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

                     A S I A   P A C I F I C

          Friday, March 5, 2021, Vol. 24, No. 41

                           Headlines



A U S T R A L I A

2MATES GROUP: First Creditors' Meeting Set for March 12
B CONTRACTING: First Creditors' Meeting Set for March 15
EMECO HOLDINGS: Fitch Affirms 'B+' LT IDR, Outlook Stable
FLEXICOMMERCIAL 2021-1: Moody's Gives (P)B2 Rating to Cl. F Notes
PARAMOUNT COMPENSATION: First Creditors' Meeting Set for March 15

RESIMAC TRIOMPHE 2021-1: S&P Assigns Prelim 'B' Rating to F Notes
ZETO 8-10: First Creditors' Meeting Set for March 15


C H I N A

CHENGDU AEROTROPOLIS: Fitch Gives First-Time 'BB+' LT IDRs
CHENGDU AIRPORT: Fitch Affirms BB+ LT IDRs, Alters Outlook to Pos.
CHINA FORTUNE: Moody's Downgrades CFR to Caa3; To Withdraw Ratings
HOPSON DEVELOPMENT: Fitch Affirms 'B+' LT Foreign-Currency IDR
SUNSHINE 100: S&P Downgrades ICR to 'SD' On Distressed Repurchase



I N D I A

AFCAN IMPEX: Insolvency Resolution Process Case Summary
ALAIN GOLD: CRISIL Withdraws B+ Rating on INR7cr Loans
AVIS PROJECTS: CRISIL Assigns B+ Rating to INR4.41cr Cash Loan
BIL INFRATECH: CARE Moves D Debt Ratings to Not Cooperating
DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating

DYNA FILTERS: CARE Withdraws B Rating on LT Bank Facilities
ELEGANCE FOOD: CARE Lowers Rating on INR11.48cr LT Loan to D
ENRICH SHREYA: Insolvency Resolution Process Case Summary
EPITOME PETROCHEMICAL: CRISIL Keeps D Ratings in Not Cooperating
FCRD INDIA PRIVATE: Insolvency Resolution Process Case Summary

GARIB NAWAZ: CRISIL Keeps D Debt Ratings in Not Cooperating
HIGHLINK INVESTMENT: CRISIL Moves B+ Rating from Not Cooperating
INTOUCH TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
JAGDAMBAY EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
JIVA PLYWOODS: CARE Moves D Debt Ratings to Not Cooperating

MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating
MANGALA ELECTRICALS: CARE Moves D Debt Ratings to Not Cooperating
MANTRAS GREEN: CRISIL Withdraws D Rating on INR4.75cr Loan
MOTHERS PRIDE: CARE Lowers Rating on INR28.50cr LT Loan to D
NAFREF ENGINEERS: CARE Hikes Rating on INR3.50cr LT Loan to C

Q NINETH: CRISIL Lowers Rating on INR11cr Cash Loan to D
R S ISPAT: CARE Lowers Rating on INR6.50cr LT Loan to B-
RAGHAV INDUSTRIES: CRISIL Lowers Rating on INR28.93cr Loan to D
RAJ ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category
RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category

RAJ STEEL: CARE Keeps D Debt Rating in Not Cooperating Category
RAMSAAI REAL: CRISIL Withdraws D Rating on INR6.42cr LT Loan
S. V. FOODS: CARE Withdraws C Rating on Long Term Bank Loan
SAANVI ASSOCIATES: CARE Moves D Debt Rating to Not Cooperating
SAIRAM FUELS: CRISIL Moves B+ Debt Rating to Not Cooperating

SIMPLEX IMPORT: CARE Lowers Rating on INR7.09cr LT Loan to D
SITA RAM: CARE Lowers Rating on INR6.12cr LT Loan to B
SUJITHA POULTRY: CRISIL Withdraws B Rating on INR5cr Cash Loan
THAKKARSONS ROLL: Insolvency Resolution Process Case Summary
UNITY FABTEXT: CARE Moves D Debt Ratings to Not Cooperating

[*] Moratorium Under Insolvency Code Covers Cheque Bounce Cases


I N D O N E S I A

BUMI SERPONG: Fitch Affirms 'BB-' LT Foreign-Currency IDR


J A P A N

TAKATA CORP: Court Allows Alternative Service to MSI


M A L A Y S I A

TH HEAVY: Inks Settlement Deal with PTTEP Sarawak Worth MYR16MM


M O N G O L I A

MONGOLIAN MINING: Fitch Affirms 'B' LT Foreign-Currency IDR


S I N G A P O R E

HYFLUX LTD: Has at Least Seven Non-Binding Offers as Cash Runs Out
PACIFIC INT'L: Debt Restructuring Plan Receives Court Sanction
SEN YUE: DBS Applies to Place Firm Under Judicial Management


T H A I L A N D

THAI AIRWAYS: Top Shareholder Supports Restructuring Plan


V I E T N A M

VIETNAM - RUSSIA JOINT: Moody's Assigns First Time B2 Issuer Rating


X X X X X X X X

[*] Some Asian Countries Getting Left Behind in Covid-19 Recovery

                           - - - - -


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A U S T R A L I A
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2MATES GROUP: First Creditors' Meeting Set for March 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of 2Mates Group
Pty Ltd, trading as "Chalk Espresso Bar" will be held on March 12,
2021, at 11:00 a.m. via virtual meeting by telephone conference.

Gavin Moss and Mohammad Najjar of Chifley Advisory Pty Ltd were
appointed as administrators of 2Mates Group on March 2, 2021.

B CONTRACTING: First Creditors' Meeting Set for March 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - B Contracting Pty Ltd (formerly known as BSI Contracting
       Pty Ltd);
     - Mobifiliate Pty Ltd;
     - BSI Professional Services Pty Ltd;
     - Keynected Pty Ltd; and
     - Referron Pty Ltd

will be held on March 15, 2021, at 10:00 a.m. via teleconference.

Sule Arnautovic of Hall Chadwick was appointed as administrator of
B Contracting, et al. on March 3, 2021.

EMECO HOLDINGS: Fitch Affirms 'B+' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Emeco Holdings Limited's Long-Term
Issuer Default Rating at 'B+' with a Stable Outlook, following the
company's stable performance during the coronavirus pandemic.

Emeco's revenue improved by around 21% in the first half of the
financial year ended December 2020 (1HFY21), with earnings from its
Pit N Portal and west coast-based business offset most of the
losses from its east coast-based businesses. However, EBITDA
declined by about 4% after the EBITDA margin narrowed to around 40%
due to an increased revenue contribution from lower-margin
long-term service contracts and lower utilisation of its east-coast
rental fleet due to weak coal prices, which have now recovered.
Fitch believes Emeco is well positioned to capitalise on increasing
capex and mining activity in Australia, especially in the western
region.

Fitch-adjusted net debt/EBITDA was 0.8x following its equity-funded
debt reduction in 1HFY21. This was better than its target leverage
metric of 1.0x and provides the company with the financial
flexibility to manage its capital, including dividends and
share-buybacks.

KEY RATING DRIVERS

Strong Financial Profile: Emeco repaid USD140 million of its senior
secured notes through equity raising in 1H21 and extended the
notes' maturity by two years to FY24. This left its gross debt and
leverage metrics at their lowest point ever - demonstrating Emeco's
determination to maintain a strong balance sheet to manage its
business through the cycle. Fitch expects leverage, measured by FFO
net leverage, to be below 1.0x in FY21 and to remain steady over
the next four years. The leverage metric is strong for Emeco's
rating, even with Fitch's assumption of a modest dividend payout in
FY22.

Strengthened Business Profile: Emeco has diversified its revenue
stream by offering underground equipment, rebuild and repair
services as well as long-term mining services contracts, following
various bolt-on acquisitions. As such, it has gradually increased
its contract tenure with customers and thus improved its earnings
visibility through the cycle. The longer-term contracts have a
lower EBITDA margin than its fleet-rental business, but the margin
remains similar to that of other local mining services companies.

However, despite the above, Emeco's rating continues to reflect the
EBITDA contribution from its equipment rental business, which is
exposed to cyclical downturns versus peers that focus on
production-related services. This was highlighted by the profit
impact from the lower utilisation of its fleet as coal producers
reduced the scope of mining activity in a lower-price environment.
This constrains Emeco's business profile, despite its diversified
service offerings, increased contract tenures and better commodity
diversity.

Supportive Industry Conditions: Fitch expects capex in the
Australian mining industry to increase over the next few years.
Emeco is well positioned to capitalise on this trend, especially in
hard-rock commodities. Fitch also believes the company's
utilisation rate in Western Australia has room for growth, while
its operation on Australia's east coast is likely to stabilise with
the recovery in coal prices.

Fitch expects mining companies to maintain financial discipline,
supporting Emeco's value proposition over a direct-fleet
investment. Fitch also expects mining equipment supply to remain
adequate and rational compared with the peak in 2012, which should
limit pressure on Emeco's fleet utilisation and rental rates over
the next few years

DERIVATION SUMMARY

Emeco's rating can be compared with that of Indonesia-based PT
Bukit Makmur Mandiri Utama (BUMA, BB-/Negative). BUMA has better
revenue visibility and a stable operating profile that stems from
its long-term contracts with miners and diversified service
offerings at various production stages. BUMA also benefits from the
long transition time of around three years to switch mining
contractors, which results in high switching costs for coal
miners.

This results in a more stable operating profile with better
earnings visibility during the previous downturn than Emeco, but
BUMA's weak financial profile is reflected in the Negative Outlook.
Fitch expects BUMA to improve its FFO net leverage to around 1.7x
by 2023; its ratings could be downgraded if it fails to deleverage
in a timely manner.

However, Emeco has a better diversified customer base and commodity
exposure and a stronger financial profile, which somewhat offsets
its relatively weak business profile. These factors underscore the
one-notch rating differential between the two entities.

KEY ASSUMPTIONS

-- Operating utilisation rate to remain at around 64% due to
    tight rental-equipment market conditions and strong activity
    in the mining sector.

-- Net capex at around 25% of revenue from FY21-FY24.

-- Cash flow after capex to be paid out as dividends or used for
    buy-backs from FY22.

RATING SENSITIVITIES

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

-- Improvements in contract terms, scale or service type that
    increase switching cost for customers and revenue visibility
    during cyclical downturns, while maintaining FFO net leverage
    below 1.0x.

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

-- Deterioration of operating performance, including shrinkage of
    the operating utilisation rate and loss of major contracts.

-- FFO net leverage exceeding 2.0x for a sustained period.

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

Adequate Liquidity: Emeco's next significant debt maturity is in
March 2024, consisting of USD180 million of 9.25% senior secured
notes issued by its wholly owned subsidiary, Emeco Pty Ltd. The
company had a committed undrawn revolving facility of AUD97 million
and cash in hand of AUD72 million at end-2020. Fitch also expects
Emeco to generate positive cash flow before dividends over the next
four years.

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.

FLEXICOMMERCIAL 2021-1: Moody's Gives (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Trust 2021-1.

Issuer: flexicommercial ABS Trust 2021-1

AUD201.00 million Class A Notes, Assigned (P)Aaa (sf)

AUD29.10 million Class B Notes, Assigned (P)Aa2 (sf)

AUD16.80 million Class C Notes, Assigned (P)A2 (sf)

AUD10.50 million Class D Notes, Assigned (P)Baa2 (sf)

AUD16.50 million Class E Notes, Assigned (P)Ba2 (sf)

AUD6.60 million Class F Notes, Assigned (P)B2 (sf)

The AUD19.50million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and serviced by flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited (Humm Group). This is flexicommercial's first auto and
equipment asset backed securities transaction for 2021.

Flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanner, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its strategic focus towards commercial
lending via broker distribution funding larger ticket "primary"
assets such as trucks, trailers and construction equipment, which
form the majority of the portfolio.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

There is a limited performance history for flexicommercial's
broker originated "primary" asset receivables that constitute most
of this portfolio. Although flexicommercial have been originating
commercial equipment loans and leases for over 20 years they
shifted focus from point-of-sale originated "tertiary" assets to
broker originated larger ticket "primary" assets in early 2018;

The evaluation of the underlying receivables and their expected
performance;

The fact that approximately 70% of the receivables were extended
to the obligors on a no-income verification basis, referred to as
"Matrix". The Matrix product allows obligors who meet certain
stringent requirements to access the loan without providing
financial statements;

The evaluation of the capital structure;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;

The interest rate swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)).

Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 33.00%, 23.30%, 17.70%, 14.20%, 8.67%
and 6.50% of note subordination, respectively.

The notes will initially be repaid on a sequential basis until the
credit enhancement of the Class A Notes is at least 45%. Should the
Class A Notes credit enhancement exceeds 45% the Class A to Class F
Notes will be paid pro-rata and senior to the Class G Notes until
such point that the Class G Notes subordination equals or exceeds
13%. At that point Class A to Class G Notes will be paid pro-rata.
The notes will however be paid on a sequential basis should there
be any unreimbursed charge-offs or the payment date is on or after
the call option date. The call option date is the earlier of the
date the aggregate invested amounts of the notes is equal to or
less than 10% of the initial invested amount of the notes or the
payment date in March 2025.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a portfolio loss rate of 8.00%,
and a portfolio credit enhancement of 38.00%.

To address the limited historical loss data on flexicommercial's
portfolio, Moody's have benchmarked the performance to data from
comparable Australian commercial auto and equipment ABS
originators. Moody's have also overlaid additional stresses into
its default and PCE assumptions.

The Matrix (no-income-verification) product offering has been
originated for almost twelve years in the Australian auto and
equipment loan space. However, through-the-cycle historical data on
the performance of this product is limited. To address this risk
and the fact that the portfolio has a very high proportion of
Matrix (approximately 70.0%), Moody's have applied further
qualitative stresses in its analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. The key requirements, among others, relate to
the length of time the business has been active (generally, a
minimum of two years), limitations with respect to the maximum
exposure (AUD250,000 for primary assets and AUD150,000 for
non-primary assets) and the nature of the assets (used assets
acceptable for primary assets only), and requirements relation to
satisfactory credit reports on all applicants and guarantors.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
small businesses from the current weak Australian economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

PARAMOUNT COMPENSATION: First Creditors' Meeting Set for March 15
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Paramount
Compensation Lawyers Pty Ltd will be held on March 15, 2021, at
12:00 p.m. via teleconference.

Antony Resnick and Mark Robinson of de Vries Tayeh were appointed
as administrators of Paramount Compensation on March 15, 2021.


RESIMAC TRIOMPHE 2021-1: S&P Assigns Prelim 'B' Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust
- RESIMAC Premier Series 2021-1. RESIMAC Triomphe Trust - RESIMAC
Premier Series 2021-1 is a securitization of prime residential
mortgages originated by RESIMAC Ltd. (RESIMAC).

The preliminary ratings assigned to the prime fixed- and
floating-rate RMBS reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Subordination and lenders' mortgage
insurance (LMI) cover for the rated notes provide credit support.
The credit support provided to the rated notes is sufficient to
cover the assumed losses at the applicable rating stress. S&P's
assessment of credit risk takes into account RESIMAC's underwriting
standards and approval process, which are consistent with
industrywide practices; the strong servicing quality of RESIMAC;
and the support provided by the LMI policies on 19.2% of the loans
in the portfolio.

The rated notes can meet timely payment of interest--excluding
residual class E and class F note interest--and ultimate payment of
principal under the rating stresses.

Key rating factors are the level of subordination provided, the LMI
cover, the cross-currency swaps, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date and it does not
assume the notes are called at or beyond the call date. S&P Global
Ratings' preliminary rating addresses repayment of class A1 note
principal by the legal final maturity date. It does not address
whether principal payments to the class A1 notes are made in
accordance with the class A1 amortization schedule.

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as cross-currency swap provider and
liquidity facility provider and Westpac Banking Corp. as bank
account provider. Currency swaps will be provided to hedge the
Australian dollar receipts from the underlying assets and the U.S.
dollar payments on the class A1 notes. The transaction documents
for the swaps and facilities include downgrade language consistent
with S&P Global Ratings' counterparty criteria. Interest-rate swaps
might be provided (subject to RESIMAC's hedging policy) to hedge
the fixed-rate receipts from the mortgage loans and the
floating-rate obligations on the notes.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

Loss of income for borrowers in the coming months because of
COVID-19 might put upward pressure on mortgage arrears over the
longer term. S&P updated its outlook assumptions for Australian
RMBS in response to changing macroeconomic conditions as a result
of the COVID-19 outbreak. The collateral pool at close for this
transaction will not include any loans where the borrower has
applied for a COVID-19 hardship payment arrangement.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Preliminary Ratings Assigned

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-1

  Class A1, US$360.000 million: AAA (sf)
  Class A2, A$720.000 million: AAA (sf)
  Class A3, A$180.000 million: AAA (sf)
  Class AB, A$79.500 million: AAA (sf)
  Class B, A$25.500 million: AA (sf)
  Class C, A$21.000 million: A (sf)
  Class D, A$10.500 million: BBB (sf)
  Class E, A$6.000 million: BB (sf)
  Class F, A$3.750 million: B (sf)
  Class G, A$3.750 million: Not rated

ZETO 8-10: First Creditors' Meeting Set for March 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Zeto 8-10 Toni Pty Ltd in its own right and ATF Zeto 8-10
       Toni Trust;

     - Twenty Seven Box Hill Pty Ltd in its own right and atf The
       Twenty Seven Box Hill Unit Trust;

     - 7-8 Blanche Pty Ltd in its own right and ATF 7-8 Blanche
       Unit Trust; and

     - 79-81 KNG Templestowe Pty Ltd in its own right and ATF
       79-81 KNG Templestowe Unit Trust

will be held on March 15, 2021, at 3:00 p.m. via online video
conference using Zoom Video Conference Facilities.

Sam Kaso and Barry Wight of Cor Cordis were appointed as
administrators of Zeto 8-10, et al. on March 2, 2021.



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C H I N A
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CHENGDU AEROTROPOLIS: Fitch Gives First-Time 'BB+' LT IDRs
----------------------------------------------------------
Fitch Ratings has assigned China-based Chengdu Aerotropolis City
Development Group Co., Ltd. (ACDG) Long-Term Foreign- and
Local-Currency Issuer Default Ratings of 'BB+'. The Outlook is
Positive due to the improving economic and fiscal performance of
its government sponsor, the Chengdu Shuangliu District.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: ACDG was incorporated
as a limited liability company. The Shuangliu district government
maintains full ownership and exerts strong control over the company
through the Chengdu Shuangliu District State-owned Assets
Supervision, Administration and Financial Bureau by appointing
senior management, approving major investment and financing plans,
and closely monitoring operating and financial performance.
Shuangliu District has no plans to dilute its controlling stake in
the near future.

'Strong' Support Record: ACDG is positioned as the key platform for
developing transportation infrastructure and business zones within
the district, and providing essential public services, such as
labour outsourcing and public transportation. The district
government is the largest procurer of ACDG's projects and services,
and provides management fees and interest subsidies on its policy
mandates. The government injected over CNY6.5 billion in cash
equity in 2017-2020 and around CNY4.8 billion in key state assets
into ACDG. ACDG owned CNY8.1 billion in urban land-use rights by
September 2020 and CNY4.9 billion in investment property, mostly
injected by the government. The company also received over CNY400
million in subsidies per annum in 2016-2019, mainly for its
unprofitable public-transportation services.

The Shuangliu district government plans to inject 10% of fiscal
revenue after committed expenditure to raise ACDG's paid-up capital
to CNY15 billion from CNY2 billion in September 2020. The local
government has also mandated ACDG as the exclusive
government-related entity (GRE) to operate the district's
state-owned healthcare, elderly care, metro and road transport,
public parking, underground pipeline network, and urban landscaping
services, which Fitch expects to add to ACDG's operational cash
flow. The district government has also arranged a CNY5 billion
stand-by credit facility with a group of financial institutions to
provide emergency liquidity support to local GREs. Fitch expects
government support to remain strong due to ACDG's indispensable
strategic role.

'Strong' Socio-Political Implications of Default: ACDG's strategic
role is to promote the economic development of the Chengdu
international airport commercial zone and Shuangliu, one of the
core districts in the city that serves as the gateway to south-west
China in the One Belt, One Road Initiative. It has a monopolistic
concession to carry out infrastructure development and operations,
build transportation infrastructure and develop three business
zones in the district. ACDG is also the district's exclusive subway
developer, responsible for developing the 29 sq km of land
surrounding the district's subway stations in collaboration with
Chengdu Rail Transit Group.

ACDG is likely to be mandated to continue its policy business even
after a financial default, as its businesses, such as
infrastructure construction, subway development and public
transportation, are essential to social welfare and carry very high
political priority for the local government. Therefore, Fitch
expects substantial government support via administrative or fiscal
measures to ensure the company's continued operational viability.
It would be difficult for other GREs in the region to provide
substitute services in the short term without causing significant
service disruptions.

'Very Strong' Financial Implications of Default: ACDG, one of two
core GREs under the Shuangliu government, had assets of CNY51.2
billion at end-September 2020. It had aggregate banking facilities
of CNY35.1 billion at end-2020, out of which CNY13.1 billion were
unutilised. ACDG is an active bond issuer in the domestic debt
market and considered a proxy funding vehicle for the district
government to implement its policy mandates. A default could have a
significant impact on the creditworthiness of the Shuangliu
government and affect its ability to provide timely support to
other GREs, making bank and capital-market funding difficult for
the district's other GREs.

'b' Standalone Credit Profile: The company's revenue is generated
mostly from its policy mandates, which Fitch assesses to have
'Midrange' revenue defensibility due to the company's dominant
status in infrastructure development of the airport zone, the
countercyclical and sustainable nature of its public investment, a
mandated profit margin, its monopoly on labour outsourcing to
government agencies, and the subsidies on the public transport
operation. Operating risk is assessed at 'Midrange' due to
well-identified cost drivers, an adequate supply of resources and
labour with limited volatility, and adequate mechanisms for capital
planning and management.

The financial profile is assessed at 'Weaker' due to high leverage,
with net debt/Fitch-calculated EBITDA of around 30x-40x in Fitch's
2020-2024 rating-case projections, in line with 'b' rated peers.
However, ACDG has strong funding access to bank loans and debt
markets, which mitigates its refinancing risk.

DERIVATION SUMMARY

ACDG' rating is derived from the four factors under Fitch's
Government-Related Entities Rating Criteria, combined with the 'b'
Standalone Credit Profile under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

-- Improvement in Fitch's perception of the Shuangliu
    government's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations.

-- Stronger socio-political implications of a default by ACDG or
    support from the government.

-- Improvement in ACDG's Standalone Credit Profile or liquidity
    position.

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

-- The Outlook will be revised back to Stable if its government
    sponsor's improved fiscal performance cannot be sustained for
    a prolonged period.

-- Deterioration in Fitch's perception of the Shuangliu
    government's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations.

-- A weakening of the socio-political and financial implications
    of a default by ACDG and support by the government, or a
    dilution of the government's control over the company.

-- Deterioration in the Standalone Credit Profile or the
    liquidity position of ACDG.

ESG CONSIDERATIONS The highest level of ESG credit relevance, if
present, 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 to the way in which they are being managed by the
entity.

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.

CHENGDU AIRPORT: Fitch Affirms BB+ LT IDRs, Alters Outlook to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Chengdu
Airport Xingcheng Investment Group Co., Ltd.'s (CAXIG) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to
Positive from Stable, and affirmed the IDRs at 'BB+'. Fitch has
also affirmed CAXIG's USD500 million 6.5% senior unsecured notes at
'BB+'.

The Positive Outlook reflects Fitch's expectations of better
prospects for the fiscal and debt metrics of the government
sponsor, Chengdu Shuangliu District, under Fitch's revised rating
case for 2021-2025 as the district's results for 2020 exceeded
Fitch's expectations. This may lead to an upward revision in
Fitch's credit view of Shuangliu district's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations to its key policy
government-related entities (GRE).

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: Fitch believes the
government of Shuangliu district, located in the city of Chengdu -
the capital of Sichuan province - is highly likely to extend
support to CAXIG, if needed, based on strong ties and the
public-service nature of CAXIG's key projects. CAXIG was
established as a state-owned limited liability company under
Chinese company law. The local government maintains full ownership
and exerts strong control over the company through the district's
State-owned Assets Supervision, Administration and Financial
Bureau. It appoints the company's senior management, approves major
investment and financing plans, and monitors operating and
financial performance.

'Strong' Support Record: Fitch expects continued government support
in light of CAXIG's significant role in the public-service sector.
The local government has granted continuous financial support to
CAXIG through asset injections and operating subsidies. Accumulated
capital injections during 2014-2019 amounted to CNY23.4 billion,
equivalent to 55% of 2019 shareholder equity.

'Strong' Socio-Political Implications of Default: CAXIG is
expanding its public-service function from an urban developer to an
integrated city operator, covering infrastructure development,
industrial investment, healthcare and education, under local
state-owned enterprise reform. There is no other GRE with a
similarly comprehensive function and flagship status in the region;
hence, it would be difficult for the government to find an
immediate substitute without severe service disruption.

'Very Strong' Financial Implications of Default: Fitch believes a
default of CAXIG would severely damage the local government's
reputation and constrain its financing capability. CAXIG is the
district's largest GRE, accounting for more than 60% of the total
assets of key local GREs. It has issued multiple bonds in the
domestic and offshore markets. Most of its debt is raised to
finance local urban-infrastructure projects that serve the public.

'b' Standalone Credit Profile: Fitch assesses CAXIG's revenue
defensibility and operating risk as 'Midrange' and its financial
profile as 'Weaker', constrained by net adjusted debt/EBITDA of
around 25x in 2019, and Fitch does not expect a significant
improvement in the near term. Nevertheless, continued government
support and ample liquidity could mitigate refinancing risk.

DERIVATION SUMMARY

CAXIG's rating is derived from the four factors under Fitch's
Government-Related Entities Rating Criteria, combined with the 'b'
Standalone Credit Profile under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

-- An upward revision in Fitch's credit view of the Chengdu
    Shuangliu district's ability to provide subsidies, grants or
    other legitimate resources allowed under China's policies and
    regulations.

-- A stronger assessment of the socio-political implications of a
    default, enhancing the government's incentive to provide
    legitimate support.

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

-- The Outlook will be revised back to Stable if its government
    sponsor's improved fiscal performance cannot be sustained for
    a prolonged period.

-- A lowering of Fitch's credit view of the Chengdu Shuangliu
    district's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations.

-- A significant weakening of the socio-political or financial
    implications of a default, Fitch's assessment of the
    government's support record or a dilution of the government's
    shareholding or control.

-- Rating action on CAXIG would lead to similar action on the US
    dollar notes.

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.

CHINA FORTUNE: Moody's Downgrades CFR to Caa3; To Withdraw Ratings
------------------------------------------------------------------
Moody's Investors Service has downgraded China Fortune Land
Development Co., Ltd.'s (CFLD) corporate family rating to Caa3 from
Caa1.

At the same time, Moody's has downgraded to Ca from Caa2 the senior
unsecured bonds issued by CFLD (Cayman) Investment Ltd. and
guaranteed by CFLD.

The outlook on the ratings remains negative.

Due to a lack of adequate information, Moody's will withdraw all of
the ratings of CFLD and CFLD (Cayman) Investment Ltd. following
this rating action.

"The downgrade reflects our expectations that recovery prospects
for CFLD's creditors have weakened, given the company's weak
operations and liquidity, as well as its limited debt servicing
abilities," says Danny Chan, a Moody's Analyst and Assistant Vice
President.

The company announced on February 27, 2021 that it had missed RMB11
billion in principal and interest payments for its onshore bank
loans, trust loans and offshore bonds [1].

RATINGS RATIONALE

The missed payments highlight the severe challenges facing CFLD
given its weak liquidity. They will likely trigger cross defaults
and accelerate the repayment of CFLD's onshore bonds and its other
offshore bonds, and significantly disrupt CFLD's operations,
jeopardizing its asset values. As a result, Moody's expects that
the recovery value for CFLD's bondholders will be low.

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

The negative outlook reflects CFLD's weak liquidity and the risks
of high economic losses to CFLD's creditors.

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

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

China Fortune Land Development Co., Ltd. (CFLD) was founded in 1998
by Wen-Xue Wang in Hebei province and listed on the Shanghai Stock
Exchange in 2011. The company engages in residential property
development and the investment and operation of integrated
industrial parks. The company's industrial park businesses include
primary land development, infrastructure development and
construction, industry development services, and property
management and public services.

As of September 2020, Wang held 37.20% of CFLD's shares and is thus
the largest and controlling shareholder of the company. Ping An
Life Insurance Company of China, Ltd. is the second-largest
shareholder, with a 25.19% stake.

HOPSON DEVELOPMENT: Fitch Affirms 'B+' LT Foreign-Currency IDR
--------------------------------------------------------------
Fitch has affirmed Hopson Development Holdings Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B+'. The Outlook
is Stable. Fitch has also affirmed the company's senior unsecured
rating and the rating on its senior unsecured notes due 2022 at
'B+' with a Recovery Rating of 'RR4'.

Hopson's ratings are supported by the company's moderate leverage,
sizeable land bank, healthy margin and rising recurring income from
its high-quality investment property (IP) portfolio. The ratings
are constrained by Hopson's small scale, with attributable
contracted sales of around CNY30 billion in 2020.

KEY RATING DRIVERS

Large, Well-Located Land Bank: Hopson's good-quality land bank
continues to support the company's ability to meet its higher sales
target of CNY45 billion in 2021, from HKD36 billion in 2020. Hopson
had 22.7 million square metres of residential land bank as at
end-June 2020, spread across the cities of Guangzhou, Huizhou,
Beijing, Tianjin and Shanghai. Hopson acquired the majority of its
land bank many years ago at a low cost, as reflected in its high
development property EBITDA margin after adding back capitalised
interest of over 40%.

Reduced Leverage Headroom: Leverage, measured by adjusted net
debt/adjusted inventory, increased to 46% as at 10M20, from 35% as
at end-2019, due to a large number of land acquisitions and equity
investments. Hopson adopts an opportunistic strategy and has gone
through periods of debt-funded expansion, including 2013, 2017 and
2020. Fitch expects leverage to stay below 50% in the absence of
further large investments, and would consider negative rating
action above this level. The reduced leverage headroom is mitigated
by Hopson's high margin.

Equity Investments Heighten Risk: Fitch regards Hopson's equity
investments as negative for its credit profile, given potential
volatility and the company's limited record in such investments.
The company's equity portfolio totalled HKD28 billion at
end-October 2020 and comprised private and listed investments.
Fitch has applied a 40% cash credit to the listed portfolio, but no
cash credit to the private portfolio, to assess leverage. Fitch may
revise the cash credit applied to the listed securities if there is
evidence of heightened volatility or weakened liquidity in the
portfolio.

Rising Rental Income: Hopson's IP portfolio had a gross floor area
of around 2.0 million square metres at end-June 2020 and generates
annual commercial property income of around CNY3 billion. The
majority of rental income comes from properties in Beijing,
Shanghai and Guangzhou. Fitch expects rental income will continue
rising given new IP completions and room for positive rental
reversion at existing IPs based on increased maturity and prime
locations.

Recurring EBITDA/gross interest expense should be stable at around
0.4x in the coming few years, as higher rental income is offset by
rising interest expenses, which will support Hopson's credit
profile.

Scale Constrains Rating: Hopson recorded total contracted sales of
CNY36 billion in 2020, up by 54% yoy and meeting management's
target for the year. Despite the strong growth in sales, however,
attributable contracted sales of around CNY30 billion remains
substantially lower than those of 'BB-' peers, at more than CNY50
billion, and continue to constrain Hopson's ratings.

ESG - Governance: Hopson has an ESG Relevance Score of 4 for
Governance Structure. Hopson's sister companies such as Pearl River
Life Insurance Co., Ltd. and Guangdong Pearl River Investment
Holding are materially more leveraged than Hopson and may
potentially need support from the Chu family that owns 69% of
Hopson. However, Fitch believes Hopson has sufficient corporate
governance safeguards as a Hong Kong-listed company, evident from
its clean record on related-party transactions for the past five
years after checks from independent directors. There has been some
increase in purchase of services from related parties since 2019,
though Fitch believes the absolute amount remains reasonable, with
related party purchases accounting for 14% of cost of sales in
2019. Fitch believes that the related party transactions are not a
rating constraint at the 'B+' level.

DERIVATION SUMMARY

Hopson's leverage of around 45% is comparable with the 40%-50%
leverage of 'B+' rated peers, such as Fantasia Holdings Group Co.,
Limited (B+/Stable), Helenbergh China Holdings Limited (B+/Stable)
and Hong Kong JunFa Property Company Limited (B+/Stable). Its
contracted sales scale is also comparable with or is slightly
smaller than that of 'B+' peers, but this is compensated for by its
much larger, well-located land bank and high-quality IP portfolio,
with non-development property EBITDA interest coverage of 0.4x.

Hopson's leverage is comparable or slightly higher relative to
'BB-' rated homebuilders, such as Times China Holdings Limited
(BB-/Stable) and Yuzhou Group Holdings Company Limited
(BB-/Stable), but its substantially lower attributable contracted
sales scale of around CNY30 billion in 2020 justifies the one-notch
rating difference.

KEY ASSUMPTIONS

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

-- Annual contracted sales growth of 10%-15%in 2021-2023 (2020:
    70%)

-- Cash collection rate of 80% in 2021-2023 (2020: 76%)

-- Land premium at 40% of sales proceeds in 2021-2023 (2020:
    133%)

-- Construction costs at 30% of sales proceeds in 2021-2023
    (2020: 36%)

-- Annual rental income growth of 10%-15% in 2021-2023 (2020:
    20%)

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Hopson would be liquidated
    in a bankruptcy rather than treated as a going-concern, given
    the asset-heavy nature of China's homebuilding sector.

-- Fitch assumes a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

-- Net inventory; advance rate of 80% is used, which reflects its
    high development-property EBITDA margin of over 30%.

-- IP; advance rate of 75% is used, which implies a 6.5% rental
    yield (2019 rental income excluding hotels: HKD2.8 billion)

-- Excess cash; 60% advance rate (available cash of HKD15.4
    billion, less trade payables of HKD13.8 billion = excess cash
    of HKD1.6 billion)

-- Financial investments; 40% advance rate on listed investments
    of HKD13.6 billion.

-- The allocation of value in the liability waterfall results in
    a Recovery Rate corresponding to RR1 for the senior notes. The
    Recovery Rating for senior unsecured debts is capped at 'RR4'
    because, under Fitch's Country-Specific Treatment of Recovery
    Ratings Criteria, China falls into Group D of creditor
    friendliness, and instrument ratings of issuers with assets in
    this group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

-- Attributable contracted sales expand to a level that is
    comparable with that of 'BB-' peers on a sustained basis.

-- Net debt/adjusted inventory below 40% for a sustained period.

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

-- Significant decline in attributable contracted sales.

-- Net debt/adjusted inventory above 50% for a sustained period.

-- Material increase in related party asset transactions that do
    not significantly enhance Hopson's business or financial
    profile and are beyond the company's business scope.

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: Hopson had available cash of HKD18.5 billion
and listed equity investments of HKD20.8 billion as at end-October
2020, sufficient to address short-term debt of HKD17.4 billion,
including a USD500 million bond puttable in June 2021. Subject to
market conditions, the company plans to roll over the bonds or
refinance with new issuance. It is also prepared to address any
shortfall by liquidating its equity investments, if needed. Hopson
issued USD400 million of 364 day notes at a coupon rate of 5.8% in
January 2020.

ESG CONSIDERATIONS

Hopson has an ESG Relevance Score of '4' for Governance Structure,
which reflects the shareholding concentration and presence of
highly leveraged related parties. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. 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.

SUNSHINE 100: S&P Downgrades ICR to 'SD' On Distressed Repurchase
-----------------------------------------------------------------
On March 2, 2021, S&P Global Ratings lowered its issuer credit
rating on Sunshine 100 to 'SD' from 'CCC-'.

S&P will likely raise the rating on the Chinese developer to the
'CCC' category in the coming days to reflect the successful
repurchase, and the risk of a conventional default over the next
six months.

The downgrade to 'SD' follows the completion of Sunshine's
repurchase of HK$750 million convertible bonds at below par.

S&P said, "We consider this repurchase as distressed and tantamount
to a default given that participating noteholders received less
than the original promise. Also, the company faced risk of a
conventional default if not for the repurchase.

"We plan to reevaluate the issuer credit rating on Sunshine in the
coming days, likely raising it to the 'CCC' category. This would
reflect our view that the company's capital structure remains
unsustainable." Sunshine has an unrestricted cash balance of only
Chinese renminbi (RMB) 2.9 billion as of June 30, 2020, while it
has RMB12.2 billion in short-term debt due in the 12 months from
that date. Upcoming substantial maturities in 2021 include US$293
million in senior notes due in July.

Although Sunshine issued US$120 million of senior notes in February
2021, it still has a large gap in funds available for refinancing,
and further issuances could be challenging given the weak credit
profile.




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

AFCAN IMPEX: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: AFCAN Impex Private Limited

        Registered office:
        Office No. 1002/A, Pinnacle Building
        Corporate Road, Vejalpur
        Prahladnagar, Ahmedabad
        Gujarat 380004

        Corporate office:
        'Shri Avadh' Plot No. 237
        Sector 1A, Gandhidham
        Kutch 370201

        Plant address:
        241-243 and 251B
        Sector 3211, Kasez
        Gandhidham 370201

Insolvency Commencement Date: February 17, 2021

Court: National Company Law Tribunal, Ahmedabad Bench-I

Estimated date of closure of
insolvency resolution process: August 16, 2021
                               (180 days from commencement)

Insolvency professional: Nitin Narang

Interim Resolution
Professional:            Nitin Narang
                         B-101, Ground Floor
                         Old Gupta Colony
                         Model Town, North West
                         New Delhi 110009
                         E-mail: advocatenitinnarang@gmail.com

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower-A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: cirp.afcan@gmail.com

Last date for
submission of claims:    March 8, 2021


ALAIN GOLD: CRISIL Withdraws B+ Rating on INR7cr Loans
------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Alain Gold Souk (AGS) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Fund-        2.5       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with AGS for
obtaining information through letters and emails dated January 18,
2021 and January 23, 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 AGS. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AGS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

AGS was established as proprietorship firm in 2016. It is engaged
in manufacturing of jewellery and related articles such as
jewellery of gold and silver, gold bangles, gold neckless, diamond
bangles, gold clip, gold chain and diamond set. It is based in
Ayoor- Kerala and owned by Mr. Muhammed Shan.

AVIS PROJECTS: CRISIL Assigns B+ Rating to INR4.41cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term facilities of Avis Projects And Infrastructure Private
Limited (APIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.41       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan             1.09       CRISIL B+/Stable Assigned)

The rating reflects APIPL's susceptibility to tender-based
business, modest scale of-and working capital intensive operations
and highly leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoter and
above average operating margin.

Key rating drivers & detailed description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Moreover, given the cyclicality
inherent in the construction industry (largely for sugar
factories), the ability to maintain profitability through operating
efficiency becomes critical.

* Modest scale of operations: Business is constrained by the modest
scale of operations with revenue of INR6.4 crore for fiscal 2020.
Further the first quarter of fiscal 2021 also remained subdued on
account of the impact of pandemic resulting in frequent lockdowns
and logistical challenges to curb the spread of Covid-19, this is
expected to constrain the growth for the fiscal.  However, the
scale is expected to improve on account of moderate order book and
the same remains key monitorable.

* Working capital intensive operations: Gross current assets (GCAs)
were 334-714 days over the three fiscals ended March 31, 2020
driven by sizeable inventory, which includes work in progress
(70-80%) and raw material (20-30%). GCAs were 714 days as on March
31, 2020.

* Highly leveraged capital structure: Financial risk profile is
weak marked by high total outside liabilities to adjusted tangible
networth ratio of more than 7 times for the three years ended March
31, 2020.

Strengths:

* Extensive experience of the promoter: The promoter's experience
of almost eight years in the construction industry and healthy
relationship with sugar mills in the region should continue to
support the business.

* Above Average operating margin: Operating margin was
above-average at 8-16% in the three fiscals ended March 31, 2020.
Profitability is expected to remain moderate and support the
business risk profile over the medium term.

Liquidity: Stretched

Cash accrual, expected at INR30-50 lakh per annum over the medium
term should cover yearly term debt obligation of INR20-40 lakh.
However the bank limit utilization was high at 92% on average in
the 12 months ended December 2020. Current ratio was moderate at
1.02 times as on March 31, 2020.

Outlook: Stable

CRISIL Ratings believes APIPL will continue to benefit from the
extensive experience of its promoter

Rating sensitivity factors

Upward factors

* Sustained increase in revenue and stable operating margin,
Improvement in working capital cycle with GCAs of 200-250 days.


Downward factors

* Further stretch in working capital cycle,
* Lower revenue resulting in net cash accrual of less than INR40
lakh,
* Large debt-funded capital expenditure weakens the capital
structure.

Incorporated in 2013 and located in Pune, Maharashtra, APIPL is
owned and managed by Mr. Niranjan Vijay Kulkarni. It undertakes
civil construction works, such as construction of sugar factory and
co-generation unit.

BIL INFRATECH: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of BIL
Infratech Limited (BIL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Long Term/Short      84.50      CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating moved to ISSUER NOT
   Facilities                      COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BIL to monitor the rating(s)
vide e-mail communications/letters dated February 9, 2021, February
1, 2021 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, BIL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on BIL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to BIL takes into account lack of clarity on
regularization of earlier overdrawls in Cash credit limits due to
BG invocation by one of its client coupled with poor liquidity
resulting from continued high collection period. The ratings
continue to be constrained by the working capital intensive nature
of business, intense competition from existing established players,
profitability susceptible to volatile input prices, weak credit
profile of the promoter group and risk associated with delay in
project execution or receipt of payments. The ratings also factor
in experienced promoters and management team of BIL, reputed
clientele and moderate capital structure.

Detailed description of the key rating drivers

At the time of last rating on April 3, 2020 the following were the
rating weaknesses and strengths:

Key rating Weaknesses

* Ongoing overdrawls in cash credit limits: BIL had received a
contract from a reputed client for construction of corporate office
building at Rajarhat, Kolkata in June 2017 at a value of INR241.5
cr to be executed within a period of 24 months. The pace of
construction and milestone were linked with the release of drawing
by the client which hampered project progress and the company was
unable to meet project deadline. However, the client invoked the
bank guarantees given by the company due to delay in project
completion resulting in overdrawls in Cash Credit account. Out of
the two lenders, PNB has allowed inter-changeability of INR18 cr
from Non-fund based limit to Fund based limit for a period of 6
months starting from Sep 24, 2019 on company's request thereby
regularising the account. However, Central Bank of India has not
allowed the same and Cash credit limit of the bank continues to be
overdrawn as on date Decline in order book position.  IL's order
book dipped to INR336.03 crore as on December 31, 2019 vis-à-vis
INR581.82 crore as on July 31, 2018 which is 1.39x of gross billing
in FY19, leading to lower revenue visibility over the medium term.

* Dip in financial performance in FY19: BIL reported total
operating income of INR241.05 crore in FY19 vis-à-vis INR250.05
crore in FY18. The PBILDT margin declined sharply to 3.42% in FY19
vis-à-vis 6.85% in FY18 due to higher raw material costs. In line
with PBIDT margin, PAT margin dipped to 0.90% in FY19 from 2.34% in
FY18. Interest coverage remained moderate at 2.01x in FY19.

* Exposure to volatility in input prices with entire order book
comprising fixed price contracts: Steel and cement are the major
inputs, the prices of which are volatile. Almost the entire present
order book has fixed price contracts. As such, the company is
exposed to volatility in raw material prices.

* Intense competition from existing established players: The
Company being a relatively new player in the industry faces intense
competition from big and established players in the
industry. However, the management has long experience in the
industry.

* Risk of delay in project execution: The business of the company
is susceptible to losses arising out of delay in project execution
as the company is generally required to give bank guarantee to its
clients for satisfactory & timely completion of the contract.

* Weak credit profile of the promoter group: Binani Industries Ltd
(BIL), the holding company of BIL, is facing liquidity issues as a
result of continuing losses. BIL's overall credit profile is weak
in view of the above.

* Working capital intensive nature of business: The operations of
BIL are working capital intensive due to high average collection
period (154 days in FY19 vis-à-vis 139 days in FY18) arising from
the long term nature of contracts and retention money withheld by
clients. The company also needs to furnish bank guarantees and
earnest money deposits during the bidding process which leads to
funds getting blocked even before the project is awarded. This is
partly taken care of by the mobilisation advances given by the
clients to the company which are mostly non-interest bearing and
stretching payments to sub-contractors. The operating cycle was 122
days in FY19 vis-à-vis 87 days in FY18.

Key Rating Strength

* Experienced promoters and management team: BIL was promoted by
the Braj Binani Group, which is a diversified business house. BIL
commenced commercial operation in October 2010 and has a
satisfactory track record in procurement and execution of orders
for the last nine years. BIL functions as an independent entity
with an experienced management team based in Kolkata.

* Reputed client portfolio with no orders from group companies:
BIL's order book consists of orders from reputed private and public
sector enterprises. Presently, the entire order book consists of
orders from outside the group companies. However, about 90% of the
orders are from West Bengal, exposing the
company to geographical concentration risk.

* Moderate capital structure: BIL does not have any term debt with
schedule repayment in its books as on Mar.31, 2019. The company's
overall gearing ratio remained moderate at 1.09x as on March 31,
2019 (0.91x as on March 31, 2018). TD/GCA deteriorated from 7.14x
as on March 31, 2018 to 16.16x as on March 31, 2019

BIL was promoted by the Braj Binani Group in July, 2010. The
company is a wholly owned subsidiary of BIL, the holding company of
the group. BIL commenced commercial operation from October, 2010
and is engaged in executing construction contracts for
infrastructure development projects (both civil & structural) and
also has expertise for turnkey execution of cement plants, power
plants, bulk & powder material handling systems and mineral
beneficiation.

DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deesan
Ginning and Pressing Private Limited (DGPPL) continue to be 'CRISIL
C Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         CRISIL C (Issuer Not
                                    Cooperating)

   Term Loan              1.8       CRISIL C (Issuer Not
                                    Cooperating)

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

DGPPL was incorporated in 1995 by Mr. Bhupesh Rasiklal Patel, Mr.
Chintan Amarish Patel, and Mr. Tapan Mukesh Patel. The company
processes raw cotton into lint at its manufacturing facility at
Dhule, Maharashtra.

DYNA FILTERS: CARE Withdraws B Rating on LT Bank Facilities
-----------------------------------------------------------
CARE has reviewed and revised the rating assigned to the bank
facilities of Dyna Filters Private Limited at CARE B; Stable/CARE
A4 and has simultaneously withdrawn it, with immediate effect.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank         -        Revised to CARE B; Stable
   Facilities                      from CARE D and Withdrawn;
                                   Stable outlook assigned

   Short Term Bank        -        Revised to CARE A4
   Facilities                      from CARE D and Withdrawn

The revision in the ratings to the bank facilities of DFPL factors
in regularization of the account with repayment of delayed
instalments for the month of February 2020. Further, the company
has maintained the default free track record for the three months
ended February 10, 2021. The revision in the rating further takes
into account improved profitability and solvency position of the
company during FY20 (Period from April 1, 2019 to March 31, 2020)
The rating further draws strength from the extensive experience of
the promoters with long and established operational track record of
the company and association with reputed client base.  The above
strengths are offset by small scale of operations with moderate
profitability margins, moderate solvency position and stretched
liquidity position with high working capital intensity. The ratings
are further constrained on account of its presence in a highly
competitive and fragmented industry as well as exposure of margins
to fluctuations in raw material prices and currency fluctuation
risk.  The rating withdrawal is at the request of Dyna Filters
Private Limited and 'No Objection Certificate' received from the
banks that have extended the facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with moderate profitability margins:
DFPL has booked the revenue of INR32.03 crore during FY20 as
against INR36.26 crore with decline of 11.67% on y-o-y basis. The
decline in the turnover is attributable to lower execution and
billing during the year FY20. Net worth base remains modest at
INR12.39 crore as on March 31, 2020. Small scale of operations
restricts financial flexibility of the company. The manufacturing
unit was closed in from April-June 2020(Q1FY21) owing to covid-19
induced lockdown. The operations were resumed from July 2020
onwards and company has booked the revenue of INR32.54 crore in
10MFY21 ended January 31, 2021. Further, owing to change in revenue
mix and increased proportion of higher margin orders in the order
book, profitability margins of the company improved with PBILDT and
PAT margins at 15.52% and 6.13% in FY20 (P.Y.8.34% and 1.84%
respectively).

* Moderate solvency position: Capital structure of the company
improved with accretion of profits to the reserves and scheduled
repayment of debt. Overall gearing stood at 1.14x as on March 31,
2020 (P.Y.1.50x). Further, with improvement in profitability
margins and accruals, debt coverage indicators of the company also
improved. Interest coverage and total debt to GCA stood at 3.56x
and 4.44x in FY20 (P.Y.2.26x and 13.08x respectively).

* Susceptibility of operating margins to fluctuations in the raw
material prices: The total raw material cost accounted for about
45-60% of total cost of sales for last three years ended on FY20.
The major raw materials used in the fabrication process of the
company are carbon steel and stainless steel (SS), the prices of
which are highly volatile. The company mostly passes the increase
in the raw material prices to its customers, but as the company has
reputed clientele, it has low bargaining power against its
customers.

* Exposure of margins to currency fluctuation risk: DFPL imports
the basic raw material that is filter paper from Italy which
contributes more than to 10% of total purchases. Value of imports
stood at INR1.64 crore in FY20 as against 1.35 crore in FY19
(including cost, insurance and freight). Payments to suppliers are
mainly denominated in USD. Due to absence of any hedging policies,
its profitability margins are exposed to foreign exchange
fluctuation risk.

* Presence in a highly fragmented and competitive industry: DFPL
operates in a highly fragmented and competitive waste water
treatment industry, which is marked by presence of large number of
small sized players operating with thin margins on account of low
entry barriers in the industry. Further, the fortunes of the
company are closely associated with the capex undertaken by
end-user industries.

Key Rating Strengths

* Experienced promoters with long and established track record of
the company: DFPL was incorporated in 1992, it has a track record
of more than two and half decades and has reinforced its footings
in the business with sound base. DFPL is currently managed by Mr.
Vasant Anant Yemul and Mr. Abhijit Vasant Yemul. The promoters are
well-versed with the intricacies of the business on the back of an
average experience of around three decades in the manufacturing of
air filters and clean room equipment's industry. Over the years,
DFPL has developed market for its products and established good
relations with various customers.

* Association with reputed clientele base: DFPL, being in the
business from approx. two and half decades has been able to
establish strong relationship with its customers. Association with
reputed clients keeps the credit risk low. Further, company has
order book of INR15 crore as on February 3, 2021 which is to be
executed till March 2021, thus providing short term revenue
visibility.

Liquidity: Stretched

Liquidity position of the company remained stretched as indicated
by utilization of the cash credit limits to the extent of 80%
during last 12 months ended January 31, 2021, and stretched
operating cycle of 147 days in FY20.Company had cash and bank
balance of INR1.34 crore as on March 31,2020. Company has availed
moratorium from [March-August 2020] and assistance loans in line
with covid-19 regulatory package announced by RBI.

Pune (Maharashtra) based DFPL incorporated in 1992 is engaged in
the business of manufacturing of air filters and providing heating,
ventilation, and air conditioning (HVAC) filter solutions. The
customers of DFPL primarily belong to pharmaceutical, chemical,
engineering, food and beverage and also semi-conductor industries.


ELEGANCE FOOD: CARE Lowers Rating on INR11.48cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Elegance Food Processing And Impex Private Limited (EFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.48      CARE D; ISSUER NOT COOPERATING
                                   Revised from CARE BB-; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank       0.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4 and moved
                                   to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EFPL to monitor the ratings
vide e-mail communications/letters dated October 14, 2020, November
23, 2020, January 8, 2021, January 11, 2021, February 1, 2021,
February 15, 2021 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on EFPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of EFPL have been
revised on account of on-going delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on February 14, 2020 the following was
the rating weakness (updated for information available from
lender):

Detailed description of key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: EFPL is irregular in debt
servicing of term loan and cash credit obligations for more than 30
days, due to weak liquidity position of the company.

Morbi (Gujarat) based EFPL was established in September 2015 as a
private limited company by five promoters namely Mr. Hasmukhbhai
Patel, Mr. Kishan Vidja, Mr. Jitendra Patel, Mr. Becharbhai Patel,
Mr. Bharatbhai Raiyani and Mr. Anil Patel for processing and
manufacturing of agro commodities. EFPL has set up a plant for
processing of groundnut seeds and manufacturing of mainda and other
flour with an installed capacity of 7420 MTPA and 12600 MTPA
(Metric Tonnes Per Annum) respectively as on March 31, 2019.
Commercial operations commenced from September 2017 for groundnut
processing and for Flour from April 2018.

ENRICH SHREYA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Enrich Shreya Marine Infrastructures Private Limited
        32/33 Gopal Bhuwan, 2nd Floor
        199, Princess Street
        Mumbai 400002
        Maharashtra

Insolvency Commencement Date: February 18, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 17, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Hajari Lal Saini

Interim Resolution
Professional:            Mr. Hajari Lal Saini
                         704 A Wing N.G. Sterling
                         Opp. Queen Marry High School
                         Old Golden Nest
                         Mira Bhayander Road
                         Mira Road (E) 401107
                         Thane, Maharashtra
                         E-mail: cahlsaini@rediffmail.com

                            - and -

                         D-003 Sheetal Sangeet CHS Ltd
                         MTNL Road, Sheetal Nagar
                         Mira Road East Thane 401107
                         E-mail: enrich.cirp@gmail.com

Last date for
submission of claims:    March 11, 2021


EPITOME PETROCHEMICAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Epitome
Petrochemical Private Limited (EPPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

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

   Cash Credit           10         CRISIL D (Issuer Not  
                                    Cooperating)

   Funded Interest        2.89      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Letter of Credit       5         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             16.56      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       14.02      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

EPPL was incorporated in 2007 and started commercial production in
January 2009. It manufactures poly-ethylene terephthalate (PET)
preforms for bottlers of carbonated soft drinks, and has capacity
of 6900 tonnes per annum at its unit in Sikkim.

FCRD INDIA PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: FCRD India Private Limited
        420 Gitorni
        Mehrauli Gurgaon Road
        New Delhi, South Delhi
        DL 110030

Insolvency Commencement Date: February 19, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 22, 2021
                               (180 days from commencement)

Insolvency professional: Pawan Kumar Goyal

Interim Resolution
Professional:            Pawan Kumar Goyal
                         P K Goyal & Associates
                         304 D.R. Chamber
                         12/56, DB Gupta Road
                         Karol Bagh
                         New Delhi 110005
                         E-mail: ca.pawangoyal@gmail.com
                                 cirpfcrd@gmail.com

Last date for
submission of claims:    March 9, 2021


GARIB NAWAZ: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Garib Nawaz
Polymers Private Limited (GNPPL; part of the GN group) continue to
be 'CRISIL D Issuer Not Cooperating'.

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

   Funded Interest       1.14       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long Term    1.24       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             2.42       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       2.70       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of GNPPL and G.N. Pet (GNP)
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.

HIGHLINK INVESTMENT: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated its
rating on the long-term bank facility of Highlink Investment Pvt
Ltd (HIPL) to 'CRISIL B/Stable Issuer Not Cooperating'. However,
HIPL has subsequently started sharing the requisite information for
carrying out a comprehensive review of the rating. Consequently,
CRISIL Ratings is migrating its rating on the long-term bank
facility of HIPL to 'CRISIL B+/Stable' from 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Warehouse Receipts      30        CRISIL B+/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

The rating reflects a significant improvement in HIPL's business
risk profile. Revenue increased at over 100% on-year to INR74.59
crore in fiscal 2020, and should continue to grow at steady levels
over the medium term as well; the operating margin is expected at
4-5% going forward.

Further, the nationwide lockdown imposed to curb the spread of the
ongoing Covid-19 pandemic has not materially impacted HIPL's
operations, with the sugar industry being classified as essential
commodity.

The rating also considers HIPL's modest scale of operations and
susceptibility to volatile sugar prices, and to adverse climatic
conditions and regulatory changes. These weaknesses are partially
offset by the extensive experience of its promoters in the sugar
industry.

Analytical Approach

Unsecured loan (INR8.37 crore as on March 31, 2020) extended by the
promoters has been treated as neither debt nor equity as the loan
is expected to remain in the business over the medium term.


Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The sugar trading industry is highly
fragmented and the consequent intense competition may continue to
constrain scalability, pricing power and profitability. Revenue was
INR74.59 crore in fiscal 2020.

* Exposure to volatile sugar prices and adverse climatic conditions
and regulatory changes: Cost of sugar is volatile and subject to
global demand-supply scenario. The sugar industry is cyclical and
seasonal. Sugarcane yield and sugar production depend on the
weather. A bad monsoon can adversely affect sugarcane yield,
resulting in significant volatility in sugar prices, and therefore,
the profitability of sugar mills and traders. Changes in government
regulations based on short-term demand-supply also impact the
operating margin of traders. Further, HIPL usually follows a
stock-and-sell method, and hence any sharp fluctuation in the cost
of sugar will drastically impact profitability.

Strengths:

* Extensive experience of the promoters: The promoters' experience
of over two decades, their strong understanding of market dynamics
and healthy relationships with suppliers and customers should
continue to support the business.

Liquidity: Stretched

In the absence of any yearly maturing debt over the medium term,
the entire cash accrual – projected at INR0.15-0.20 crore per
annum – will be used as working capital. Bank limit utilisation
was moderate and averaged around 64% during the 11 months through
November 2020. Current ratio was 1.15 times on March 31, 2020. The
company availed of the moratorium on debt repayment under the
Covid-19 Regulatory Package announced by Reserve Bank of India. The
promoters are likely to continue extending timely, need-based funds
to aid financial flexibility.

Outlook: Stable

HIPL will continue to benefit from the extensive experience of the
promoters and its stable business risk profile.

Rating Sensitivity factors

Upward factors

* Revenue growth of 10% per annum and steady operating margin,
leading to higher-than-expected cash accrual
* Significant improvement in networth and total outside liabilities
to tangible networth ratio moderating to less than 4 times

Downward factors

* Steep decline in revenue and operating margin dropping to 3%,
resulting in lower-than-expected cash accrual
* Sizeable stretch in working capital cycle

HIPL, incorporated in January 1995, is based in Delhi and trades in
sugar. Mr. Gaurav Agarwal and Mr. Sanjeev Kumar are the promoters.

INTOUCH TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Intouch
Trading Private Limited (ITPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      3.0        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               9.5        CRISIL D (Issuer Not
                                      Cooperating)

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

ITPL, incorporated in 2001, is a part of the City group established
by Mr. R R Modi and his associates. The company is developing an
information technology park in Noida (Uttar Pradesh).

JAGDAMBAY EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagdambay
Exports (JDE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.57      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 3, 2019, placed the
rating of JDE under the 'issuer non-cooperating' category as JDE
had failed to provide information for monitoring of the rating. JDE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 18, 2021, January 14, 2021, and January
13, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

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

* Instances of delays in debt servicing: There were instances of
delays in servicing of the debt obligation.

Jagdambay Exports (JE), was established in May, 1993 as a
proprietorship firm by Mr. Balwinder Kumar Sharma (proprietor) and
his brothers Mr. Pawan Kumar Sharma & Mr.Suraj Prakash Sharma. The
firm is engaged in the manufacturing of readymade garments and
knitted fabrics at its manufacturing facility located at Ludhiana,
Punjab. JE is an export oriented unit with majority of its sales
comprising of exports to various countries (~80% of its total
income in FY15). The product line of the firm comprises of
readymade garments and knitted fabrics which cater to baby wear
segment with age from 0 to 36 months.



JIVA PLYWOODS: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Jiva
Plywoods Private Limited (JPS) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.46       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JPS to monitor the ratings
vide e-mail communications/ letters dated December 1, 2020,
December 16,2020, January 13, 2021, January 28, 2021 and February
5, 2021 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Jiva Plywoods
Private Limited bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The rating takes into account non-availability of requisite
information and no due-diligence conducted due to noncooperation by
Jiva Plywoods Private Limited with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit
risk.

Detailed description of the key rating drivers

Key Rating Weaknesses

There has been an on-going delay in the interest servicing of the
term loan facility due to stretched liquidity position.

Kutch, Gujarat based Jiva Plywoods Private Limited (JPS) was
incorporated in December 2015 by Mr. Moolji Patel and his sons Mr.
Govind Patel but started its commercial operations from September,
2016. The company is currently being managed by Mr. Jagdish Patel,
Mr. Moolji Bhai Patel and Mr. Jigna Patel. The company is engaged
into trading and processing of wooden log into Plywood, doors and
boards. JPS imports the raw material mainly wooden logs like Teak,
Pine, Hardwood (backed by L/C) from Malaysia, China, Vietnam and
Myanmar which are subsequently sized at its saw mill unit in
Gandhidham into various commercial sizes as per the requirement of
its customers. Plywoods are sold in domestic market to traders,
wholesalers, civil engineering and construction companies to PAN
India.

MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahadev
Profiles Private Limited (MPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        5.4        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.1        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family
members. The company designs and manufactures pre-cast and
pre-stressed concrete elements, such as blocks, beams, roofs, and
columns. It is based in Hyderabad, Telangana.

MANGALA ELECTRICALS: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Mangala
Electricals (ME) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.34       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Short Term Bank      5.23       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ME to monitor the rating(s)
vide e-mail communications December 23, 2020 to February 11, 2021
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on Mangala
Electricals bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last press release dated February 27, 2020 the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Ongoing Delays in servicing debt obligations: There are on-going
delays in repayment of term loan instalment and interest repayments
due to weak liquidity position. Further, the banker has confirmed
the same stating there are slight delays in term loan repayment.

* Small scale of operations along with fluctuating total operating
income during review period: The firm has a track record of more
than three decades, however, the total operating income (TOI),
remained small at INR8.52 crore in FY19 with low net worth base of
INR2.17 crore as on March 31, 2019 as compared to other peers in
the industry. The total operating income of the firm has been
fluctuating during review period (FY16-FY18). The TOI of the
firm increased from INR7.99 crore in FY18 to INR8.52 crore in FY19
due to increased and timely execution of orders from MESCOM. During
10MFY20 (Provisional), the firm has achieved total operating income
of INR6.70 crore.

* Short term revenue visibility in order book position with client
and geographically concentrated order book position: ME has an
order book position of INR9.01 crore as on August 2020 and the same
is likely to be completed by which reflects short term revenue
visibility. The current order book of the firm is geographically
and client concentrated from MESCOM (Mangalore Electricity Supply
Company Limited) under government of Karnataka. Usually, the firm
receives orders only from government and the firm takes around 6-10
months for completing the work orders.

* Elongated average collection days resulted in working capital
intensive nature of operations: The firm operates in working
capital intensive nature of operations. The operating cycle of the
firm stood at 52 days in FY19 as compared to 33 days in FY18 due to
increase in the inventory period during FY19. The Average Creditors
days decreased from 54 days in FY18 to 52 days in FY19 as the firm
makes payment to its supplier depending on the realization of
payment from its customers. The firm holds the average inventory of
around 30-40 days to ensure timely execution of ongoing projects.
Furthermore, the firm has availed a credit period of 30-60 days
from the suppliers. The average utilization of working capital
limit stood full for the last 12 month ended January, 2020.

* Highly fragmented industry with intense competition from other
players due to tender based nature of operations: The firm receives
100% work orders from government organizations. All these are
tender-based and the revenues are dependent on the firm's ability
to bid successfully for these tenders. Profitability margins come
under pressure because of competitive nature of the industry.
However, the partner's long industry experience around two decade
mitigates this risk to some extent. Nevertheless, there are
numerous fragmented & unorganized players operating in the segment
which makes the civil construction space highly competitive.

* Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital: The proprietor typically makes all
the decisions and led the business operations. If he became ill or
disable, there may not be anybody else to step in and maintain the
optimum functioning of business. A business run by proprietor also
poses a risk of heavy burden, i.e. an inherent risk of capital
withdrawal, at a time of personal contingency which can adversely
affect the capital structure of the firm. Moreover, the
proprietorship firms have restricts access to external borrowing
which limits their growth opportunities to some extent. Also, the
proprietor has withdrawn INR0.17 crore during FY19.

Key Rating Strengths

* Experienced proprietor with more than three decades in electrical
industry with established track record Mangala Electricals (ME) was
established in the year 1980 and has been in the electrical
industry for more than three decades. He is a graduate and has more
than three decades of experience in electrical transmission work
business. Due to long experience of proprietor, he was able to
establish long term relationship with customers and suppliers.

* Satisfactory profitability margins although fluctuating during
review period: The profitability margins of the firm are seen
fluctuating, however, remained satisfactory during the review
period. The PBILDT margin of the firm was fluctuating in the range
of 11.44% to 16.50% in (FY16-FY19) and stood at 16.49% in FY19
increasing from 15.24% in FY18 due to decrease in material cost and
sub contract work expenses. Furthermore, due to aforementioned
reason along with decrease in interest expenses, the PAT margins of
the firm also remained fluctuating in the range of 6.00% to 5.55%
during review period and stood at 5.55% in FY19 improving from
4.37% in FY18 on the back of Increase in PBILDT and decrease in
Interest expenses during FY19.

* Financial risk profile marked by satisfactory capital structure
and debt coverage indicators: The capital structure of the firm
marked by debt equity ratio and overall gearing remained
satisfactory during review period. The debt equity ratio of the
firm has marginally declined from 0.24x as on March 31st 2018 to
0.36x as on March 31st 2019 due to increase in total debt on
account of new term loans and vehicle loans availed during FY19.
However, The Average utilization of working capital bank borrowings
in FY19 stood at 90%. Furthermore, the overall gearing ratio of the
firm improved from 1.64 x as on March 31st 2018 to 1.42x as on
March 31st 2019 on the back of increase in net worth due to
accretion of profits into business.  The debt coverage indicators
remained satisfactory during review period. Total debt/GCA improved
from 5.76x in FY18 to 5.03x in FY19 due to increase in gross cash
accruals albeit increase in total debt. However, Interest coverage
ratio also improved from 2.19x in FY18 to 2.80x in FY19 due to
increase in PBILDT absolute terms and decrease in the interest cost
during FY19.

* Stable outlook of Indian electrical equipment industry: The
Indian electrical equipment (EE) segment is one of the major
vertical of capital goods industry in the country which comprises
of heavy electrical and power plant equipments etc. The industry is
highly diverse and manufactures a wide range of high & low
technology products. EE occupies a large share in the total market
size of the capital goods in the country. The IEE industry can be
broadly classified into two sectors – generation equipments and
transmission & distribution equipments. The demand for electrical
equipment in India is expected to encounter significant expansion
visà-vis growth of the power sector. The IEE industry has shown
positive prospects of growth in past 5-6 years basis which it is
expected that it will meet the aggressive market expansion target
of USD 100 billion by the end of 2022.

Mangalore based, Mangala Electricals (ME) was established in the
year 1980 as proprietor firm promoted by Mr. Gajanthodi bhaskar
bhat. ME is engaged in the work of electrical infrastructure for
supply, erection, and installation of sub-station transmission
network, maintenances and distribution substations on turnkey basis
with single and double circuit lines, based on the requirement of
customers. The firm has installed various types of transformers
with capacity up to 11KV to 400KV. ME procures work orders through
government majorly from MESCOM (Mangalore Electricity Supply
Company Limited), KPTCL (Karnataka Power Transmission Corporation),
UPCL (Udupi), Chaitanya Home Industries and Shree Polali Temple.
The firm has current order book of INR7.35 crore to be completed by
August 2019.

MANTRAS GREEN: CRISIL Withdraws D Rating on INR4.75cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Mantras Green Resources Limited (MGRL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4.75       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Inland/Import         3.00       CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Proposed Long Term    0.21       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Term Loan             5.04       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Working Capital       7.00       CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL Ratings has been consistently following up with MGRL for
obtaining information through letters and emails dated February 5,
2021 and February 11, 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 MGRL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on MGRL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
MGRL to 'CRISIL D/CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
MGRL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Mantras was formed as an environmental advisory organisation in
2005 promoted by Mr. U K Sharma. In 2009, it started consultancy
services for waste handling for various industries. In 2014, the
company started offering engineering and turnkey solutions for
waste handling for various projects.

MOTHERS PRIDE: CARE Lowers Rating on INR28.50cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mothers Pride Dairy India Pvt Ltd (MPD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        28.50     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 12, 2019,
maintained the rating(s) of MPD under the 'issuer non-cooperating'
category as MPD had failed to provide information for monitoring of
the rating.  MPD continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated Feb.
2, 2021, Feb. 1, 2021, January 5, 2021, January 21, 2021, Jan. 18,
2021 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.

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

The rating have been revised by taking into account the ongoing
delays in repayment of debt obligation due to stressed liquidity
position. The rating also takes into account the non-availability
of information and due-diligence has been conducted due to
non-cooperation Mothers Pride Dairy India Private Limited with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, banker could not be contacted.
The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

Detailed description of the key rating drivers

There have been instances of delays in debt servicing due to
stretched liquidity position. Hence, based on the information from
public sources regarding the delay in timely repayment of its debt
obligations, CARE has downgraded its ratings on the bank facilities
of Mothers Pride Dairy India Private Limited to 'CARE D; Issuer Not
Cooperating' from 'CARE C; Issuer Not Cooperating'.

Mothers Pride Dairy India Private Limited (MPDIPL) was incorporated
in September 2014 and is primarily engaged in manufacturing of milk
and milk products like Desi Ghee, Paneer, Butter milk, yogurt,
flavoured milk and processed milk. The promoters of the company are
Mr Anant Kumar Choudhary, Mrs. Shalini Choudhary and Ms. Sonia
Gandhi. Mr Anant Kumar Choudhary is also one of the promoters of
SBS Transpole Logistics Private Limited (CARE D, INC/CARE D, INC)
engaged in logistics and have an experience of more than 10 years.
They are supported by highly qualified and experienced management
team with understanding of the dairy sector. The company has set up
a milk processing plant at Anandpur, Bahjoi, Sambhal (U.P.) with an
installed capacity of 1.5 LLPD expandable up to 3 LLPD (Lakh litres
per day) milk into different products. The company has commenced
operations from Oct 2016 and the products are marketed under the
brand "freshmen's valley".

NAFREF ENGINEERS: CARE Hikes Rating on INR3.50cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nafref Engineers Private Limited (NEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            3.50      CARE C Revised from CARE D

   Short Term Bank
   Facilities            2.70      CARE A4 Revised from CARE D

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of NEPL has been revised
on account of improvement in the debt servicing track record of the
company, experienced promoters and long track record of operations.
The rating, however, constrained by weak financial risk profile,
elongated operating cycle and highly competitive and fragmented
industry.

Rating Sensitivities

Positive Factors:

* Sustainable improvement in the scale of operations to above INR10
cr. in the medium term.

* Improvement in profitability margins as marked by PBILDT and PAT
margins above 5.00% and 1.00% respectively.

* Profit generation at net level as well as at cash level on a
sustained basis.

Negative Factor:

* Any delay or default in the servicing of debt obligation in the
medium term

Key rating strengths

* Improvement in the debt servicing track record: Because of the
weak liquidity position of the company, there had been instances of
over utilization in the overdraft limit, which were not settled for
more than 30 days, in the past. However, since Feb2020, the conduct
of the account has remained satisfactory and the company has been
timely servicing its debt obligation.

* Experienced promoters and long track record of operations: The
company commenced operations in 1979. NEPL is currently being
managed by Mr. Sital Singh Bal, Mr. Amanpreet Singh Bal and Mr.
Jashanjeet Singh Bal as directors. The directors have a total work
experience ranging between four years to four decades which they
have gained through NEPL. The directors Mr. Amanpreet Singh Bal and
Mr. Jashanjeet Singh Bal are engineering graduates which is likely
to benefit NEPL in the long run. Furthermore, the long track record
has aided the company in having established relationship with
customers and suppliers.

Key Rating Weaknesses

* Weak financial risk profile: The operating cycle of the company
stood small and declined on a year on year basis due to lower
orders executed during the period. The small scale of operations
limits the company's financial flexibility in times of stress and
deprives it of scale benefits. The company continued to remain in
losses at the net level in FY20. The capital structure of the
company also stood leveraged as on March 31, 2020 owing to erosion
of net worth and high dependence upon working capital borrowings to
fund various business requirements.  As on January 31, 2021, the
company has a total unexecuted order book amounting to
approximately INR8.96 crore which is expected to be executed in
next 9 months, thus, gives a medium term revenue visibility.

* Highly competitive and fragmented industry: The spectrum of the
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in India.
Hence, the players in the industry do not have any pricing power
and are exposed to competition induced pressures on profitability.
As such good customer relation and quality maintenance are
significantly important for business growth.

* Stretched liquidity analysis: The current and quick ratio of the
company remained at 2.63x and 0.98x, as on March 31, 2020 (PY:2.78x
and 0.97x). The company had a low level of free cash and bank
balances of INR0.24 crore, as on March 31, 2020 (PY: 0.20cr.). The
average operating cycle of the company stood elongated at 131 days
for FY20 (PY: 128 days). The average utilization of working capital
limit stood at 90% for the last 12
months period ended January, 2021. The company has availed the
moratorium offered by RBI in light of Covid-19 for its interest
payment obligations on over draft limit.

Nafref Engineers Private Limited (NEPL), based in Amritsar, was
established as a proprietorship firm in 1979, later incorporated in
2013 as a private limited company. The company is currently being
managed by Mr. Sital Singh Bal, Mr. Amanpreet Singh Bal and Mr.
Jashanjeet Singh Bal. NEPL is engaged in procurement, designing and
commissioning of Air conditioning and heating plants. The firm gets
100% of its business orders through the tendering process. NEPL
procures Air conditioning and heating components from reputed
manufacturers like Voltas, Daikin, Delta Cooling tower, Rapid Cool
etc. and installs the system as per requirement of the client.

Q NINETH: CRISIL Lowers Rating on INR11cr Cash Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Q Nineth Ceramics (QNC) to 'CRISIL D' from ' CRISIL
B+/Stable'.  The downgrade reflects delays in debt servicing for
the firm's cash credit facility and term loan on account of weak
liquidity.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit       11        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating continues to reflect QNC's modest scale of operations
and average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the tiles
trading business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in meeting debt obligation: QNC has been delaying interest
payment on its cash credit and term loan because of a stretched
working capital cycle. The account has been classified under the
SMA 2 category.

* Modest scale of operations amid high fragmentation: Scale of
operations is modest in the highly fragmented sanitary tiles and
ware trading business, as reflected in revenue of INR55.2 crore in
fiscal 2020. Intense competition leads to limited bargaining power
for individual players, indicated by QNC's low operating
profitability and limited bargaining power with suppliers.

* Average financial risk profile: Networth was small at around
INR4.59 crore and total outside liabilities to tangible networth
ratio was high at 3.11 times as on March 31, 2020. Debt protection
metrics were weak, indicated by interest coverage ratio of 1.09
times in fiscal 2020.

Strengths:

* Extensive experience of the promoters: QNC's promoters has been
in the trading of tiles, granites and marbles for the past 17
years. Over the years, they have developed healthy relationships
with suppliers and are the authorised dealers for multiple brands
at their showrooms in Kerala. Apart from catering to retail
customers, the promoters have developed healthy relationships with
several corporate customers, including leading builders in Kerala.
The firm should continue to benefit from the partners extensive
experience.

Liquidity: Poor

Liquidity is likely to remain weak, indicated by delays in
servicing the debt obligation. The firm availed of moratorium on
its debt repayment under the Reserve Bank of India's Covid-19
Regulatory Package.

Rating Sensitivity factors

Upward factors

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

Established in 2013 as a proprietorship firm in Thirukkad, Kerala,
by Mr. Moopan Kunnath, QNC trades in tiles, marbles and granite.

R S ISPAT: CARE Lowers Rating on INR6.50cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R S
Ispat (RSI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.50      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 3, 2019, placed the
rating of RSI under the 'issuer noncooperating' category as RSI had
failed to provide information for monitoring of the rating. RSI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 12, 2021, February 10, 2021, February
9, 2021 and February 5, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The long-term rating has been revised by taking into account non-
cooperation by GFS with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk. The rating assigned to
GFS continues to remain constrained due to highly
competitive and fragmented industry and proprietorship nature of
constitution.

Key Rating Weaknesses

* Highly competitive and fragmented industry: Trading industry is
highly unorganized & fragmented in nature as low entry barriers,
leads to presence of many players. This leads to high level of
competition in the industry and players work on wafer-thin margins.
The cost of goods purchased is the ma jor cost component for the
players in the industry. Availability of goods is not an issue for
the industry but procuring these goods at competitive prices poses
a challenge to maintain margins.

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

R S Ispat (RSI) was established in 2010 as a proprietorship firm by
Mr. Ramesh Chand Bansal. RSI is engaged in the business o f trading
of iron and steel products at its facility located in Panchkula,
Haryana. The major products include TMT Bars, angle, channel,
structures, pipes, etc. The firm sells the traded goods directly as
well as through distributors to various wholesalers based in
Punjab, Himachal Pradesh, Chandigarh, Haryana, and Jammu. The key
traded goods are majorly procured from wholesalers based in Mandi
Gobindgarh, Punjab and Una, Himachal Pradesh.

RAGHAV INDUSTRIES: CRISIL Lowers Rating on INR28.93cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Raghav
Industries Limited (RIL) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          28.93       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        2.57       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term   16.87       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RIL for obtaining
information through letters and emails dated January 19, 2021 and
July 25, 2020 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL has downgraded the
rating on the bank facilities of RIL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

The downgrade reflects delays by RIL in servicing of debt
obligations.

RIL was set up in 1987 in Coimbatore, by the promoter, Mr. Rajendra
Kumar Kanodia. The company manufactures textile yarn in polyester,
viscose, cotton, and various blends, and trades in polyester staple
fibre (PSF) and viscose staple fibre.

RAJ ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Ispat
Udyog (RIU) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 20, 2019, placed
the rating of RIU under the 'issuer non-cooperating' category as
RIU had failed to provide information for monitoring of the rating.
RIU continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 12, 2021, February 10, 2021, February
9, 2021 and February 5, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating December 20, 2019, the following were
the strengths and weaknesses:

* Instances of delays in servicing of debt obligation: There have
been instances of over drawls in cash credit limit for more than 30
days. The account has been classified as NPA.

Raj Ispat Udyog (RIU) was established in 1988 as a partnership firm
by Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47 years) and
Mr. Sunny Kapoor (aged 32 years). The firm is engaged in trading of
steel products and the servicing facility is located at Ludhiana,
Punjab. The traded items include C.R Coils, HR Sheet, plate,
straight angles, channel and joint etc. which find their
application in steel and allied products industry. The traded goods
are procured from associate concern, RSI and sold to dealers and
wholesalers in Punjab, Chandigarh and J&K. RIU has other group
concern viz. Raj Steel Industries (RSI), established in 1884 and
engaged in manufacturing and trading of steel items.

RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raj Poly
Products Limited (RPPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

Incorporated in 1992, RPPL trades in plastic granules such as low-,
linear low- and high-density polyethylene (LDPE, LLDPE & HDPE),
polyvinyl chloride (PVC) etc. used in manufacturing buckets, pens,
and pipes. Mr. Rajendra Salot, Ms. Hema Salot and Mr. Pankaj Salot
are the promoters.

RAJ STEEL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Steel
Industries (RSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 20, 2019, placed
the rating of RSI under the 'issuer non-cooperating' category as
RSI had failed to provide information for monitoring of the rating.
RSI continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 12, 2021, February 10, 2021, February
9, 2021 and February 5, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating December 20, 2019, the following were
the strengths and weaknesses:

* Instances of delays in servicing of debt obligation: There have
been instances of overdrawls in cash credit limit for more than 30
days. The account has been classified as NPA.

Raj Steel Industries (RSI) was established in 1984 as a partnership
firm by Mr. Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47
years) and Mr. Sunny Kapoor (aged 32 years). The firm is engaged in
the manufacturing and trading of steel products with its
manufacturing facilities located at Ludhiana, Punjab. The finished
products include H.R Shuttering, H.R pipe, steel box, almirah etc.
The raw material, mainly steel is procured from reputed suppliers
as Steel Authority of India Limited (SAIL), the firm signs MOU with
same on yearly basis which is later on renewed as per the need. The
finished goods are sold to dealers and wholesalers in Punjab,
Chandigarh and J&K. RSI has another group concern viz. Raj Ispat
Udyog (RIU), established in 1988 and engaged in trading of steel
items.

RAMSAAI REAL: CRISIL Withdraws D Rating on INR6.42cr LT Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on bank facility of Ramsaai
Real Estate Private Limited (RREPL) following a request from the
company and on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL Ratings is migrating the rating on bank
facilities of RREPL from 'CRISIL D Issuer Not Cooperating' to
'CRISIL D'. The rating action is in line with CRISIL Ratings'
policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        6.42       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of RREPL to 'CRISIL D Issuer
not cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of RREPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the rating on bank facilities of RREPL
from 'CRISIL D Issuer Not Cooperating' to 'CRISIL D'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

RREPL, incorporated in 2013, is promoted by Mr. Mayank Agrawal, Mrs
Arti Agrawal and Ms Seema Yadav. It develops and sells residential
and commercial real estate projects. It is currently redeveloping a
commercial project in Lucknow, Uttar Pradesh.

S. V. FOODS: CARE Withdraws C Rating on Long Term Bank Loan
-----------------------------------------------------------
CARE Ratings has withdrawn the ratings on certain bank facilities
of S. V. Foods (SVF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank          -       Revised to CARE C from
   Facilities                      CARE B-; Stable and Withdrawn


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

The revision in the rating of SVF take into accounts continuous net
loss and cash loss in last two years ended FY20 (refers to period
from April 1 to March 31) and deterioration in its solvency
position.

The rating, further, continues to remain constrained on account of
weak solvency position, stretched liquidity position, vulnerability
of margins to fluctuation in the prices of agricultural commodities
due to seasonality of products and constitution as a partnership
concern. The rating, further, constrained on account of project
implementation risk. The rating, however, continues to favourably
take into accounts experienced partners and established marketing
network.

Hence, CARE has revised rating from CARE B-; Stable to CARE C and
withdrawn the outstanding rating of 'CARE C' assigned to the bank
facilities of SV with immediate effect. The above action has been
taken at the request of SV and 'No Objection Certificate' received
from the bank(s) that have extended the facilities rated by CARE.

Detailed description of the key rating drivers

Key rating weakness

* Continuous registration of net and cash loss in last two years
ended FY20: During FY20, TOI of the firm has declined by 6.62% over
FY19 and stood low at INR5.80 crore in FY20. The PBILDT margin of
the firm remained thin at 5.05% in FY20 improved from 3.44% in
FY19. Further, it has registered net loss of INR0.76 crore and cash
loss of INR0.72 crore in FY20. Till February 16, 2021, SV has
registered TOI of INR4.98 crore.

* Weak solvency position: The capital structure of the firm
remained weak, however, deteriorated significantly from 26.67 times
as on March 31, 2019 to 96.32 times as on March 31, 2020 owing to
low net-worth base. Further, with net and cash loss the total debt
to GCA stood negative. However, interest coverage ratio stood at
0.28 times in FY20 as against 0.23 times in FY19.

* Vulnerability of margins to fluctuation in the prices of
agricultural commodities due to seasonality of products: As the
firm is engaged in food processing, the prices of agriculture
commodities due to seasonality affects the prices of the products
and remained fluctuating and depend on production yield, demand of
the commodities and varies of weather. Hence, profitability of the
firm is exposed to vulnerability in prices of agriculture
commodities. Further, the business of the firm is characterized by
no addition, highly fragmented and competitive in nature as evident
by the presence of numerous unorganized and few organized players.
The entry barriers in this industry are very low on account of low
capital investment and technological requirement. Due to this, the
players in the industry do not have any pricing power.  Further,
the industry is characterized by high degree of government control
both in procurement and sales for agriculture commodities.
Government of India (GoI) decides the Minimum Support Price (MSP)
payable to farmers.

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

Key Rating Strengths

* Experienced partners: Mr. Vikas Choudhary, partner, is graduate
by qualification and has more than a decade of experience in the
industry. Further, he is supported by a team of sales persons and
distributors having an experience in the field of marketing. It has
more than 300 distributors covering Rajasthan, Punjab, Haryana,
Delhi and West Bengal.  Further, the partners have also promoted
Ratnawali Dairy Products LLP which is engaged in processing of
dairy products.

* Diversification of product portfolio: The firm has diversified
its product profile; the firm commenced trading of Dairy products
and ghee from September, 2018. Further the firm has undertaken a
project for purchase of dall mill costing to INR3.50 crore funded
through term loan of INR2.50 crore and balance through unsecured
loans. The project was to be completed by May, 2020. With expansion
of its products portfolio the firm has expected its scale of
operations to increase in coming years.

Liquidity: Stretched

Liquidity stood stretched marked by elongated operating cycle of
533 days in FY20 as against 573 days in FY19 owing to higher
collection period and average inventory holding period. It has thin
cash and bank balance of INR0.06 crore as on March 31, 2020.
Further, as per management discussion, SV has availed moratorium
from March 2020 to August 2020 provided by RBI however not availed
any term loan under COVID-19 measures. During FY21, the working
capital borrowings of SV has been reduced from INR6.50 crore to
INR0.95 crore through infusion of unsecured loans.

Jaipur (Rajasthan) based S.V. Foods (SV) was formed in 2012 as a
partnership concern and mainly engaged in the business of packaging
and marketing of food products like rice flakes poha, papad,
daliya, moong dal, cattle feed and etc. The firm gets the product
from other manufacturers on job work basis as well directly and
sells the products after packaging in its brand name. The products
are sold under the brand name of "Nandraj". It markets its products
in Rajasthan, Punjab, Delhi, West Bengal and Haryana.


SAANVI ASSOCIATES: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Saanvi
Associates to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.04      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from of Saanvi Associates to
monitor the rating(s) vide e-mail communications December 2, 2020
to February 10, 2021 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of best available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Saanvi
Associates bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last press release dated January 29, 2020 the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Ongoing delays in servicing debt obligations: There are on-going
delays in repayment of term loan instalment and interest repayments
by 10 to 30 days due to weak liquidity position. Further, the penal
interest has been observed in the bank statements during the review
period. Small scale of operation with limited operational track
record The firm has completed the project without any time and cost
overrun and started its commercial operations from November 2016
and achieved revenue of INR3.03 crore in FY18 and INR4.83 crore in
FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged marked by
overall gearing ratio at 4.72x as on March 31, 2019 although
improved from 5.74x as on March 31, 2018 due to repayments made to
existing term loan. The working capital limits are utilized fully
as compared to FY18.The total net worth of the firm has also
improved from INR1.73 crore as on March 31, 2018 to INR1.97 as on
March 31, 2019 on the back of accretion of profits into the
business. The debt coverage indicators of the firm remained weak
marked by total debt to GCA at 12.54 times in FY19 though improving
from negative in FY18 due to decrease in total debt levels marked
by positive gross cash accruals of 0.74 in FY19. Further, the
interest coverage ratio remained weak at 1.63x in FY19; however
slightly improving from 0.52x in FY18 mainly due to decrease in
financial expenses albeit slight improvement in PBILDT.

* Negative Operating Cycle: The operating cycle of the firm stood
at negative 14 days in FY19 due increase in payable days. The firm
receives the payment from its customers in advance from new
customers. However, the firm has corporate clients where payment is
made based on terms with clients. New customers pay upfront cash
while the regular customers pay within 15-30 days from the date of
invoice. Further, the firm makes the payment to its suppliers
within 30 days from the date of billing. The average utilization of
CC facility was 90%-95% for the last 12 months ended December 31,
2019.

* Partnership nature of business with inherent risk of capital
withdrawal: Constitution as a partnership firm has the inherent
risk of possibility of withdrawal of the partner's capital at the
time of personal contingency which can adversely affect its capital
structure. Furthermore, partnership firms have restricted access to
external borrowings as credit worthiness of the partners would be
key factors affecting credit decision for the lenders. Further,
Partners have infused capital of INR0.13 crore as on March 31,
2019.

* Highly competitive industry: With the increase in tourism and
travel industry in India, the direct benefit is derived by the
hotel industry. Starting a restaurant/hotel in semi urban, small
towns have low entry barriers and are prone to high competition.
Most of the restaurants/hotels in semi urban tourist destinations
are situated around the bust stops and railway station, they serve
almost similar kind of food and have similar dining experience.
Presence of one restaurant/hotel will attract many other
competitors in that area, thus diluting the revenue of the firm. To
overcome the competition is a major threat faced by the firm.

Key Rating Strengths

* Locational advantage with presence of restaurant near Shimoga
city railway station: The restaurant is located in balraj URS road,
near Shimoga city railway station. Being the gateway for the hilly
regions of western guards, Shimoga is a tourist attraction place.
Jog falls situated in Shimoga is one of the top destinations of
Karnataka tourism. Proximity to the railway station will attract
many tourists to the hotel. Tie-ups with travel agencies will also
help the firm increase its revenue.

* Tie up with clacks inn group for management of the hotel: Saanvi
associates has business arrangements with 'Clark's inn' for
managing the operations of the hotel by way of a long term contract
for a period of 9 years. Clark's inn group have experience of over
a decade in the hotel industry and manage about 60 hotels all over
India. Saanvi associates will pay a management fee of 6% on the
gross revenue of the hotel to Clark's inn.

* Improvement in Total Operating Income (TOI) during FY19: The
total operating income of SA has improved by 59.41% and stood at
INR4.83 crore in FY19 compared to INR3.03 crore in FY18 on account
of good occupancy on back of improved industry scenario of hotel
and tourism industry. Also, out of INR4.83 crore, Food accounted to
nearly 1.76 crore (i.e. 40%), Room service amounts to INR1.95 crore
(i.e. 45%) and the remaining from other services like banquet hall
rentals etc. Further, the firm has achieved a turnover of INR2.94
crore for the 9MFY20.

* Operating profits in FY19: The PBILDT margin of the firm improved
and stood at 39.53% during FY19 as compared to 22.14% during FY18
due to increase in total operating income in absolute terms lead to
absorption of overhead. However, PAT margin of the firm improved
and stood at 2.23% in FY19 compared to net losses in FY18 on
account of increase in PBILDT margin in absolute terms coupled with
decrease in interest costs and finance charges. The gross cash
accruals of the firm has improved from negative to positive and
stood at 0.74 as on March 31, 2019.

* Stable outlook for hospitality industry: The tourism and
hospitality sector is witnessing a healthy growth and accounts for
7.5 per cent of the country's GDP. According to a report by KPMG,
the hospitality sector in India is expected to grow at 16.1 per
cent CAGR to reach INR2,796.9 thousand crore in 2022.The
hospitality sector encompasses a wide variety of activities within
the services sector and is a major job provider both direct and
indirectly. The sector attracts the most FDI (Foreign Direct
Investment) inflow and is the most important net foreign exchange
earners for the country. The growth in the hospitality sector and
its contributions to the GDP will continue to be substantially
higher than other sectors of the economy on the back of huge
tourism potential in the country.

Saanvi Associates is a partnership firm established in the year
2016. The partners of the firm are Mr. Mallikarjunappa and his
brothers, Mr. B. Nageshappa and Mr. B. Umashankar. The firm
purchased an existing hotel named Green View Boutique as on 20
October 2016 for a consideration of INR11 crore funded by INR10
crore of term loan and INR1 crore of partner's capital. The hotel
is a 4 storied building located near Shimoga city railway station.
Also, the firm has a long term contract of 9 years with Clarks Inn
for maintaining the operations. The hotel offers South Indian and
North Indian vegetarian food. It has 30 rooms under different
categories namely superior rooms, executive suite and master suite.
It also has 1 Board room, 1 conference hall and 1 banquet hall. The
firm also undertakes outdoor catering of food.

SAIRAM FUELS: CRISIL Moves B+ Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Sairam Fuels (SSF) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility      1        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SSF for
obtaining information through letters and emails dated November 28,
2020 and December 22, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSF
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSF to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2011, SSF, a proprietorship concern of Mr. P R
Thirunavukkarasu, operates a fuel pump in Gobichettipalayam, Erode,
Tamil Nadu.

SIMPLEX IMPORT: CARE Lowers Rating on INR7.09cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Simplex Import and Export (SIE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.09      CARE D Revised from CARE B;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of SIE takes
into account delays in debt obligation.

Rating Sensitivities

Positive Factors: Factors that could lead to positive rating
action/upgrade

* Improvement in the liquidity position and timely repayment of
debt obligation

* Demonstration of default free track record of over 90 days

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

* Delays in servicing of debt obligation: As per bank statements
received, there are instances of penal interest charges on account
of delays in the servicing of term loan account. Further, there are
overdrawals in the cash credit account for more than 30 days.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations. This has constrained the ability of the company to
repay its debt obligations on a timely basis

SIE is engaged in processing of raw cashews and chocolates. The
processing takes place at a facility located near Jalore,
Rajasthan. The raw materials required for the production are raw
cashew which is imported from suppliers located in Iran, while
chocolates are imported from China and Hong Kong.


SITA RAM: CARE Lowers Rating on INR6.12cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sita
Ram Rice Mills (SRRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.12      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SRRM to monitor the rating
vide letter dated February 3, 2021 and e mail communications dated
February 2, 2021, January 15, 2021 and September 1, 2020 and
numerous phone calls. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Sita Ram Rice Mills bank
facilities will now be denoted as CARE B; Stable; Issuer not
Cooperating.

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

Detailed description of the key rating drivers

The revision in the rating takes into account the non-availability
of requisite information due to noncooperation by SRRM with CARE's
efforts to undertake a review of the outstanding ratings as CARE
views information availability risk as key factor in its assessment
of credit risk profile. The rating assigned to SRRM continues to
remain constrained due to susceptibility to fluctuation in raw
material prices and monsoon dependent operations, fragmented nature
of industry coupled with high level of government regulation and
partnership nature of constitution. The rating, however, derives
strength from experienced partners in agro processing industry and
favourable processing location.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting periods.
Adverse climatic conditions can affect their availability and leads
to volatility in raw material prices the firm is exposed to the
risk of adverse price movement resulting in lower realization than
expected.

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

* Partnership nature of constitution: SRR's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

Key Rating Strengths

* Experienced partners in agro processing industry: SRRM business
operations are currently being managed by Mr. Deva Ram Ji and his
sons Mr. Rajesh Kumar and Mr. Vinod Kumar. Mr. Deva Ram Ji has an
experience of four decades through his association with "Janta Rice
Mills" and SRRM. He is supported by his sons Mr. Rajesh Kumar and
Mr. Vinod Kumar who also has an experience two decade and one and
half decade respectively through his association with SRRM.

* Favorable processing location: The firm's processing facility is
situated in Haryana which is one of the highest producers of paddy
in India. Its presence in the region gives additional advantage in
terms of easy availability of the raw material as well as
favourable pricing terms.

Nissing-based (Haryana) Sita Ram Rice Mills (SRRM) was established
as partnership concern in 1992. The firm is currently being managed
by Mr Deva Ram, Mr Rajesh Kumar and Mr Vinod Kumar sharing profit
and losses equally. SRRM is engaged in processing of paddy and
milling of rice at its manufacturing facility located at Nissing,
Haryana having an installed capacity of 2,56,000 metric tonnes of
paddy per annum as on December 31, 2019. The firm procures the raw
material (unprocessed rice/de-husked paddy) from grain markets
mainly located in Haryana and Uttar Pradesh through commission
agents and sells its product to export houses located in Punjab,
Haryana and Delhi. Sita Ram Deva Ram and Deva Ram Rajesh Kumar are
proprietorship firms (group concerns) and act as commission agents
for agro commodities in Nissing, Haryana.


SUJITHA POULTRY: CRISIL Withdraws B Rating on INR5cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Sujitha Poultry Farm (SPF) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

CRISIL Ratings has been consistently following up with SPF for
obtaining information through letters and emails dated November 28,
2020, February 5, 2021 and February 11, 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 SPF. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SPF is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the rating on the bank facilities of
SPF to 'CRISIL B/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SPF on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Established in 2005, SPF, a partnership firm of Mr. P Chinraj and
Ms C Shanthi, is involved in the poultry business.

THAKKARSONS ROLL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Thakkarsons Roll Forming Private Limited
        Plot No. 4 & 5
        S.Nos. 39/2, 39/4, 40, 41/2
        Village Aliyali
        Opp. PIA Office
        Palghar 401404
        District Palghar
        Maharashtra

Insolvency Commencement Date: February 19, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 17, 2021

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202
                         Moraj Riverside Park
                         Takka, Panvel 410206
                         Raigad Zilla
                         Maharashtra
                         E-mail: gopi63.ip@gmail.com
                                 thakkarsons.cirp@
                                 sparkresolutions.co.in

Last date for
submission of claims:    March 10, 2021


UNITY FABTEXT: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Unity
Fabtext Industries Private Limited (UFIPL) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Short Term Bank
   Facilities           0.60       CARE D; ISSUER NOT COOPERATING
                                   Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UFIPL to monitor the
rating(s) vide e-mail communications/letters dated October 3, 2020,
November 13, 2020 & January 5, 2021, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on UFPL's bank facilities will now be denoted as CARE D;
Issuer Not Cooperating.

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

The ratings take into account the on-going delays in debt servicing
due to stretched liquidity position and qualified audit
report for FY20.

Detailed description of Key rating drivers:

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

Key Rating Weaknesses

* On-going delays in debt servicing due to stretched liquidity
position and qualified audit report for FY19: The banker has
confirmed that there are delays in the repayment of all the term
loans. The repayments due for the month of October 2019 has not
been received till date i.e. November 14, 2019. Furthermore, one
installment in each term loan account remains overdue at any point
of time. Further there are overdrawal in cash credit account every
month for the initial 10 to 15 days due to interest application and
payment of LC. Furthermore, as per FY20 audit report as well the
auditor has qualified the audit report and mentioned that there are
delays in depositing of undisputed statutory dues and repayment of
loans availed from bank.

* Highly leveraged capital structure: The tangible net-worth base
stood positive at INR0.34 crore as on March 31, 2020 vis-à-vis
negative of INR0.27 as on March 31, 2019 on account accretion of
profits of INR0.61 crore in FY20. Nevertheless, the capital
structure continues to remain highly leveraged marked by overall
gearing of 39.37x as on March 31, 2020.

* Poor liquidity position: The liquidity position of UFIPL is
marked by lower accruals when compared to repayment obligations,
over utilization of the bank limits leading to overdrawal in the
cash credit account and delays in repayment of all term loans and
modest cash balance. This could constrain the ability of the
company to repay its debt obligations on a timely basis. Further,
the current and quick ratio of 0.65x and 0.47x respectively as on
March 31, 2020. Further, the operating cycle has elongated to 61
days in FY20 from 38 days in FY19 due to increase in the collection
and inventory period to 98 days and 36 days respectively in FY20
from 85 days and 18 days respectively in FY19.

* Concentrated customer and supplier base: The customer profile of
UFIPL remained concentrated with top 3 customers comprising 97.00%
of the sales in FY19. On the other hand, the raw materials are
procured domestically, majorly from Delhi wherein the supplier
profile of the company is concentrated with top 4 suppliers
contributing to 82.11% of the total purchases in FY19.

* Operations in the competitive and fragmented industry: UFIPL
operates in a highly competitive and fragmented industry witnessing
intense competition from both organized and unorganized players
across domestic and international markets.

Key rating Strengths

* Long track record of operations with highly experienced and
resourceful management: Unity group has an established track record
of over three decades of operations in manufacturing of non-woven
products through the establishment of Unity Industries (UI)in 1985
which is engaged in manufacturing of Parts & Accessories of
Automobiles like roof inner cover, trim pads, molded carpets, sun
visor, PVC floor mats, canopy, etc. UFIPL was incorporated in 2012
for the purpose of backward integration and manufacturing of
non-woven products like design carpets, headliners fabric, shoe
liner, industrial filters, geo textiles, synthetic leather backing
and dust collection bag filters. UFIPL sells majority of its
revenue (forms 94% of its TOI in FY18 and 90% in FY19) to UI which
forms 25-30% of its total raw material purchases of UI. UI sells
the final product viz. roof inner cover, trim pads, molded carpets,
sun visor, PVC floor mats, canopy, etc. to reputed customers in
automobile industry. The operations of Unity group are looked after
by Mr. Jagdish Karande who has rich experience of 30 years in the
industry. He is also supported by the second level of management
who has significant experience in the business. Furthermore, the
promoters are resourceful and continuously providing financial
support by way of infusion of interest free unsecured loans
amounting to INR0.17 crore in FY19.

* Comfortable albeit fluctuating profitability with significant
improvement in net profit margin: The profit margins of UFIPL have
shown fluctuating trend from past three years i.e. FY17 to FY20.
The PBILDT margin of the company stood comfortable at 29.51% in
FY20 (vis-à-vis 29.10% in FY19). However, the PAT margin declined
significantly by 396 bps to 5.80% in FY20 (vis-à-vis 9.76% in
FY19) owing to increase in interest and depreciation expense in
FY20 over FY19.

The Unity Fabtext Industries Private Limited (UFIPL) was
incorporated in 2012 by Mr. Jagdish Karande and Mrs. Laxmi Karande.
UFIPL is engaged in manufacturing of non-woven products like Design
Carpets, Headliners Fabric, Shoe Liner, Industrial Filters, Geo
textiles, Synthetic leather backing and Dust collection bag
filters. UFIPL has registered office in Mumbai and manufacturing
unit in Mahad, Raigad.

[*] Moratorium Under Insolvency Code Covers Cheque Bounce Cases
---------------------------------------------------------------
BloombergQuint reports that provisions of the insolvency law that
protect a corporate debtor from other proceedings will also cover
dishonoured cheques, the supreme court ruled, taking a view
contrary to two earlier high court verdicts.

Moratorium allowed under Section 14 of the Insolvency and
Bankruptcy Code will apply to proceedings under Section 138 of the
Negotiable Instruments Act used to recover an amount for a bounced
cheque, the top court ruled, BloombergQuint relates. The top court,
however, said the protection will be available only to the
corporate debtor and not its management personnel.

BloombergQuint says Section 14 allows a moratorium till the
completion of insolvency proceedings on:

* An institution or continuation of any suits or proceedings
against the corporate debtor including execution of any order,
decree or judgment.

* Transferring, encumbering, alienating or disposing of by the
corporate debtor any of its assets.

* Any action to foreclose, recover or enforce any security interest
created by the corporate debtor in respect of its property.

* The recovery of any property by an owner or lessor where such
property is occupied by or in the possession of the corporate
debtor.

Earlier, the Bombay High Court in Tayal Cotton Pvt. vs State of
Maharashtra said the moratorium under Section 14 does not include
any criminal proceeding, BloombergQuint notes. The Calcutta High
Court in MBL Infrastructure Ltd. vs Manik Chand Somani had held
that moratorium during winding-up proceedings under the companies
act will not cover Section 138 proceedings.

BloombergQuint relates that the question before the Supreme Court
was whether the moratorium intends to cover proceedings in cheque
bounce cases. The bench, comprising Justice RF Nariman, Justice
Navin Sinha and Justice KM Joseph, said the object of Section 14
and the provision of a moratorium is to ensure that there is no
depletion of a corporate debtor’s assets during the insolvency
resolution process.

In such a situation, the court held, a quasi-criminal proceeding
would result in the corporate debtor having to pay twice the amount
of the cheque as compensation, impacting the insolvency process,
BloombergQuint relays.

"The impact of this judgment is that the corporate debtor no longer
gets entwined with a proceeding under Section 138 of the NI Act
during the corporate insolvency process," BloombergQuint quotes
Ajay Shaw, partner, DSK Legal, as saying. "Once the corporate
debtor’s stress is resolved under a resolution plan, the new
acquirer would not be liable for criminal prosecution under Section
138 of the NI Act by virtue of Section 32A of the IBC."

In the instant case, while handing the victory on the question of
law to the corporate debtor, the top court allowed the Section 138
proceedings against it to continue, BloombergQuint relates. The
reason, among others, being that the insolvency resolution process
did not involve new management taking over as well as that the
moratorium period had come to an end in the instant case.



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

BUMI SERPONG: Fitch Affirms 'BB-' LT Foreign-Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB-'. The Outlook is Stable.

The affirmation reflects Fitch's expectation that BSD will maintain
a financial profile appropriate for its rating, characterised by
annual attributable presales (excluding the share attributable to
minority interests) of IDR5 trillion, comfortable liquidity and low
net debt/ adjusted inventory ratio.

BSD has performed in line with Fitch's expectations, despite
challenges related to the Covid-19 pandemic. The company was able
to nimbly shift its product mix towards low- to middle-income
products for which demand remains healthy, given its mature
township, large low-cost landbank, and strong balance sheet.

KEY RATING DRIVERS

Middle-Income Segment Supports Presales: BSD's attributable
presales rose to IDR5.3 trillion in 2020 from a record-low of
IDR4.2 trillion in 2019, supported by a 45% rise in presales at BSD
City. The growth in presales was driven by landed houses aimed at
the middle to middle-low segment and small shophouses, both priced
at below IDR2 billion per unit. These made up 58% of BSD's
consolidated presales in 2020, up from 34% in 2019. Attributable
presales were also supported by a 19% yoy increase from other
township projects that also target the middle-low segment.

VAT Relief Positive: BSD should benefit from the temporary Value
Added Tax (VAT) relief for first-time buyers on finished properties
as it has sizeable finished inventories. As of 1 March 2021, BSD
had around IDR700 billion of finished inventories eligible for VAT
relief, primarily from BSD City. The VAT relief will allow faster
inventory turnover and boost BSD's operating cashflows. From 1
March to 31 August 2021, the government will provide 100% VAT
relief for homes priced at up to IDR2 billion, and 50% for those
priced at IDR2 billion-5 billion.

Large Land Bank at BSD City: BSD's land bank is sufficient for
another 15 years of development at BSD City. BSD's presales have
historically been driven by homes priced at IDR2 billion or more.
However, demand from this segment waned the last few years and the
company was able to quickly switch its offerings to target the
lower-income segment that was largely untapped. This has enabled
BSD to continue to report stronger presales than competitors.

Flexibility to Conserve Cashflows: BSD's landed residential
development model, coupled with some flexibility to slow
construction in high-rise projects contributed to sustained
positive operating cashflows amid a more challenging operating
environment. Fitch estimates BSD's 2020 net operating cashflows
fell to around IDR1.4 trillion from around IDR2.4 trillion in 2019,
given the lower proportion of commercial land sales and lower
receipts from rents.

Nevertheless, the company should be able to maintain positive net
operating cashflows in excess of IDR1 trillion over medium term, in
line with Fitch's expectation of stable presales from landed homes
and BSD's discretion over land banking. Although net operating
cashflows will be lower than in the past, Fitch does not think it
impairs BSD credit profile due to the company's strong balance
sheet.

Capex to Resume in 2021: BSD's capex totalled IDR500 billion for
9M20 compared with Fitch's forecast of IDR3 trillion for 2020. This
was also significantly lower than the over IDR2 trillion in 2019.
While this allowed BSD to conserve cash during the pandemic, Fitch
nevertheless expects capex to increase in 2021 to IDR2 trillion and
IDR1.5 trillion in 2022, as BSD plans to open the Aeon mall in 2H21
and a toll road by end-2022. Much of this expenditure was delayed
by the pandemic and Fitch believes it can be accommodated within
the financial profile.

New Assets Offset Low Rents: Fitch estimates contribution from
non-development EBITDA to BSD's total EBITDA to drop to around 30%
in 2021, from around 40% in the past two years, driven by a 20%
fall in base rents in its Jakarta CBD office portfolio. However,
Fitch expects this ratio to recover to around 40% in the next two
years due to additional EBITDA from new investment properties. This
will improve BSD's non-development EBITDA/ net interest ratio to
1.8x by end-2022 from 1.4x at end-2020.

Accelerating Developments Through JVs: BSD's development strategy
at BSD City includes partnerships with foreign investors to drive
development and create additional value to the overall township.
BSD's first JV project with Hong Kong Land at Navapark was launched
in 2017, and the company partnered Mitsubishi Corp at The Zora in
2018. Both projects have established themselves as premium
residential areas within BSD City, with products priced at IDR5
billion or more per unit. The two projects generate stable total
presales of around IDR1 trillion annually.

At end-2020, BSD formed a new partnership with Mitbana Pte Ltd, a
joint venture between Mitsubishi Corporation and Surbana Jurong, to
develop another township within BSD City. The development covers an
area of around 100 hectares, and BSD will sell land to this JV in
stages from 2021. BSD expects the JV to start launching the project
at end-2022.

BSD Rated Above Parent: BSD's rating is notched up from the
consolidated profile of its weaker parent Sinarmas Land Limited
(SML). SML has lower attributable presales than BSD due to higher
minority interests in key subsidiaries. Fitch assesses the ties
between BSD and SML based on Fitch's Parent and Subsidiary Linkage
Rating Criteria to be 'Weak', due to weak legal and operational
linkages between the two.

Weak Linkage with Parent: The weak linkages are reflected in the
moderate ring-fencing at BSD under its US dollar bond documents and
Indonesian stock-exchange regulations, which limit related-party
transactions. BSD and SML also maintain separate operations and
have no intercompany transactions.

DERIVATION SUMMARY

BSD's rating can be compared with that of other Indonesian property
developers, such as PT Ciputra Development Tbk (B+/Stable) and PT
Pakuwon Jati Tbk (BB/Stable), and Chinese developer KWG Group
Holdings Limited (BB-/Stable).

BSD is rated one notch higher than Ciputra, supported by BSD's
larger presales. This is due to BSD's larger land bank, which gives
it better ability to tailor products to suit demand. BSD's larger
presales are also driven by lower contribution from projects with
high minority shareholders compared to Ciputra.

Pakuwon is rated one notch higher than BSD due to its large
non-development income base relative to its debt. The
non-development income provides better cash flow stability than
property-development sales, which are more volatile. Pakuwon's
stronger profile relative to BSD's is also supported by a more
conservative balance sheet.

KWG, like BSD, benefits from a low-cost land bank that supports
high and stable margins. KWG benefits from a strong foothold in
China's Guangzhou city, where land prices are lower than those in
other Tier 1 cities, while BSD has a large land bank acquired at
low cost, which allows the company to maintain at least 60% gross
margins from landed houses. Although KWG has larger and more
diversified property-development projects versus BSD's concentrated
development in BSD City, this is offset by BSD's longer land-bank
reserve life of more than 15 years, compared with around five years
for KWG, and BSD's strong non-development income stream. As a
result, both companies are rated at the same level.

KEY ASSUMPTIONS

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

-- Attributable presales of IDR5 trillion in 2021 and IDR5.3
    trillion in 2022.

-- Capex of IDR2 trillion in 2021 and IDR1.5 trillion in 2022.

-- Net operating cashflows after land acquisitions of IDR1.2
    trillion in 2021 and IDR1.3 trillion in 2022.

-- Land sales to JVs executed as planned at IDR1 trillion each in
    2021 and 2022.

RATING SENSITIVITIES

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

-- Non-development EBITDA less income attributable to
    minorities/net interest expense at more than 2.5x (2020F:
    1.4x).

-- Non-development EBITDA less income attributable to minorities
    of more than USD120 million (about IDR1.7 trillion) with top
    five assets contributing less than 50% (2020F: USD40 million,
    75%).

-- Leverage, measured as net debt/net inventory, at less than 30%
    (2020F: 15%).

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

-- If non-development EBITDA less income attributable to
    minorities/net interest expense remains above 1x, leverage
    sustained above 40%.

-- Attributable presales of less than IDR5 trillion per year for
    a sustained period.

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: BSD's liquidity is
supported by Fitch's estimate a cash balance of more than IDR10
trillion at end-2020, compared with 2021 maturities of IDR5.4
trillion. BSD refinanced the USD300 million notes due in April 2021
with USD300 million of notes due in January 2025. BSD's next
significant maturity is USD270 million of notes due in October
2023. Fitch views refinancing risk as manageable, supported by
Fitch's expectation of stable presales and positive operating cash
flows, BSD's moderate financial risk profile and the company's
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.



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

TAKATA CORP: Court Allows Alternative Service to MSI
----------------------------------------------------
Judge Brendan Linehan Shannon of the United States Bankruptcy Court
for the District of Delaware granted the Ex Parte Motion for
Alternative Service filed by Eric D. Green, as trustee for the PSAN
PI/WD Trust, d/b/a the Takata Airbag Tort Compensation Trust Fund
on Defendant Mitsui Sumitomo Insurance Company.

On September 30, 2020, the Trustee filed a motion to enforce the TK
Holdings, Inc. and its affiliated Debtors' Fifth Amended Joint
Chapter 11 Plan and the Court's Confirmation Order. In the Motion
to Enforce, the Trustee asked the Court to enforce certain
provisions of the Plan and Confirmation Order regarding the
Debtors' transfer of insurance rights to the Trust and the Plan's
impact on the insurers' obligations to the Trust. MSI filed an
objection to the Motion to Enforce and the Trustee filed a reply.
After a hearing on October 21, 2020, the Court issued a letter
ruling and order denying the Motion to Enforce as procedurally
improper under Bankruptcy Rule 7001.

On November 5, 2020, the Trustee commenced the adversary proceeding
against MSI. On November 19, 2020, the Trustee filed the
Alternative Service Motion, asking the Court to authorize the
Trustee to serve process on MSI by sending a copy of the summons
and complaint via regular U.S. mail and email to MSI's United
States counsel pursuant to Fed.R.Civ.P. 4(f)(3). MSI objected to
the Alternative Service Motion, arguing that the Federal Rules
require service upon MSI to be completed through the Hague
Convention on the Service Abroad of Judicial and Extrajudicial
Documents.

"The Trustee is not required to attempt service abroad before
seeking alternate service under Rule 4(f)(3). .. 'Service pursuant
to Rule 4(f)(3) is neither a last resort nor extraordinary relief .
. . [i]t is merely one means among several which enables service of
process on an international defendant.' 'As such, Rule 4(f)(3) is
an equally valid method for service as Rule (4)(f)(1)... '[S]ervice
under Rule 4(f)(3) must be (1) directed by the court; and (2) not
prohibited by international agreement. No other limitations are
evident from the text.' Despite MSI's objection and its stated
preference for service under the Hague Convention, there is nothing
before the Court indicating that service on MSI's United States
counsel would violate an international agreement. '[T]he task of
determining when the particularities and necessities of a given
case require alternative service of process under rule 4(f)(3)' is
left 'to the sound discretion of the district court'. . . The facts
and circumstances of this case support the Trustee's request for
alternative service. MSI's domestic counsel already has appeared
before this Court in this bankruptcy case. Moreover, MSI's domestic
counsel has appeared recently on behalf of MSI regarding the Motion
to Enforce that was the precursor to this adversary proceeding and
MSI's objection to the Alternative Service Motion. There is clearly
adequate and recent contact between MSI and its counsel, so there
is no doubt that service upon MSI through its Delaware counsel
comports with the requirements of Due Process," Judge Shannon
held.

The case is In re: TK HOLDINGS, INC., et al., Chapter 11, Debtors.
ERIC D. GREEN, as Trustee of the TAKATA AIRBAG TORT COMPENSATION
TRUST FUND Plaintiff, v. MITSUI SUMITOMO INSURANCE CO., LTD.,
Defendant, Case No. 17-11375 (BLS), Jointly Administered, Adv. No.
20-51004 (BLS), (D.I. 5), (Bankr. D. Del.). A full-text copy of the
Memorandum Order Granting the Plaintiff's Motion for Alternative
Service, dated February 23, 2021, is available at
https://tinyurl.com/p2y2vn3c from Leagle.com.

                        About TAKATA Corp.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures, and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats, and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide. The
Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China, and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the U.S.,
amid recall costs and lawsuits over its defective airbags. Takata
and its Japanese subsidiaries commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court on June 25,
2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
17-11375) on June 25, 2017. Together with the bankruptcy filings,
Takata announced it has reached a deal to sell all its global
assets and operations to Key Safety Systems (KSS) for US$1.588
billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is tax
advisor. Prime Clerk is the claims and noticing agent. The Debtors
Meunier Carlin & Curfman LLC, as special intellectual property
counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also provides
financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of the
Chapter 11 Debtors, obtained an order of the Ontario Superior Court
of Justice (Commercial List) granting, among other things, a stay
of proceedings against the Chapter 11 Debtors pursuant to Part IV
of the Companies' Creditors Arrangement Act. The Canadian Court
appointed FTI Consulting Canada Inc. as information officer. TK
Holdings, as the foreign representative, is represented by McCarthy
Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson
Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York;
and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in Washington, D.C., as its bankruptcy counsel. The Committee
has also tapped Chuo Sogo Law Office PC as Japan counsel. The
Official Committee of Tort Claimants selected Pachulski Stang Ziehl
& Jones LLP as counsel. Gilbert LLP will evaluate the insurance
policies. Sakura Kyodo Law Offices is serving as special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and
Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the
Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as
Takata's counsel in the Chapter 15 cases.

                               * * *

In February 2018, the U.S. Bankruptcy Court confirmed the Fifth
Amended Chapter 11 Plan of Reorganization filed by TK Holdings,
Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's
subsidiaries and affiliates.



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

TH HEAVY: Inks Settlement Deal with PTTEP Sarawak Worth MYR16MM
---------------------------------------------------------------
Sulhi Khalid at theedgemarkets.com reports that loss-making TH
Heavy Engineering Bhd (THHE) said the settlement amount agreed
between the group and PTTEP Sarawak Oil Ltd (formerly known as
Murphy Sarawak Oil Co Ltd) was about RM16 million.

In a filing with Bursa Malaysia, THHE clarified that the amount
owing by PTTEP to THHE's wholly-owned unit THHE Fabricators Sdn Bhd
as at Dec. 31, 2019 was about RM38 million.

"The settlement amount agreed between both parties through the
settlement agreement is approximately RM16 million," THHE said,
theedgemarkets.com relays.  "This settlement allowed both parties
to look forward to a better future business relationship and to end
the long outstanding dispute with PTTEP," the group added.

The Practice Note 17 (PN17) group was commenting on an article in
the March 1 edition of the The Edge weekly entitled "THHE takes
impairment hit on PTTEP contract".

theedgemarkets.com relates that THHE reiterated its earlier
announcement on Feb. 2 that the impairment loss for the amount due
from the contract customer was about RM22 million.

The Edge reported that THHE had sought as much as RM112.74 million
from PTTEP for a change order on a RM196 million engineering,
procurement, construction and commissioning contract for top-sides
at the Pernas oil field's PR-PA platform off the coast of Sarawak.

The contract was awarded in April 2013 and concluded in June 2014,
the report notes.

                           About TH Heavy

TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel structures
and the provision of other related offshore oil and gas engineering
services in Malaysia.

TH Heavy slipped into Practice Note 17 (PN17) status in April 2017
after the company's independent auditors expressed a disclaimer
opinion on its accounts for the financial year ended Dec. 31,
2016.

The company is currently formulating a regularisation plan that
includes a scheme that would demonstrate the company's ability to
generate adequate cashflow from operations.




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

MONGOLIAN MINING: Fitch Affirms 'B' LT Foreign-Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Mongolia-based coal producer Mongolian
Mining Corporation's (MMC) Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'B'. The Outlook is Stable. Fitch has also
affirmed MMC's senior unsecured rating of 'B' with a Recovery
Rating of 'RR4'.

MMC's rating is constrained by its small scale, single-product
focus on hard coking coal and limited cost competitiveness outside
of northern China, its main market. However, MMC has flexibility in
capex, which should give it a sufficient buffer to continue
generating free cash flow (FCF) during coal price downturns.

KEY RATING DRIVERS

Robust Market Fundamentals: The affirmation of MMC's ratings and
Stable Outlook reflect Fitch's view that MMC's business and credit
profiles remain solid. Fitch estimates MMC's leverage exceeded
Fitch's negative guidance and FCF was mildly negative in 2020 due
to Covid-19-related disruption of border throughput. The
disruptions have been mostly resolved, and Fitch expects earnings
and cash flow to improve significantly in 2021 on strong market
fundamentals driven by stable demand from China's steel sector and
robust coking coal prices.

Fitch believes MMC can achieve sales volume of around 4.9Mt as
border throughput normalises, with potential to increase sales
volumes by using inventory stockpiles if border traffic improves
further.

Covid-19 Impact Manageable: Some tail risks from the pandemic
remain as potential outbreaks in Mongolia could disrupt border
throughput. However, preventive measures seem to be effective as
evident from the uptick in border throughput. MMC expects
throughput to recover to about 700 trucks per day, broadly in line
with 2019, with room for further improvement as logistical
bottlenecks have been removed. Therefore, Fitch does not expect any
major disruption of MMC's operations and export sales comparable to
the instability in 2020.

Small Scale, Single Product: MMC is small compared with Fitch's
global rated coal-mining companies in terms of revenue, which Fitch
estimates was down by more than 30% yoy in 2020 (2019: USD627
million). Hard coking coal accounted for over 90% of MMC's total
revenue in 2019. The latest coal reserve statements show pro forma
total run-of-mine coal reserves of 499 million tonnes, giving MMC a
reserve life of 30-35 years. MMC's small scale and product
concentration constrain its business profile to the 'B' rating
category.

Cost Competitive in Limited Markets: MMC is cost competitive only
in the northern parts of China due to the proximity of its mines to
steel mills in that area. MMC's mine gate-cash cost is low compared
with that of global peers at roughly USD30 per tonne, but MMC's
transportation cost by land to its Chinese customers is around
USD20 per tonne, which limits its cost competitiveness. Delivery
beyond northern China would further increase costs, leaving MMC
with customers that are mainly in northern China.

Neutral Regulatory Environment: The Mongolian tax and royalty
stabilisation certificate granted to MMC for 24 years in 2015
outlines the tax and royalty rates that apply to the company. The
certificate helps mitigate risks of sudden shifts in Mongolia's
royalty and tax policies. Management said previous bottleneck
issues at the China-Mongolia border have been mostly resolved with
newly installed gates and systems that will enable MMC to increase
its sales to Chinese customers over the next few years.

Capex Flexibility: The company estimates its minimum sustaining
capex, most of which is for regular maintenance of its mines,
mining fleets and coal-hauling trucks, will be around USD5 million
per year. MMC capitalises some of its stripping cost, where
stripping of the mine results in long-term benefits. The
capitalised stripping cost and minimum sustaining capex are likely
to be between USD60 million-83 million per annum in 2021-2023. MMC
can decrease its capitalised stripping cost and reduce capex should
there be a significant coal price decline.

Moderate Financial Profile: MMC's financial and liquidity profile
is in line with that of peers with similar ratings. MMC's funds
from operations (FFO) net leverage likely exceeded Fitch's negative
guidance in 2020. However, increasing export sales against the
backdrop of the strong recovery in China, MMC's main market, should
lead to a notable improvement in leverage.

MMC's credit profile is also supported by positive FCF due to
sustained profit generation based on a stable metallurgical
coal-price environment and steady levels of capex. In addition, MMC
benefits from ample maturity headroom, with the USD440 million
notes only coming due in 2024. Fitch also expects MMC to be able to
maintain its FFO fixed-charge coverage above 3x in the near
future.

DERIVATION SUMMARY

MMC has a much smaller scale in terms of revenue and EBITDA than
other rated coal producers, such as Yanzhou Coal Mining Company
Limited (BB-/Rating Watch Positive) and PT Golden Energy Mines Tbk
(B+/Stable).

MMC has a single product, similar to its peers. MMC has slightly
better margins than PT Golden Energy Mines. MMC's operational
profile in terms of mine life is strong compared with that of Geo
Energy Resources (CCC), which has a mining life of less than five
years, and at a similar level as that of PT Golden Energy Mines,
which has a mining life of over 25 years.

MMC's financial and liquidity profile is similar to its 'B' rated
peers, with FFO net leverage expected to be less than 3.5x by 2022
and FFO fixed charge cover of above 3x from 2021. MMC's rating
however remains constrained by its lack of geographical
diversification and scale.

KEY ASSUMPTIONS

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

-- Hard coking coal average selling price of USD121/tonne from
    2021-2023;

-- Capex of up to USD83 million per annum from 2021-2023.

Key Recovery Rating Assumptions

The recovery analysis for MMC is on a going-concern basis in case
of bankruptcy and assumes that the company would be reorganised and
not liquidated. Fitch has assumed a 10% discount to enterprise
value to account for bankruptcy-related administrative claims.

Going-Concern (GC) Approach

The GC EBITDA estimate of USD160 million (2019: USD242 million)
reflects Fitch's view of a sustainable, post-reorganisation EBITDA
level upon which Fitch bases the enterprise valuation. Fitch has
taken a lower sustainable EBITDA because a restructuring would most
likely be a result of a coal-market downturn.

An enterprise value (EV) multiple of 4x EBITDA is applied to the GC
EBITDA to calculate a post-reorganisation EV. The choice of this
multiple considers the EV/EBITDA multiple that Fitch uses for
several rated Indonesian coal company peers that also adopt the GC
approach for recovery analysis.

The recovery waterfall results in a 100% recovery estimate
corresponding to a 'RR1' Recovery Rating for offshore senior
unsecured debt. However, MMC's Recovery Rating is capped at 'RR4'
because Mongolia is subject to a soft cap of 'RR4', as it falls
under the Group D of countries in terms of creditor-friendliness
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria.

RATING SENSITIVITIES

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

-- Positive rating action is not envisaged in light of MMC's
    small scale and lack of cost competitiveness beyond northern
    China.

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

-- Generation of negative FCF;

-- FFO net leverage sustained above 3.5x;

-- Any negative regulatory changes.

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

Liquidity Dependent on FCF: MMC has no liquidity issues for now as
it does not rely on bank loans, but rather on notes financing with
the nearest upcoming US dollar notes due in 2022 of around USD15
million as of 31 December 2019. MMC had no short-term debt as of 31
December 2019, with cash on hand of USD41 million. It also has
limited undrawn committed bank facilities. However, failure to
continually accumulate FCF may lead to a liquidity crunch in a
downturn. In addition, the company will likely need to refinance at
least part of its notes maturing in 2024, as Fitch does not expect
cumulative FCF generation to be sufficient to redeem the full
amount.

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
=================

HYFLUX LTD: Has at Least Seven Non-Binding Offers as Cash Runs Out
------------------------------------------------------------------
Bloomberg News reports that Hyflux Ltd., which was put under
judicial management in November last year, will be fielding several
possible bids in the months ahead as it tries to avoid running out
of money.

The Singaporean water-treatment company currently has at least
seven non-binding offers from potential investors, according to two
people familiar with the matter, Bloomberg relays. It needs to move
fast: the firm had SGD18.4 million ($13.8 million) of cash as of
Jan. 31, enough to survive five months from that date, the people
said, asking not to be identified because the matter is private.

The suitors have shown interest in Hyflux as a whole or for some of
its assets, but the bids have varying degrees of complexity and
many need additional clarification, the people, as cited by
Bloomberg, said.

Once a corporate highflyer, Hyflux is Singapore’s most
high-profile debt-restructuring case that has dragged on since a
court-supervised process began in May 2018. Rapidly declining
liquidity is adding to the woes: its cash and equivalents halved
for two straight years through 2020, Bloomberg relates.

Borrelli Walsh isn’t yet able to determine whether the company
will be restructured in entirety or its assets will be sold
piecemeal, according to the people cited by Bloomberg.

The judicial manager seeks binding offers from suitors by March 31
and targets finalizing the term sheets with shortlisted investors
by April 15, the people said, Bloomberg relays.

Among the group's main operating entities, Hydrochem (S) Pte held
the most cash, while Hyflux Engineering Pte and Hyflux Membrane
Manufacturing (S) Pte had at least SGD2.8 million as of Jan. 31,
according to the people.

In January this year, Hyflux said 17 potential investors were
conducting due diligence for submitting non-binding offers and the
judicial manager would invite shortlisted suitors to participate in
second stage of bidding process on or about Feb. 15, adds
Bloomberg.

                         About Hyflux Ltd

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.

Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.

PACIFIC INT'L: Debt Restructuring Plan Receives Court Sanction
--------------------------------------------------------------
Lynette Tan at The Business Times reports that Pacific
International Lines (PIL) said on March 3 that the High Court has
sanctioned its debt restructuring plan.

According to BT, the scheme will take effect once the company
lodges a copy of the order made by the court with the Accounting
and Corporate Regulatory Authority of Singapore.

Under the scheme approved by PIL's creditors last month, Heliconia
Capital Management, a wholly-owned unit of PIL investor Temasek
Holdings, will become the majority shareholder in PIL while pumping
in some US$600 million to rescue the company, BT relates. The
stakes held by the family of executive chairman Teo Siong Seng will
be diluted to under 15 per cent.

The creditors comprise the holders of the SGD60 million tranche of
8.5 per cent notes overdue since last November and other unsecured
claimants as well as secured lenders, BT discloss.

Pacific International Lines (Private) Limited (PIL) provides marine
support services. The Company offers liner container, 3rd party
logistics, port, and tracking services. PIL serves customers
worldwide.

SEN YUE: DBS Applies to Place Firm Under Judicial Management
------------------------------------------------------------
Lynette Tan at The Business Times reports that Sen Yue Holdings on
March 3 said that DBS, its bank creditor, has applied to the High
Court for the waste-management group and its subsidiary to be
placed under judicial management.

BT relates that the subsidiary, SMC Industrial (SMCI), owes DBS
around SGD5.9 million and has about US$9 million outstanding, plus
all accrued interest and legal costs on an indemnity basis. In
January, it received a letter of demand from DBS, which had
recalled banking facilities on the grounds of default.

The lender had demanded that the sums be paid in three weeks,
failing which SMCI would be liable to be compulsorily wound up, BT
says.

A pre-trial conference has been fixed on March 18 for the
applications for judicial management, the report discloses. Sen Yue
said that it is reviewing the applications with SMCI, and taking
legal advice on their "proposed courses of action".

According to BT, Sen Yue and SMCI are facing other woes: Last
October, SP PowerAssets, another creditor, sent a second letter of
demand to SMCI to pay an aggregate balance of close to SGD7.5
million and any accrued interest for late payment of this amount.

Sen Yue and SMCI are also involved in an ongoing probe by the
Commercial Affairs Department, with the former's executive chairman
Koh Mia Seng suspended from all executive functions, BT relates.

Sen Yue called for a trading halt at the end of April last year,
and converted this to a trading suspension the following month. Its
shares last traded at 2.2 Singapore cents on April 27, 2020, BT
notes.

                          About Sen Yue

Sen Yue Holdings Limited is an investment holding company. The
Company is principally engaged in three business verticals: e-waste
management solutions, commodities trading, and surface coating and
related services. The Company provides holistic e-waste management
solutions to local and overseas customers. It offers e-waste
management solutions in Singapore to recycle lithium-ion batteries.
The Company's commodities trading and processing business
activities is an extension of its e-waste management business by
creating new value in metal scraps. Its surface coating and related
services offer protection from corrosion and extend the service
life of its customers' products and components, while staying
environmentally friendly.



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

THAI AIRWAYS: Top Shareholder Supports Restructuring Plan
---------------------------------------------------------
Suttinee Yuvejwattana and Anuchit Nguyen at Bloomberg News report
that Thailand’s finance ministry, the largest shareholder of Thai
Airways International Pcl, signaled its support for a restructuring
plan that includes raising fresh capital, a temporary freeze on
repayment of borrowings and slashing its workforce by half to
return the debt-ridden airline to profit.

Bloomberg relates that the key elements of the debt rehabilitation
plan are "quite acceptable," Pantip Sripimol, director general of
the State Enterprise Policy Office under the finance ministry, said
March 3. The ministry will study the restructuring proposals in
detail before deciding on its vote, she said. The ministry will
support the airline's fund-raising plan as it's on a recovery path,
Deputy Prime Minister Supattanapong Punmeechaow said, Bloomberg
relays.

Thai Airways, with liabilities of about $11 billion last year,
expects its creditors to vote on the court-mandated debt recast
plan on May 12, Acting President Chansin Treenuchagron said March
2. The airline, which posted a record loss of $4.7 billion last
year, aims to return to profit in 2024, he said.

Under the restructuring plan, the airline will seek to raise THB50
billion ($1.65 billion) of fresh capital over the next two years
through new shares or borrowing, according to Bloomberg. The
company will cut its workforce to 13,000-15,000 by 2022, while
proposing no haircut on debt, a waiver of unpaid interest on loans
and deferment of bond repayments for six years, company officials
said March 2.

"The finance ministry and other creditors are quite satisfied with
the no-haircut option as this should help increase the possibility
of the plan being approved," Bloomberg quotes Pantip as saying. "We
can understand that it will take longer to get the money back given
the current situation."

The ministry will subscribe to new shares issued by the airline in
line with its shareholding, Supattanapong said.

Thai Airways, which has posted losses every year barring one since
2013, saw losses widen last year after the coronavirus outbreak
ground most of its services to a halt. The airline sold stakes in
some units and reduced staff to cushion the blow but still saw its
equity turn negative, prompting the Thai stock exchange to suspend
its shares, Bloomberg says.

Not all observers think the proposal to shun a haircut on debt is
the best move, Bloomberg notes.

"In most debt restructuring cases, the debtors need some haircut,
mostly a big reduction, and a debt-for-equity swap to bring down
their leverage," Bloomberg quotes Siam Tiyanont, an analyst at
Phillip Securities Pcl in Bangkok, as saying.

Thai Airways expects the bankruptcy court to hold hearings to
consider and approve the plan in June and July and also appoint an
administrator, Chansin said.

According to Bloomberg, other key points from the restructuring
plan:

   * The carrier plans to reduce the number of its fleet to 86 by
2025, cut the number of aircraft types to 5 from 12 and pare down
the engine types they are using to 4

   * It will focus on smaller and profitable network and discussing
a lower fees with aircraft lessors

   * The airline sees a full traffic recovery around 2024 and will
start operating Frankfurt-Phuklet route next month

                         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.



=============
V I E T N A M
=============

VIETNAM - RUSSIA JOINT: Moody's Assigns First Time B2 Issuer Rating
-------------------------------------------------------------------
Moody's Investors Service has assigned first-time B2 long-term
deposit and issuer ratings to Vietnam -- Russia Joint Venture Bank
(VRB), a bank based in Vietnam (Ba3 negative). Moody's has also
assigned to the bank a b2 Baseline Credit Assessment and adjusted
BCA.

The rating outlook is stable.

RATINGS RATIONALE

VRB's B2 long-term deposit and issuer ratings reflect VRB's strong
capitalization, which somewhat offsets its weak asset quality due
to significant loan concentration to large borrowers and modest
profitability because of the bank's small franchise.

The ratings are at the same level as the bank's b2 BCA, based on
Moody's expectation of a low probability of support from the
Government of Vietnam or from the bank's shareholders in times of
need.

VRB's capitalization is strong, with its tangible common equity to
adjusted risk-weighted assets ratio at 19% as of June 30, 2020
under Basel II, the highest among Moody's-rated domestic peers.
Although Moody's expects VRB's capitalization to decline over the
next 12-18 months, in tandem with moderate loan growth, it will
remain above that of its system peers.

VRB's adjusted problem loan ratio (nonperforming loans and special
mention loans as a percentage of gross loans) was elevated at 5% as
of June 30, 2020, higher than Moody's-rated domestic peers'
average. Its loan book is small and concentrated in large
borrowers, some of which are of weak asset quality and have been
restructured because of the coronavirus outbreak, making the bank
susceptible to large loan defaults. Moody's expects VRB's asset
quality will remain weaker than that of its peers amid an uneven
recovery in Vietnam's economy from the coronavirus outbreak.

Profitability is modest with return on tangible assets of 0.6% as
at June 30, 2020 because of low asset yield and elevated credit
costs.

VRB's funding structure is also modest, because of its small
deposit franchise. The bank is more reliant on short-term interbank
borrowings than its domestic rated peers, and its non-bank deposits
are concentrated in a few large depositors. Its high level of
liquid assets, which represented 43% of its tangible banking assets
as at June 30, 2020, somewhat offset its funding weaknesses.

SUPPORT ASSUMPTIONS

Moody's assessment of low level of government support is based on
VRB's very small market share and limited systemic importance to
the Vietnamese banking system. VRB is headquartered in Hanoi,
Vietnam, and operates through a small network of six branches and
13 transaction offices. It has a small balance sheet, accounting
for only 0.2% of Vietnamese banking system assets and 0.1% of
system deposits.

VRB is a joint-venture bank established by JSC Bank for Investment
and Development of Vietnam (BIDV, Ba3 negative) and the
Russia-based Bank VTB, PJSC (VTB, Baa3 stable) in 2006. BIDV and
VTB each hold a 50% stake in VRB. VRB's ratings do not incorporate
affiliate support uplift from either BIDV or VTB, because no
shareholder owns a majority stake in VRB and there is a lack of a
shared brand name, weak strategic fit and limited management
oversight.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Moody's could upgrade the bank's BCA and ratings if the bank shows:
(1) a material improvement in its asset quality and/or meaningful
diversification of its loan portfolio; and (2) a material and
sustainable improvement in its core profitability to support its
loan portfolio expansion.

Moody's could also upgrade the bank's ratings if there is a
meaningful expansion of its operations and balance sheet in Vietnam
that leads the rating agency to increase the level of government
support assumption.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Moody's could downgrade the bank's ratings and BCA if (1) the
bank's asset quality deteriorates significantly; (2) there is a
rapid erosion of its capital without a corresponding improvement in
profitability; and/or (3) its liquidity deteriorates
significantly.

RATING METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Vietnam -- Russia Joint Venture Bank, headquartered in Hanoi,
reported total assets of VND19,464 billion ($839 million) as of
June 30, 2020.

LIST OF ASSIGNED FIRST-TIME RATINGS/ASSESSMENTS

Vietnam - Russia Joint Venture Bank

Adjusted Baseline Credit Assessment, Assigned b2

Baseline Credit Assessment, Assigned b2

Long-term Counterparty Risk Assessment, Assigned B1(cr)

Short-term Counterparty Risk Assessment, Assigned NP(cr)

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Assigned B1

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Assigned NP

Long-term Issuer Rating (Foreign and Local Currency), Assigned B2;
Outlook Stable

Short-term Issuer Rating (Foreign and Local Currency), Assigned
NP

Long-term Deposit Rating (Foreign and Local Currency), Assigned
B2; Outlook Stable

Short-term Deposit Rating (Foreign and Local Currency), Assigned
NP

Outlook, Assigned Stable



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

[*] Some Asian Countries Getting Left Behind in Covid-19 Recovery
-----------------------------------------------------------------
The Wall Street Journal reports that Asian nations led the world in
crushing Covid-19 in 2020. Now some are being hamstrung by border
closures and other rules they imposed to stay safe, potentially
putting them behind the U.S. and other countries in leading the
global economic recovery, the Journal says.

The Journal relates that countries such as China, Thailand and
Australia virtually halted the coronavirus within their borders by
shutting off entry to most outsiders and aggressively quashing
infections that slipped in. Their citizens live near-normal lives
and their economies, with some exceptions, haven't crashed as hard
as those in the West. China managed to grow its gross domestic
product by 2.3% last year.

But that success made it less urgent for many Asian countries to
move quickly in vaccinating their citizens, since few are falling
sick. Most countries in Asia have only vaccinated a small
percentage of their populations, and most Asian economies won't
reach herd immunity until 2022, Goldman Sachs estimated, the
Journal relays. The U.S. and U.K. will likely have vaccinated half
their residents by May, Goldman Sachs forecasted.

That could leave some Asian countries in a holding pattern, forced
to keep their borders sealed since their populations have developed
little natural immunity to the disease, even as swaths of the world
reopen businesses and international travel, according to the
Journal.

"The irony of Asia being successful in controlling Covid-19 is . .
. that Asia's going to be later in getting to herd immunity," the
Journal quotes Andrew Tilton, Goldman Sachs's chief Asia Pacific
economist, as saying. He said the Americas and Europe could show
the biggest economic gains over the next few quarters, while Asia
rebounds more slowly - albeit from a stronger base - or in some
cases deteriorates.

Plenty of factors could change that scenario, the Journal notes.
Vaccine rollouts may be delayed, or new virus strains may lower the
effectiveness of inoculations.

Many people in Asia remain happy to accept tighter travel and other
restrictions, given the trade-off in lower death tolls.

And some Asian countries have adapted well to closed borders.
China, which sends more tourists abroad than it receives at home,
is enjoying a boost in domestic travel spending, while its
factories pump out goods for the rest of the world, the Journal
says.


                           *********


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.



                *** End of Transmission ***