice, government regulations on export and buffer
stock to be maintained by government will determine the outlook for
rice exports.

* Location advantage with presence in cluster and easy availability
of paddy: The rice milling unit of SRPI is located at Koppal
district which is the top district for producing rice in Karnataka.
The manufacturing unit is located near the rice producing region,
which ensures easy raw material access and smooth supply of raw
materials at competitive prices and lower logistic expenditure.

Sri Ramachandra Pooja Industries (SRPI) was established in 1993 as
a partnership firm. SRPI is engaged in milling and processing of
rice. The rice milling unit of the firm is located at Bevinahal Po:
Karatagi, Gangavathi, Koppal, Karnataka. Apart from rice
processing, the firm is also engaged in selling off bi-products
such as broken rice, husk and bran. The main  raw material, paddy,
is directly procured from local farmers located in and around
Koppal District and the firm sells rice and other by-products in
Chennai, Tamilnadu, Andhra Pradesh, Mumbai, Bangalore etc.

S. S. NATH: CARE Lowers Rating on INR10cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
S. Nath & Company, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B+; ISSUER NOT COOPERATING
   Facilities                      (Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 11, 2019, placed
the rating of S. S. Nath & Company under the 'issuer
non-cooperating' category as S. S. Nath & Company had failed to
provide information for monitoring of the rating. SSN continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 15, 2020, December 14, 2020, December 10, 2020 and
December 8, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

The revision in the rating takes into account the non-availability
of requisite information due to noncooperation by GPL with CARE's
efforts to undertake a review of the outstanding ratings as CARE
views information availability risk as key factor in its assessment
of credit risk profile. The rating has been revised on account of
competition from players in organized and unorganized sectors and
partnership nature of constitution.

Key Rating Weaknesses

* Competition from players in organized and unorganized sectors:
The firm has three outlets in a highly fragmented and competitive
industry with unorganized sector comprising 90% of the total
industry. Therefore, it faces stiff competition from already
established multibrand showrooms in the market and the competition
has also been growing in the branded apparel segment with a lot of
international brands entering the Indian market through their
exclusive showrooms. Further, the aggressive discounting by
competing brands could lead to pressure on growth and profitability
of the firm.

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

SSN, constituted as a partnership firm in 1974 is currently being
managed by Mr. Rajnish Jain, Mr. Manish Jain, Ms Aarti Jain, Ms
Pooja Jain and Mr. Satpal Jain (sharing profit and loss equally).
The firm is engaged in operating multi-brand readymade garments
showrooms in Chandigarh, Mohali and Panchkula under the brand name
of 'Meena Bazaar' and 'Aliyana'. All the showrooms are currently
engaged in the retail trade of readymade garments and houses
renowned brands of men's, kids and women's wear like Tommy
Hilfiger, Reebok, Van Heusen, Adidas, Levis, Gini & Jony, Pepe,
Zardozi, Sanskriti, etc. Besides this, the firm is also engaged in
the trading of bridal wear and ethnic clothing which are sourced
from local manufacturers.

S.K. BROTHERS: CARE Lowers Rating on INR4.10cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.K.
Brothers (SKB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      4.10        CARE B-; ISSUER NOT COOPERATING
   Facilities                      (Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+)

   Long Term/          7.50        CARE B-/CARE A4; ISSUER NOT
   Short Term                      COOPERATING (Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+/CARE A4)

   Short Term          2.00        CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING (Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 11, 2019, placed
the rating of SKB under the 'issuer non-cooperating' category as
SKB had failed to provide information for monitoring of the
ratings. SKB continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated December 21, 2020, December 20, 2020, and
December 19, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the rating takes into account the non-availability
of requisite information due to noncooperation by SKB with CARE's
efforts to undertake a review of the outstanding ratings as CARE
views information availability risk as key factor in its assessment
of credit risk profile. The rating has been revised on account of
susceptibility to fluctuation in raw material prices and monsoon
dependent operations and fragmented nature of industry coupled with
high level of government regulation.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: The price of rice moves in tandem with the
prices of paddy. Availability and prices of agro commodities are
highly dependent on the climatic conditions. Adverse climatic
conditions can affect their availability and leads to volatility in
raw material prices.

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

S.K Brothers (SKB) was established as a proprietorship firm in 2005
by Mr. Sumit Singla. Later on, the constitution of the firm was
changed to a partnership firm in December, 2012 with Mr. Sumit
Singla and Mrs. Nirmala Rani as its partners sharing profit and
loss in the ratio of 75% and 25% respectively. The firm is engaged
in the processing of paddy at its manufacturing facility located at
Moga, Punjab having an installed capacity of 10,800 metric tonne
per annum (MTPA), as on March 31, 2015. SKB procures paddy directly
from local grain markets through commission agents located in
Punjab. The firm sells rice under the brand name of 'Sanjeevni' and
'Modern Family' in the states of Haryana and Punjab through a
network of commission agents and also exports the same to Italy,
Canada, Australia, Egypt and Saudi Arabia (exports constituted
around 56% of the total income in FY15). Besides SKB, the partners
of the firm are also engaged in another group concern namely Ronak
Ram Devi Chand, which is engaged in trading of wheat and paddy
since 1984.

S.V.E.C CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: S.V.E.C Constructions Limited
        1014, Raghava Ratna Towers
        Chirag Ali Lane, Abids
        Hyderabad 500001
        Telangana

Insolvency Commencement Date: January 8, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 6, 2021

Insolvency professional: Dommeti Surya Ramakrishna Saibaba

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

                            - and -

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

Last date for
submission of claims:    January 31, 2021


SOCIETY OF CARMELITE: CARE Cuts Rating on INR11.78cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Society of Carmelite Sisters of St. Teresa (SCST), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.78      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 18, 2019 placed the
rating(s) of SCST under the 'issuer non-cooperating' category as
SCST had failed to provide information for monitoring of the
rating.

SCST continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
December 4, 2020 and December 1, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised on account of due to non-availability
of information and no due diligence conducted due to
non-cooperation by Society of Carmelite Sisters of St Teresa with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information non-availability risk as a key factor in its
assessment of credit risk. Further, the rating takes into account
small scale of operations, regulatory risk associated with
education sector and competition from established and upcoming
educational institutes. The rating, however, continues to draw
comfort from experienced and qualified members of the society,
moderate profitability margins and capital structure and buoyant
prospects of education sector in India.

Detailed description of the key rating drivers

At the time of last rating on December 18, 2019, the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the society
stood small as marked by total operating income of INR8.71 crore
and gross cash accruals of Rs 3.30 crores in FY18 (refers to the
period April 1 to March 31). The small scale limits the society's
financial flexibility in times of stress and deprives it from scale
benefits.

* Regulatory risk associated with the education sector: The main
driver for growth in the education sector is India's booming
population increasing at more than 2% annual rate and the
increasing propensity of the middle-income class to spend on
education. Current spending on education in India is not more than
3.5% of GDP and only 0.4% of GDP is spent on higher education.
Developed countries like USA spend 1.5% of GDP on higher education,
whereas UK spends about 1% on higher education. Despite the
increasing trend of privatization of the education sector in India,
regulatory challenges continue to pose a significant threat to the
educational institutes. The regulatory authority for the schools,
CBSE, functions under the supervision of the Controlling
Authority, which is vested with the Secretary (Education),
Government of India, and Ministry of Human Resource Development.

* Competition from established and upcoming educational institutes:
SCST is expected to face competition from the existing established
schools like Delhi Public School Faridabad, Manav Rachna
International School, Apeejay School, and The Shriram Millennium
School. The ability of SCST to increase the number of students
enrolled at a competitive fee structure depends on its capability
to distinguish itself and leverage on its established brand name in
the market.

Key Rating Strengths

* Experienced and qualified members of the society: The society is
managed by Sr. Chris, Superior General who is post graduate by
qualification and has around four decades of experience in the
education sector. Sr. Swetha is the manager and is post graduate by
qualification and has more than two decades of experience in
education. Sr. Pramela, principal and is post graduate by
qualification. She has around two decades of experience. Sr. Nita,
Sr. Jennifer, Sr. Antonilla and Sr. Pratima also assist in carrying
out the operations of the society and are well qualified. In
addition, the society is supported by qualified and experienced
staff.

* Moderate Profitability Margins and capital structure: The
profitability margins of the society stood moderate owing to
service nature of the industry where there is low fixed cost to be
absorbed as marked by SBID and surplus which remained above 34% and
28% respectively for past three financial years i.e. FY16-FY18.

* Buoyant prospects of Education Sector in India: The education
sector in India is poised to witness major growth in the years to
come as India will have world's largest tertiary-age population and
second largest graduate talent pipeline globally by the end of
2020. Currently, higher education contributes 59.7 per cent of the
market size, school education 38.1 per cent, pre-school segment 1.6
per cent, and technology and multi-media the remaining 0.6 per
cent. The government's thrust on improving the country's literacy
rate through higher enrolments as well as ensuring lower drop-out
rates in schools is expected to improve enrolments. Going forward,
factors such as greater proportion of population in the school
going age, growing middle class population with increasing income
levels, increasing private spend on education etc. are likely to
result in high growth for the education segment

Delhi based, Society of Carmelite Sisters of St. Teresa was
established in 1978 under the Societies Registration Act, 1860 with
an objective to provide education services and is currently being
managed by Sr. Pramela, Sr. Pratima, Sr. Swetha and Sr. Nita. The
society has four schools namely St. Joseph's Convent, St Joseph's
Convent School, Carmel Kindergarten School and Pratyasha Community
College. The school provides primary and secondary education from
Nursery to XII standard and is affiliated with CBSE (Central Board
of Secondary Education). Through Pratyasha Community College, the
society equips the housewives in computer courses, tailoring etc.

SOLAN SPINNING: CARE Lowers Rating on INR8.50cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Solan Spinning Mills Private Limited (SSP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      8.50        CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING (Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 24, 2019, placed the
rating of SSP under the 'issuer non-cooperating' category as SSP
had failed to provide information for monitoring of the rating. SSP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 31, 2020, December 22, 2020, and
December 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long term rating has been revised on account of small scale of
operations, low profitability margins, weak capital structure,
elongated operating cycle, susceptibility of margins to fluctuation
in raw material prices and highly competitive industry. The rating,
however, draws strengths from experienced promoters and long track
record of operations.

Key rating Weaknesses

* Small scale of operations: The total operating income (TOI) of
SSM declined to INR33.53 crore in FY20 (refers to the period April
1 to March 31) as compared to INR42.20 crore in FY19.

* Low profitability margins: The profitability margins of the
company stood low marked by PBILDT margin and PAT margin at 5.38%
and 0.30% in FY20 respectively (PY: (5.24% and 0.30%
respectively).

* Elongated operating cycle: The average operating cycle of SSM
stood elongated at 102 days for FY20 (PY: 82 days).

* Leveraged capital structure: The overall gearing ratio stood
leveraged at 1.70x as on March 31, 2020 (PY: 1.97x) The total debt
to GCA stood weak at 9.42x for FY20 (PY: 9.25x). However, interest
coverage ratio stood moderate at 2.44x in FY20 (PY: 2.26x).

* Susceptibility of margins to fluctuation in raw material prices:
Prices of cotton bales which are dependent upon the prices of raw
cotton are volatile in nature and depend upon factors like area
under production, yield for the year, international demand-supply
scenario, inventory carry forward from the previous year, along
with setting of export quota and minimum support price (MSP) by the
government. Any wide fluctuation in price of its key raw material
and inability to timely pass on the complete increase in the prices
to its customers is likely to affect company's profitability
margins.

* Highly competitive industry: Textile is a cyclical industry and
closely follows the macroeconomic business cycles. High competitive
intensity in the textile industry, volatility of cotton prices and
sluggish demand outlook from developed markets are the major cause
of concern for the Indian textile industry. A slowdown in the
garment industry is one of the biggest risk faced by cotton
spinners today especially on account of shift in bulk of garment
production to Bangladesh and Vietnam to meet the global demand.
Indian textile exports have been on a decline mainly due to
exporters in China and Bangladesh taking over an increased share in
the traditional markets like Europe. Going ahead, the prices of
cotton and cotton yarn are likely to be largely determined by the
Chinese cotton policy, trend in the currency movement and yield of
raw cotton.

Key rating strengths

* Experienced promoters and long track record of operations: Mr.
Sansar Singh Sirohi has an industry experience of three and a half
decades through his association with SSM and other entities namely
Shitanshu Textiles and Vandana Textiles. Mr. Arvind Kumar Arora has
industry experience of three decades. Prior to SSM, Mr. Arvind
Kumar Arora was associated with firms namely Arvind Handlooms and
Ahuja Textiles. On the other hand, Mr. Shitanshu Sirohi has
experience of five years through his association with SSM only. Due
to long track record of operations, SSM enjoys established
relationship with customers and suppliers with better understanding
of the market. Furthermore, the promoters are supported by
experienced team having varied experience in the field of marketing
and finance aspects of business.

Solan Spinning Mills Private Limited (SSM) was incorporated in
August 2003 as a private limited company and is currently being
managed by its directors collectively. SSM is engaged in the
manufacturing of grey cotton yarn of varied counts ranging from 18s
to 30s at its manufacturing facility located in Baddi, Himachal
Pradesh with total installed capacity of manufacturing 3500 tonne
of cotton yarn per annum as on March 31, 2017. The cotton yarn
manufactured by the company is used in the manufacturing of denims,
bed sheets, curtains, pillow covers, etc.

SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Plastics Manufacturing Private Limited (SPMPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 25, 2019, maintained
the rating(s) of SPMPL under the 'issuer non-cooperating' category
as SPMPL had failed to provide information for monitoring of the
rating. SPMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mail
communications/ letters dated Nov. 6, 2020, Dec. 8, 2020, Dec. 9,
2020 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Surya Plastics Manufacturing Private Limited
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

There have been instances of delays in debt servicing due to
stretched liquidity position

Bhiwani (Haryana) based Surya Plastics Manufacturing Private
Limited (SPMPL) was incorporated as a Private Limited Company in
2012 by Mr. Keshav Aggrawal and Ms. Ruchi Aggarwal. The company
commenced its operation in January 2016.  The company is engaged in
manufacturing of non -woven fabric and Poly Proplyene (PP) tape.
The key raw material i.e. Plastic granules are procured from
distributors of Reliance Industries Limited (RIL), IOC Ltd and
Haldia Petro Chemicals Ltd and also from open market of Delhi and
local traders in Bhiwani (Haryana). The company markets non-woven
fabric through dealers located in Delhi, Haryana and Rajasthan etc.


UNIVERSAL STARCH-CHEM: CARE Cuts Rating on INR33cr LT Loan to B
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Universal Starch-Chem Allied Limited (USCAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING (Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable)

   Short Term Bank     13.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING (Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 22, 2019, placed
the rating(s) of USCAL under the 'issuer non-cooperating' category
as USCAL had failed to provide information for monitoring of the
rating.  USCAL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated December 30, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion it is not
sufficient to arrive at a fair rating.

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

The revision in rating factors in non-cooperation by USCAL and
CARE's efforts to undertake a review of the ratings outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on November 21, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Bombay stock exchange):

Key Rating Weaknesses

Detailed description of the key rating drivers

* Moderate scale of operations coupled with low capitalization:
Total operating income of USCAL marginally declined by 5.24% to
INR265.52 crore in FY20 (vis-à-vis INR280.21 crore in FY19). The
company's total income increased by 13.60% on y-o-y basis and stood
at INR131.07 crore in H1FY21 vis-à-vis INR115.38 crore in H1FY20.
The tangible net worth of the company has increased to INR37.98
crore as on March 31, 2020 and INR39.20 crore as on September 30,
2020 as against INR36.44 crore as on March 31, 2019.

* Weak profitability margins: PBILDT margin of the company declined
and stood at 4.40% in FY20 (vis-à-vis 4.57% in FY19) and PAT
margin to 0.25% in FY20 vis-à-vis 0.50% in FY19. Further company
reported net profit by of INR1.20 crore in H1FY21 vis-à-vis net
loss INR7.17 crore in H1FY20.

* Leveraged capital structure and moderately weak debt coverage
indicators: The capital structure of USCAL has improved with the
overall gearing reaching to 1.21 times as on September 30, 2020 and
1.24 times as on March 31, 2020 from 1.55 times as on March 31,
2019 owing to increase in net worth base with accretion of profit
in FY20. The debt coverage indicators i.e. total debt/GCA has
remained at same level from 8.25 times in FY19 to 8.94 times in
FY20 (A). The interest coverage ratio deteriorated to 1.71 times in
FY20 (vis-à-vis 2.10 times in FY19) due to increase in interest
cost in FY20.

* Working capital intensive nature of operations: The operations of
USAL are working capital intensive in nature with funds being
blocked in inventory and debtors. The inventory holding stood at 36
days in FY20 (vis-à-vis 25 days in FY19) as the company is
required to maintain inventory in order to meet the regular demand
flow. The collection period stood at 38 days in FY20 (vis-à-vis 33
days in FY19), given to maintain relationship with customers. On
the other hand, an adequate credit period of over 75-90 days is
being extended by the suppliers to the company, wherein the maximum
tenor of an LC is 90 days. Therefore the operating cycle of the
company remained moderate at 10 days. The liquidity position
remained weak marked by below unity current ratio and quick ratio.
The current ratio stood at 0.86 times, its quick ratio at 0.51
times as on March 31, 2020 (vis-à-vis 0.8 times and 0.52 times in
FY18).

* Presence in competitive & seasonal industry: USAL operates in a
competitive agro-commodity industry wherein a large number of
organized & unorganized players are engaged in processing of
various types of agro commodities, including maize. As a result of
the same the company operates on low profit margins and also
provides extended credit period to its customers.

* Susceptibility of profit margins to fluctuation in the raw
material prices which are linked to agro commodities: Given the
maize being an agro-commodity, the profit margins of the company
are highly exposed to availability of maize which is highly related
to the production during the year and seasonality of the same,
since the maize procurement season starts from October and lasts
till February in Maharashtra. The aforementioned things are evident
from the fluctuating material consumption cost during past three
years coupled with availability of the maize resulted in
fluctuation in scale of operations.

Key Rating Strengths

* Long track record of operations in manufacturing of maize starch
coupled with diversified product portfolio: USAL possesses a long
track record of over 45 years of operations in manufacturing of
maize starch and other by-products. Furthermore, USAL's product
portfolio is well diversified which comprises various by-products
other than maize starch, viz. pregelatinized starch, liquid
glucose, thin boiling starch, white dextrin, dextrose monohydrate,
dextrose anhydrous, dextrose syrup, etc.

* Highly experienced promoters with an average of two decades of
experience in manufacturing of maize starch: The overall operations
of USAL are looked after by the promoters Mr. Jitendrasinh Rawal,
Mr. Ripudamansingh Vaghela, Mrs. Hansa Vaghela and Mr. Gulabsingh
Chaudhary, who possess a total experience of over 45 years, 4
years, 4 years and 40 years respectively in manufacturing of maize
starch.

* Wide end-user applications coupled with established relationship
with diversified clientele & suppliers: The products manufactured
by USAL find wide end-user applications, wherein the primary
product viz. MSP (Maize Starch Powder) finds application in
textiles, food industry and pharmaceuticals; whereas the other
by-products find application in pharmaceuticals, food processing
(soups, sauces, jams, jellies, etc.), laundry, gums & adhesives,
oil well drilling, chemicals, paper, etc.

Incorporated in 1973 by Mr. Jitendrasinh Rawal, Universal
Starch-Chem Allied Limited (USAL) is engaged in manufacturing of
maize starch at its manufacturing facility located at Dondaicha in
Dhule, Maharashtra, equipped with an installed capacity of 500 MT
per day of maize crushing (utilized at 57.47% in FY18 and 83% in
Q1FY19). The company is engaged in wet milling of maize for
manufacturing of maize starch and other by-products which find
varied applications across a wide range of industries viz.
textiles, food processing, pharmaceuticals, laundry, gums &
adhesives, chemicals, paper, etc. The products of the company are
catered to the domestic market in major parts of India, coupled
with exports to UAE, Kenya and Nigeria, forming less than 2% of the
annual revenues. Moreover, the company also operates a 6 MWp power
plant for captive consumption, the excess units from which are sold
to the exchange. On the other hand, the primary raw material viz.
maize is procured from the domestic suppliers of the same in
Maharashtra.

VATIKA INFRACON: CARE Lowers Rating on INR128.90cr NCD to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vatika Infracon Private Limited (VIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     128.90      CARE D; ISSUER NOT COOPERATING
   Debenture issue                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

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

The rating has been revised on account of ongoing delays in
servicing of its debt obligations due to stressed liquidity
position. The Interest for the December 2020 quarter which was due
on January 10, 2021 is yet not paid by the issuer.

Key Rating Sensitivity

Positive Factors

* Timely repayment of its debt on timely basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Project execution and salability risk: The company is yet to
start the construction of its upcoming project- Vatika City 2. The
company proposes to avail construction finance of INR400 crore for
the project while total cost is INR3397 crore. The project was
expected to launch in Q3FY20 as earlier expected in Q3FY19, due to
delay in receipt of licenses. Thus, the company is exposed to
project execution risk. Also, on account of subdued industry
scenario, the project is exposed to salability risk after the
launch of the project. CARE is unable to comment on the present
status of the projects, due to noncooperation from the client.

* Excessive dependence on customer advances: VIPL has shown
excessive dependence on customer advances as a means for project
execution. For the upcoming project, VIPL has projected to fund
about 71.46% of the total project cost by utilizing proceeds from
customer advances. Excessive dependence on customer advances for
project execution might impact the schedule of the project if the
sales momentum is not as expected. CARE is unable to comment on the
present scenario, due to noncooperation from the client.

* Subdued industry scenario: The real estate sector during the
recent years witnessed a slowdown owing to various government
reforms. Demonetization & GST implementation were some of the
factors which even though aimed at curbing the black money menace,
hit the sector hard through sale stagnation leading to a dip in
prices. However, with the introduction of the RERA Act, it forced
the builders in timely completion and delivery of projects which is
in the interest of both consumers as well as for real estate
sector. The affordable housing sector, owing to governmental thrust
was the only segment that showed some improvement. However, with
the effect of these reforms stabilizing, the sector is expected to
witness small but sustainable improvement during FY20.

Liquidity: Weak

The liquidity profile of Vatika Infracon Private Limited remains
weak. Due to mismatch between project receipts vis a vis the debt
repayment obligations the liquidity of Vatika Infracon Private
Limited remains constrained.

Vatika Infracon Private Limited (VIPL) was incorporated in 2010 for
the purpose of real estate development. The company is a step-down
subsidiary of Vatika Ltd (Vatika rated- CARE BB; Stable), Vatika
Group's flagship company. VIPL is developing a 77 acres gated
township 'Vatika City 2' as the final phase of Vatika India Next
(An integrated township with area spanning over 677 acres having
residential- floors, plots, villas, group housing, gated towns and
commercial projects) in Sector 89, Gurgaon with saleable area of
68.02 lakh square feet (lsf). The project will be developed in 4
phases and the land for the project has already been acquired with
licenses for phase 1 already received.

VISHAVKARMA AGRO: CARE Lowers Rating on INR9.73cr Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vishavkarma Agro Industries (VAI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      9.73        CARE B; ISSUER NOT COOPERATING
   Facilities                      (Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 7, 2019, placed the
rating of VAI under the 'issuer non-cooperating' category as VAI
had failed to provide information for monitoring of the ratings.
VAI continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2020, December 10, 2020, December
9, 2020, and December 8, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the rating takes into account the non-availability
of requisite information due to noncooperation by VAI with CARE's
efforts to undertake a review of the outstanding ratings as CARE
views information availability risk as key factor in its assessment
of credit risk profile. The rating has been revised on account of
susceptibility of margins to fluctuations in raw material prices
and presence in a highly fragmented and competitive industry.

Key Rating Weaknesses

* Susceptibility of margins to fluctuations in raw material prices
The main raw materials of the firm are H.R. sheets, angles,
channels, round etc. whose prices depend on the fortunes of iron
and steel industry. The prices of steel and iron are driven by the
international prices which had been volatile in past. Thus any
adverse change in the prices of the raw material may affect the
profitability margins of the firm. The firm has availed the
moratorium from March-20 to August-20 offered by RBI in light of
Covid-19 as on date.

* Presence in a highly fragmented and competitive industry:
Vishavkarma Agro Industries is also exposed to high fragmentation
in the tractor equipment industry, which has numerous players at
the bottom of the value chain due to low entry barriers, low
capital and technology requirements.

Vishavkarma Agro Industries (VAI) was established as a partnership
firm in 1991 with Mr. Surjit Singh Dhiman and Mr. Amarjit Singh as
its partners, sharing profit and loss equally. The firm is engaged
in manufacturing of tractor equipment's such as wheat thresher,
straw reaper, seed drill, combine harvesters, etc. at its
manufacturing unit situated in Sangrur, Punjab. The partners are
also engaged in another associate concerns namely Vishavkarma
Filling Station (established in 2005 and operating a petrol filling
station of Reliance Industries Limited) and Vishavkarma Education
and Welfare Society (established in 2008 and engaged in providing
education services).

YAKSHAKRAPA CASHEW: CARE Lowers Rating on INR6.44cr LT Loan to B
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Yakshakrapa Cashew Industries (YKC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.44       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING (Revised from
                                   CARE B-; Stable; and
                                   moved to ISSUER NOT
                                   COOPERATING category)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from of YKC to monitor the
rating(s) vide e-mail communications dated September 7, 2020 to
December 30, 2020 and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on Yaksha Krapa
Cashew Industries bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by Yaksha Krapa Cashew
Industries, with CARE'S efforts to undertake a review of the rating
outstanding, as CARE views information availability risk as key
factor in its assessment of credit risk profile. However, the
ratings continuous to be tempered by small scale of operations and
short track record of business, declining PBILDT margin, thin and
fluctuating PAT margin during the review period, leveraged capital
structure and weak debt coverage indicators, working capital
intensive nature of operations and elongated operating cycle and
susceptibility of profits to volatile price fluctuation of cashew
kernel along with constitution as partnership firm. The ratings,
however, draw comfort from experience of the partners for more than
a decade in the cashew industry and stable demand for cashew
industry.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Small scale of operations and short track record of business: The
firm was incorporated in August, 2016 and has a short track record
of 3 years. The firm's scale of operations were small in nature as
marked by a TOI of INR12.94 crore in FY19 with low net worth base
of INR1.61 crore in FY19. The small scale limits the firm's
financial flexibility in times of stress and deprives it from scale
benefits and limits competitive position and pricing flexibility
compared to larger entities However, long term presence of partners
in the market is expected to benefit the business at large. Also,
the firm made a total operating income of INR11 crore during
6MFY20.

* Declining PBILDT margin, thin and fluctuating PAT margin during
the review period: The PBILDT margin of the firm stood declining
and remained at 7.58% during FY19 on account of under absorption of
overheads due to initial year of operations. The PAT margin of the
firm also decreased from 0.88% in FY18 to 0.56% in FY19 due to
increase in interest cost at the back of increase in utilization of
working capital bank borrowing.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the YKC stood leveraged marked by overall
gearing ratio of 2.52x as on March 31, 2019 due to higher
utilisation of working capital bank borrowings and availment of
term loan for setting up of the business. The debt profile of the
firm majorly consist of Cash Credit of INR2.45 crore, term loan of
INR1.60 crore and an unsecured loan of INR0.02 crore from partners
as on March 31, 2019. Also, the average working capital utilization
level stood at 80%-85% as of October, 2019. The debt coverage
indicators of the firm marked by TD/GCA and interest coverage stood
weak at 11.81x and 1.54x respectively as on March 31, 2019
deteriorating from 15.26x and 1.59x as March 31, 2018 due to
decrease in PBILDT in absolute terms due to increased material
costs and other costs and also due to decrease in cash accrual.

* Working capital intensive nature of operations and elongated
operating cycle: The firm operates in working capital intensive
nature of operations (processing of cashew kernels). hence the
operating cycle of the firm remained elongated during the review
period. The operating cycle of the firm as on March 31, 2019
remained elongated at 118 days improving from 258 days in FY18. The
firm receives payment from its customer within 10-30 days and makes
the payment to its suppliers in 01-10 days. The average inventory
period remained high with 107 days, as the firm procures raw
materials in the months of December–March and uses it throughout
the year to meet customer's requirements. The average utilization
of the working capital facility was 80%-85% for the last 12 months
ended September 2019.

* Susceptibility of profits to volatile price fluctuation of cashew
kernel along with constitution as partnership firm: The products
dealt by the firm are cashew kernel which includes cashew and other
related products etc. The products being cultivation based are
highly volatile by nature and affected by regular fluctuations in
the prices. However, the firm being engaged in manufacturing of the
same, the profitability is subject to the fluctuating cost of the
cashew kernel. The firm being a partnership firm is exposed to
inherent risk of capital withdrawal by the partners, due to its
nature of constitution. In Further, any substantial withdrawals
from capital account would impact the net worth and thereby the
financial profile of the firm.

Key Rating Strengths

* Experience of the partners for more than a decade in the cashew
industry: YKC is promoted by Mr. N Seetharam Shetty, the managing
partner and his wife Mrs. Prema S Shetty and son Mr. Prafullaraj
Shetty belonging to same family. The other working partners include
Mr. Priyadarshan Shetty and Mrs. Priyadarshini A Shetty. The
managing partner has more than a decade of experience in cashew
business. Due to long term presence of partner in the market, the
firm has established good relation with customers and suppliers.

* Stable demand for cashew industry: India is the top consumer of
cashew kernels in the world by absorbing over 25 per cent of the
supply, "Cashew nut demand has shot up 53 per cent since 2010.
Global demand for the cashew kernel has surged 53% since 2010,
surpassing production in at least four of the past seven years. In
a steadily growing $30-billion global tree nut market, the cashew
nut segment will continue to lead, and it is expected to account
for 28.91 per cent of the market by 2021. Global cashew production
is estimated at 7.4 million tonne.

Moratorium: The firm has availed moratorium on its bank facilities
from March 2020 to August 2020.

Karnataka-based Yakshakrapa Cashew Industries (YKC) was established
as a partnership firm in August, 2016 and promoted by Mr. N
Seetharam Shetty, Mr. Prafullaraj Shetty, Mr. Priyadarshan Shetty,
Mrs. Prema S Shetty and Mrs. Priyadarshini A Shetty. The managing
partner is Mr. N Seetharam Shetty who has an experience of more
than a decade in cashew manufacturing industry. The firm is engaged
in processing of raw cashew nuts into cashew kernels. The firm
sells the processed cashew kernels in Karnataka and also exports to
other states.



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

[*] JAPAN: More Stores Shut in Tokyo's High-End Ginza Six Mall
--------------------------------------------------------------
Japan Today reports that more than a dozen stores closed in Tokyo's
high-end Ginza Six mall this week as the coronavirus pandemic kept
big-spending foreign tourists and other luxury shoppers away from
an upscale shopping district famous for brand-name boutiques.

Until the pandemic closed Japan off to most foreign visitors last
year, the retail complex, which opened in 2017 with around 240
stores, was a symbol of Ginza's revival as a popular destination
for tourists, especially those from China descending on stores by
the busload.

According to Japan Today, Ginza Six said on Jan. 20 that around 15
stores, including Italian fashion house Moschino, cosmetics brands
Shiseido and Shu Uemura, as well as Salon des Parfums selling
Annick Goutal and other fragrance brands, have shut in the past few
days.

While Japan has not seen COVID-19 outbreaks on the scale of some
other major economies such as the United States and Britain,
infections have been rising steadily and the government declared a
second state of emergency earlier this month, the report says.

Japan Today relates that the continued travel ban, particularly the
absence of Chinese tourists during next month's Lunar New Year
holiday for a second year running, is also expected to deal a blow
to Tokyo retailers, said Atsumi Gamou, head of Japan Tourism
Agency.

"Retailers which were mainly focused on duty-free and other
products popular with inbound tourists are struggling hard," he
told reporters on Jan. 20, Japan Today relays. "It's extremely
difficult, to have an entry ban on tourists at a time when Chinese
visitors would ordinarily be coming for Lunar New Year holidays."

The number of Chinese visitors had risen more than six-fold in the
seven years to 2019. They also spent more than others, accounting
for 30% of tourists but 37% of tourist spending even after a
Chinese government crackdown on import and re-sale of luxury goods
dampened their frantic shopping sprees for Japanese electronics and
cosmetics dubbed bakugai, or "explosive buying", by Japan's media.

Japan Today notes that Ginza Six has catered heavily to foreign
visitors, with a large service centre offering tax refund
processing and luggage storage in addition to a dedicated bus bay.

Global travel bans have kept foreign visitor numbers at 1-2% of
year-ago levels since last April, according to data from JTB
Tourism & Consulting, the report says.

According to the report, department stores in central Tokyo,
heavily dependent on tourists in the past several years, have been
hit particularly hard. Isetan Mitsukoshi Holdings' same-store sales
fell more than 30% in 2020, with sales for its Mitsukoshi Ginza
store down over 50%.

Investors in Ginza Six included Japanese department store operator
J.Front Retailing, trading house Sumitomo Corp and the real estate
arm of U.S. private equity firm L Catterton.



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

GRAB HOLDINGS: Moody's Affirms B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed Grab Holdings Inc's B3
corporate family rating.

At the same time, Moody's has affirmed the B3 rating on the
company's proposed senior secured term loan. Grab and its wholly
owned subsidiary, Grab Technology LLC, are the borrowers. The loan
is guaranteed by subsidiaries engaged in transport, food and
delivery services.

The outlook remains stable.

The affirmation follows Grab's announcement that it will upsize its
proposed term loan to $1.75 billion from $750 million. The proceeds
from the term loan will be used for general corporate purposes.

"The rating affirmation and stable outlook balances the increase in
debt levels and interest payments against the company's substantial
liquidity position, including a cash balance of $5.3 billion
proforma for the transaction," says Stephanie Cheong, a Moody's
Analyst.

RATINGS RATIONALE

"The upsizing of the term loan further strengthens Grab's liquidity
profile and increases its financial flexibility during this period
of macroeconomic uncertainty," adds Cheong, who is also Moody's
Lead Analyst for Grab.

Moody's expects Grab's pro-forma cash balance of around $5.3
billion will be sufficient to cover negative operating cash flow,
capital spending at its transport and food delivery businesses and
scheduled debt service costs over at least the next three years.

"At the same time, Grab's debt levels will increase materially and
higher debt service costs will weigh on free cash flow generation,"
says Cheong.

Moody's considers Grab to be highly levered on a revenue/debt
basis, particularly given Moody's expectations that the company
will only break even on a consolidated EBITDA level in 2023, at the
earliest.

The B3 ratings are premised on an improvement in leverage from
hereon, as debt levels remain stable, revenues grow and cash flow
generation improves. Absent a consistent improvement in leverage
over the next 12-18 months, the ratings could face negative
pressure.

Grab's ratings also reflects its leading position in key
ride-hailing and food delivery markets across Southeast Asia, good
long-term growth prospects, and commitment to exercising cost
discipline.

At the same time, the ratings capture uncertainties around Grab's
ability to achieve sustained profitability as low switching costs
for customers, drivers and merchants, as well as higher competitive
intensity from existing and new players, could disrupt the
company's path to profitability.

The ratings remain constrained by investment and execution risks
associated with the company's nascent digital financial services
business, its complex corporate structure and the redemption risk
associated with its convertible redeemable preference shares which
can be put back to the company after June 2023.

The stable outlook reflects Moody's expectation that Grab will
maintain a large cash buffer relative to its operating cash needs
over at least the three years, that its cash burn will moderate
significantly in 2021 and leverage will decline from current
levels. Moody's also expects Grab to adopt a prudent funding
approach toward acquisitions and investments.

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

Moody's could upgrade the ratings if Grab turns profitable and
starts generating net cash flow over a multi-year period, while
simultaneously maintaining robust liquidity with sufficient cash or
alternative liquidity on hand to cover its short-term and
medium-term debt and commitments. In addition, Grab will need to
eliminate the redemption risk associated with its CRPS.

The ratings could be downgraded if (1) Grab has insufficient
liquidity to fund its operations and investments over at least the
next three years; (2) Grab's cash burn does not moderate
significantly as expected over the next 12-18 months; (3) there is
meaningful cash drain to fund new ventures, including its digital
financial services business; (4) leverage does not improve as
expected over the next 12-18 months; (5) increased competition or
new regulatory standards weaken the company's market position, cash
flow or earnings relative to Moody's current expectations; or (6)
Grab is unable to extend the redemption date of its CRPS at least
12-18 months in advance of June 2023.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Founded in 2012, Grab Holdings Inc is one of the largest
ride-hailing companies in Southeast Asia. In addition to
transportation, Grab also offers food delivery, digital payments
and other financial services via a mobile app across Malaysia,
Singapore, Indonesia, Vietnam, Philippines, Thailand, Cambodia and
Myanmar.

NEW SILKROUTES: SGX Queries on Liquidation of Oil-Trading Unit
--------------------------------------------------------------
Claudia Tan at The Business Times reports that the Singapore
Exchange (SGX) has raised queries regarding New Silkroutes Group's
wholly-owned oil-trading subsidiary, International Energy Group
(IEG), which the group has not been successful in winding up.

The agreement for the disposal of IEG to TK Energy lapsed on June
30 last year, after the buyer failed to disburse loans to New
Silkroutes Capital and IEG, BT says.

In a regulatory filing on Jan. 20, New Silkroutes said that in view
of the global pandemic and the challenging energy market, the
management and the board believe that the energy business is not
sustainable and that IEG will not be able to fulfil its debt
obligations - and this is after taking into account the cash flow
projections commencing in the second quarter of 2021, BT relates.

"In view of that, the board took the difficult decision that a
creditors voluntary liquidation of IEG was appropriate and
appointed provisional liquidators," said New Silkroutes.

According to BT, New Silkroutes also disclosed to the local bourse
that it is a corporate guarantor to a loan extended from Ocap
Management to IEG.

IEG is also a corporate guarantor to the lease-financing
arrangement of the bare boat charter agreement entered into by its
subsidiary TXZ Tankers. If IEG defaults, New Silkroutes will become
a corporate guarantor to the lease financing arrangement and its
contingent liabilities, the report notes.

On the impact of the liquidation on the company, New Silkroutes
said: "The board of directors feels that while there will be a
liquidity crunch due to the creditors' voluntary liquidation of
IEG, the impact will be minimised by the continuous operations and
growth of the healthcare arm of the company together with corporate
finance activities," BT relays.

BT relates that the group also said that after reviewing the
financial forecast and cash flow projections, the board is of the
view that the group can continue as a going concern. It added that
the group has sufficient working capital and financial resources to
meet its obligations as and when they fall due in the next 12
months.

Among reasons to support this view were the cost-cutting measures
it has implemented, as well as the positive outlook for its
healthcare operations.

In response to SGX regarding whether a trading suspension is
required, New Silkroutes said it is not necessary, given that the
group is still in operation, the report relays. It added that its
health and healthcare subsidiaries contributed US$13.62 million
(SGD18.06 million) in revenue in the first quarter of 2021 and is
looking to grow its healthcare business.

Based in Singapore, New Silkroutes Group Limited (SGX:BMT) --
http://www.newsilkroutes.org/-- is an investment holding company
focused on healthcare and energy. The Company owns and operates
primary care medical and dental facilities in Singapore and
Vietnam, as well as pharmacy management systems in Singapore and
China. New Silkroutes's energy division is involved in physical oil
trades in SEA and North Asia.


                           *********


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.

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                *** End of Transmission ***