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

                     A S I A   P A C I F I C

          Thursday, March 4, 2021, Vol. 24, No. 40

                           Headlines



A U S T R A L I A

INFANTS' FRIEND: In Liquidation; 1st Creditors Meeting on March 31
KRALCOPIC PTY: First Creditors' Meeting Set for March 15
WHITE CITY: First Creditors' Meeting Set for March 11


C H I N A

CHINA FORTUNE: Fitch Cuts LT Foreign-Currency IDR to 'RD'
CHINA SOUTH CITY: Fitch Assigns B Rating to Proposed USD Notes
CHINA: Requires 'Living Will' from Bank to Avoid More Bailouts
KUNMING MUNICIPAL URBAN: Fitch Affirms BB+ LT IDRs, Outlook Stable
WUHAN HONGXIN: No Plans to Resume Operations; Axes Jobs



I N D I A

AKAR CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
ALP NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
CHOICE PRECITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
CISCONS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
D C METALS: CRISIL Keeps D Debt Rating in Not Cooperating

EMAAR ALLOYS: CRISIL Keeps D Debt Rating in Not Cooperating
G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
GLOBAL CERAMICS: CRISIL Lowers Rating on INR15cr Cash Loan to D
GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating
GUJRAL AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating

ICON CABLES: CRISIL Lowers Rating on INR5.0cr Cash Loan to D
KAMAKSHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
KSR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
M. M. AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating

MAGNEWIN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHABIR TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating
MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating
MATHURA DEVELOPER: CRISIL Keeps D Debt Ratings in Not Cooperating
MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating

MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
POWER MAX: CRISIL Keeps D Debt Ratings in Not Cooperating
PRIYESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
QUADSEL SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating

R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHIKA INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
RELIANCE NAVAL: Jindal Steel Submits Bid to Acquire Shipyard
SKOPOS DREDGING: CRISIL Keeps D Debt Ratings in Not Cooperating
SNEHA ENGINEERING: Insolvency Resolution Process Case Summary

WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

JAPFA COMFEED: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable
JAPFA: S&P Alters Outlook to Stable, Affirms 'BB-' LT ICR


N E W   Z E A L A N D

CHRISTIAN SAVINGS: Fitch Affirms 'BB' LT IDRs, Outlook Stable
CREDIT UNION: Fitch Affirms 'BB' LT IDR; Alters Outlook to Stable
FIRST CREDIT: Fitch Affirms 'BB' LT IDRs, Alters Outlook to Stable
NELSON BUILDING: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
WAIRARAPA BUILDING: Fitch Affirms 'BB+' LT IDR, Outlook Now Stable



S I N G A P O R E

CASHWAGON PTE: First Creditors' Meeting Set for March 17
EOSS SINGAPORE: Court Enters Wind-Up Order
MKN ENGINEERING: Court to Hear Wind-Up Petition March 12


T H A I L A N D

THAI AIRWAYS: To Cut Workforce by Half, Reduce Fleet Size

                           - - - - -


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

INFANTS' FRIEND: In Liquidation; 1st Creditors Meeting on March 31
------------------------------------------------------------------
Adam Ward of Worrells Solvency and Forensic Accountants was
appointed liquidator of Infants' Friend Pty Ltd on Feb. 24, 2021.

Infants' Friend is Australian-owned and manufactured, relieving
babies of colic, wind and teething discomfort since 1935. The
company has been trading since June 2003 and sold their products
(predominantly Infants' Friend Oral Liquid) online and via
third-party retailers in leading supermarkets and pharmacies across
Australia.

On Dec. 24, 2020, the Therapeutic Goods Administration (TGA)
concluded that the oral liquid did not meet regulatory requirements
due to dosage labelling regarding one of its ingredients. Following
the TGA investigation, Infant's Friend voluntarily recalled its
product.

The decision to appoint liquidators was made in view of all
available options to deal with the sudden change in business
viability. Infants' Friend does not have any employees.

Mr. Ward said, "The company has enjoyed a long-history of success
with its suppliers and of course customers. Unfortunately, the
immediate product recall forced the company to become insolvent in
a very short space of time. The directors are naturally devasted to
be in this position after so many years of happy customers and no
complaints.

At the time of my appointment, the known claims against the company
exceed AUD400,000 however that figure is likely to change if recall
and damages claims increase."

The teams at Worrells are now working to establish the company's
financial position and are asking creditors to lodge any proof of
debts via its website worrells.net.au.

The TGA are advising customers to discontinue use and to contact
the retailer they purchased the product from to arrange a return
and refund. Customers who purchased directly from the company on
its website and may have a recall or damages claim are encouraged
to contact Worrells Ipswich office via email at
ipswich@worrells.net.au.

The first meeting of creditors is scheduled for March 31, 2021.

KRALCOPIC PTY: First Creditors' Meeting Set for March 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Kralcopic
Pty Ltd will be held on March 15, 2021, at 2:30 p.m. at Level 15,
565 Bourke Street, in Melbourne, Victoria.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Kralcopic Pty on March 2, 2021.

WHITE CITY: First Creditors' Meeting Set for March 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of White City
Investments Pty Ltd will be held on March 11, 2021, at 9:00 a.m.
via Zoom.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of White City on Feb. 26, 2021.




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

CHINA FORTUNE: Fitch Cuts LT Foreign-Currency IDR to 'RD'
---------------------------------------------------------
Fitch Ratings has downgraded China-based industrial-park operator
and developer China Fortune Land Development Co., Ltd.'s (CFLD)
Long-Term Foreign-Currency Issuer Default Rating (IDR) to
Restricted Default (RD) from 'CC'. Fitch has also downgraded CFLD's
senior unsecured rating and the ratings on all outstanding bonds to
'C' from 'CC'. The Recovery Rating is 'RR4'. At the same time,
Fitch has withdrawn the ratings.

The rating downgrade follows CFLD's announcement that it has not
repaid its USD530 million bond, which matured on 28 February 2021.
The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

Fitch has withdrawn the ratings as CFLD has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch Ratings will no longer provide ratings or
analytical coverage for the company.

KEY RATING DRIVERS

Non-Payment of Notes: CFLD announced on 26 February 2021 that it
has missed payments on more than CNY11 billion in loans and
offshore bonds, including its USD530 million bond that matured on
28 February 2021. There is no grace period for CFLD's US dollar
bond principal non-payment. The uncured expiry of any applicable
grace period, cure period or default forbearance period following a
payment default on a material financial obligation is consistent
with Fitch's definition of an 'RD' rating.

DERIVATION SUMMARY

CFLD's ratings have been downgraded to 'RD', as Fitch's definition
of the rating is uncured payment default but no initiation of
bankruptcy filings, administration, receivership, liquidation, or
other formal winding-up procedures as yet and continuity of
business operations.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

CHINA SOUTH CITY: Fitch Assigns B Rating to Proposed USD Notes
--------------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) proposed US dollar senior notes a rating of 'B' and
a Recovery Rating of 'RR4'. The proposed notes are rated at the
same level as CSC's senior unsecured rating because they will
constitute its direct and senior unsecured obligations. CSC intends
to use the net proceeds from the proposed notes to refinance
existing debt.

KEY RATING DRIVERS

Residential Sales Support Performance: Fitch expects CSC to
continue to rely on residential and multi-purpose properties in the
next three years to provide cash flow for its land banking and
construction needs, with trade-centre sales continuing to
underperform in light of weak demand from SMEs. Contracted sales
increased by 3.3% yoy to HKD12.1 billion in the first three
quarters of the financial year ending March 2021 (FY21), putting
CSC on track to meet its FY21 contracted sales target of HKD16
billion.

Stable Leverage: Fitch expects leverage - measured by net
debt/adjusted inventory, including investment property at cost - to
remain below 50% for the next three years if CSC keeps to
management's plan of maintaining prudent land acquisitions and
achieving satisfactory sales. Leverage was stable at 43.6% in FY20
(FY19: 43.1%).

Stabilising Margin: Fitch estimates CSC's overall gross margin will
stabilise at around 35%-40%. The company's gross profit margin,
including capitalised interest, was 38% in 1HFY21, compared with
39% in 1HFY20. Trade centres and residential units, including
multi-purpose properties, accounted for 8% and 92%, respectively,
of development revenue in 1HFY21.

Rising Non-Development EBITDA: Fitch expects CSC's non-development
EBITDA interest coverage to rise, but to remain below 0.6x for the
next three years. This will provide only limited support to the
rating in the short term, although the diversification will enhance
the company's cash flow. Income from CSC's non-development business
increased by 11% yoy to HKD1.3 billion in 1HFY21, driven by growth
in its outlet, property-management services and logistics and
warehousing businesses.

DERIVATION SUMMARY

CSC's eight projects are in Tier 1 and 2 Chinese cities, which are
better located than those of the other Fitch-rated trade-centre
developer, Guangdong - Hong Kong Greater Bay Area Holdings Limited
(GHKGB) (B-/Stable), whose 10-12 projects are mainly in third- and
fourth-tier cities. This translates into better sales and EBITDA
margins compared with GHKGB and other competitors in the industry.
CSC generated HKD13.5 billion in contracted sales in FY20, compared
with GHKGB's CNY3.0 billion in 2019.

CSC generated HKD2.4 billion in non-development income in FY20. The
non-development segment is still small in terms of EBITDA
generation, but may be able to support debt interest servicing in
the coming years. CSC's leverage of 43.6%, measured by net
debt/adjusted inventory (including investment property at cost), in
FY20 was comparable with that of other 'B' rated peers.

KEY ASSUMPTIONS

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

-- Property-development contracted sales to reach HKD14 billion
    17 billion in FY21-FY23

-- EBITDA margin, excluding capitalised interest and government
    grants, sustained above 25% in FY21-FY23 (FY20: 33%)

-- Non-development income to increase by 10%-15% per year in
    FY21-FY23, with EBITDA margin of around 40%

-- Construction and land acquisition cash outflow to account for
    50%-60% of sales proceeds in FY21-FY23 (FY20: 50%)

Recovery Rating assumptions:

No changes to the recovery assumptions published on 13 September
2020

RATING SENSITIVITIES

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

-- Non-development EBITDA/cash interest expense sustained above
    0.6x (FY20: 0.4x)

-- Net debt/adjusted inventory (including investment property at
    cost) sustained below 40%

-- Available cash/short-term capital market debt sustained above
    1.0x

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

-- EBITDA margin sustained below 20%

-- Net debt/adjusted inventory (including investment property at
    cost) sustained above 50%

-- Deterioration in liquidity or difficulty in debt refinancing

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Tight but Manageable Liquidity: CSC had cash and cash equivalents
of around HKD10.3 billion, including restricted cash and pledged
time deposits of HKD5.5 billion, at end-September 2020. CSC's
available cash was HKD4.8 billion at end-September, while its
HKD2.3 billion in pledged time deposits in connection with
cooperation projects were released as available cash after
end-September 2020.

CSC also had uncommitted bank facilities of HKD17.2 billion,
covering short-term debt of HKD16 billion. Fitch expects CSC to
roll over most of its short-term bank loans, which are secured
against investment properties. Fitch treats the puttable date of
CSC's onshore bonds as the effective maturity date and includes all
redeemed offshore debt as maturing in the next financial year. CSC
issued an additional USD120 million in January 2021 by tapping its
outstanding USD250 million 10.75% senior notes due April 2023. It
also repaid its USD250 million senior notes due January 2021.

ESG CONSIDERATIONS

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

CHINA: Requires 'Living Will' from Bank to Avoid More Bailouts
--------------------------------------------------------------
Caixin Global reports that China is poised to require certain
financial institutions to start planning for how to handle their
affairs if they ever find themselves on life support.

According to Caixin, the goal for these plans, often called "living
wills," is to ensure that teetering financial institutions don't
end up forcing the state to swoop in with costly bailouts to
prevent the possibility of a systemic collapse of the financial
system. Since 2019, authorities have stepped in to bail out several
banks, namely Baoshang Bank Co. Ltd., Hengfeng Bank Co. Ltd. and
Bank of Jinzhou Co. Ltd., Caixin discloses.

Caixin says the China Banking and Insurance Regulatory Commission
(CBIRC) on Feb. 28 released draft rules that will require
commercial banks, rural credit cooperatives, and financial asset
management or leasing firms with consolidated assets at home and
abroad of at least CNY300 billion ($46.3 billion) to create
recovery and resolution plans.

KUNMING MUNICIPAL URBAN: Fitch Affirms BB+ LT IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Kunming Municipal Urban
Construction Investment & Development Co., Ltd. (KUCI) to Stable
from Positive and affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB+'. Fitch has
also affirmed KUCI's USD500 million 5.8% senior unsecured notes due
2022 at 'BB+'.

The Outlook revision reflects Fitch's expectation of limited
additional improvement in KUCI's asset scale and debt structure
amid a reform of the city's government-related entities (GRE). KUCI
has consolidated some of the city's service-related assets and
diversified its financing channels by increasing bond financing.
However, the improvement is modest and does not change Fitch's
assessment for its financial implications of default in light of
the limited impact on its business scale and debt composition.

KUCI's total assets increased by 2.6% in 2019 and around 2% in
2020. The percentage of bonds to total debt increased by around 13%
in 2020 while bank debt and bonds continued to account for less
than 50% of the company's total financing.

KUCI's rating continues to reflect Kunming municipality's ownership
and oversight, a record of financial support by the government and
the company's functional role in the city's development, a key
strategic initiative of the government. These factors indicate a
strong incentive by the sponsor to provide extraordinary support to
KUCI, if needed.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: KUCI is a limited
liability company that is 84.42% owned by the Kunming State-owned
Assets Supervision and Administration Commission (SASAC), a
sub-department of the city government. The remaining 15.58% is held
by Kunming Development Investment Group Co., Ltd, which is fully
owned by the Kunming SASAC. Kunming SASAC has direct control and
oversight of the company's board and monitors its strategic
planning and finances. All major corporate events require
government approval.

'Strong' Support Record: Kunming municipality provides support such
as capital injections, asset injections, subsidies, land cost
returns and debt support to help KUCI in key infrastructure
construction and primary land development. The municipality loaned
KUCI CNY700 million in 2018 and CNY400 million in 2019 from the
proceeds of a government bond issue to fund investment in
primary-land development. The government returned the cost of the
primary-land development to KUCI, contributing most of the
company's revenue and cash flow. The government also provided
CNY31.7 million in capital and asset injections in 2019 booked
under capital reserves.

'Moderate' Socio-Political Impact of Default: KUCI is one of the
Kunming government's major urban developers in projects such as key
municipal roads, public parks, underground utility tunnels and the
Wujiaba New Area Development Project. A default by KUCI is likely
to have a political impact on the government, requiring the
mobilisation of resources to ensure continued provision of key
public services by administrative orders or emergency liquidity
support. The government may also have to appoint other urban
developers and operators in the city to assume part of KUCI's
duties, if necessary. Therefore, any disruption is likely to be
temporary and moderate.

'Strong' Default Financial Implications: The majority of the debt
raised by KUCI is used to finance capital-intensive public-sector
investments with long tenor. The municipality relies on KUCI to
carry out policy-driven initiatives. KUCI is also a public onshore
issuer with one offshore issuance. A failure by the government to
provide timely support, leading to a default by KUCI, would have
significant implications on the financing ability of the government
and other GREs.

Standalone Credit Profile of 'b-': Fitch assesses KUCI's revenue
defensibility as 'Weaker' under Fitch's Public-Sector,
Revenue-Supported Entities Rating Criteria due to its reliance on
the city's urban development plan and low bargaining power on
pricing. Fitch assesses KUCI's operating risk as 'Midrange', based
on its predictable cost structure.

Fitch assesses KUCI's financial profile as 'Weaker' due to high
leverage. Capital-intensive public-work investments pushed up its
leverage and low profit margins in its urban-development business
led to high net debt/ Fitch-calculated EBITDA. Fitch expects total
debt to keep increasing at a modest rate in the medium term as KUCI
will continue to invest in urban-development projects. Increasing
revenue and EBITDA will help to lower leverage but the ratio will
remain over 70x until 2024 under Fitch's rating-case scenario. KUCI
received stable primary-land development revenue from the
government in the past three years. Fitch believes strategic
government links mitigate the risks of a weak financial profile.

RATING SENSITIVITIES

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

-- An increase in the legitimate resources allowed under China's
    policies and regulations would lead to a positive change in
    KUCI's ratings;

-- A greater incentive for Kunming municipality to provide
    support to KUCI, including stronger socio-political or
    financial implications of default, or a stronger support
    record, may trigger positive rating action;

-- An upgrade of the company's IDRs will result in similar action
    on the senior unsecured rating.

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

-- A lowering of Fitch's credit view on Kunming municipality's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations would

    lead to a downgrade in KUCI's ratings;

-- Weaker assessment of the socio-political or financial
    implications of default, a weaker support record, or a
    dilution in the government's shareholding, may trigger
    negative rating action;

-- A downgrade of the company's IDRs will result in similar
    action on the senior unsecured rating.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

WUHAN HONGXIN: No Plans to Resume Operations; Axes Jobs
-------------------------------------------------------
Caixin Global reports that Wuhan Hongxin Semiconductor
Manufacturing Co. Ltd. (HSMC), an $18.5 billion company that aimed
to become one of China's leading high-tech chipmakers, started
dismissing employees as hopes for business resumption faded.

HSMC sent notices to all of its workers on Feb. 26, company sources
told Caixin. The move came more than one year after the project
ground to a halt.

Caixin relates that the company made clear that "there is no plan
for production resumption" and told workers to submit their
resignation applications before Feb. 28, one employee said. The
person said the company hasn't offered any compensation plan.

Wuhan Xinxin Semiconductor Manufacturing Co., Ltd. was founded in
2006. The Company's line of business includes the manufacturing of
semiconductors and related solid-state devices.




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

AKAR CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akar
Creations Private Limited (ACPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line              25        CRISIL D (Issuer Not
   Overdraft                        Cooperating)
   Facility               
                                    
   Loan Against            3.5      CRISIL D (Issuer Not
   Property                         Cooperating)

   Mortgage Loan          10        CRISIL D (Issuer Not
   Facility                         Cooperating)

   Overdraft Facility     20        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      4.2      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               2.3      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 ACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACPL continues to be 'CRISIL D Issuer Not Cooperating'.

ACPL, incorporated in 1993 by the Borkar family, develops real
estate projects in Goa and Mumbai. The company's key promoters are
Mr. Avinash Borkar and Mr. Chinmai Borkar.

ALP NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ALP Non Woven
Private Limited (ANWPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         0.4       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            8.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.15      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with ANWPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 ANWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANWPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

ANWPL, incorporated in 2012, is promoted by the Modasa
(Gujarat)-based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D
Patel. The company manufactures technical textile fabric from
polypropylene. The plant is located in Modasa and has a total
installed capacity of 2400 tonnes per annum.

CHOICE PRECITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Choice
Precitech India Private Limited (Choice) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.63       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           3.50       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1.00       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        2.16       CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line of       0.50       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Working Capital       2.00       CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with Choice for
obtaining information through letters and emails dated July 25,
2020 and January 30, 2021 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 Choice, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Choice is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Choice continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 1994 by Mr. B Narayana Murthy and his family, Choice
manufactures moulds for industrial plastics, glass bulbs shells,
and sheet metal components. The company is based in Hyderabad,
Telangana.

CISCONS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ciscons
Projects Private Limited (Ciscons) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     2.75      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    13.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.00      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Ciscons for
obtaining information through letters and emails dated July 31,
2020 and January 30, 2021 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 Ciscons , which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ciscons is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ciscons continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Ciscons was set up in 2008 by Mr. N Rama Krishna and his family
members. The company undertakes civil construction, and mainly
caters to power generation companies. It is based in Hyderabad
(Telangana).

D C METALS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of D C Metals
(DCM) continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            30        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DCM for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 DCM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCM continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1984, DCM, a partnership concern based in Mumbai,
trades in iron and steel products. It is promoted by the Bhansali
family, led by Mr. Keshrimal Bhansali and his brothers. The family
has been engaged in this line of business for over 70 years.

EMAAR ALLOYS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Emaar Alloys
Private Limited (EAPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.54       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with EAPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 EAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EAPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2004, EAPL manufactures sponge iron. The company is
promoted by Mr. Abhimanyu Singh, Mr. Manoj Sinha, and Mr. Vikas
Sinha.


G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. N. Pet
(GNP; part of the GN group) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.50       CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       1.37       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long Term    0.02       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             3.55       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       2.56       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with GNP for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 GNP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GNP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GNP continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of GNP and Garib Nawaz
Polymers Private Limited (GNPPL). This is because the two entities,
together referred to as the GN group, are in the same line of
business, have close operational and financial linkages, and are
under a common management.

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which
is in the same line of business and commenced commercial operations
in 2011. Both entities' manufacturing facilities are in Baddi.


GLOBAL CERAMICS: CRISIL Lowers Rating on INR15cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Global Ceramics Private Limited (GCPL) to 'CRISIL D'
from 'CRISIL BB/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating reflects GCPL's poor liquidity, as evidenced by
instances of delay in servicing term debt obligation, and large
working capital requirements. These weaknesses are partially offset
by the extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing term debt obligation: GCPL has been irregular
in servicing its term loan repayment and interest due to poor
liquidity. The term loan repayments are slated quarterly, and the
latest repayment which became due on December 28, 2020, was made
partly on the said date and the remaining on December 29, 2020.
Also, the interest obligation for November 2020 and January 2021,
was serviced with delays of 2-3 days.

* Large working capital requirement: Gross current assets (GCAs)
were high at 126 days, driven by moderate debtors of 28 days and
large inventory of 98 days, as on March 31, 2019. This was
partially supported with creditors of 64 days, while the rest was
funded through bank lines, which have been almost fully utilised,
and were also over-utilized in certain months due to month end bank
charges, though regularised timely. As on March 31, 2020, GCAs are
estimated to have been at a similar level, though creditors have
increased slightly.

Strength:

* Extensive experience of the promoters: The promoters' experience
of over three decades in the sanitary ware and tiles industry,
healthy relations with dealers/distributors across India and strong
distribution network should continue to support the business. The
promoters' experience has enabled the company to set up a
manufacturing plant for sanitary ware and operate it successfully.

Liquidity: Poor

Liquidity is likely to remain weak, marked by delays in servicing
term debt obligation. Moratorium was availed under the Covid-19
Regulatory Package of the Reserve Bank of India.

Rating Sensitivity factors

Upward Factors:

* Regularisation of timely debt repayment with a track record of 90
days
* Efficient working capital management leading to moderation in
bank limit utilisation

GCPL was established in 1992 as a proprietorship concern, which was
reconstituted in 2008 as a private limited company with the current
name. Mr. Hari Ram Gupta and his sons, Mr. Ved Prakash Gupta, Mr.
Manoj Gupta and Mr. Niraj Kumar Gupta are the promoters. It
manufactures sanitary ware under the Glocera brand, and sells
across India. The company also trades in cement and hardware.

GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Globsyn
Knowledge Foundation (GKF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             1        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      3.55     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              12.70     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GKF for
obtaining information through letters and emails dated July 31,
2020 and January 30, 2021 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 GKF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GKF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GKF continues to be 'CRISIL D Issuer Not Cooperating'.

GKF was founded in December 2004 in Kolkata by Mr. Bikram Dasgupta.
The trust is managed by parent Globsyn Technologies Ltd
(incorporated in 1997; engaged in the software and education
industries). GKF offers Post Graduate Diploma in Management (PGDM)
and Bachelor of Business Administration (BBA) courses through its
institute, Globsyn Business School, in Bishnupur (West Bengal).

GUJRAL AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gujral and
Sons (G&S) continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up G&S for obtaining
information through letters and emails dated July 25, 2020 and
January 19, 2021 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 G&S, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on G&S
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
G&S continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1971 by Mr. Vinod Gujral, as a partnership firm, G&S
retails garments from its showroom in Karol Bagh, Delhi. The firm
sells casual wear (T-shirts and shirts), formal wear, wedding
suits, Jodhpuri kurtas, and other designer wear. It also sells
unstitched fabric for menswear.

ICON CABLES: CRISIL Lowers Rating on INR5.0cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Icon
Cables Limited (ICL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.  The
downgrade reflects delays by ICL in servicing of debt obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.9       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit            5.0       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       0.4       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Fund-         1.21      CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   SME Credit             0.25      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              0.24      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ICL for obtaining
information through letters and emails dated July 30, 2020, January
19, 2021 and January 30,2021, 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 ICL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action is consistent with
'Assessing Information Adequacy Risk'.

Established in 1986, ICL manufactures various types of control and
instrumentation cables. It was taken over by Mr. N K Rathi in 2004
and since then has been managed by him and is based out of Delhi.
Its plant based in Neemrana, Rajasthan.

Status of non cooperation with previous CRA:

ICL has not cooperated with Brickwork Ratings India Private Limited
which has classified it as issuer not cooperative vide release
dated January 20, 2021. The reason provided by Brickwork Ratings
India Private Limited is non-furnishing of information for
monitoring of rating.

KAMAKSHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamakshi
Cotton Industries Ginning and Pressing Unit (KCI) continue to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          8.25        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   3.25        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan            1.00        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KCI for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 KCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCI continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2008 as a partnership concern, KCI gins and presses
raw cotton, and sells cotton lint and cotton seeds. The firm also
undertakes extraction of cottonseed oil. It is promoted by J.
Bhaskar Rao and his family members and is based in Karimnagar
(Telangana).

KSR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KSR Cotton
Agencies (KSR) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.9        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    5.1        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with KSR for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 KSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSR continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2007, KSR is engaged in ginning and pressing of raw
cotton and sells cotton lint and cotton seeds. Based out of Guntur
(Andhra Pradesh, the firm is promoted by Mr. Kondaveeti Srinivasa
Rao.

LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lancy
Constructions (LC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility      13         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with LC for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 LC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LC
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1973 in Mangalore as a proprietorship firm by Mr. Lancy
Mascarenhas, LC manufactures RMC for the construction industry and
also undertakes civil construction projects.

M. M. AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. M.
Automobiles (MMA) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line          0.5        CRISIL D (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with MMA for
obtaining information through letters and emails dated July 25,
2020 and January 30, 2021 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 MMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMA continues to be 'CRISIL D Issuer Not Cooperating'.

MMA was set up in 2003 as a proprietorship concern by Mr. Mutchu
Mithi. It is an authorized dealer for passenger vehicles of Hyundai
Motor India Ltd. The firm operates a showroom in Itanagar
(Arunachal Pradesh).

MAGNEWIN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Magnewin
Energy Private Limited (MEPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.25       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.50       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1.50       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        1.68       CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line          0.20       CRISIL D (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with MEPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 MEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1991, MEPL manufactures electrical
capacitors'special-purpose capacitors, and high- and low-tension
capacitors'used for compensating transmission line losses and power
factor improvement. These capacitors are primarily used by utility
companies and the defence sector; the capacitors also find
application in industries such as textiles, coal, chemicals, and
sugar. Set up as Magnewin Magnetics, the company was reconstituted
as a private limited company in September 2009.

MAHABIR TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahabir
Techno Limited (MTL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            33        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      1        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               1        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MTL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 MTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTL continues to be 'CRISIL D Issuer Not Cooperating'.

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.

MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manaf P.B.
(MPB) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           5.9        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.6        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MPB for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 MPB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPB continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

MPB was set up as a proprietorship firm at Aluva (Kerala) in 2004.
The firm undertakes civil contracts for the PWD of Kerala. Daily
operations are managed by the proprietor, Mr. PB Manaf.

MATHURA DEVELOPER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mathura
Developer (MD) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Term         1.14       CRISIL D (Issuer Not
   Loan                             Cooperating)

   Term Loan             3.86       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MD for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 MD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MD
continues to be 'CRISIL D Issuer Not Cooperating'.

MD was established in October 2012 by Dr. Laxmikant Bajaj in Nanded
(Maharashtra). The firm is undertaking a commercial real estate
development project in Nanded. Its operations are managed by Dr.
Laxmikant Bajaj's younger brother, Mr. Sanjay Bajaj.

MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megha
Granules Private Limited (MGPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.97      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           29         CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       10.8       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Term Loan             42.24      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        9.99      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with MGPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 MGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in May 2005, MGPL is promoted by Mr. Trilok Agarwal
and his son. The company has been manufacturing block-bottom valve
bags since December 2012. Currently, it has an installed capacity
of 10,000 tonne per annum at its facility in Guwahati, Assam. The
promoters have various other companies engaged in the manufacturing
of bulk packaging materials and ferroalloys. They have been in this
line of business for the past two decades.

MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MSV
Laboratories Private Limited (MSV) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.20        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          1.52        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       9.53        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   4.75        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MSV for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 MSV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSV continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

MSV, which was set up in 1991, manufactures organic fertilisers,
bio-fertilisers and bio-pesticides. The company has two warehouses,
leased to the government of West Bengal. It also oversees the
maintenance of 21 warehouses in the state. A gamma radiation plant
is being set up currently, to deploy the in-house technology for
sterilisation of food items. Daily operations are managed by Mr.
Ashok Maity, based in Purba Medinipur, West Bengal.

POWER MAX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Power Max
India Private Limited (Power Max) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       23.15       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          20          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      5          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Power Max
for obtaining information through letters and emails dated August
22, 2020 and January 19, 2021 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 Power Max, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Power Max is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Power Max continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

Power Max undertakes erection, commissioning, testing, and
maintenance of structural works and electrical equipment, and civil
and mechanical construction.


PRIYESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Priyesh Agro
Industries (PAI) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               1        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PAI for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 PAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAI continues to be 'CRISIL D Issuer Not Cooperating'.

PAI was set up in 2012 as a partnership firm. It processes sesame,
wheat, chana (chickpea), and groundnut at its production facility
in Veraval (Gujarat); the firm also undertakes jobwork for
processing these products. The operations are managed by the
Virapara family which has experience of over five decades.

QUADSEL SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quadsel
Systems Private Limited (QSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         2         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with QSPL for
obtaining information through letters and emails dated July 31,
2020 and January 30, 2021 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 QSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QSPL continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1996, Chennai-based QSPL is a dealer and channel
partner of HP. Operations are managed by the promoter, Mr. Girish
Madhavan.

R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. P.
Printers (RPP) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3.5       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              2.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RPP for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 RPP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPP continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

RPP was set up as a partnership firm in 2005 and is owned and
managed by Mr. Nitin Gupta. The firm prints colouring books and
notebooks at its printing facility at Noida, Uttar Pradesh.

R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. S.
Enterprises (Ludhiana) (RSE) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Exchange        3        CRISIL D (Issuer Not
   Forward                          Cooperating)

   Proposed Long Term      2.95     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               6.05     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RSE for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 RSE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSE continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

RSE was established in 2001 as a proprietorship concern in Ludhiana
(Punjab) by Mr. Rachit Tuli. The firm manufactures textiles and
trades in fabric and has a knitting capacity of 8 tonnes per day.
The proprietor's family has over six decades of experience in the
textiles industry.

RADHIKA INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Radhika Infra
Estate Private Limited (RIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan      13.54        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 RIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RIPL continues to be 'CRISIL D Issuer Not Cooperating'.

RIPL was incorporated in 2009 by Mr. Manoj Kumar Jain, Mr. Arvind
Agarwal, and Mr. Prashant Kumar Saxena. It is currently undertaking
a real estate project, Maple Tree, at the airport bypass road, near
RGPV University, Bhopal.


RELIANCE NAVAL: Jindal Steel Submits Bid to Acquire Shipyard
------------------------------------------------------------
BloombergQuint reports that Jindal Steel & Power Ltd., India's
third-largest producer of the alloy by market value, and two other
groups were the latest to express interest in bidding for Reliance
Naval & Engineering Ltd., according to people familiar with the
matter.

For Jindal Steel, controlled by Naveen Jindal, Reliance Naval can
be a captive client for the company's shipbuilding plates, said
Vidya Rattan Sharma, managing director at the steelmaker, who
confirmed Jindal's interest, BloombergQuint relates. Dubai-based
shipping firm GMS and Kotak Special Situations Fund were among the
others that registered to bid as of the Feb. 28 deadline, according
to the people, who asked not to be identified as the matter is
private.

According to BloombergQuint, the process to find a buyer for the
indebted shipyard, once controlled by former billionaire Anil
Ambani, began in May with deadlines being extended four times
already. A successful sale of Reliance Naval will help creditors
including IDBI Bank Ltd. and State Bank of India recoup part of the
company's INR108 billion ($1.5 billion) of debt, says
BloombergQuint.

"We are looking at it in two ways," Jindal Steel's Sharma said in
an interview. "One is the strategic location as it is port based
and the other is that it can be a good outlet to consume our own
plates."

Jindal isn't partnering with any company for the bid, Sharma said.


The port unit of A.P. Moller-Maersk A/S, the world's largest
container carrier, and 11 other groups had bid for the asset last
year. Maersk's unit though pulled out, the Hindu Businessline
reported in October.

Reliance Naval is "naturally interesting" for Maersk's APM
Terminals, the company said in response to a query on March 2,
BloombergQuint relays. "However, it would be too early to say
whether the RNEL restructuring will result in a realistic business
opportunity for us."

                       About Reliance Naval

Reliance Naval and Engineering Limited designs and constructs
warships and submarines. The Company offers offshore patrol and
research vessels, frigates, corvettes, aircraft carriers, and
destroyers, as well as piping, propeller, trilshaft, rudder,
coating, and machinery repair and maintenance services.  Reliance
Naval and Engineering serves oil and gas sectors worldwide.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
22, 2020, The Hindu said that the Ahmedabad bench of the National
Company Law Tribunal (NCLT) has admitted an application against
Reliance Naval and Engineering Limited (R-Naval) for insolvency.

"The application by IDBI Bank Ltd. for a claim of INR1,159.43 crore
before the NCLT Ahmedabad bench has been admitted," R-Naval said in
a filing with the exchanges.

This is the second Reliance Group firm to go for insolvency after
Reliance Communications, the Hindu disclosed. The company had total
outstanding dues of INR9,534 crore as on December 31, 2019. It
reported a net loss of INR340 crore on net sales of INR20.5 crore
for the second quarter ended September 30, 2019.


SKOPOS DREDGING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Skopos
Dredging and De-Silting Private Limited (SDDPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             10       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               15       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SDDPL for
obtaining information through letters and emails dated July 25,
2020 and January 19, 2021 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 SDDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDDPL continues to be 'CRISIL D Issuer Not Cooperating'.

Based in Mumbai (Maharashtra), SDDPL is involved in manufacturing
and distribution of sand, aggregate and fly ash bricks used in the
construction sector. The company operates a plant with a capacity
of about 60,000 tonnes per month (tpm), which is currently being
utilised at about 400 tpm. SDDPL has also setup and fly ash brick
plant which commenced its operations in April 2015.

SNEHA ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: SNEHA Engineering Equipment Private Limited
        D-12, Phase IV, IDA
        Jeedimetla, Hyderabad
        Telangana 500055

Insolvency Commencement Date: February 22, 2021

Court: National Company Law Tribunal, Hyderabad Bench-I

Estimated date of closure of
insolvency resolution process: August 20, 2021

Insolvency professional: Satyanarayana Veera Venkata Chebrolu

Interim Resolution
Professional:            Satyanarayana Veera Venkata Chebrolu
                         Flat No. 201, Chandana Residency
                         M I G 512 and 513
                         Near Temple Bus Stop
                         K P H B Colony, Kukatpally
                         Hyderabad 500072
                         Telangana
                         E-mail: chvvsniob@yahoo.co.in

                            - and -

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

Last date for
submission of claims:    March 12, 2021


WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Welldone Exim
Private Limited (WEPL; part of the RBD group) continue to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           40        CRISIL D (Issuer Not
   Purchase                         Cooperating)

   Packing Credit          5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with WEPL for
obtaining information through letters and emails dated July 31,
2020 and January 30, 2021 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 WEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
WEPL continues to be 'CRISIL D Issuer Not Cooperating'.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of WEPL, High Value Exim Pvt
Ltd, Attire Designers Pvt Ltd, RBD International, and Goodone
Traders Pvt Ltd. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.



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

JAPFA COMFEED: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Japfa Comfeed Indonesia
Tbk's Long-Term Issuer Default Rating (IDR) to Stable, from
Negative, and has affirmed the IDR at 'BB-'. At the same time,
Fitch Ratings Indonesia has also revised the Outlook on Japfa's
National Long-Term Rating to Stable, from Negative, and affirmed
the rating at 'A+(idn)'.

The Outlook revision follows a rebound in Japfa's 4Q20 EBITDA
margin, resulting in a net debt/EBITDA ratio that is below Fitch's
negative sensitivity of 2.5x as at end-2020, down from Fitch's
previous expectation of 3.9x. The stronger margin was supported by
stabilising day old chick and live bird prices, higher sales volume
and a defensive animal feed margin. Market stability, coupled with
lower working capital requirements during the year, have helped
Japfa to de-lever faster than Fitch had expected.

Fitch believes the sharp drop in volume and average selling prices
in 2Q20-3Q20 was a one-off occurrence and that the market has
stabilised, with support from government intervention. Fitch
expects Japfa to continue to demonstrate financial discipline and
to scale back capex plans to maintain a leverage profile that is
appropriate for its rating.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Stable Market Improves Margin: Japfa's EBITDA margin recovered to
around 11% by end-2020, from 7% in 9M20, as supply and demand
stabilised in the Indonesian poultry market. Government
intervention through mandatory parent stock culling since August
2020 contributed to the 4Q20 recovery in day old chick and live
bird prices of 19% and 23% qoq, respectively. This helped Japfa
recoup the losses incurred by poultry breeding and commercial farm
segments up to 9M20.

Fitch believes the government will continue to play an active role
to ensure poultry price stability and the wellbeing of small-scale
farmers, and will intervene in the market if required, as has
demonstrated in the past. The government's focus on bolstering
domestic consumption amid the pandemic through tax incentives,
subsidies and cash transfers should also support demand for
poultry, which is the country's main animal protein source.

Defensive Feed Business: Japfa has a stable animal feed business
and strong position as Indonesia's second-largest poultry company.
Earnings from the animal feed segment, which contributes around
30%-40% of revenue, are less volatile than from other segments.
Japfa's market-leading position enables it to pass through
raw-material cost increases, retain raw-material inventory and
adjust output to maintain stable margins.

Good Performance from Acquisition: The 2020 performance of PT So
Good Food, Indonesia's second-largest processed-meat company by
market share recently acquired by Japfa, was in line with Fitch's
expectations. So Good generated around IDR340 billion EBITDA with
6% yoy sales growth. It enhances Japfa's vertical integration and
product diversification and allow it to capture rising demand for
processed food. Fitch thinks the pandemic could accelerate the
penetration of modern retail chains as consumers become accustomed
to the shopping format.

Supportive Parental Profile: The consolidated profile of Japfa's
parent, Japfa Ltd (JL), is consistent with that of Japfa's
Standalone Credit Profile (SCP) of 'bb-', as it is driven by
Japfa's market-leading position in the Indonesian poultry business.
JL's other businesses are smaller than Japfa, with higher leverage,
but they do not drag the consolidated profile given their improved
operations and JL's intention to deleverage.

Weak Linkages: Fitch assesses ties between Japfa and JL based on
Fitch's Parent and Subsidiary Linkage Rating Criteria. Fitch sees
Japfa as the stronger entity with weak legal and operating linkage
to JL due to moderate ringfencing under Japfa's US-dollar bond
documentation and stock exchange regulations that limit
related-party transactions. Japfa's SCP is consistent of Fitch's
assessment of JL's consolidated profile, but the weak linkages
allow us to rate Japfa up to two notches higher, subject to its SCP
profile improving faster than JL's consolidated profile.

DERIVATION SUMMARY

Japfa's IDR can be compared with that of Pilgrim's Pride
Corporation (PPC, BB+/Stable), Marfrig Global Foods S.A.
(BB/Stable) and Minerva S.A. (BB/Stable).

Fitch believes PPC - one of the world's largest chicken producers,
with operations spanning the US, Mexico, Puerto Rico and Europe -
has a superior credit profile relative to Japfa due to its larger
operating scale, stronger global market position and better
geographic diversification. PPC's business and credit profiles are
strong, but its rating is constrained by the weak corporate
governance of its ultimate indirect controlling parent company,
Brazil-based JBS S.A. (BB+/Stable).

JBS is one of the largest protein producers globally and has a
significantly larger operating scale and better product and
geographical diversification than Japfa. However, its rating is
constrained by weak corporate governance due its shareholding
structure and uncertainty over the outcome of several
investigations into JBS and its shareholders. These include
administrative procedures by the Securities and Exchange Commission
of Brazil and potential fines from the U.S. Department of Justice.

Marfrig and Minerva have stronger overall profiles stemming from
larger operating scale and geographic diversification, against
Japfa's exposure to the Indonesian poultry market. Marfrig's
business and financial risk profiles have improved over the past
few years, through lower exposure to Brazil, access to more markets
and a sustained decline in its net debt/EBITDA ratio to around 2x
by end-2020, from 3x in 2019 and 4x in 2018. Similarly, Minerva has
gradually improved its financial profile while maintaining a
favourable business risk profile through its strong regional
presence.

Japfa's National Rating is comparable with that of PT Sumber
Alfaria Trijaya Tbk (Alfamart, AA-(idn)/Stable), PT Mayora Indah
Tbk (AA(idn)/Stable) and PT Sri Rejeki Isman Tbk (Sritex,
A+(idn)/Negative). Fitch believes the larger operating EBITDA
scale, lower commodity-price exposure and superior financial
profile of Alfamart - Indonesia's largest mini-market operator -
warrant a one-notch difference to Japfa's rating. Similarly, Fitch
believes the stronger financial profile, wider profit margin,
better free cash flow generation and better earning stability of
Mayora - a leading consumer goods producer in Indonesia - warrant a
multiple-notch rating difference to Japfa.

Sritex and Japfa have similar operating EBITDA scale and Fitch
believes Japfa's stronger market position as Indonesia's
second-largest poultry company offsets its weaker geographical
diversification relative to Sritex. Fitch also believes Japfa's
lower profit margin is counterbalanced by the risks of the
lengthening of Sritex's working capital cycle on account of the
pandemic. Both companies also have the ability to pass through most
cost changes to customers, warranting the same rating level at the
national scale.

KEY ASSUMPTIONS

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

-- Modest 4% yoy growth in 2021, 11% in 2022 and 7% in 2023 based
    on gradual recovery expectations;

-- EBITDA margin of 10%-11% over the medium term;

-- Capex of around IDR2 trillion over the medium term, including
    IDR500 billion in maintenance capex and the balance for
    expansion.

RATING SENSITIVITIES

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

-- Leverage, as measured by net debt/ EBITDA that is
    proportionately consolidated by minority stakes in a number of
    subsidiaries, of below 1.5x on a sustained basis;

-- No significant weakening of industry fundamentals or Japfa's
    market position.

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

-- Leverage above 2.5x for a sustained period;

-- Significant reduction of the size of the animal-feed segment,
    as demonstrated by the segment's share of total revenue
    falling to below 30%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity, Manageable Maturities: Japfa's liquidity is
supported by end-2020 cash of IDR1.3 trillion and committed undrawn
bank lines of around IDR5 trillion, against maturities in 2021 of
IDR1 trillion. Japfa's next significant maturities in 2022 comprise
USD250 million unsecured notes due in March and IDR1 trillion
domestic bonds due in April. Fitch views Japfa's refinancing risk
as manageable, supported by Fitch's expectation of stable poultry
demand in Indonesia, Japfa's market leading position, moderate
financial profile and established access to diversified funding
sources.

ESG CONSIDERATIONS

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

JAPFA: S&P Alters Outlook to Stable, Affirms 'BB-' LT ICR
---------------------------------------------------------
On March 1, 2021, S&P Global Ratings revised its outlook on PT
Japfa to stable from negative. At the same time, S&P affirmed its
long-term issuer credit rating on the company and the long-term
issue rating on its senior unsecured notes at 'BB-'.

The stable outlook reflects S&P's view that PT Japfa will maintain
sufficient liquidity buffer, proactively refinance its U.S. dollar
bond and domestic notes maturing in 2022; and maintain a
disciplined capex plan amid a steady recovery of operations.

PT Japfa's improved liquidity buffer should help it withstand
potential working capital swings.  The company materially reduced
its reported short-term debt in the fourth quarter of 2020, to
about Indonesian rupiah (IDR) 1 trillion from over IDR4 trillion in
the previous quarter. PT Japfa funded the debt repayment through a
combination of cash on hand and internally generated operating cash
flow.

PT Japfa's liquidity is further bolstered by multiyear undrawn
committed bank lines (maturing beyond 12 months as of end-December
2020) of IDR3.3 trillion, compared with about IDR1.0 trillion in
September 2020. This is mainly because the company repaid
substantial debt under its revolving credit lines in the fourth
quarter. S&P believes these committed bank lines could ease the
stress on liquidity and cash flow from the seasonality of its
working capital.

S&P said, "We don't expect PT Japfa's short-term debt to return to
the peak of the first nine months of 2020. The company opted to
increase its short-term debt during that period, mainly to build up
a liquidity buffer, given the pandemic and oversupply of poultry in
Indonesia. But the oversupply situation has now eased and domestic
demand is slowly recovering, eliminating the potential impetus for
short-term debt to significantly exceed working capital."

Japfa Ltd.'s liquidity profile largely mirrors an improvement at PT
Japfa. The liquidity profile of the wider group is also supported
by cash proceeds from share disposals at subsidiary Greenfields
Dairy Singapore Pte. Ltd. and a US$150 million multiyear committed
facility. Some US$94 million out of total proceeds of US$244
million from the share disposals will be used for liquidity
purposes, such as short-term debt repayment and working capital
needs.

The group is likely to prudently manage capex against cash flow
generation capability.  S&P said, "We believe PT Japfa and the
wider group retain ambitions to grow capacity in 2021 and 2022, to
take advantage of favorable long-term demand patterns and
consolidate market share in key operating segments. That said, in
our view, it is likely to spend cautiously. We expect the majority
of capex to be funded by internally generated operating cash flow
over the next two years, minimizing the need for additional debt."

In S&P's base case for PT Japfa, it forecasts:

-- Annual capex of IDR2.0 trillion–IDR2.2 trillion in 2021 and
2022.

-- IDR850 billion payment to Japfa Ltd. in 2021 for the
acquisition of PT So Good Food (SGF).

-- Reported total debt is likely to increase to IDR9.3
trillion-IDR9.5 trillion in 2021-2022, from IDR7.9 trillion at
end-2020 under this spending scenario.

-- Ratio of funds from operations (FFO) to debt will be 25%-28% in
2021-2022, compared with about 30% by end-2020.

S&P said, "While our base case assumes steady capex through 2021
and 2022, we recognize that PT Japfa has the flexibility to scale
down and defer investments. About 40% of our forecast for
expansionary capex is uncommitted and could be scaled back in the
event of market headwinds." PT Japfa reduced investments to below
IDR800 billion in 2015 and 2016 amid an oversupplied market and
paused non-essential new capex in 2020 during the pandemic.

At the group level, S&P Global Ratings estimates annual capex of
US$330 million–US$340 million, mostly funded by internally
generated operating cash flow.

S&P said, "We expect PT Japfa's operating profit margin to
stabilize on the back of a gradual recovery in poultry demand in
2021 and the government's proactive culling program.  PT Japfa
achieved a strong fourth quarter in 2020 thanks to higher margins
for poultry breeding and processing segments. This was largely
driven by government initiatives mainly through culling programs
that helped control poultry oversupply and supported prices. The
average broiler and day-old-chick (DOC) prices increased to
IDR19,000-IDR20,000/kg and IDR6,000-IDR7,000/chick in December,
compared with IDR13,000-IDR14,000/kg and IDR3,000-IDR4,000/chick in
August to September.

Demand slowly recovered during the second half of 2020 supported by
a relaxation of social restrictions, such as reopening of wet
markets and restaurants. Nevertheless, demand for poultry is likely
to remain soft in 2021, due to slashed consumer purchasing power,
which we do not expect to fully recover until 2022. Amid soft
demand, poultry prices should remain volatile in 2021, given the
constant rebalance between supply and demand. However, we do not
anticipate that prices will drop to the low level in last April,
given our expectation of proactive control of poultry supply
through the government's initiatives.

In S&P's base case, it forecasts:

-- Broiler and DOC prices at IDR17,500-IDR17,800/kg and
IDR6,500-IDR6,800/chick over 2021-2022.

-- This will translate into EBITDA margin of around 11%, compared
with 10% in 2020.

--EBITDA will be therefore IDR4.0 trillion-IDR4.2 trillion in 2021
and IDR4.2 trillion-IDR4.4 trillion in 2022, compared with IDR3.8
trillion in 2020.

-- The acquisition of SGF will add another IDR150 billion-IDR200
billion EBITDA in 2021 and 2022.

-- Cash flow adequacy and interest-servicing ratios over the next
two years are commensurate with the current credit profile.   

S&P said, "We now forecast PT Japfa's annual interest and hedging
expenses to be IDR880 billion–IDR900 billion in 2021, supported
by a reduced proportion of short-term debt, which has higher
interest than long-term debt. Our previous forecast was IDR980
billion-IDR990 billion. We anticipate a modest increase in funds
from operations, with FFO cash interest coverage improving to
4.2x-4.5x in 2021 and 2022 compared with our previous expectation
of 3.8x-3.9x. The likely improvement in this ratio provides some
buffer against market price volatility."

S&P Global Ratings estimates Japfa Ltd.'s FFO cash interest
coverage at 5.1x-5.3x in 2021 and 2022, supportive of a 'bb-' group
credit profile. The parent's cash flow adequacy and
interest-servicing ratios are supported by the strong business
performance at its Vietnam swine and China dairy businesses and
moderate improvement of PT Japfa. In Vietnam, average selling
prices and volumes continued to increase due to a shortage in pork
supply arising from the African swine fever. In China, raw milk
prices continued to recover, pushing up margins. The supply
shortage and pricing trends in both businesses should continue for
at least 12 months, in S&P's view.

S&P said, "The stable outlook on PT Japfa reflects our view that
Japfa Ltd. and PT Japfa will: (1) proactively manage their debt
maturities; (2) maintain adequate liquidity buffers; and (3)
control capex, dividends, and debt levels amid the steady recovery
of its businesses over the next 12 months. The stable outlook also
reflects our view that PT Japfa will remain a core subsidiary of
its parent."

S&P may lower the rating on PT Japfa if it sees:

-- Any signs of weakened group support from Japfa Ltd. to PT Japfa
such that S&P no longer believe the parent will provide
extraordinary support to PT Japfa under all foreseeable
circumstances.

-- The group's financial policy is more aggressive than we expect.
This could be the case if Japfa Ltd.'s consolidated capex is
persistently higher than its operating cash flow, leading to
sustainably negative discretionary cash flows and growing debt
requirements, resulting in the group's FFO cash interest coverage
falling below 4.0x for an extended period of time.

-- The liquidity profile of PT Japfa or Japfa Ltd. weakens
notably, such that S&P expects the ratio of sources to uses of
liquidity to stay below 1.2x over a prolonged period. This could
happen if an increase in negative working capital leads to much
greater use of short-term debt, or if the company fails to
proactively refinance upcoming large debt maturities.

S&P said, "We may raise the rating on PT Japfa if we raise our
credit assessment on Japfa Ltd. and PT Japfa remains a core
subsidiary within the group. This could happen if we envisage more
stable earnings at Japfa Ltd. and the group prudently manages its
capex such that the FFO-to-debt ratio stays above 45% on a
sustained basis. An upgrade would also be contingent on the group
maintaining its liquidity profile.

"We may raise PT Japfa's stand-alone credit profile if the company
can sustain its FFO cash interest coverage materially above 4.0x."




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

CHRISTIAN SAVINGS: Fitch Affirms 'BB' LT IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based Christian Savings
Limited's (CSL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB'. The Outlook is Stable. This reflects
Fitch's view that CSL has solid buffers and headroom in its
financial profile at the current rating level to withstand a
scenario that is more severe than Fitch's base case.

KEY RATING DRIVERS

IDRS and VIABILITY RATING

CSL's Long-Term IDRs are driven by its Viability Rating, which
reflects its modest franchise. CSL's lending operation is focused
on a niche customer base. The company has limited pricing power
relative to the major banks, but it operates a simple and
transparent business model that benefits from strong linkages
between its shareholders and target market. CSL's core objectives
have remained consistent under the current management team and
Fitch expects gradual franchise growth through organic means.

Fitch expects CSL's impaired loans and losses to remain lower than
those of peers through the next two years, reflecting its steady
underwriting, sound collateral positions across its loan portfolio
and loan resolution options. However, this is tempered by high
single-name concentration risk due to the small number of lending
customers, which is unlikely to change. Fitch believes the strong
growth over the last few years has been driven by an expanding
target market, rather than through aggressive lending practices.

CSL's earnings and profitability has continued to trend upward and
Fitch expects the core metric, operating profit/risk-weighted
assets, to remain commensurate with a 'bb' score over the next two
years. Some compression in the net interest margin is possible due
to lower returns on its liquid-asset holdings, but loan margins are
likely to remain stable. CSL does not provide transactional banking
products, which means declines in the official cash rate have had
less impact on its lending margins.

Fitch expects CSL to maintain sound capitalisation ratios above
regulatory minimums, which are likely to be toward the high end its
peer group over the next two years. Capitalisation has been
pressured by strong growth, which has averaged at about 25% over
the last two years; however, this has been offset by an injection
of new common equity through shareholders. CSL's Fitch Core Capital
ratio, which was 14.7% at end-August 2020, would typically imply a
higher score under Fitch's Bank Rating Criteria, however, Fitch's
assessment also considers CSL's high concentration and small
absolute size.

CSL's lending activities are fully funded by a combination of
church and household deposits, and reinvestment rates are
maintained at a high level. Fitch expects CSL's loan/deposit ratio
to remain comparable with that of most non-bank deposit-taking
(NBDT) peers, with limited funding pressure to arise over the next
year as a result of high system liquidity and support. Offsetting
some of these strengths is CSL's lack of access to central-bank
funding as a lender of last resort and its moderate franchise,
which could leave it susceptible to deposit outflows in a severe
funding-market shock.

Fitch has revised the outlook on the 'a-' operating environment
score for New Zealand NBDTs to stable, from negative. This is one
notch lower than the score assigned to domestic banks due to the
less comprehensive regulatory framework applied to NBDTs. However,
the country is in the process of aligning the regulation of all
deposit takers under one framework, after which Fitch would
consider aligning the NBDT operating environment score with that of
the banks. This, combined with lower downside risk to the economic
outlook due to New Zealand's success in combatting the coronavirus,
means it is unlikely that Fitch would lower the score to 'bbb+'.

SUPPORT RATING and SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor reflect Fitch's view
that, while support from the New Zealand sovereign (AA/Positive) is
possible, it cannot be relied on. CSL is not part of the open bank
resolution scheme, which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. However, Fitch believes the existence of the scheme,
in conjunction with CSL's low systemic importance, makes sovereign
support doubtful.

RATING SENSITIVITIES

IDRS and VIABILITY RATING

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

The ratings are sensitive to a loss of support from CSL's target
market, as this would affect the company's viability. A higher risk
appetite through looser underwriting standards, risk controls or
aggressive growth that weakens CSL's core financial metric could
trigger a rating downgrade if a combination of the following were
to occur:

-- Stage 3/gross loans ratio increases above 10% on a consistent
    basis;

-- Operating profit/risk-weighted assets falls below 0.25% for a
    sustained basis; or

-- The Fitch Core Capital ratio declines below 9.5% without a
    clear path to return above this level.

-- CSL's Short-Term IDR would only be downgraded if the Long-Term
    IDR were downgraded to 'CCC+' or below.

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

-- An upgrade of the Viability Rating and Long-Term IDRs is
    unlikely in the short term, as it would require significant
    growth in CSL's franchise. This is likely to be demonstrated
    through a larger borrower base and lower single-name
    concentration, while maintaining risk appetite and limiting
    deterioration in its financial profile.

-- An upgrade of the Short-Term IDR would require an upgrade of
    the Long-Term IDR to at least 'BBB-'.

SUPPORT RATING and SUPPORT RATING FLOOR

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

-- The Support Rating and Support Rating Floor are sensitive to
    any change in assumptions around the propensity or ability of
    the New Zealand government to provide timely support. However,
    this appears unlikely given the country's resolution framework
    and CSL's small size relative to the country's overall
    financial system.

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

-- The Support Rating and Support Rating Floor are already at the
    lowest level on Fitch's rating scales and cannot be downgraded
    further.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

CREDIT UNION: Fitch Affirms 'BB' LT IDR; Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on Credit Union
Baywide (CUB) and its fully owned subsidiary, New Zealand
Association of Credit Unions (NZACU), to Stable from Negative. At
the same time, Fitch has affirmed the Long-Term Issuer Default
Ratings (IDRs) on CUB and NZACU at 'BB' and 'BB-', respectively.
All other ratings have also been affirmed.

The revision in the Outlook to Stable reflects that downside risks,
particularly around the outlook for asset quality, have abated
substantially since Fitch originally revised CUB's Outlook to
Negative in May 2020. At the time Fitch viewed the buffers in CUB's
credit profile to be sufficient to withstand Fitch's base case
scenario and Fitch continues to hold this view.

KEY RATING DRIVERS

CUB'S IDRS and VIABILITY RATING

CUB's Long-Term IDRs are driven by its Viability Rating, which in
turn reflects its greater risk appetite relative to other New
Zealand banks and building societies. The higher risk appetite is
reflected in a focus on riskier segments, such as higher loan/value
mortgages and consumer lending, though CUB's risk controls are
acceptable and consistent with similarly sized peers. This means
CUB's financial profile is likely to be more volatile through an
economic cycle than its non-credit union peers.

The ratings also capture CUB's moderate franchise, despite being
New Zealand's largest credit union, and geographic concentration in
parts of New Zealand, although the latter improved following the
merger with three other credit unions in 2019.

The factor outlooks for asset quality (score of 'bb') and operating
environment (score of 'a-') have been revised to stable, from
negative, and the factor outlook for funding and liquidity has been
revised to positive, from stable, as part of this review. Fitch's
outlook on the earnings and profitability score of 'bb' remains on
negative, however.

Fitch expects some weakening in CUB's asset-quality metrics during
2021 as support measures are reduced or removed, but large buffers
mean deterioration that is moderately worse than Fitch's base case
can be absorbed at the current score, resulting in the factor
outlook revision to stable. The assigned factor score is lower than
the score implied by Fitch's Bank Rating Criteria to reflect CUB's
risk appetite, which Fitch expects to add to volatility and result
in higher impaired-loan ratios through a cycle relative to most
peers. CUB's impaired loans/gross loans ratio was relatively stable
during the financial year ended June 2020 (FY20), ending the year
at 2.3%.

Fitch expects CUB to return to profitability in FY21 following
losses in FY19 and FY20. However, CUB's profitability remains
weaker than most peers and Fitch views the headroom at the current
factor score as limited, so Fitch has maintained a negative factor
outlook. Fitch expects the low rate environment to pressure
earnings across the system. In addition, CUB faces risk that costs
associated with its 2019 merger and the restructuring of NZACU are
more persistent and larger than currently expected in Fitch's base
case. Maintaining consistent and sustainable profitability is
important for a mutually owned entity like CUB as retained earnings
are the main source of new capital.

CUB's capitalisation is a weakness for the rating, with the factor
score remaining at 'bb-' with a stable outlook. The score captures
the small absolute size of the capital base, limited sources of
fresh equity as a mutual organisation and only modest headroom
above minimum regulatory capital requirements. CUB's total
regulatory capital ratio, the only regulatory ratio required to be
calculated for non-bank deposit takers (NBDTs), was 10.2% at
December 2020, a buffer of about 220bps over the regulatory minimum
of 8%. CUB may be required to consolidate NZACU for regulatory
capital purposes as part of the subsidiary's restructuring - this
would see the total regulatory capital ratio fall close to 9% on a
proforma basis. Fitch believes this will be the low point for CUB's
total capital ratio and that management has a credible plan to
improve capitalisation. Fitch has retained a stable outlook on the
factor score as a result.

Fitch expects customer deposits to remain the main source of CUB's
funding and the credit union has managed liquidity well through the
pandemic, leaving headroom in the 'bb+' factor score. Fitch has
revised the factor outlook to positive from stable to reflect the
likelihood that Fitch would upgrade this score if metrics can be
maintained at current levels. The factor score also considers CUB's
lack of access to the central bank as a lender of last resort,
which combined with a moderate franchise leaves it susceptible to
deposit outflows in a severe funding market shock.

Fitch has revised the outlook on the 'a-' operating environment
score for New Zealand NBDTs to stable, from negative. This score is
currently one notch lower than the score assigned to New Zealand
banks due to the less comprehensive regulatory framework applied to
NBDTs. However, New Zealand is in the process of aligning
regulation of all deposit takers under one framework, after which
Fitch would consider aligning the NBDT operating environment score
with that of New Zealand banks. This, combined with reduced
downside risk to the economic outlook due to New Zealand being
relatively successful in combatting the coronavirus, mean it is
unlikely Fitch would lower the score to 'bbb+'. Fitch has revised
the outlook accordingly.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor reflect Fitch's view
that, while support from the New Zealand sovereign (AA/Positive) is
possible, it cannot be relied on. CUB is not part of the open bank
resolution scheme, which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. However, Fitch believes the existence of the scheme,
in conjunction with CUB's low systemic importance, makes sovereign
support doubtful.

SUBSIDIARY

NZACU's IDRs and Support Rating reflect a moderate probability of
extraordinary institutional support from its shareholder, CUB.
Fitch believes NZACU is a strategically important part of CUB
because it provides critical banking and transactional services on
which CUB and other credit unions rely to operate their businesses.
The revision of the Outlook on NZACU reflects the same action taken
on the Outlook of CUB.

NZACU's Long-Term IDR is notched down once from that of CUB to
reflect Fitch's view that, while NZACU is important to CUB's
operation, some of its operations relate to the sale of products
and services to third parties.

NZACU is currently undergoing a restructuring, with a planned move
to a corporate structure from the current association structure.
Fitch expects to assign ratings to the new corporate structure and
withdraw ratings from NZACU once this process is complete.

RATING SENSITIVITIES

CUB's IDRS and VIABILITY RATING

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

-- CUB's Long-Term IDRs and Viability Rating may be downgraded if
    its regulatory capital ratios continue to weaken, possibly as
    a result of ongoing merger and restructuring activity that
    negatively impacts profitability.

-- The Long-Term IDRs and Viability Rating may also be downgraded
    if there is an increase in risk appetite, potentially aimed at
    increasing market share and profitability, that led to greater
    volatility in the financial profile through the cycle.

The above scenarios may be reflected in a combination of the
following:

-- Impaired loans/gross loans increase above 10% on a consistent
    basis;

-- Operating profit/risk-weighted assets fall below 0.25% for a
    sustained period; or

-- The Fitch core capital ratio declines below 9.5% without a
    credible plan to replenish regulatory capital buffers.

-- CUB's Short-Term IDR would only be downgraded if the Long-Term
    IDR were downgraded to 'CCC+' or below.

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

-- An upgrade of the Viability Rating and Long-Term IDRs is
    unlikely in the short term, as it would require an improved
    risk appetite, resulting in more stable asset quality through
    a cycle, and an increase in capital ratios towards levels
    reported by NBDT peers. The latter is likely to be reflected
    in a Fitch core capital ratio sustained above 14%, which Fitch
    would view as being more consistent with a high 'bb'
    capitalisation and leverage score.

-- An upgrade of the Short-Term IDR would require an upgrade of
    the Long-Term IDR to at least 'BBB-'.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

-- The Support Rating and Support Rating Floor are sensitive to
    any change in assumptions around the propensity or ability of
    the New Zealand government to provide timely support. An
    increased propensity to support would be required for an
    upgrade, but appears unlikely given the resolution framework
    in place and CUB's small size relative to the overall
    financial system in New Zealand.

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

-- The Support Rating and Support Rating Floor are already at the
    lowest level on Fitch's rating scales and cannot be downgraded
    further.

SUBSIDIARY

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

-- Positive rating action on NZACU's Long-Term IDR would occur if
    CUB's Long-Term IDR is upgraded and the propensity to support
    remains unchanged. The Long-Term IDR may also be upgraded if
    Fitch viewed NZACU as a core subsidiary of CUB, which may
    occur if the subsidiary exited parts of the business that
    target third parties - however, this appears unlikely.

-- An upgrade of the Short-Term IDR and Support Rating would
    require CUB's Long-Term IDR to be upgraded by at least three
    notches, which appears unlikely.

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

-- NZACU's Long-Term IDR and Support Rating could be downgraded
    if CUB's Long-Term IDR is downgraded. NZACU's Long-Term IDR
    could be downgraded, possibly by multiple notches, if Fitch
    believed there was a reduced propensity from CUB to provide
    ongoing support to NZACU.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

FIRST CREDIT: Fitch Affirms 'BB' LT IDRs, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on First Credit Union's (FCU)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
to Stable, from Negative, and has affirmed the ratings at 'BB'.

The Outlook revision reflects that substantial abatement of
downside risk, particularly around asset quality, since Fitch
revised the Outlook to Negative in May 2020. Earnings, while likely
to remain modest, should have sufficient buffer to withstand a
scenario moderately more severe than Fitch's base case.

KEY RATING DRIVERS

IDRS and VIABILITY RATING

FCU's Long-Term IDRs are driven by its Viability Rating, which
reflects its volatile asset quality and earnings due to a higher
risk appetite than that of New Zealand banks and building
societies. A higher exposure to personal loans relative to the
broader sector peers also increases the volatility of FCU's
financial profile through the cycle. FCU's ratings also capture the
company's small franchise and low pricing power relative to the
system.

Fitch expects weakening in FCU's asset-quality metrics during 2021
as pandemic-related support measures are unwound, but Fitc believes
there are sufficient buffers at the current factor score of 'bb' to
withstand a deterioration that is moderately worse than Fitch's
base case. Fitch has revised the factor outlook to stable as a
result. FCU's asset-quality core metric, impaired loans/gross
loans, was 4.0% in the financial year ended June 2020 (FY20) and
would typically imply a score in the 'bbb' range under Fitch's Bank
Rating Criteria. However, the factor score takes into consideration
FCU's aggressive risk appetite, which typically leads to higher
impaired loans through the cycle relative to most peers.

Earnings challenges are set to continue, with subdued growth and
low interest rates weighing on profitability metrics over the next
two years. Fitch expects FCU's core metric, operating
profit/risk-weighted assets, which was 0.2% at FYE20, to remain low
relative to the broader sector. Notwithstanding the headwinds, New
Zealand's improved economic conditions and reduced uncertainty
means Fitch expects FCU to maintain a core metric commensurate with
a 'bb' score and has revised the factor outlook to stable, while
noting that headroom at the current score remains modest.

Fitch views FCU's sound capitalisation buffers over regulatory
minimums as appropriate due to its small absolute size and the
nature of exposures on its balance sheet, which leave it more
susceptible to losses in a downturn relative to some peers. Fitch
has lowered FCU's capitalisation factor score to 'bb+', from
'bbb-', to reflect the downward trend in capital ratios over recent
years and potential for further weakening. These movements have
largely been driven by business investments that result in
deductions from the capital base. Ultimately, Fitch believes these
investments should benefit FCU in the longer-term through better
revenue generation.

FCU's funding and liquidity strengthen its financial profile. Fitch
scores this factor at 'bbb-'; two notches above its Viability
Rating. Fitch expects customer deposits to remain FCU's main source
of funding and believe liquidity has been well managed through the
pandemic. Fitch expects limited funding and liquidity pressure over
the next two years, given the high level of support in the system.
Offsetting some of these strengths is FCU's lack of access to
central-bank funding as a lender of last resort and its moderate
franchise, which could leave it susceptible to deposit outflows in
a severe funding-market shock.

Fitch has revised the outlook on the 'a-' operating environment
score for New Zealand non-bank deposit takers (NBDT) to stable,
from negative. The score is one notch lower than that assigned to
New Zealand banks due to the less comprehensive regulatory
framework applied to NBDTs. However, the country is in the process
of aligning the regulation of all deposit takers under one
framework, after which Fitch would consider aligning the NBDT
operating environment score with that of the banks. This, combined
with lower downside risk to the economic outlook due to New
Zealand's success in combatting the coronavirus, mean Fitch is
unlikely to lower the score to 'bbb+'.

SUPPORT RATING and SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor reflect Fitch's view
that, while support from the New Zealand sovereign (AA/Positive) is
possible, it cannot be relied on. FCU is not part of the open bank
resolution scheme, which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. However, Fitch believes the existence of the scheme,
in conjunction with FCU's low systemic importance, makes sovereign
support doubtful.

RATING SENSITIVITIES

IDRS and VIABILITY RATING

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

The Long-Term IDRs and Viability Rating may be downgraded if there
is an increase in risk appetite, potentially aimed at increasing
market share and profitability, that leads to greater volatility in
the financial profile through the cycle. This could be reflected in
a combination of the following:

-- Stage 3/gross loans ratio increasing to above 10% on a
    consistent basis;

-- Operating profit/risk-weighted assets falling below 0.25% for
    a sustained period; or

-- The Fitch Core Capital ratio declining below 9.5% without a
    clear path to return above this level.

-- FCU's Short-Term IDR would only be downgraded if the Long-Term
    IDR were downgraded to 'CCC+' or below.

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

-- An upgrade is unlikely in the short term, as it would require
    an improved risk appetite that results in more stable asset
    quality through a cycle.

-- An upgrade of the Short-Term IDR would require an upgrade of
    the Long-Term IDR to at least 'BBB-'.

SUPPORT RATING and SUPPORT RATING FLOOR

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

-- The Support Rating and Support Rating Floor are sensitive to
    any change in assumptions around the propensity or ability of
    the New Zealand government to provide timely support. An
    increased propensity to support would be required for an
    upgrade, but appears unlikely given the resolution framework
    in place and FCU's small size relative to the country's
    overall financial system.

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

-- The Support Rating and Support Rating Floor are already at the
    lowest level on Fitch's rating scales and cannot be downgraded
    further.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

NELSON BUILDING: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) on Nelson Building
Society (NBS) at 'BB+'. The Outlook is Stable.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

The ratings on NBS are underpinned by its sound profitability and
asset quality, which benefit from the society's larger franchise
relative to non-bank deposit taker (NBDT) peers in New Zealand.
Fitch expects the coronavirus to start affecting NBS's credit
profile in 2021 and result in higher impaired loans and weaker
earnings. However, NBS entered the economic downturn with
sufficient headroom in its key financial metrics. Therefore, Fitch
believes its credit profile will remain generally stable over the
next two years.

Fitch expects NBS's impaired loan ratio to start rising in 2021 due
to the impact from coronavirus. However, significant deterioration
is unlikely, reflecting NBS's sound underwriting standards.
Additionally, very low interest rates should continue to support
asset quality of the banking sector in the next few years. NBS's
loan impairments and credit losses have historically been low
through the cycle. The society's strong knowledge of the local area
and its membership base also means better efficiency in managing
loan arrears. The factor outlook has been revised to stable from
negative as Fitch's base case deterioration would be insufficient
to warrant a lower asset quality score, currently at 'bbb-', and
downside uncertainty has been reduced.

NBS's profitability is likely to weaken moderately in the next 12
to 18 months due to anticipated deterioration in asset quality and
pressure from low interest rates. NBS's margin improved during the
financial year ended March 2020 (FY20) reflecting the society's
strong brand recognition in its home markets, which give it more
flexibility to reprice its loan book and customer deposits.
However, Fitch believes NBS's credit growth will remain subdued in
the near term. Additionally, NBS's holdings of liquid assets may
also remain elevated. This could lead to further pressure on NBS's
interest margins and net interest income. Nevertheless, Fitch
believes there is adequate buffer at NBS's current score for
earnings and profitability to weather a deterioration that is more
severe than Fitch's base case expectations. Therefore, the factor
outlook has been revised to stable from negative.

Fitch expects NBS's capitalisation to continue improving over the
next two years, helped by the society's sound profitability and
management's focus on building capital buffers. NBS's credit growth
is likely to remain moderate and generally in line with system
growth in the next 12 months, which will help to ease the pressure
on capitalisation, possibly due to weaker profitability. Despite
the impact from the coronavirus in 2020, NBS's regulatory capital
ratio increased to 13.9% by end-December 2020 from 11.9% at
end-March 2020. The improvement was driven by the increase in
retained earnings as well as new perpetual preference shares (PPS)
issued during 2020. The factor outlook on NBS's capitalisation and
leverage score is stable.

Fitch expects NBS's funding and liquidity profile to remain sound
in the next two years. The society is funded entirely by member
deposits, which Fitch believes will continue. Deposit growth is
likely to remain strong in the next 12 months due to significant
government stimulus and the substantial amount of liquidity
injected by the Reserve Bank of New Zealand through its
quantitative easing programme. However, geographic concentration of
NBS's deposits remains high, reflecting its business model. NBS's
liquidity ratios may remain elevated in the near term. Its liquid
assets comprise interbank deposits and cash reserves, typically
on-call deposits and short-dated term deposits with up to 12 months
maturity. Fitch has maintained the stable factor outlook on NBS's
funding and liquidity score.

Fitch has revised the factor outlook on the 'a-' operating
environment score assigned to New Zealand NBDTs to stable from
negative. This largely reflects plans by New Zealand authorities to
bring the NBDTs under the same regulatory framework as banks - the
less stringent framework applied to NBDTs currently is the key
reason Fitch maintains a one-notch difference between the operating
environment score of the NBDTs and the banks (a/negative). It also
considers New Zealand's success in combatting the coronavirus
pandemic, although downside risks remain. Fitch will consider
equalising the NBDT operating environment score with the bank score
closer to implementation of the new framework.

NBS's Short-Term IDR of 'B' is driven by its Long-Term IDR of
'BB+'.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor of NBS reflect Fitch's
assessment that while support from the New Zealand government is
possible, it cannot be relied on. The institution is not part of
the open bank resolution scheme (OBR), which allows for the
imposition of losses on depositors and senior debt holders to
recapitalise failed institutions. However, Fitch believes the
existence of the OBR, in conjunction with NBS's low systemic
importance, will make sovereign support unlikely.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

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

-- NBS's Long-Term IDRs and Viability Rating may be downgraded if
    there is an increase in risk appetite, potentially aimed at
    increasing market share and profitability, that led to greater
    volatility in the financial profile through the cycle. It may
    be reflected in a combination of the following:

-- Stage 3 loans/gross loans increase above 8% for a sustained
    period;

-- Operating profit/risk-weighted assets falls below 0.5% for a
    sustained period; and

-- Total regulatory capital ratio declines below 9.5% without a
    credible plan to replenish regulatory capital buffers.

-- A downgrade of NBS's Short-Term IDR appears unlikely as it
    would require a downgrade of its Long-Term IDR to below 'B-'.

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

-- NBS's ratings may be upgraded, although this appears unlikely
    in the short term, if the society's credit growth is
    consistent with its capital generation, resulting in a
    continued improvement in the regulatory capital ratio to above
    15% for a sustained period. At the same time, NBS's core
    financial metrics for asset quality, earnings and
    profitability, funding and liquidity should remain broadly
    stable. An improvement in NBS's risk controls so they are more
    in line with that of the New Zealand registered banks would
    also be positive for the ratings.

-- An upgrade of NBS's Short-Term IDR would require an upgrade of
    the Long-Term IDR to 'BBB-' or higher.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

-- The Support Rating and Support Rating Floor are already at the
    lowest level on Fitch's rating scales and cannot be downgraded
    further.

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

-- The Support Rating and Support Rating Floor are sensitive to
    any change in assumptions around the propensity or ability of
    the New Zealand government to provide timely support. An
    increased propensity to support would be required for an
    upgrade, but appears unlikely given the resolution framework
    in place.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

WAIRARAPA BUILDING: Fitch Affirms 'BB+' LT IDR, Outlook Now Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Wairarapa Building
Society's (WBS) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to Stable, from Negative, and has affirmed
the ratings at 'BB+'.

The Stable Outlook reflects easing downside risk to asset quality
and earnings since Fitch originally revised WBS's Outlook to
Negative in May 2020. Fitch believes WBS's financial profile will
remain largely consistent with its Viability Rating of 'bb+'.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

WBS's Long-Term IDRs and Viability Rating are driven by its good
asset quality and satisfactory capitalisation. The resilient asset
quality supports WBS's credit profile and reflects the society's
underwriting standards, which are generally consistent with those
of peers. A small market share restricts WBS's ratings, as it has
limited competitive advantages compared with larger domestic peers
and is a price-taker in its main operating segments.

Fitch expects WBS's impaired loan ratio to increase moderately over
the next two years in response to the effects of the coronavirus
pandemic. However, significant weakening is unlikely. Asset quality
throughout 2020 was aided by various support measures from
authorities as well as the strong economic recovery of New Zealand.
Overall, WBS's asset quality performance was better than Fitch
expected when it revised the Outlook on WBS to Negative in May
2020. WBS's core metric of impaired loans/gross loans has been
resilient, with the four-year average of 1.2%, comfortably within
the range for an 'a' factor score. WBS's factor score of 'bb+' for
asset quality also takes into account the society's
investment-property portfolio, which is more susceptible to market
value declines during economic downturns. Nonetheless, Fitch
believes there is sufficient buffer at the current rating level and
have revised the factor outlook to stable, from negative.

WBS's earnings and profitability is likely to remain pressured over
the next two years by low interest rates and subdued credit growth,
although any deterioration in the core profitability metric - the
four-year average operating profit/risk-weighted assets ratio -
currently at 1.0%, should be modest. Fitch adjusts the earnings and
profitability score from that implied by Fitch's criteria to 'bb'
to account for changes in the value of WBS's investment properties,
which can lead to higher earnings volatility than peers. The modest
expected deterioration in profitability combined with sufficient
buffers at the current rating level have led us to revise the
factor outlook for earnings and profitability to stable, from
negative.

WBS's capitalisation is a strength for its rating, with the factor
score remaining at 'bb+' with a stable outlook. Fitch expects WBS
to stay at the top end of its peer group and maintain sizeable
buffers above regulatory and board minimums over the next two
years. The society's factor score reflects the small size of its
operations as well as its limited ability to generate new capital,
which is primarily sourced through retained earnings and an
increasing member base.

Fitch expects WBS to continue using customer deposits as its main
funding source and to maintain sound liquidity metrics well above
regulatory and board minimums. Buffers at the current factor score
of 'bb+' mean Fitch does not expect any downward pressure on this
factor over the next two years, although, WBS's modest franchise
combined with its lack of access to the central bank as a lender of
last resort leave it vulnerable to deposit outflows in a severe
funding-market shock.

Fitch has revised the outlook on the 'a-' operating environment
score for New Zealand non-bank deposit takers to stable, from
negative. This score is one notch lower than that assigned to New
Zealand's banks due to the less comprehensive regulatory framework
applied to non-bank deposit takers. However, the country is in the
process of aligning regulation of all deposit takers under one
framework, after which Fitch would consider aligning the operating
environment score with that of the banks. This, combined with
reduced downside risk to the economic outlook due to New Zealand's
success in combatting the coronavirus, makes it unlikely that Fitch
would lower the score to 'bbb+'. Fitch has revised the outlook
accordingly.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor reflect Fitch's
assessment that, while support from the New Zealand government is
possible, it cannot be relied on. WBS is not part of the open bank
resolution scheme, which allows for the imposition of losses on
depositors and senior debt holders to recapitalise failed
institutions. Fitch believes the existence of the scheme, in
conjunction with WBS's low systemic importance, makes sovereign
support unlikely.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

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

-- WBS's Long-Term IDRs and Viability Rating may be downgraded if
    its asset quality metrics deteriorate significantly beyond
    Fitch's base case.

-- The ratings may also be downgraded if there is an increase in
    risk appetite, potentially aimed at expanding market share and
    profitability, that leads to greater volatility in the
    financial profile through the cycle.

The above scenarios may be reflected in a combination of the
following:

-- Impaired loans/gross loans increasing to above 8% for a
    sustained period;

-- Operating profit/risk-weighted assets falling to below 0.5%
    for a sustained period; or

-- The Fitch core capital ratio declining to below 11.5% without
    a credible plan to replenish regulatory capital buffers

The Short-Term IDRs would only be downgraded if the Long-Term IDR
were downgraded to 'CCC+' or below.

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

-- An upgrade is not probable in the short term, as it would
    require WBS to significantly increase its franchise and
    improve corporate governance to be in line with that of New
    Zealand banks, while also strengthening its financial profile.

-- The Short-Term IDRs would be upgraded if the Long-Term IDR
    were to be upgraded to at least 'BBB-'.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

-- The Support Rating and Support Rating Floor are already at the
    lowest level on Fitch's rating scale and cannot be downgraded
    further.

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

-- The Support Rating and Support Rating Floor are sensitive to
    any change in assumptions around the propensity or ability of
    the New Zealand government to provide timely support. An
    increased propensity to support would be required for an
    upgrade, but appears unlikely in light of the resolution
    framework in place.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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



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

CASHWAGON PTE: First Creditors' Meeting Set for March 17
--------------------------------------------------------
Cashwagon Pte. Ltd. will hold a meeting for its creditors on March
17, 2021, at 4:00 p.m. via video conferencing (Microsoft Teams or
Zoom).

Chan Yee Hong -- yeehongchan@nexiats.com.sg -- of Nexia TS Risk
Advisory Pte Ltd was appointed as provisional liquidator of
Cashwagon Pte on Feb. 22, 2021.

The liquidator may be reached at:

          Chan Yee Hong
          Nexia TS Risk Advisory Pte Ltd
          c/o 80 Robinson Road
          #25-00, Singapore 068898

EOSS SINGAPORE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 26, 2021, to
wind up the operations of Eoss Singapore Pte Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

         Gary Loh Weng Fatt
         c/o BDO Advisory Pte. Ltd.
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


MKN ENGINEERING: Court to Hear Wind-Up Petition March 12
--------------------------------------------------------
A petition to wind up the operations of MKN Engineering Pte Ltd
will be heard before the High Court of Singapore on March 12, 2021,
at 10:00 a.m.

SN Electrical Engineering Pte LTD filed the petition against the
company on Feb. 18, 2021.

The Petitioner's solicitors are:

          Netto & Magin LLC
          1 Coleman Street, #08-05
          The Adelphi, Singapore 179803




===============
T H A I L A N D
===============

THAI AIRWAYS: To Cut Workforce by Half, Reduce Fleet Size
---------------------------------------------------------
Reuters reports that Thai Airways International Pcl said on March 2
it is cutting its workforce by half and reducing its fleet size to
become a more agile and efficient airline, as the troubled flag
carrier submitted its turnaround plan, officials said.

Reuters relates that the airline was in difficulty well before the
coronavirus pandemic grounded flights across the globe, booking
losses nearly every year after 2012, with a record loss of THB141.1
billion ($4.66 billion) last year.

The carrier plans to maintain 13,000 to 15,000 employees on its
books by 2025, acting president, Chansin Treenuchagron told a
briefing, adding the move would make it more agile, Reuters
relays.

It currently has about 19,500 full-time employees, down from 28,000
in 2019, and expects 6,000 to leave the company by the end of this
year, Reuters says.

These reductions are part of initiatives such as re-negotiating
leases that will save the airline THB52 billion by 2022, he said.

"Thai Airways faced problems from intense competition from low
budget carriers, open skies policies and then the global pandemic,"
Reuters quotes Chansin as saying.

According to Reuters, the announcement came after the airline last
month cut 240 management positions and reduced supervisory levels
from eight to five to increase efficiency.

Reuters relates that Thai Airways plans also plans to reduce its
fleet size to 86 aircraft by 2025 and halve the number of different
aircraft and engines types to lower costs.

Its recovery plan submitted to the country's Legal Execution
Department will need approval from its creditors and the Central
Bankruptcy court.

Chansin said he was very confident that the revamp plan would
receive creditor approval. "We worked very hard and closely
together."

Creditors will meet on May 12 to decide on the plan, if it passes,
it will be sent to the court, which will come to a decision around
June or July, Chansin said, Reuters relays.

The plan calls for capital raising or borrowing of about 50 billion
baht for the airline's needs over two years so it would have
liquidity as operations increase, vice president for finance Chai
Eamsiri said.

There would be no haircut for creditors, but instead will extend
repayment periods, he added.

Reuters adds that Thai Airways previously said it would sell off
non-core assets including four Boeing 737-400 engines, a training
facility in Bangkok, shares in Bangkok Aviation Fuel Services Pcl
and budget carrier, Nok Airlines Pcl, which is also undergoing a
bankruptcy protected recovery.

                        About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asian Review.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
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
Peter Chapman at 215-945-7000.



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