/raid1/www/Hosts/bankrupt/TCRAP_Public/210127.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, January 27, 2021, Vol. 24, No. 14

                           Headlines



A U S T R A L I A

CARNIVAL CORP: Unit Halts Operations in Australia Through Mid-May
[*] Sydney Liquidator Pleads Guilty to Dishonesty and Fraud


I N D I A

ALVAS EDUCATION: CARE Keeps B Debt Rating in Not Cooperating
BALAJI JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BOMBAY EDUCATION: CRISIL Cuts Rating on INR12cr New Loan to B
C NATARAJAN: CRISIL Keeps B Debt Rating in Not Cooperating
GENINS INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GOVINDAM TEX: CRISIL Keeps B Debt Ratings in Not Cooperating
GUHA AND ROY: CRISIL Keeps B+ Debt Rating in Not Cooperating
HIMANGI FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
HINDUSTAN CLEANENERGY: Ind-Ra Keeps 'BB' Rating in Non-Cooperating
HM JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

INDCON PROJECTS: CRISIL Keeps B+ Debt Rating in Not Cooperating
ISON INTERLINING: CRISIL Lowers Rating on INR8cr Cash Loan to B
JAIDHAR CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating
JP DEVELOPERS: CRISIL Keeps B Debt Rating in Not Cooperating
KC TIMBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KOTAK MAHINDRA: Investors Express Concerns Over Bad Loan Levels
LAXMI VENKATESHWARA: CRISIL Keeps B Rating in Not Cooperating
N. SATISH: CRISIL Lowers Rating on INR12.5cr Packing Loan to B
NEW HARYANA: CRISIL Lowers Rating on INR6cr Cash Loan to B
NICE POULTRY: CRISIL Keeps B- Debt Ratings in Not Cooperating

OXINA CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
PADMAVATI JEWELLERS: CRISIL Keeps B Ratings in Not Cooperating
PSK TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RASHMI AGENCY: CRISIL Keeps B Debt Rating in Not Cooperating
RATAN TEXTILES: CRISIL Lowers Rating on INR1.5cr Cash Loan to B

RAYFAM ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
SAMARTH FABLON: CRISIL Keeps B+ Debt Rating in Not Cooperating
SHIKSHA PRASARINI: CRISIL Keeps B Debt Rating in Not Cooperating
SHIVSHAKTI COTEX: CRISIL Keeps B- Debt Ratings in Not Cooperating
SHYAM & COMPANY: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating

SIGMA SYNTHETICS: CRISIL Keeps B Debt Ratings in Not Cooperating
SWET CERAMIC: CRISIL Withdraws B Rating on INR4.5cr Loan
VEDANTA RESOURCES: S&P Alters Outlook to Stable, Affirms 'B-' ICR
VINAY CORPORATION: CRISIL Lowers Rating on INR5cr Cash Loan to B
[*] INDIA: Farmers Vow to Continue Protest on Agricultural Reforms



I N D O N E S I A

LIPPO KARAWACI: Moody's Affirms B3 CFR on Cash Flow Improvement


J A P A N

[*] JAPAN: Restaurants Defy Virus Curbs to Stay Open Late


N E W   Z E A L A N D

CARRICK WINES: Southland Dairy Farmer Buys Bannockburn Winery
LIFETIME INCOME: A.M. Best Keeps B (Fair) FS Rating Under Review


S O U T H   K O R E A

SAMSUNG ELECTRONICS: Lee Gets 30-month Prison Term for Bribery


S R I   L A N K A

ABANS FINANCE: Fitch Ups National LT Rating From 'BB+(lka)'


X X X X X X X X

[*] China-Australia Dispute Leaves Coal Carriers Stranded

                           - - - - -


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

CARNIVAL CORP: Unit Halts Operations in Australia Through Mid-May
-----------------------------------------------------------------
Bloomberg News reports that Carnival Corp.'s flagship cruising
brand extended its pause on U.S. departures through the end of
April and shelved operations in Australia through mid-May amid
lingering pandemic concerns, Bloomberg News reported.

Carnival Cruise Line also canceled European trips on Carnival
Legend that had been poised to start in May, and delayed trips on
Mardi Gras from Port Canaveral, Fla., until the end of that month,
according to a statement on Jan. 22, Bloomberg relates.

The announcement is the latest in a long line of delays since the
entire industry essentially went on hold in mid-March, the report
says. In the pandemic's early days, outbreaks on ships killed
customers and crew and turned some vessels into pariahs that no
port would accept.

With the vaccine rollout just beginning in earnest, many of the
companies seem to be writing off a significant part of 2021, having
raised billions of dollars in debt to keep themselves solvent, says
Bloomberg.  Even when they start taking customers again, Carnival
Chief Executive Officer Arnold Donald has said, any resumption is
likely to be gradual.

Yet Carnival said earlier this month that cumulative advanced
bookings for the first half of 2022 are now ahead of 2019 levels,
reflecting pent-up demand, Bloomberg relays.

Carnival Cruise Line is an international cruise line with
headquarters in Doral, Florida. It is a subsidiary of Carnival
Corporation & plc.

[*] Sydney Liquidator Pleads Guilty to Dishonesty and Fraud
-----------------------------------------------------------
A former registered liquidator from Lewisham, New South Wales, Ms.
Amanda Young, has pleaded guilty to one count of fraud relating to
the liquidation of St Gregory's Armenian School Inc and one count
of dishonestly using her position as liquidator of Mamak Pty Ltd.

ASIC alleged that between Dec. 10, 2017 and Dec. 5, 2018, while a
liquidator of Mamak, Admark Property Group Pty Ltd and Roller
Poster Company Pty Ltd, Ms. Young caused the transfer of a total of
AUD73,140 from the liquidation bank accounts of those companies to
bank accounts that she controlled and then used the funds for her
own purposes. The transfer in relation to the liquidation of Mamak
was for AUD28,500.

ASIC also alleged that between Oct. 23, 2018 and Nov. 2, 2018,
while a manager for the liquidation of St Gregory's, Ms Young
caused three bank cheques totalling AUD165,362 to be drawn in her
favour from the St. Gregory's liquidation account and then
deposited them to bank accounts that she controlled.

The two charges relating to the liquidations of Admark Property
Group Pty Ltd and Roller Poster Pty Ltd will be taken into account
for sentencing by the District Court, in line with s16BA of the
Crimes Act 1914 (Cth).

The maximum penalty for an offence against s 192E of the Crimes Act
1900 (NSW) is ten years' imprisonment. The maximum penalty for an
offence against s 184(2) of the Corporations Act 2001 (Cth) is five
years' imprisonment.

Ms. Young entered the guilty plea before the Downing Centre Local
Court on January 19, 2021 and has been committed for sentence in
the District Court, Sydney.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions after a referral from ASIC. It is next listed
for mention in the District Court, Sydney, on February 26, 2021.

Ms. Young was a registered liquidator and partner at Jirsch
Sutherland Insolvency Solutions.

On June 3, 2020, the registration of Ms. Young as a liquidator was
cancelled following a decision by a disciplinary committee convened
upon a referral from ASIC. Ms. Young had previously resigned all
her external administration appointments and replacement external
administrators have been appointed following orders by Justice
Black of the Supreme Court of New South Wales on
December 14, 2018.



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

ALVAS EDUCATION: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alvas
Education Foundation (AEF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     183.13       CARE B; Stable; 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 27, 2019, placed
the rating of AEF under the 'issuer non-cooperating' category as
AEF had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. AEF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated January 4, 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

At the time of last rating on September 7, 2018 the following were
the rating strengths and weaknesses (Recent Information was
unavailable to update)

Key Rating Strengths

* Industry experience and established operations of trust for over
two decades: The trust has been operating various educational
institutions since 1995 and has forayed into different segments of
education. During FY18, the trust had 17 institutes with a student
base of 25,738. The trust is run by a board of 6 trustees which is
headed by Mr. M Mohan Alva, the Chairman of the Trust who is a
doctor by profession.

* Consistent growth in income and margins: The total operating
income of AEF increased by 37.57% from INR236.0 crore in FY17 (A)
to INR313.3 crore in FY18 (Prov.)driven by regular addition of
courses, increasing student enrolments and revised fee structure.
At the same time, AEF witnessed sizeable growth in income from
hostel during the past three years led by the increases in hostel
and mess fees. Additionally, owing to low levels of operating cost
(inherent to educational institutes revenue model), SBID margins
have been healthy over the past four years and have achieved 31.50%
in FY18 (from 23.28% in FY15).

* Diversified revenue stream on account of large number of
institutes offering diverse range of courses: Revenue streams of
AEF is diversified on account of the large portfolio of courses
offered in the fields of Management, Engineering, Medical, Arts,
Commerce, Pharmacy etc. Of total income, income from institutes
contributed 48.52% in FY18 (FY17: 43.95%) with major contribution
from Pre-University. Income from hostels contributed 37.61% in FY18
(FY17: 37.44%), other income such as College Development fund,
Interest Income etc contributes to rest of the income.

Key Rating Weaknesses

* Intermittent cash flow mismatch associated with educational
institutes leading to tight liquidity: Liquidity of the trust
continues to remain tight with near full utilization of working
capital borrowings. Trust incurs regular stream of payments for
meeting staff salary maintenance activities, interest expenses,
term loan payments etc., but collects fees for schools and colleges
in different monthly/quarterly/half-yearly tranches. As per banker
interaction, Trust had availed moratorium during March 2020-August
2020.

* Debt-funded capex undertaken by trust: The trust's debt levels
have gone up substantially owing to debt capex during FY15-FY18.
Consequently, trust's debt levels have gone up from INR 187.1 crore
as on March 31, 2015 to INR 245.16 crore as on March 31, 2018
(Prov).

* Highly competitive education sector: Education field is
characterized by Intense competition i n the education field exists
with the presence of various educational institutes and increasing
private sector participation however considering the long track
record and established presence of the trust, the risk is mitigated
to a large extent with increase in enrolments over the years.

Established in 1995, Alva's Education Foundation (AEF), was founded
by Mr. M Mohan Alva who is a managing trustee and chairman of the
trust. The trust runs schools, high schools, Pre-University(PU)
Colleges offering diverse range of courses in the fields of
Management, Engineering, Medical, Arts, Commerce, Agriculture,
Fashion, Pharmacy, Law, Polytechnic etc.

BALAJI JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Balaji
Jewellers (SBJ) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Long Term Loan         1.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set-up in 1965 as a partnership firm, Sri Balaji Jewellers, (SBJ)
is engaged in retail jewelry business. The firm is managed by Mr.
Praveen Kumar and his family members.

BOMBAY EDUCATION: CRISIL Cuts Rating on INR12cr New Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bombay
Education Society (BES) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       12        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB+/Stable' ISSUER
                                      NOT COOPERATING)

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

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

Detailed Rationale

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

BES was established in 1815, by Arch Deacon George Barnes; Sir Evan
Nepean, governor of Mumbai, was its first president. The society
operates two schools: Christ Church School at Byculla in Mumbai and
Barnes School at Deolali, Maharashtra.

C NATARAJAN: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C.Natarajan
(Natarajan) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             8.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Natarajan is a proprietary firm of Mr. C Natarajan. The firm
operates windmills in Tirunelveli, Tamil Nadu, with an installed
capacity of 3.225 megawatts.

GENINS INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Genins India
Insurance TPA Limited (GITL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2          CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           2.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

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

Detailed Rationale

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

GITL, incorporated in 1996, is owned and managed by Mr. M P Gupta.
The company provides TPA services. Apart from the traditional
mediclaim services, it also provides services under pre-policy
health check-ups for Life Insurance Corporation of India. It is one
of the pioneers in the field since 2000 as it started TPA
operations much before the norms were promulgated by the IRDA.
Presently, the company is on the panel of three PSUs and three
private sector companies.

GOVINDAM TEX: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Govindam Tex
Fab Private Limited (GTPL) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.70       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.25       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             7.05       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

GTPL was established in April 2015, promoted by Mr Sanjay Kumar
Sharma, Mr Shyam Lal Sharma, Mr Praveen Tak, and Mr Kishanwati
Atri.  The company undertakes weaving on a job-work basis for
clients at its facility in Bhilwara, Rajasthan.


GUHA AND ROY: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guha And Roy
(GR) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            4.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

GR is a partnership concern between Mr Debraj Roy and Mr Mithun
Roy, which constructs roads and bridges in West Bengal primarily
for public works department.

HIMANGI FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himangi Foods
Private Limited (HFPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          4        CRISIL A4 (Issuer Not
                                    Cooperating)      

   Cash Credit            18        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan               3        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

HFPL was established in 2005 by Mr Om Prakash and his family. The
company manufactures wheat products such as maida, suji and atta.
Its manufacturing facility is based in Kanpur, Uttar Pradesh. The
company has installed capacity of 90,000 tonne per annum.

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

The instrument-wise rating action is:

-- INR447* mil. Non-convertible debentures maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

*As per disclosures on BSE Limited's website.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 10, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in October 2008, Hindustan Cleanenergy is a 100%
subsidiary of Hindustan Powerprojects Private Limited which is a
multi-fuel-based power projects developer. The company was set up
with an objective to serve as the solar holding company of the
group and to undertake the development of solar power projects
worldwide.

HM JEWELLERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HM Jewellers
Private Limited (HJPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       0.19        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Standby Line
   of Credit            0.25        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Working Capital
   Facility             6.75        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2007, HJPL is engaged in jewellery retailing
through its showroom at Bhubaneswar, Odisha. Its daily operations
are managed by promoter-director Mr Umesh Chandra Maharana, who has
experience of more than a decade in the gold retailing business
through proprietorship firm HM Jewellers. The firm's business was
taken over by HJPL in 2007.

INDCON PROJECTS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indcon
Projects and Equipment Limited (IPEL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       13.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit          13.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      1.5        CRISIL A4 (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1986 by Mr Prakash Narain Misra, IPEL designs and
manufactures engineering equipment such as skid-mounted compressed
air, gas, and liquid driers; pressure vessels; columns; and heat
exchangers. It is also engaged in engineering, procurement, and
construction of pipeline infrastructure for the oil and gas sector.
The company is based in Delhi, and has manufacturing facilities in
Faridabad (Haryana), Gujarat, and Delhi.

ISON INTERLINING: CRISIL Lowers Rating on INR8cr Cash Loan to B
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ison
Interlining (Ison) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

   Proposed Fund-         4.8       CRISIL B /Stable (ISSUER NOT  
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

   Standby Line           1.2       CRISIL B /Stable (ISSUER NOT
   of Credit                        COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

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

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

Detailed Rationale

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

Set up in 2016 as a partnership firm, by Mr Kalpesh Bhandari and
Ms. Mamta Bhandari, a Rajasthan-based firm Ison trades in textiles
and also does jobwork of stitching for some customers. Fiscal 2017
was its first full year of operations.

JAIDHAR CONSTRUCTIONS: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaidhar
Constructions (Jaidhar) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.8        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           4.1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility    1.07       CRISIL B/Stable (Issuer Not
                                    Cooperating)
   
   Term Loan             4.03       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in 2008, Jaidhar Constructions (Jaidhar) is a
partnership firm based out Secunderabad and engaged in
manufacturing of readymix concrete (RMC). Jaidhar is promoted by Mr
N Chandrashekhar Rao.

JP DEVELOPERS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JP Developers
(JPD) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

JPD was set up in 2009 by Mrs. Jayalaxmi P. Shah. The firm is
engaged in real estate development. It is currently undertaking a
residential project in Mumbai (Maharashtra).

KC TIMBER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K.C. Timber
Traders (KCTT) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Buyer Credit Limit     8         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

KCTT, set up as a partnership firm by Mr Manish Bansal and Mr
Romesh Bansal in 1991, trades in timber logs primarily imported
from West Africa and Latin America. The firm has its head office
and three warehouses in New Delhi.

KOTAK MAHINDRA: Investors Express Concerns Over Bad Loan Levels
---------------------------------------------------------------
Rahul Satija at Bloomberg News reports that shares of Kotak
Mahindra Bank Ltd. dropped after investors expressed concerns over
the level of bad loans held by India's third-largest lender by
market value.

The bank's gross bad loan ratio narrowed to 2.26% at the end of
December from 2.55% three months earlier, but this ratio would have
been 3.27% if India's court hadn't barred financiers from marking
soured assets, it said in a filing on Jan. 25. A "disproportionate
portion" of the additional problem loans, including those that
haven't been marked as bad debt, are in unsecured consumer retail,
it said.

"Bad loans, including those that haven't been labeled due to a
court order, have caught investors by surprise," Bloomberg quotes
Pritesh Bumb, an analyst at Prabhudas Lilladher Pvt, as saying.
"Higher non-performing assets than some peers is leading to the
stock market reaction."

According to Bloomberg, Kotak Mahindra, backed by world's richest
banker Uday Kotak, has been impacted after a nationwide lockdown to
contain the coronavirus pandemic forced businesses to close,
impacting demand for credit and borrowers' ability to repay.
India's central bank expects banks' bad-loan ratios to almost
double this year.

Net income totaled INR18.5 billion ($254 million) for the three
months ended Dec. 31, compared with INR16 billion a year earlier,
the Mumbai-based bank said. Analysts had expected a profit of INR17
billion, according to the data compiled by Bloomberg.

LAXMI VENKATESHWARA: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Laxmi
Venkateshwara Rice Mill Ginning Factory (LVRMG) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility    7.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Sri Laxmi
Venkateshwara Rice Mill Ginning Factory (LVRMG) for obtaining
information through letters and emails dated June 29, 2020 and
December 29, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up 1991 as a partnership firm by Mr. Ramu, Mr. Pushpavathi, Mr.
Krishnamurthy, and Mr. Venkata Shailaja, LVRMG gins and processes
steamed and raw rice at its facility in Karatagi, Karnataka). The
promoters have been in the rice milling business since 1991.


N. SATISH: CRISIL Lowers Rating on INR12.5cr Packing Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of N.
Satish Exports Private Limited (NSEPL) to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Post Shipment          2.5       CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER NOT
                                    COOPERATING)

   Post Shipment         15.0       CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL A4+ ' ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     6.0       CRISIL B/Stable (ISSUER NOT  
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER NOT
                                    COOPERATING)

   Export Packing        12.5       CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

NSEPL was set up in 1977 as a partnership firm - N Satishkumar & Co
' by Mr. Narendra Shah and Mr. Ramniklal Shah; it was reconstituted
as a private limited company and got its current name in 2011. The
company is engaged in cutting and polishing of diamonds. The
company is headquartered in Mumbai (Maharashtra) and its processing
facility is in Surat (Gujarat).

NEW HARYANA: CRISIL Lowers Rating on INR6cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of New
Haryana Overseas (NHO) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B /Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable' ISSUER
                                    NOT COOPERATING)

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

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

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

Detailed Rationale

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

NHO was established in 1971 as a partnership firm by Mr. Navdeep
Khosla and Mr. Vikas Khosla. The firm mills basmati rice. It has an
installed paddy milling and sorting capacity of 12 tonne per hour
at Ambala, Haryana.

NICE POULTRY: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nice Poultry
Feeds Mill Private Limited (NPFPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.75      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              9.25      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

NPFPL, incorporated in 2011, manufactures poultry feed at its
facility in Ghaziabad (Uttar Pradesh). NPFPL is promoted by Mr.
Rais Ahmad, Mr. Naeem Ahmad, and Ms. Shama Praveen.

OXINA CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oxina Cars
Private Limited (OCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term     0.1       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              9.9       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2016, OCPL is a dealer of Hyundai in
Tiruchirappalli, Tamil Nadu. The company is promoted by Mr K
Karunanithi. It commenced operations in March 2017.

PADMAVATI JEWELLERS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padmavati
Jewellers Private Limited (PJPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Proposed Cash          1.5       CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in April 2010, PJPL manufactures and trades in all
types of gold jewellery. The Mumbai-based company is promoted by
Mr. Kiran Ramani and Mrs. Rashila Ramani.

PSK TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the the ratings on bank facilities of P.S.K.
Textiles India Private Limited (PSK) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)
     
   Proposed Long Term     1.21      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              8.06      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2005 by Mr. K S Shekar, Namakkal (Tamil Nadu)-based
PSK primarily weaves fabrics on jobwork basis.


RASHMI AGENCY: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rashmi Agency
(Rashmi) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

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

   Cash Credit           6          CRISIL B/Stable (Issuer Not
                                    Cooperating)     

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

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

Detailed Rationale

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

Rashmi, set up by Mr. Rashmi Ranhan Routroy is an authorised
distributor of Ruchi Gold edible oil in 10 districts of Odisha
since 2002. Recently, the firm has undertaken a capex programme to
construct a hotel-cum-commercial space in Bhubaneswar, which is
expected to be completed by end of fiscal 2019.

RATAN TEXTILES: CRISIL Lowers Rating on INR1.5cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the the ratings on bank facilities of
Ratan Textiles (RT) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER
                                    NOT COOPERATING)

   Packing Credit        8          CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ' ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.18       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER
                                    NOT COOPERATING)

   Term Loan              0.32      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER
                                    NOT COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 1983 and promoted by Mr Dinesh Jain, Naresh Jain
and Mr Anant Jain, RT manufactures readymade garments and home
furnishing items. Its unit is in Jaipur.

RAYFAM ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rayfam
Enterprises Private Limited (REPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility     1         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Working       4         CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating)

   Working Capital        5         CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

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

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

Detailed Rationale

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

REPL is a holding company, established in 1996, for managing
investments of its group companies in various sectors. The
company's corporate office is in Delhi.

SAMARTH FABLON: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Samarth Fablon
Private Limited (SFPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            40        CRISIL B+/Stable (Issuer Not
                                    Cooperating)     

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

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

Detailed Rationale

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

Incorporated in 2008, SFPL is engaged in manufacturing of PP woven
sacks for packaging use in mainly cement and fertilizer industries.
Mr. Bishnu Kumar Agarwal manages the day to day operation.

SHIKSHA PRASARINI: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shiksha
Prasarini Samiti Pt. Madan Mohan Malviya Vidya Mandir (SPS)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         1          CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

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

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

Detailed Rationale

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

SPS is a not-for-profit society, set up in 1978 by Mr. Shivnath
Yadav in Ghazipur (Uttar Pradesh). It is managed by Mr. Shivnath
Yadav, Mrs. Hem Prabha Singh and Mr. Ashutosh Kumar Rai. The
society runs several educational, vocational and training
institutes for the under privileged against tenders of the state
and central government under various schemes.

SHIVSHAKTI COTEX: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivshakti
Cotex (SSC) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1.7       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 2012 as a partnership firm, SSC is into ginning and
pressing of raw cotton and cotton seeds. Its processing unit is in
Mehsana (Gujarat), with total installed capacity of around 300
bales per day and cotton seed capacity of around 145,000 cotton
seeds per day. The firm is promoted by Mr. Jayesh Govind Patel and
family members.


SHYAM & COMPANY: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shyam &
Company's Long-Term Issuer Rating at 'IND B+ (ISSUER NOT
COOPERATING)' and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limit maintained in
    non-cooperating category and withdrawn.

Note: Maintained at 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category as
Shyam & Company did not participate in the rating exercise despite
continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as it has
received no-objection certificates from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated November 17, 2020, for credit rating
agencies.

COMPANY PROFILE

Established in 2013, Shyam & Company trades coal and a variety of
iron and steel products.

SIGMA SYNTHETICS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sigma
Synthetics Private Limited (SSPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            30        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan               4        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SSPL, incorporated in 1987, manufactures ready-made garments (RMG)
fabrics and RMG. Headquartered in Ludhiana (Punjab), the company is
owned and managed by Mr. Jasjot Singh and his family.

SWET CERAMIC: CRISIL Withdraws B Rating on INR4.5cr Loan
--------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Swet
Ceramic Private Limited (SCPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           3         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan        4.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    2.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

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

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

SCPL, based in Morbi, Gujarat, was incorporated in 2011. The
company is engaged in manufacturing of vitrified tiles. It is
promoted by Mr. Hemrajbhai Bhalodiya, Mr. Jayesh Bhalodiya, Mr.
Trilokkumar Bhalodiya, and Mr. Pintubhai Ghodasara.

VEDANTA RESOURCES: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Vedanta Resources Ltd. to
stable from negative. At the same time, S&P affirmed its 'B-'
long-term issuer credit rating on the company and its 'B-'
long-term issue rating on its senior unsecured bonds.

The stable outlook reflects Vedanta Resources' strengthened ability
to meet its debt obligations over the next 12-18 months as the
company continues to improve its capital structure.

S&P said, "We believe Vedanta Resources' increased ownership in
Vedanta Ltd. will support the company's ability to meet its debt
maturities over the next 12-18 months.   Vedanta Resources has
announced an open offer to acquire an additional 10% stake in its
55%-owned subsidiary Vedanta Ltd. We anticipate the transaction,
which should conclude by March 2021, will strengthen the corporate
structure of Vedanta Resources--the holding company--and improve
its access to subsidiary-level cash and cash flow. The open offer
also reiterates Vedanta Resources' commitment to improve its
capital structure, which we see as positive for the company's
refinancing initiatives. Strong operating momentum and sizable free
cash flow generation at Vedanta Ltd. also improve liquidity at the
holding company level. We estimate free cash flow at Vedanta Ltd.
(including Hindustan Zinc Ltd.) will be US$1.6 billion-US$1.8
billion over the 12 months to March 31, 2022. This, together with
US$4.8 billion of cash available at Hindustan Zinc and Vedanta Ltd.
as of September 2020, gives Vedanta Resources greater flexibility
to utilize dividend payments for debt servicing if needed, thanks
to reduced dividend leakage after the open offer.

Additional debt incurred for the open offer will likely be offset
by the benefits of a more efficient corporate structure.  Based on
the floor price, Vedanta Resources will incur an additional US$800
million in debt to fund the acquisition of a 10% stake in Vedanta
Ltd. This debt is in addition to the US$400 million raised for the
earlier increase in stake to about 55%, from 50.1%. S&P said, "We
believe the higher debt will be offset by the benefits of the
transaction through improved liquidity at the holding company
level, namely better access to the subsidiary's cash flow. Strong
underlying earnings also mitigate the impact of increased debt. We
forecast Vedanta Resources' adjusted debt-to-EBITDA ratio will be
about 4.5x as of March 31, 2021 and about 3.5x by March 31, 2022.
These estimates are close to our previous expectations in October
2020, when we had not assumed any debt-funded strategic
transactions."

Refinancing risk at Vedanta Resources has significantly reduced
over the next 12-18 months.  Vedanta Resources has trimmed
near-term obligations meaningfully following the redemption in
December 2020 of about US$485 million of its US$670 million bond
due in June 2021. The company has about US$1.2 billion in debt
maturities between now and March 2022. S&P said, "Even assuming no
external funding, we believe Vedanta Resources can meet its
obligations internally through access to cash at the subsidiaries.
The company's next major obligation is the US$1 billion bond due in
July 2022, which we believe it will look to refinance proactively.
Our analysis shows that Vedanta Resources should be able to meet
its obligations in the fiscal year ending March 31, 2023, under
most foreseeable scenarios, including a 10%-15% decline in earnings
from our base case, assuming a successful refinancing of its July
2022 bond. We also view subsidiary Vedanta Ltd.'s US$1.7 billion of
long-term debt maturities in fiscal 2022, including about US$1
billion in onshore Indian rupee-denominated bonds, as manageable.
Vedanta Ltd.'s unused committed credit facilities of about US$300
million out of a US$1.3 billion syndicated term loan facility,
cash, and strong operating cash flow support payment of these
maturities."

S&P said, "In our view, rating upside is constrained by Vedanta
Resources' large debt maturities in the next two to three years.  
Vedanta Resources' recent fundraising for refinancing and the open
offer has relatively short tenors of about three years on average.
The company has debt maturities of about US$2.5 billion in fiscal
2023 and about US$3.2 billion in fiscal 2024, including repayments
of intercompany loans of about US$750 million over the two years.
Hence, it will continue to have high dependence on capital markets
for refinancing, a key rating constraint. Further, covenants
restricting the level of debt at intermediate holding companies
such as Twinstar Holdings Ltd. Mauritius could constrain funding
flexibility at the holding company level. We believe Vedanta
Resources will continue to address its capital structure issues
following the open offer. We note positively the company's recent
ability to raise funds proactively, despite challenging conditions.
Proactive refinancing and sustained cash generation at subsidiaries
to support Vedanta Resources' medium-term obligations would be key
for rating upside. Maintaining access to bank funding at the
Vedanta Resources level would also be positive."

The stable outlook reflects Vedanta Resources' reduced refinancing
risk over the next 12-18 months. This is owing to a likely
improvement in the company's funding access following the open
offer as well as the substantial refinancing of its US$670 million
bond due in June 2021. Although aggregate debt maturities over the
next year remain sizable, Vedanta Resources is better placed to
manage these maturities through access to subsidiary cash and
refinancing. Strength in underlying operational earnings is also
key to the outlook.

S&P could lower the ratings on Vedanta Resources if refinancing
risks emerge, though it sees a low likelihood under most
foreseeable scenarios over the next 12 months. Most likely
scenarios for a downgrade include evidence of deterioration in
capital market access or support from banks. Events that could
increase refinancing risk beyond this period include any setbacks
to the company's efforts to increase its ownership in Vedanta Ltd.
or an unexpected decline in earnings.

An upgrade would require a sustainable improvement in Vedanta
Resources' liquidity. Further factors to support rating upside are
proactive refinancing of debt maturities, improved capital market
access as indicated by a sustained decline in bond yields, access
to sizable new bank funding at Vedanta Resources, and continued
strength in earnings. Rating upside will also likely depend on the
adequacy of steps taken by the company to reduce the overall
quantum of debt at Vedanta Resources after the open offer, and
strengthen the capital structure and liquidity by further extending
the debt maturity profile.


VINAY CORPORATION: CRISIL Lowers Rating on INR5cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the the ratings on bank facilities of
Vinay Corporation (VC; part of the Shyam group) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit-           5         CRISIL B/Stable (ISSUER NOT
   Book Debt                        COOPERATING; Revised from
                                    'CRISIL BB+/Stable' ISSUER
                                    NOT COOPERATING)

   Inland/Import          2         CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING; Revised from
                                    'CRISIL A4+' ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Shyam Polytex Pvt Ltd
(SPT), Shyam Polyspin Pvt Ltd (SPS), and Vinay Corporation (VC).
This is because the entities, collectively referred to as the Shyam
group, are promoted by the same family, have a common management
team and cash flow fungibility, and operate in the same line of
business.

The group was started by Mr. H P Gupta in 1982, with the
establishment of VC (a partnership). SPT was incorporated in 1985.
SPS was formed in 1990. The entities are in Ahmedabad, and trade in
cotton bales and yarn. Operations are managed by Mr H P Gupta and
his sons: Mr. Pramod Gupta, Mr. Vinod Gupta, Mr. Navin Gupta, and
Mr. Vinay Gupta.

[*] INDIA: Farmers Vow to Continue Protest on Agricultural Reforms
------------------------------------------------------------------
The New York Times reports that the decision by India's highest
court on Jan. 12 to temporarily suspend the implementation of new
farming laws at the center of huge protests appeared unlikely to
end the weekslong showdown choking New Delhi, as protesting farmers
declared the suspension a politically-motivated "trick" to ease the
pressure on the government of Prime Minister Narendra Modi.

According to the report, the Supreme Court said it was halting the
market-friendly laws until a committee of experts, appointed by the
court, could consult with government officials and protesting
farmers to try to find a solution to the dispute.

But protest leaders, who have been pressing for nothing short of
repealing the new laws that they say diminishes the little state
protection they have and leaves them at the mercy of corporations,
said the names of the four members of the committee further
confirmed their skepticism, the New York Times relates. All four
tasked with providing expert opinion to the court on the future of
the laws had made public statements in support of the laws, they
said.

"This is the government tactic to reduce pressure on" itself, the
report quotes Balbir Singh Rajewal, a leader of one of the farmer
unions, as saying. "All the committee members are pro government.
All are people who so far justified the government laws - they are
writing articles to justify the government law. We have decided
that our agitation will continue."

Tens of thousands of farmers have besieged New Delhi for more than
six weeks now, setting up well-organized protest camps stretching
for miles at all of the capital's main entrances. They have stood
firm despite the winter cold, frequent rain and dozens of deaths in
their ranks.

According to the New York Times, the farmers said they will not
only continue their sit-ins around New Delhi, but they will go
ahead with a large tractor march inside the capital later this
month. The government has tried to prevent the march from happening
with claims that the protesters are "infiltrated" by separatist
militants. The Supreme Court justices on Jan. 12 asked the attorney
general, who appeared on behalf of Mr. Modi's government, to submit
evidence substantiating those claims.

The report says the government of Mr. Modi, who has said he wants
to nearly double India's economy by 2024, hopes that injecting
private investment into the troubled farming sector will expedite
growth. The new laws, which Parliament passed in September in a
hurried manner that led to protests from opposition parties, would
ease some government regulations in order to encourage private
investors to deal directly with farmers, the report relays.

Even with the government's regulatory support over the past
decades, such as minimum guaranteed prices for certain crops, the
farmers had been struggling with rising debt, which has driven many
of them to suicide, according to the report. They fear that the new
laws will remove the scant protection they have enjoyed and that
they will struggle to fight corporate giants for fair treatment.

According to the New York Times, the court's intervention came
after several rounds of negotiations between farmer leaders and
members of Mr. Modi's cabinet failed to break the impasse. During
the two-day court hearing, the three-judge bench was at times
scathing in its criticism of the government's handling of the
farming laws and the protests. On the eve of the ruling, the chief
justice, Sharad Arvind Bobde, said that he was "extremely
disappointed" and that he feared the protests could lead to
violence.

"We don't want anybody's injury or blood on our hands," the report
quotes Mr. Bobde as saying during the hearing.

But analysts said the court's new committee only furthered existing
concerns about the impartiality of the judicial system, the report
relays.

The New York Times relates that the court ruling said the committee
was tasked to "create a congenial atmosphere and improve the trust
and confidence of the farmers." But analysts were quick to point
out that three of the four appointed men had openly supported the
laws, while a fourth had given support with some reservation.
Members of an organization one of the men leads even held
ceremonies celebrating the passing of the laws in question, coming
out to the streets to "burst crackers."

"The composition tells you clearly what is going to be the
outcome," said Devinder Sharma, an agricultural analyst based in
the northern city of Chandigarh, the report relays. "So what the
farmers got at the end? All the four are pro market reforms. We all
know the outcome of the committee."



=================
I N D O N E S I A
=================

LIPPO KARAWACI: Moody's Affirms B3 CFR on Cash Flow Improvement
---------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Lippo Karawaci Tbk (P.T.).

At the same time, Moody's has affirmed the B3 backed senior
unsecured rating of the bonds issued by Theta Capital Pte. Ltd., a
wholly-owned subsidiary of Lippo Karawaci. The bonds are guaranteed
by Lippo Karawaci and some of its subsidiaries.

The outlook on all ratings is stable.

"The ratings affirmation reflects our expectation of an improvement
in Lippo Karawaci's operating cash flow over the next 12-18 months,
helped by growth in core marketing sales and a reduction in rent
payments to First REIT," says Jacintha Poh, a Moody's Vice
President and Senior Credit Officer.

"However, Lippo Karawaci remains reliant on asset sales to
supplement cash needs at the holding company level. The company
will also need to constantly rollover its short-term credit
facilities for liquidity to be adequate," adds Poh.

The stable outlook reflects Moody's expectation that Lippo
Karawaci's liquidity at the holding company level will remain
adequate until the end of 2021, but will turn weak after if the
company is unable to rollover its short-term credit facilities.

RATINGS RATIONALE

Lippo Karawaci achieved IDR2.67 trillion in marketing sales in
2020, up 45% from the previous year. The company aims to further
grow marketing sales to IDR3.5 trillion in 2021, which will be
supported by multiple landed housing launches. Given most of its
marketing sales are from projects held at the holding company
level, the growth in cash flow contribution from its property
development business will reduce its reliance on asset sales.

Lippo Karawaci expects to complete the sale of Lippo Mall Puri to
Lippo Malls Indonesia Retail Trust (LMIRT, B1 negative) in January
2021, eliminating uncertainties around the timing and execution of
its asset sales. Moody's expects the net proceeds from the mall
sale to be around IDR1 trillion, including the return of SGD40
million (IDR424 billion) in financing provided to LMIRT.

Over the next 12-18 months, an improvement in operating cash flow
at the holding company level will also be supported by a reduction
in rent payments, following the restructuring of master lease
agreements between Lippo Karawaci and First REIT. Moody's expects
total rent payments at the holding company level will be around
IDR670 billion-IDR700 billion annually in 2021 and 2022, compared
to around IDR1 trillion in previous years.

Lippo Karawaci's liquidity at the holding company level is weak
over the next 18 months because of the maturity of its IDR970
billion short-term loan facilities. As of September 30, 2020, Lippo
Karawaci had cash and cash equivalents of around IDR3 trillion at
the holding company level, which combined with the expected IDR1
trillion of net proceeds from the sale of Lippo Mall Puri will only
be sufficient to cover its operating cash needs of IDR3.1 trillion
until first half of 2022 but not the debt obligations of IDR970
billion.

In terms of environmental, social and governance (ESG) risks,
Moody's has considered Lippo Karawaci's weak execution track
record, which resulted in liquidity pressure that was relieved by
an IDR11.2 trillion rights issue backed by the Riady family in
2019.

Moody's has also considered the founding family's concentrated
ownership of Lippo Karawaci. However, this risk is mitigated by the
oversight exercised through the presence of strategic minority
shareholders on the board and partially balanced by demonstration
of support from its key shareholder.

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

Lippo Karawaci's rating is unlikely to be upgraded as long as the
company's ability to service its debt is contingent upon its
ability to execute assets sales. However, positive momentum could
build if the company's core property development business improves,
such that successful project launches result in higher operating
cash flow at the holding company level.

Lippo Karawaci's rating could be downgraded if operating cash flow
deteriorates at the holding company level, weakening liquidity; and
if there are signs of cash leakage from Lippo Karawaci to
affiliated companies, for example, through intercompany loans,
aggressive cash dividends or investments in affiliates.

The senior unsecured bond rating could also be downgraded if debt
is incurred at its subsidiaries.

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

Lippo Karawaci Tbk (P.T.) is a listed property company in
Indonesia, with a sizable land bank of around 1,411 hectares as of
30 September 2020. It owns and/or manages -- either directly or via
its real estate investment trusts -- 56 malls, 39 hospitals and 10
hotels. Lippo Karawaci also holds a 58% stake in Lippo Malls
Indonesia Retail Trust, following the completion of the latter's
rights issue in January 2021.



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

[*] JAPAN: Restaurants Defy Virus Curbs to Stay Open Late
---------------------------------------------------------
Shoko Oda and Grace Huang at Bloomberg News report that a tug of
war has emerged in Japan between authorities calling on restaurants
to close early to stem the spread of the coronavirus, and business
owners who say such requests are pushing them past their limits.

With Japan's virus strategy dependent on voluntary cooperation, the
struggle shows the limits of its social compliance model as the
pandemic drags on into a second year, Bloomberg says. Japanese
authorities have singled out eating and drinking in public as the
biggest source of infections, and called on bars and restaurants in
regions under its state of emergency to close by 8:00 p.m.,
according to Bloomberg.

"We can't comply with the request to shorten business hours with
the current level of support money from the government," Bloomberg
quotes Kozo Hasegawa, the CEO of Gonpachi's operator Global-Dining
Inc., as saying in a statement after Japan declared its emergency
this month. He said shortened hours and temporary closures didn't
contribute to curbing the virus, and expressed doubt over whether
hospitals are really overwhelmed.

According to Bloomberg, experts insist that tackling infections
during meals is crucial to containing the record surge in cases and
avoid dragging out the emergency period, which is set to expire in
just over two weeks. In an attempt to secure cooperation, Tokyo, a
city famed for its culinary delights and with more Michelin stars
than any other, is handing out JPY1.8 million ($17,308) a month for
stores that comply with requests to shut, Bloomberg says.

But the program is one-size-fits-all, failing to take into account
the size of the business or the number of employees. And unlike
other prefectures, Tokyo's subsidies only cover small- and
medium-sized operations and independently-owned businesses, the
report notes.

That means restaurant chains led by larger corporations, often
paying higher rent for premium locations, receive nothing. Tokyo
Gov. Yuriko Koike said on Jan. 18 she'll consider extending the
same aid to bigger restaurants, Bloomberg relates.

While many restaurants in Tokyo are following the requests in
return for subsidies, others are starting to break ranks. Ikka
Dining Project Ltd., which operates 71 restaurants, initially cut
its hours, but then reversed course.

"Without staying open - even if that means receiving no support
money from the government - we can't protect the jobs of over 300
employees, 800 part-time workers and our suppliers," CEO Taro
Takenaga wrote, Bloomberg relays. "We believe protecting their jobs
is also our responsibility."

Bloomberg says the standoff reflects the growing inability of
places with light-touch containment strategies to quell winter
surges in the face of growing public fatigue. In Sweden, another
country that had previously avoided strict restrictions, the
government passed a new law last week to allow it to shutter
businesses and fine citizens for flouting tougher rules, Bloomberg
reports.

A similar measure is also now being mulled in Japan as voluntary
social compliance weakens, Bloomberg adds.



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

CARRICK WINES: Southland Dairy Farmer Buys Bannockburn Winery
-------------------------------------------------------------
Vaughan Elder at Otago Daily Times reports that a Southland dairy
farming couple with a passion for Central Otago have purchased a
vineyard owned by a slain Auckland woman.

Northern Southland dairy farmer Tony Cleland confirmed to the Otago
Daily Times he and his wife Alison had purchased Carrick Winery, in
Bannockburn.

The Bannockburn winery was previously owned by Carrick Wines Ltd,
which was one of slain 55-year-old Elizabeth Zhong's businesses.

Ms. Zhong was found dead in the boot of her car in November, near
her East Auckland house, ODT notes.

The winery owed more than NZD12 million at the time it went into
receivership after her death in November.

The ODT understands there were multiple bids on the property.

According to the report, Mr. Cleland said he and his wife had a
passion for Central Otago and would move to the property.

"We were looking for a new challenge and we have always liked
Carrick and the setting and the wine, the place and the people."

He would keep all the staff, who had put up with a lot of
uncertainty through the sale and receivership process.

"They are an amazing team. They have done well to stay there
through the turmoil they have had over the last 18 months and shown
their dedication."

He would stay involved in dairy farm investment company FarmWright,
but look after some of the governance of Carrick, while his wife
took a more hands-on role, ODT relays.

He was attracted by both the setting of the winery and the quality
of the wine.

Carrick Wines Ltd had been for sale for about 18 months before Ms
Zhong's death, the report notes.

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

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

LIFETIME INCOME: A.M. Best Keeps B (Fair) FS Rating Under Review
----------------------------------------------------------------
AM Best has maintained the under review with negative implications
status for the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb" of Lifetime Income Limited
(LIL) (New Zealand).

These Credit Ratings (ratings) were placed under review with
negative implications on November 5, 2020, following regulatory
license conditions imposed on the company by the Reserve Bank of
New Zealand (RBNZ), which require LIL to hold additional capital
margins in excess of existing regulatory minimums. These license
conditions followed volatility in the company's regulatory solvency
position, with breaches of the minimum solvency margin identified
in fiscal-year 2020. Subsequently, LIL's parent group, Retirement
Income Group Limited (RIG), initiated a capital raising exercise,
which was expected to complete in December 2020.

To date, RIG has not been able to raise sufficient new capital to
meet the additional regulatory capital requirements of the license
conditions at LIL. Consequently, the company is considering
alternative regulatory capital options, in consultation with the
RBNZ and the Financial Markets Authority (FMA). AM Best notes that
during this period, the Lifetime Income Fund has been closed to new
investments from new and existing policyholders. The maintaining of
the under review with negative implications status reflects
continued uncertainty surrounding the execution of LIL's capital
strategy and consequently the company's ability to comply with its
license conditions.

The ratings will remain under review pending completion of the
group's review of alternative regulatory capital solutions, which
is expected to conclude during February 2021, and until AM Best can
fully assess the impact of these recent developments on LIL's
credit rating fundamentals.




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

SAMSUNG ELECTRONICS: Lee Gets 30-month Prison Term for Bribery
--------------------------------------------------------------
Reuters reports that a South Korean court sentenced Samsung
Electronics vice chairman Jay Y. Lee to two and a half years in
prison on Jan. 18, which could delay the group's ownership
restructuring following the death of Mr. Lee's father in October.

According to Reuters, the ruling also cements a major shift in
South Korea's view on wrongdoings committed by the owners of the
country's powerful conglomerates, or chaebol, which led the
country's economic rise after the Korean War on the back of what
has been criticised as cozy relations with politicians.

Reuters relates that Mr. Lee, the country's most powerful
businessman at age 52, had served one year in prison for bribing an
associate of former President Park Geun-hye when an appeals court
suspended it in 2018; a year later, the Supreme Court ordered him
retried. His prison time will count against his latest sentence.

Reuters says the sentencing by the Seoul High Court can be appealed
to the Supreme Court within seven days, but legal experts said that
because the Supreme Court has already ruled on it once, chances are
low that its legal interpretation will change.

The Seoul High Court found Mr. Lee guilty of bribery, embezzlement
and concealment of criminal proceeds worth about KRW8.6 billion
($7.8 million), and said the independent compliance committee
Samsung set up early last year has yet to become fully effective,
Reuters relays.

"(Lee) has shown willingness for management with newly strengthened
compliance, as he has vowed to create a transparent company,"
Reuters quotes Presiding Judge Jeong Jun-yeong as saying.

"Despite some shortcomings . . . I hope that over time, it will be
evaluated as a milestone in the history of Korean companies as a
beginning for compliance and ethics," he said.

Mr. Lee, dressed in a dark coat and silver tie and standing to hear
the sentencing, sat down after it was read. He did not comment when
given a chance by the judge, Reuters says.

During his final statement to the court in December, Mr. Lee had
said that he wants to "make a new Samsung".

"This case involves the former president's abuse of power violating
corporate freedom and property rights . . . The court's decision is
regrettable," Mr. Lee's lawyer, Lee In-jae, told reporters, adds
Reuters.

Based in Suwon, South Korea, Samsung Electronics Co., Ltd. engages
in the consumer electronics, information technology and mobile
communications, and device solutions businesses worldwide.



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

ABANS FINANCE: Fitch Ups National LT Rating From 'BB+(lka)'
-----------------------------------------------------------
Fitch Ratings has revised the National Long-Term Ratings of Sri
Lankan financial institutions following the recalibration of the
agency's Sri Lankan national rating scale. The recalibration is to
reflect changes in the relative creditworthiness among Sri Lankan
issuers following Fitch's downgrade of the sovereign rating to
'CCC' from 'B-'/Negative on 27 November 2020. Fitch typically does
not assign Outlooks or apply modifiers to sovereigns with a rating
of 'CCC' or below. Revision ratings are used to modify ratings for
reasons that are not related to credit quality in order to reflect
changes in the national rating scale driven purely by the
recalibration of the National Ratings Correspondence Table.

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

The National Ratings of the Sri Lankan financial institutions
consider their creditworthiness relative to other issuers in the
country. The recalibration of the Sri Lankan National Rating scale
has resulted in the revision of the National Long-Term Ratings of
the following Sri Lankan financial institutions:

Banks

Commercial Bank of Ceylon PLC (CB) to 'AA-(lka)'/Stable from
'AA+(lka)'/Negative

Hatton National Bank PLC (HNB) to 'AA-(lka)'/Stable from
'AA+(lka)'/Negative

Cargills Bank Limited to 'AA-(lka)'/Stable from 'A+(lka)'/Stable

Non-Bank Financial Institutions

CBC Finance LTD to 'A(lka)'/Stable from 'AA-(lka)'/Negative

HNB Finance PLC to 'A(lka)'/Stable from 'AA-(lka)'/Negative

Richard Pieris Finance Limited to 'AA-(lka)'/Stable from
'A-(lka)'/Stable

Singer Finance (Lanka) PLC to 'A+(lka)'/Stable from
'BBB(lka)'/Stable

Abans Finance PLC to 'A(lka)'/Rating Watch Evolving (RWE) from
'BB+(lka)'/RWE

AMW Capital Leasing And Finance PLC to 'AA-(lka)'/Negative from
'BBB-(lka)'/Negative

At the same time, Fitch has downgraded the National Ratings of Bank
of Ceylon (BOC) and People's Bank (Sri Lanka) (PB) to 'AA-(lka)'
from 'AA+(lka)'. The Outlook is Stable.

The revision of the National Ratings of CB and HNB and the revision
of the Outlooks to Stable from Negative are driven by the
recalibration of the national rating scale. The recalibration also
reflects the differing levels of constraint placed on Sri Lankan
issuers due to the sovereign's credit profile. The revision of the
National Ratings of CBC Finance and HNB Finance stems from the
recalibration of the National Ratings of their parents, CB and HNB.
The Stable Outlooks on CBC Finance and HNB Finance mirror the
Stable Outlook on CB and HNB.

The revision of the National Ratings and the Outlooks of Cargillls
Bank, Richard Pieris Finance, Singer Finance (Lanka), Abans Finance
and AMW Capital Leasing and Finance stem from the change in the
relativity of their corporate parents due to the recalibration of
the corporate parents' National Ratings.

Fitch has taken corresponding rating action on the financial
institutions' national scale debt ratings, where assigned. The
senior debt ratings are at the same level as the National Long-Term
Ratings. National Ratings assigned to Tier 2 issues are two notches
below the National Rating anchor ratings.

Other Sri Lankan financial institutions' national ratings, which
are not mentioned in this commentary, have not been affected by the
recalibration exercise.

KEY RATING DRIVERS

The downgrade of the National Ratings of BOC and PB reflects
Fitch’s assessment that extraordinary support from the sovereign
can no longer be relied upon as its ability to provide
extraordinary support is severely constrained, which is reflected
by its 'CCC' Rating.

BOC's and PB's National Ratings are therefore driven by their
intrinsic credit profiles and reflect their entrenched domestic
franchises, higher risk appetite and smaller capital buffers due to
their state linkages, relative to similarly rated private-bank
peers.

RATING SENSITIVITIES

The National Ratings are sensitive to a change in the financial
institutions' creditworthiness relative to other Sri Lankan issuers
and the sovereign rating.

Fitch expects to resolve the Rating Watch on Abans Finance after
the completion of its sale to Softlogic Capital PLC with the
potential for the Rating Watch to be extended, which is dependent
on Fitch having greater clarity on the ability and propensity of
the new ultimate parent, Softlogic Holdings PLC, to support the
surviving entity and its standalone credit strength.

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

-- Upside to the National Long-Term Ratings of BOC, PB, CB and
    HNB is limited in the near term due to Fitch’s assessment of
    the sovereign rating and the operating environment.

-- The parents' increased ability and/or propensity to provide
    support to their subsidiaries could lead to positive action on
    the National Long-Term Ratings of Cargillls Bank, Richard
    Pieris Finance, Singer Finance (Lanka), CBC Finance, HNB
    Finance, Abans Finance and AMW Capital Leasing and Finance.

-- Debt ratings will move in tandem with the National Long-Term
    Ratings.

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

-- Pressure on the National Ratings of BOC and PB will most
    likely stem from a deterioration in Sri Lanka's sovereign
    rating as this will probably constrain their standalone credit
    profiles. Pressure on CB's and HNB's National Long-Term
    Ratings could stem from either a downgrade of Sri Lanka's
    sovereign rating or a sustained decline in their credit
    profiles, largely in terms of their capital buffers, while
    operating environment risks remain high.

-- A weaker assessment of the operating environment independent
    of changes in the sovereign rating, or a deterioration in
    their key credit metrics beyond Fitch’s base-case
expectations
    relative to peers, would also lead to increased downward
    pressure on the ratings of BOC, PB, CB and HNB.

-- The parents' weaker ability and/or propensity to provide
    support to their subsidiaries could lead to negative action on
    the National Long-Term Ratings of Cargillls Bank, Richard
    Pieris Finance, Singer Finance (Lanka), CBC Finance, HNB
    Finance, Abans Finance and AMW Capital Leasing and Finance.

-- Debt ratings would be downgraded if the National Long-Term
    Ratings were downgraded.

-- BOC and PB have a 1.78% equity stake each in Fitch Ratings
    Lanka Ltd. No shareholder other than Fitch, Inc. is involved
    in the day-to-day rating operations of, or credit reviews
    undertaken by, Fitch Ratings Lanka Ltd.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

CBC Finance's rating is driven by CB's rating. HNB Finance's rating
is driven by HNB's rating. Singer Finance's rating is driven by
Singer (Sri Lanka) PLC (AA(lka)/Stable). Abans Finance's rating is
driven by Abans PLC (AA(lka)/Stable).



===============
X X X X X X X X
===============

[*] China-Australia Dispute Leaves Coal Carriers Stranded
---------------------------------------------------------
The Wall Street Journal reports that Beijing's bar against
Australian coal imports is upending global flows of the energy
commodity, leaving dozens of loaded ships stranded off the Chinese
coast and reshaping the direction of the seaborne trade.

The flotilla of coal carriers sitting outside Chinese ports has
grown to some 65 vessels, according to ship brokers in Singapore
and London, the Journal relays. Ship operators and coal suppliers
unable to find new buyers for their cargo are waiting out a trade
dispute that has lasted several months.

China is the world's largest buyer of coal on international
markets, and the country has stepped up purchases from Indonesia
and other suppliers as the country's factories have sought to stoke
a continuing economic rebound from the coronavirus-driven downturn,
according to the Journal. China began restricting the Australian
imports early last year following Australia's criticism of
Beijing's handling of the coronavirus outbreak, the Journal
recalls.

The Journal relates that the bar has been a blow to a key export
business for Australia and has maritime bulk carriers adjusting to
changing global trade networks and the idling of a shipping
capacity that is now effectively serving as floating storage for
the commodity.

"It's basically a trade war for Australia questioning China's line
into the origins of the pandemic and the coal shipments are
collateral damage," the Journal quotes Peter Sand, chief shipping
analyst at trade body Bimco, as saying. "With China being the
dominant buyer of coal, the vessels have no choice but to wait
until the dispute is resolved."

According to the Journal, the longest wait involves a bulk carrier
that arrived in the waters off the Jingtang port in northern China
on May 31, 2020, and has remained there with at least another five
carriers that have been anchored for more than 200 days.

The Journal relates that brokers said three shipments from
Australia have been diverted to Korea and Vietnam while Australian
shipments to India have been steadily growing over the past three
months.

China imports coking coal that is used to produce iron and steel
that feed government-run infrastructure projects, the report notes.
Australia exports about two-thirds of all coking coal moved by
ships, according to Bimco, which says China can't replace the
supply of that grade of coal easily with imports from other
countries.

"Steel mills are working 24/7 producing record quantities," the
Journal quotes an executive at Hesteel Group Co. Ltd., China's
fourth-largest steel producer, as saying. "There is a scramble for
coking coal and the port bottlenecks are complicating the supply
chain."

Bimco data show China imported roughly 1.4 million metric tons of
Australian coal in December 2020, down from 7.8 million metric tons
in January 2020, the Journal discloses. Coal imports from
Indonesia, which according to Bimco is the largest exporter of all
types of coal to China, rose from about 9 million metric tons in
January 2020 to 15.5 million metric tons in December.

The Journal adds that Bimco estimated China's overland imports of
coal hit a year high for 2020 in December, with a big part of the
supply coming from Mongolia, which saw shipments jump to 8 million
metric tons in September from less than 2 million metric tons in
the first month of last year.

Beijing hasn't yet issued full-year import data by origin for 2020,
the Journal notes.


                           *********


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

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

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

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