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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

          Monday, September 14, 2020, Vol. 23, No. 184

                           Headlines



A U S T R A L I A

A.D. ENGINEERING: Second Creditors' Meeting Set for Sept. 24
B K CHEMISTS: Second Creditors' Meeting Set for Sept. 16
BEFIT TECHNOLOGY: Second Creditors' Meeting Set for Sept. 17
BIGAMBUL LIMITED: Second Creditors' Meeting Set for Sept. 22
HALO GO: First Creditors' Meeting Set for Sept. 10

LIBERTY FUNDING 2020-1: Moody's Rates AUD18MM Class F Notes B2(sf)
REDZED TRUST 2020-2: Moody's Gives B1 Rating on AUD4MM Cl. F Notes
ROSEBROOK ENTERPRISES: Second Creditors' Meeting Set for Sept. 18
ROWIE'S BRAND: First Creditors' Meeting Set for Sept. 21


C H I N A

BYTON LTD: Expects $292 Million Rescue From Shareholders
SICHUAN TRUST: Still Can't Repay $3.6 Billion Due Investors
XINYUAN REAL: Fitch Assigns B- Rating on New USD Unsec. Notes


I N D I A

BARAK VALLEY: CARE Hikes Ratings on INR41cr Loans to B
BENGAL ANTIBIOTICS: CARE Lowers Rating on INR5.20cr LT Loan to D
BHATI ASSOCIATES: CARE Keeps D on INR8cr Loans in Not Cooperating
BRAVO AGENCIES: CARE Keeps D on INR15cr Loans in Not Cooperating
COMMERCIAL CARRIERS: CARE Keeps D Debt Rating in Not Cooperating

DABANG METAL: CARE Keeps D on INR5.95cr Loans in Not Cooperating
GAGAN AGRO: CARE Keeps D on INR19cr Loans in Not Cooperating
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
GRADIENT BUSINESS: Insolvency Resolution Process Case Summary
HI REACH: CARE Lowers Rating on INR8.50cr LT Loan to C

HILLSFOOD AGRO: CARE Keeps D on INR9.1cr Loans in Not Cooperating
HMP HOTELS: CARE Keeps D on INR5.1cr Loans in Not Cooperating
IMP POWERS: CARE Keeps D on INR382cr Loans in Not Cooperating
KATHPAL DAIRIES: CARE Keeps D on INR19cr Loans in Not Cooperating
KSK ENERGY: CARE Keeps D on INR195cr Loans in Not Cooperating

KSK WATER: CARE Keeps D on INR636cr Loans in Not Cooperating
MAA MAHARANI: CARE Keeps D on INR6.07cr Loans in Not Cooperating
PATNA HIGHWAY: CARE Keeps D on INR846cr Loans in Not Cooperating
PRATEEK APPARELS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
RAJAHMUNDRY GODAVARI: CARE Keeps D Debt Rating in Not Cooperating

RAJKISHORE SINGH: CARE Lowers Rating on INR1cr LT Loan to C
RAVINDRA KUMAR: CARE Lowers Rating on INR9cr LT Loan to C
RAYMIX CONCRETE: CARE Keeps D on INR20cr Loans in Not Cooperating
SAI WARDHA: CARE Keeps D Debt Ratings in Not Cooperating
SANTLADEVI RESORTS: CARE Assigns D Rating to INR42cr LT Loan

SHUBHAM PROPMART: CARE Keeps D on INR9.8cr Loans in Not Cooperating
SMT MACHINES: CARE Keeps D on INR6.2cr Loans in Not Cooperating
VISAKHA FOODS: CARE Lowers Rating on INR4.84cr LT Loan to C


I N D O N E S I A

WIJAYA KARYA: Fitch Lowers LongTerm IDRs to BB-


N E W   Z E A L A N D

AWING TRAVEL: Goes Into Liquidation; Owes More Than NZD1 Million


S I N G A P O R E

SINGAPORE AIRLINES: Plans to Slash 4,300 Jobs Amid Pandemic


S O U T H   K O R E A

ASIANA AIRLINES: Creditors to Inject $2BB After Sale Collapses
EASTAR JET: To Cut Half of Workforce for New Deal


T H A I L A N D

BANGKOK BANK: Moody's Rates Add'l. Tier 1 Capital Securities (P)Ba1
THAI AIRWAYS: Faces Court Ruling on Landmark Debt Rescue Plan

                           - - - - -


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

A.D. ENGINEERING: Second Creditors' Meeting Set for Sept. 24
------------------------------------------------------------
A second meeting of creditors in the proceedings of A.D.
Engineering International Pty Ltd has been set for Sept. 24, 2020,
at 11:00 a.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 23, 2020, at 4:00 p.m.

Shaun William Boyle of BRI Ferrier Western Australia was appointed
as administrator of A.D. Engineering on May 20, 2020.


B K CHEMISTS: Second Creditors' Meeting Set for Sept. 16
--------------------------------------------------------
A second meeting of creditors in the proceedings of B K Chemists
Pty Ltd and B K Chemists No. 2 Pty Ltd has been set for Sept. 16,
2020, at 11:00 a.m. and 12:00 p.m., respectively, via
Teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 15, 2020, at 4:00 p.m.

Michael Billingsley and Luci Palaghia of Deloitte were appointed as
administrators of B K Chemists on Feb. 10, 2020.


BEFIT TECHNOLOGY: Second Creditors' Meeting Set for Sept. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Befit
Technology Pty Limited has been set for Sept. 17, 2020, at 11:00
p.m. via Zoom Videoconferencing.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 16, 2020, at 4:00 p.m.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Befit Technology on Aug. 13,
2020.


BIGAMBUL LIMITED: Second Creditors' Meeting Set for Sept. 22
------------------------------------------------------------
A second meeting of creditors in the proceedings of Bigambul
Limited has been set for Sept. 22, 2020, at 11:00 a.m. via
Teleconference Facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 21, 2020, at 4:00 p.m.

Thyge Trafford Jones and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Bigambul Limited on Aug. 19, 2020.


HALO GO: First Creditors' Meeting Set for Sept. 10
--------------------------------------------------
A first meeting of the creditors in the proceedings of Halo Go
Australia Pty Ltd will be held on Sept. 22, 2020, at 10:00 a.m. via
virtual meeting.

Christopher Robert Powell of DuncanPowell was appointed as
administrator of Halo Go on Sept. 10, 2020.


LIBERTY FUNDING 2020-1: Moody's Rates AUD18MM Class F Notes B2(sf)
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
long-term ratings to the notes issued by Liberty Funding Pty Ltd in
respect of the Liberty Series 2020-1 SME. The transaction is a
securitisation of loans to self-managed superfunds (SMSFs),
small-to-medium enterprises (SMEs) and individuals, originated by
Liberty Financial Pty Limited (Liberty, unrated).

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2020-1 SME

AUD390.0 million Class A1 Notes, Definitive Rating Assigned Aaa
(sf)

AUD108.0 million Class A2 Notes, Definitive Rating Assigned Aaa
(sf)

AUD18.0 million Class B Notes, Definitive Rating Assigned Aa1 (sf)

AUD12.0 million Class C Notes, Definitive Rating Assigned Aa2 (sf)

AUD23.4 million Class D Notes, Definitive Rating Assigned A2 (sf)

AUD15.6 million Class E Notes, Definitive Rating Assigned Baa3
(sf)

AUD18.0 million Class F Notes, Definitive Rating Assigned B2 (sf)

The AUD15.0 million Class G Notes are not rated by Moody's.

The portfolio underlying this transaction is comprised of
first-ranking mortgage loans to SMSFs (87.6%), companies (5.0%) and
individuals (7.5%). The loans are secured by commercial (49.3%),
residential (50.1%), or both (0.6%) properties in Australia and
denominated in Australian dollars. All loans were originated and
are serviced by Liberty Financial Pty Ltd (Liberty, unrated).

Liberty is an Australian non-bank lender. It was established and
started originating non-conforming residential mortgages in 1997.
Liberty started originating small commercial mortgage loans in
2005. Furthermore, among other things, it offers prime residential
mortgages, auto and personal loans.

RATINGS RATIONALE

The ratings take into account, among other factors, an evaluation
of the underlying receivables, the capital structure and credit
enhancement provided to the notes, the guarantee fee reserve
account, the availability of excess spread over the life of the
transaction, the liquidity facility, the legal structure, and the
credit strength and experience of Liberty as servicer.

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.
Its analysis has considered the effect on the performance of
consumer assets and 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 its 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.

Due to the mixed nature of the pool, to perform its analysis
Moody's categorised the portfolio into separate residential loan
and SME sub-pools. Moody's Portfolio Credit Enhancement (PCE) for
the overall portfolio, i.e. the loss Moody's expects the portfolio
to suffer in the event of a severe recession scenario, is 16.8%.
Moody's expected loss for this transaction is 2.7%.

The key transactional are as follows:

  - The guarantee fee reserve account, which will be funded at
AUD3,000,000 at closing. The reserve will be available to cover
losses and liquidity shortfalls. Reserve draws will be replenished
through future excess spread up to its initial funded amount.

  - The servicer is required to set interest rates on the mortgage
loans on a weighted average basis at a minimum level above BBSW or
higher if the trust's income is insufficient to cover the required
payments under the transaction documents. The level of the required
margin generates a good level of excess spread available to cover
losses arising from the portfolio.

  - The notes will initially be repaid sequentially. On or after
the payment date in September 2022, and prior to the call option
date, all notes (other than the Class G Notes) will receive their
pro-rata share of principal payments, provided there are no
charge-offs on any of the notes, or average arrears greater than or
equal to 60 days do not exceed 4%. The Class G Notes do not step
down and will only receive principal payments once all other notes
have been repaid.

  - The principal pay-down switches back to sequential if the
payment date falls on or after the call option date, i.e. once the
aggregate loan amount falls below 20.0% of the aggregate loan
amount at closing, or following the fourth anniversary of the
closing date.

  - The liquidity facility provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)), with a limit equal to 2.0% of the
aggregate invested amount of the Class A1 to Class F Notes, and the
stated amount of the Class G Notes. The facility is subject to a
floor of AUD750,000.

Other pool features are as follows:

  - The weighted average scheduled loan to value (LTV) ratio of the
pool is 63.3%, with 3.3% of the loans with scheduled LTV above
80.0%.

  - Around 3.9% of loans in the portfolio are bullets, i.e.
non-amortising, and rely on either refinancing or sale of the
underlying property to repay the loan at maturity.

  - In addition to bullet loans, the portfolio contains 22.9% of
loans with an initial interest only (IO) period of up to five
years, at the end of which they convert to principal and interest.

  - The portfolio exhibits concentration in Victoria, with around
36.8% of loans secured by properties in that state.

Methodology Underlying the Rating Action:

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in May 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
macroeconomic conditions and the housing market are primary drivers
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.


REDZED TRUST 2020-2: Moody's Gives B1 Rating on AUD4MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Trustee Company Limited as
trustee of RedZed Trust Series 2020-2.

Issuer: Perpetual Trustee Company Limited as trustee of RedZed
Trust Series 2020-2

AUD115.0 million Class A-1-S Notes, Assigned Aaa (sf)

AUD165.0 million Class A-1-L Notes, Assigned Aaa (sf)

AUD62.0 million Class A-2 Notes, Assigned Aaa (sf)

AUD29.2 million Class B Notes, Assigned Aa2 (sf)

AUD4.4 million Class C Notes, Assigned A2 (sf)

AUD7.6 million Class D Notes, Assigned Baa1 (sf)

AUD5.2 million Class E Notes, Assigned Ba1 (sf)

AUD4.0 million Class F Notes, Assigned B1 (sf)

The AUD7.6 million of Class G1 and Class G2 Notes (together, the
Class G Notes) are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by RedZed Lending Solutions Pty
Limited (RedZed, unrated).

The portfolio includes 96.4% of loans to self-employed borrowers.
94.8% were extended on alternative income documentation
verification ('alt doc') basis; and, based on its classifications,
10.0% are to borrowers with adverse credit histories.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of RedZed as servicer.

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 14.5%. Moody's expected loss for this transaction is 2.3%.

Key transactional features are as follows:

  - While the Class A-2 Notes are subordinate to Class A-1-L Notes
in relation to charge-offs, Class A-2 and Class A-1-L Notes rank
pari passu in relation to principal payments, on the basis of their
stated amounts, before the call option date. This feature reduces
the absolute amount of credit enhancement available to the Class
A-1-L Notes.

  - The servicer is required to maintain the weighted average
interest rates on the mortgage loans at least at 4.50% above
one-month BBSW, which is within the current portfolio yield of
5.28% as at cutoff date. This generates a high level of excess
spread available to cover losses in the pool.

  - Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, up to approximately AUD750,000,
thereby limiting their exposure to losses. At the same time, the
retention amount ledger ensures that the level of credit
enhancement available to the more senior ranking notes is
preserved.

  - The Class B to Class F Notes will start receiving their
pro-rata share of principal if certain step-down conditions are
met. Pro-rata allocation is effectively limited to a maximum of two
years.

  - While the Class G Notes do not receive principal payments until
the other notes are repaid, once step-down conditions are met,
their pro-rata share of principal will be allocated in a reverse
sequential order, starting from the Class F Notes.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
of 69.0%, and 12.0% of the loans have scheduled LTVs over 80%.
There are no loans with a scheduled LTV over 85%.

  - Around 96.4% of the borrowers are self-employed. This is in
line with RedZed's business model and strategy to focus on the
self-employed market. The income of these borrowers is subject to
higher volatility than employed borrowers, and they may experience
higher default rates.

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.
Its analysis has considered the effect on the performance of
consumer assets 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 its 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 RMBS Using the MILAN Framework" published in May
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 jobs
market and the housing market are primary drivers 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.


ROSEBROOK ENTERPRISES: Second Creditors' Meeting Set for Sept. 18
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Rosebrook
Enterprises Pty Ltd, formerly trading as "Pipeline Hydraulics", has
been set for Sept. 18, 2020, at 10:30 a.m. via online video
conferencing using Zoom meetings.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 17, 2020, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Rosebrook Enterprises on Aug. 14,
2020.


ROWIE'S BRAND: First Creditors' Meeting Set for Sept. 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rowie's
Brand Pty Ltd will be held on
Sept. 21, 2020, at 3:00 p.m. via Virtual Meeting via Zoom.

Cameron Gray and Ronald Dean-Willcocks of DW Advisory were
appointed as administrators of Rowie's Brand on Sept. 9, 2020.




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C H I N A
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BYTON LTD: Expects $292 Million Rescue From Shareholders
--------------------------------------------------------
Caixin Global reports that stalled Chinese electric vehicle startup
Byton Ltd. expects a CNY2 billion (US$292 million) financial
lifeline from shareholders including the Nanjing city government,
people familiar with the matter said.

Caixin says the funds may enable the company to resume operations
after a nearly three-month suspension caused by debt woes made
worse amid the pandemic. The Nanjing city government preliminarily
agreed to invest $150 million, and state-owned automaker FAW Group
plans to inject $50 million, a Byton employee said, Caixin relays.

Caixin relates that a person close to Byton's restructuring
confirmed the reports and said some of Byton's earlier investors
were hesitant to take part in the new fundraising. Byton declined
to comment. The Nanjing government didn't respond to Caixin
questions.


SICHUAN TRUST: Still Can't Repay $3.6 Billion Due Investors
-----------------------------------------------------------
Caixin Global reports that Sichuan Trust Co. Ltd. still can't repay
CNY25 billion (US$3.6 billion) due investors, though it is scraping
up hundreds of millions of yuan by liquidating assets and plans to
sell its headquarters building and its stake in a securities
brokerage, the troubled trust company said Thursday in an update
for investors.

Caixin notes that the southwestern China company failed to repay
investors in a matured trust product in May, triggering a wave of
protests. More than 8,000 individual investors were affected. In
June, hundreds of investors came to Sichuan Trust's headquarters in
Chengdu to demand their money back but were told the company didn't
have enough funds to repay everyone on time, Caixin recalls.

At stake is money that investors put into the company's "trust of
trust" (TOT) products, which buy into other trust products that
have invested in a wide variety of assets, including bonds, stocks,
loans to private companies and local government financing vehicles,
according to Caixin. TOT products themselves are legal in China,
but most of the underlying assets of Sichuan Trust's TOT products
turned risky, Caixin says. The company had to rely on funds from
new investors to repay old investors, according to Zhou Bin, a
deputy director of the provincial branch of the China Banking and
Insurance Regulatory Commission (CBIRC).

Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.


XINYUAN REAL: Fitch Assigns B- Rating on New USD Unsec. Notes
-------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Xinyuan Real
Estate Co., Ltd.'s (B-/Stable) proposed US dollar senior unsecured
notes a 'B-' rating, with a Recovery Rating of 'RR4'. The proposed
notes are rated at the same level as Xinyuan's senior unsecured
rating because they will constitute its direct and senior unsecured
obligations. The company plans to use the net proceeds from the
proposed issue to refinance existing debt.

Xinyuan's ratings are constrained by its high leverage, denoted by
net debt/adjusted inventory. Fitch expects leverage to stay above
50% in the next few years despite deleveraging efforts.

KEY RATING DRIVERS

Leverage Remains High: Xinyuan has slowed its land acquisitions to
deleverage. Leverage was 54% at end-1H20 and 53% at end-2019,
against 60% at end-2018. The company had a saleable land bank of
4.3 million sq m in China as of end-1H20, with estimated saleable
resources of around CNY60 billion-70 billion. This is equivalent to
around three years of land bank life, based on the 2020 sales
target of CNY20 billion-22 billion. Fitch believes there is limited
room for further deleveraging, and Fitch expects leverage to remain
above 50% over the next few years.

Contracted Sales Growth Picks Up: The company recorded total
contracted sales of CNY8.3 billion in 1H20 (+20% yoy), completing
around 40% of the full-year target of CNY20 billion-22 billion.
Xinyuan's total contracted sales fell by 3% to CNY14.6 billion in
2019, due to the delay of some project launches. These project
launches were pushed back to 2020, supporting management's higher
sales target of CNY20 billion for the year, which implies over 30%
yoy growth. Fitch estimates that cash collection rate in 1H20 was
lower than usual at around 70% because of tightened regulations on
mortgage approval and slower loan disbursements in certain cities,
and instalment options offered in some cities to boost sales.

Stable Underlying Margin: Xinyuan's gross profit margin in 1H20 was
affected by one-off adjustments and came in at 12% (2019: 23%).
Revenue and gross profit are dependent on assumptions on final
average selling prices (ASPs) and costs of the projects because of
the percentage-of-completion revenue recognition method. The
company said that normalised gross profit margin was stable at 23%
in 1H20 and should remain in the 20%-25% range.

Quality Land Bank: More than 90% of Xinyuan's land bank is located
in tier-two cities in the Yangtze River Delta as well as central
and western China; half of these land plots are in Zhengzhou, the
capital of Henan province. Fitch expects the company's ASP to
remain stable at around CNY13,000/sq m.

DERIVATION SUMMARY

Xinyuan's business profile is comparable with that of 'B' rated
peers. Its attributable contracted sales of CNY13 billion are in
line with those of 'B' rated peers, such as Beijing Hongkun Weiye
Real Estate Development Co., Ltd.'s (B/Stable) CNY14 billion and
Redco Properties Group Ltd's (B/Positive) CNY15 billion. The
quality of the land bank is satisfactory, with more than 90% of its
land bank in tier-two cities.

Xinyuan's ratings are constrained mainly by its high leverage,
which is significantly higher than that of 'B' rated peers, such as
Modern Land (China) Co., Limited (B/Stable) and Redco. Hongkun's
leverage is also high (above 50%), but its EBITDA margin is much
wider.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - 11% growth in gross floor area sold in 2019 and 5% annual
growth in 2020-2022

  - 2% annual ASP growth in 2019-2022

  - 5% annual rise in construction costs per sq m in 2019-2022
(2018: -6%)

  - 20% rise in land costs in 2019 and 2% a year in 2020-2022

  - Cost of land purchase at 19%-32% of contracted sales in
2019-2022 (2018: 47%)

Key Recovery Rating Assumptions

  - Xinyuan to be liquidated in a bankruptcy as it is an
asset-trading company

  - 10% administration claims

  - 70% advance rate to accounts receivable

  - 70% advance rate to the adjusted net inventory of Xinyuan and
its joint ventures in light of Xinyuan's 20%-25% EBITDA margin

  - 50% advance rate to investment properties

  - 60% advance rate to property, plant and equipment

  - 100% advance rate to restricted cash

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%

  - EBITDA margin sustained above 15%

  - Contracted sales sustained above CNY15 billion

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

  - Net debt/adjusted inventory above 65% for a sustained period

  - Deterioration in liquidity position

  - Inability to refinance short-term debt

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Xinyuan's total cash/short-term debt ratio
remained stable at 0.7x as of end-1H20 (end-2019: 0.7x), with
USD0.8 billion of cash and restricted cash, and USD1.2 billion of
short-term debt.

Xinyuan's readily available cash of around USD0.7 billion at
end-1H20 was sufficient to cover capital market maturities in the
following twelve months.




=========
I N D I A
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BARAK VALLEY: CARE Hikes Ratings on INR41cr Loans to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Barak Valley Cements Limited (BVCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       25.00      CARE B; Stable; Revised from
   Facilities                      CARE C; Stable
   Cash Credit                     

   Long-term Bank       16.00      CARE B; Stable; Revised from
   Facilities                      CARE C; Stable
   Term Loan                     

Detailed Rationale & Key Rating Drivers

The revision of the ratings assigned to the bank facilities of BVCL
takes into account better liquidity management by the company
leading to satisfactory track record of debt servicing in some of
the facilities (not rated by CARE) and no overdrawals in CC account
for the past 6-9 months. The ratings also derives strength from
experience of the promoters in cement industry, company's long
track record of operations and moderate improvement in operational
& financial performance during the FY20. The rating is, however,
constrained by relatively small scale of operations, working
capital intensive operations, stretched liquidity position, project
execution risk associated with capacity expansion plan, exposure to
volatility in input costs and cyclicality of the cement industry
and the uncertainty regarding the timing of the on-going Covid-19
pandemic clearing out.

Key Rating Sensitivities:

Positive:

* Sustained growth in income from operations by around 10-15%
p.a.

* Improvement in PBILDT margins over current levels

* Efficient management of working capital cycle

Negative:

* Decline in PBILDT margins below current levels.

* Substantial decline in sales volume resulting in lower capacity
utilisation of plants and decline in the total operating
income.

* Delay in expansion of clinker production capacity.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Relatively small scale of operations: BVCL has relatively small
scale of operations with installed capacity of 1000 tonnes per day
(TPD) of cement and 600 TPD of clinker and it sells cement in the
North Eastern region of India. Capacity utilization during FY20
stood at 75% for cement and 88% for clinker. The company caters to
a highly concentrated region with number of cement manufacturers
operating near-by, some of which are having very large
manufacturing capacity.

* Working capital intensive operations and stretched liquidity
position: The company's operations are working capital intensive.
Gross current asset days stood at 72 days, while creditor days
stood at 71 days in FY20 and working capital cycle stood at 1 day.
However, high creditor period is on account of stretched liquidity
position of the company. Average utilization of fund-based limits
remained high at 98.93% for the 12 months period ended June 2020.
The company had free cash and bank balance of INR1.37 crore as on
June 30, 2020.

* Project Execution Risk: Company is working on increasing capacity
of clinker from present 600 TPD to 700 TPD in FY21. The
modernization of plant is part of this capex which is expected to
increase capacity utilization for cement. The total estimated cost
for the project expansion and modernization is INR 26.11 crore to
be funded at a debt equity ratio (DER) of 1.58x. However, timely
execution of the project without any cost over-run is key risk
sensitivity.

* Exposure to volatility in input costs and cement prices: The
company meets its coal requirement through auctions or open market
purchases from the domestic producers and thus remains exposed to
risk arising on account of the volatility in the raw material
prices. The company also remains exposed to risk of volatile
movement in the price of diesel with respect to freight cost.
Further, with the large number of cement manufacturers and
staggered rainfall patterns in the north-east, the price of cement
remains susceptible to demand-supply dynamics and pricing
discipline by the various producers.

Key Rating Strengths

* Experienced promoters and long track record of operations in the
cement industry: Established in 1999, the company has more than 2
decades of experience in the business of cement manufacturing and
sells cement under the brand name 'Valley Strong Cement'. It
manufactures Ordinary Portland Cement (OPC) and Portland Pozzolana
Cement (PPC) and it target markets are located in the North-Eastern
states of India. The promoters of the company are renowned
businessmen of north-east having experience in various segments
like plywood, timber, cement, tea, concrete sleepers etc.

* Cement plant operations with captive limestone mines:  The
company's manufacturing plant has locational advantage as the unit
is situated on the National Highway connecting Guwahati and Silchar
and located in the Barak Valley region of Badarpurghat, Distt.
Karimganj, Assam and it is connected to other states of North-East
such as Manipur, Mizoram, Tripura, and southern part of Meghalaya,
which are the company's target markets. The company also has
captive limestone mines, in its wholly owned subsidiary viz.
Meghalaya Minerals and Mines Limited (MMML), in district Jaintia of
Meghalaya. The limestone mines are located within 75 km radius from
the cement plant and have deposit life of over 100 years. BVCL is
procuring its entire requirement of limestone from its subsidiary.

* Established customer base in North-Eastern region of India: The
company sells cement through a distribution network comprising 150
dealers, in the North-Eastern states of Assam, Mizoram, Tripura,
Manipur and Meghalaya. The company has a diversified and strong
customer base including institutions and government agencies like
Director General of Supplies & Disposals (DGS&D), 19th Assam
Rifles, Executive Engineer Rural Development (EERD), CPWD, ONGC,
BSF, etc.

* Moderate financial risk profile: The company's total operating
income increased from INR141.37 crore in FY19 to INR155.44 crore in
FY20. The improvement in TOI was on account of improvement in
average sales realization price which increased from INR5917
per tonne in FY19 to INR 6269 per tonne in FY20. Further, the sales
volumes registered an increase of about 5% from 2.36 lakh tonne in
FY19 to 2.48 lakh tonne during the FY20. PBILDT improved at
INR16.70 crore in FY20 as compared to INR15.40 crore in FY19.
Further, PAT also increased from INR3.03 crore in FY19 to INR4.22
crore in FY20. Overall gearing and interest coverage ratio stood at
0.91x as on March 31, 2020 (0.76x as on March 31, 2019) and 2.16x
for FY19 (1.92x for FY19) respectively.

Outlook on cement industry

Given the inherent cyclical nature of the cement industry, the
company remains exposed to risks associated with the same. However,
higher outlay and focus on infrastructure, housing and rural
development are likely to boost the cement demand in the long-term,
which in turn will benefit the companies in the sector. Currently,
the industry is severally affected due to Covid-19 situation. The
demand in Q1FY21 though has picked on the backdrop of strong rural
demand. Given the weakness in end user demand due to the lack of
activity in the housing and infrastructure sector, the demand in
cement industry is expected to remain subdued till September 2020
at least, till the end of the monsoon season.

Partial recovery is expected October-November 2020 onwards post
Diwali with return of migrant labourers and normalization of
operations is expected January 2021 onwards.

Liquidity analysis: Stretched

The company has free cash and bank balance of INR1.37 crore as on
June 30, 2020. Average utilization of fund-based limits remained
high at 98.93% for the 12 months period ended June 2020. The
company has scheduled debt repayments of around INR 1.23 crore in
FY21 as against Gross Cash Accruals of INR9.14 crore in FY20. The
company has availed moratorium for its debt obligations under the
COVID-19 - Regulatory Package announced by the RBI on March 27,
2020 and May 22, 2020.

Barak Valley Cements Limited (BVCL), incorporated in April 1999, is
engaged in the business of manufacturing and marketing cements of
different grades under the brand name 'Valley Strong Cement'. The
manufacturing unit of the company is located at Jhoom Basti,
Devendranagar, Badarpurghat, District Karimganj, Assam and the
company sells cement in the North-Eastern states of India.


BENGAL ANTIBIOTICS: CARE Lowers Rating on INR5.20cr LT Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bengal Antibiotics (BA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.20      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short-term Bank
   Facilities            0.60      CARE D; Issuer Not Cooperating;
                                   Revised from CARE A4; ISSUER
                                   NOT COOPERATING; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BA to monitor the rating
vide e-mail communications/letters dated August 5, 2020, August 11,
2020 and August 14, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on BA'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

The ratings have been revised on account of on-going delay in debt
servicing of the entity.

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays in debt servicing: There are on-going delays in
the term debt servicing of the entity.

M/s. Bengal Antibiotics (BA) was set up as a proprietorship entity
in Dec. 1990 by Mr. Samir Samaddar of Hooghly District, West
Bengal. The entity is mainly engaged in manufacturing of
pharmaceutical formulation products which is sold to state health &
family welfare departments and also to wholesalers within the
state. The entity receives the formulations from the Directorate of
Drugs Control, West Bengal and the drugs are manufactured
post-approval from the department. The orders from the government
departments are tender backed and comprise 70% of the overall sales
and the remaining comes from open market. BA caters only to
domestic market within the state with product portfolio primarily
concentrated in anti-biotic, anti-inflammatory and multi-vitamin
segment. The manufacturing facility is located at Jirat in Hooghly
district of West Bengal with an aggregate installed capacity of
3600 lakh tablets per annum and oral liquid 3,00,000 litres per
annum and meets the stringent good manufacturing practices (GMP)
and Good Laboratory Practice (GLP) norms.


BHATI ASSOCIATES: CARE Keeps D on INR8cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhati
Associates Private Limited (BAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long Term/short      10.00      CARE C; Stable/CARE A4; Issuer
   term Bank                       not Cooperating; on the basis
   Facilities                      of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BAPL to monitor the rating
vide e-mail communications dated June 17, 2020, July 30, 2020,
August 11, 2020, August 19, 2020 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 Bhati
Associates Private Limited's bank facilities will now be denoted as
CARE C; Stable/ CARE A4; ISSUER NOT COOPERATING.

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

The rating takes into account no due-diligence conducted due to
non-cooperation by Bhati Associates Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The ratings assigned to the bank facilities of Bhati
Associates Private limited is constrained by History of
overutilization of cash credit facility and stressed liquidity
position along with Small and declining scale, leveraged capital
structure and modest and concentrated order book position. The
rating is further constrained by highly competitive nature of
industry and Business risk associated with tender-based orders. The
rating, however, draws comfort from experienced management and
technically qualified team coupled with long track record of
operations, and Moderate profitability margins and debt coverage
indicators.

Detailed description of the key rating drivers

At the time of last rating on January 7, 2020, the following were
the rating weaknesses and strengths:

Key Rating Weakness

* History of overutilization of cash credit facility and stressed
liquidity position: There were instances of invocations in bank
guarantee and overdraws in cash credit limits on regular basis
attributable to delay in orders execution, resulting in stressed
liquidity and cash flow mismatch. However the overutilization in
working capital limits is being regularized within period of 30
days. Furthermore, elongated collection period and almost full
utilization of its working capital borrowings indicates the
stressed liquidity position of the company against timely servicing
of its debt obligations.

* Small and declining scale of operations: BAPL is a small regional
player involved in executing civil contracts. The ability of the
company to scale up to larger-sized contracts having better
operating margins is constrained by its comparatively small capital
base of INR9.59 crore as on March 31, 2019 and total operating
income of INR24.85 crore in FY19 (refers to the period April 1 to
March 31). The small scale of operations in a competitive industry
limits the bidding capability, pricing power and benefits of
economies of scale. Moreover, the company's scale of operations has
been declining over the past three years (FY17-FY19). The total
operating income declined from INR33.69 crore in FY17 to INR24.85
crore in FY19 registering CAGR of 10.45%.

* Leveraged capital structure: The capital structure of the company
stood leverage as overall gearing ratio of 1.65x as on March 31,
2019 as against 1.76x as on March 31, 2018 owing to higher reliance
on external debt.

* Modest and concentrated order book position: The tenor of the
orders, undertaken by the company, varies up to 24 months depending
of the size of the project. The order book of the company is
concentrated towards orders from Public Works Department in Madhya
Pradesh region. Hence, effective and timely execution of the orders
can have a direct bearing on the margins. Moreover, ability of the
company to bag the new orders along with timely execution of the
same thereby, increase its scale of operations remained critical.

* Highly competitive nature of industry: BAPL faces direct
competition from various organized and unorganized players in the
market. There are number of small and regional players and catering
to the same market which has limited the bargaining power of the
company and has exerted pressure on its margins. Further, the award
of contracts are tender driven and lowest bidder gets the work.
Hence, going forward, due to increasing level of competition and
aggressive bidding, the profits margins are likely to be under
pressure in the medium term.

* Business risk associated with tender-based orders: The company
majorly undertakes private and government projects, which are
awarded through the tenderbased/bidding system. The company is
exposed to the risk associated with the tender-based business,
which is characterized by intense competition. The growth of the
business depends on its ability to successfully bid for the tenders
and emerge as the lowest bidder. Further, any changes in the
government policy or government spending on projects are
likely to affect the revenues of the firm.

Key Rating Strengths

* Experienced management and technically qualified team coupled
with long track record of operations: The company is managed by Mr.
Harish Chaudhary and Mr. Satish Chaudhary, who are graduates by
qualification and have around two decades of collective experience
in the construction industry through their association with BAPL.
Besides experienced management, BAPL also has a well-qualified and
experienced team of engineers and other professionals. The company
is having extensive track record in this business which has
resulted in long term relationships with both suppliers and
customers.

* Moderate profitability margins and debt coverage indicators: The
profitability margins of the company stood moderate as marked by
PBILDT and PAT margin of 17.72% and 5.60% respectively for FY19 as
against 16.87% and 3.72% respectively for FY18. The improvement in
margins was mainly on account of orders executed with better
profitability. Further, owing to moderate profitability, the debt
coverage indicators of the company stood moderate as marked by
interest coverage and total debt to gross cash accrual ratio of
2.44x and 5.98x respectively for FY19.

Delhi based Bhati Associates Private Limited (BAPL) was established
in year 1996 as a proprietorship firm by Mr. Harish Bhati, which
was later converted to a private limited company in January, 2004.
The company is managed by Mr. Harish Chaudhary and Mr. Satish
Chaudhary. The company is engaged in civil construction works such
as construction of roads, buildings, flyovers and others for
government entities like Public Works Department, Uttar Pradesh
Avas Vikas Parishad and others. In order to get the business,
company has to participate in tenders and bids floated by
government entities.


BRAVO AGENCIES: CARE Keeps D on INR15cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bravo
Agencies Private Limited (BAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank       7.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, placed the
ratings of BAPL under the 'issuer non-cooperating' category as BAPL
had failed to provide information for monitoring of the rating.
BAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated August 17, 2020 and August 19, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Bravo Agencies 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

At the time of last rating on July 16, 2019, the following were the
rating strengths and weaknesses:

The rating has been reaffirmed on account of on-going delays in
debt servicing due to stretched liquidity position.

Delhi-based BAPL was incorporated in April 1995. The company is
currently promoted by Mr. Balwant Jain and Mr. Pawan Mittal. BAPL
is engaged trading of flat rolled steels like cold rolled steel,
hot rolled steel, electrical steel, tin mill products, etc. The
warehouses are located at Mundka, Delhi. The company procures steel
from various mills throughout the country. The company undertakes
only domestic sales wherein it sells the product to various other
equipment manufacturers and traders of steel.


COMMERCIAL CARRIERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Commercial
Carriers Limited (CCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.99      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CCL to monitor the rating
vide e-mail communications/letters dated August 5, 2020, August 11,
2020 and August 14, 2020 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 publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
CCL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in June 28, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Delay in debt servicing: There are delays in debt servicing of
the company.

Commercial Carriers Ltd. (CCL) was started as a partnership firm in
1978 by Mr. D.N. Mallick and Mrs. Supti Mallick of Guwahati. In
March 1993, the company was incorporated as a private limited
company and subsequently, in April 2012, it was reconstituted as
public limited company with its name changed to the current one.
The company is engaged in the business of surface transportation &
logistics. It offers services like transportation of various
regular consignments; containerize transportation, transportation
of various types of odd size consignment etc., for different major
industrial houses. Currently, about 80% of business is generated
through own fleet of vehicles and for balance, the company resorts
to hired vehicles. Further, it has developed strong client
relationship with many reputed private and public sector entities
over the years.


DABANG METAL: CARE Keeps D on INR5.95cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dabang
Metal Industries (DMI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.95      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 25, 2019, placed the
ratings of DMI under the 'issuer non-cooperating' category as DMI
had failed to provide information for monitoring of the rating. DMI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated August 17, 2020 and August 19, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Dabang Metal Industries 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

At the time of last rating on July 25, 2019, the following were the
rating strengths and weaknesses:

The rating has been reaffirmed on account of on-going delays in
debt servicing due to stretched liquidity position.

Kotdwar (Uttrakhand) based, Dabang Metal Industries (DMI) was
established as partnership firm in February 2012 by Mr. Vishal
Tayal, Mr. Mahender Jain, Mr. Sachin Gupta, Mr. Sharad Alan and Mr.
Sunil Gupta sharing profit and losses in ratio is 35%, 35%, 10%,
10%, and 10% respectively. The firm commenced its commercial
operation from February, 2013. The firm is engaged in drawing of
copper wires of thickness of 1 mm to 6 mm which finds its
application in electrical cable industry. The firm procures the key
raw material i.e. copper rod from Hindalco Industries Limited,
Sterlite Industries Limited, Birla Copper Limited and Hindustan
Copper and the same is converted into wire of thickness of 1mm to 6
mm. DMI sells its product to companies like ADL ORBIT Cables, Asian
Galaxy Private Limited and other companies situated in Uttrakhand
and Uttar Pradesh.


GAGAN AGRO: CARE Keeps D on INR19cr Loans in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gagan Agro
and Rice Exporters (GARE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 7, 2019, placed the
rating of GARE under the 'issuer non-cooperating' category as GARE
had failed to provide information for monitoring of the rating.
GARE continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 24, 2020, August 21, 2020, August 20,
2020 and August 19, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 7, 2019, the following were the
rating weaknesses:

* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt obligation.
Furthermore, the account has been classified as an NPA.
  
Gagan Agro and Rice Exporters was established as a partnership firm
in 2014 and it is currently being managed by Mr. Sumit Singla, Mr.
Rahul Garg and Mrs. Amandeep Kaur. The firm is engaged in
processing of paddy at its manufacturing facility located in
Sangrur, Punjab with an installed capacity of 32000 metric Tonnes
of paddy per annum. It is also engaged in trading of rice.


GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Bhasmey Power Private Limited (GIBPPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      285.34      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated June 03, 2019, placed the
rating(s) of GIBPPL under the 'issuer non-cooperating' category as
GIBPPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. GIBPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).  The ratings continue to take into account delays
in debt servicing by the company.

Detailed description of the key rating drivers

At the time of last rating on June 3, 2019, the following were the
rating strengths and weaknesses:

Key rating weaknesses

* Delays in servicing the interest due to lack of progress in
project implementation: The project has made meagre progress since
June 30, 2015, hence there has been a delay in the project
completion. Due to slow progress of the project the same is
expected to get further delayed. Further owing to delay in
reassessing & achieving the COD by the company and non-tie up of
funds for cost overrun, the company has not been able to service
debt obligation and has been classified as Non-Performing Asset
(NPA) by the lender.

Key rating Strengths

* Experienced promoter & management: The Company is a part of Gati
group, promoted by Mr. M K Agarwal who has considerable business
experience and is supported by qualified management down line.

Gati Infrastructure Bhasmey Power Private Limited is a Special
purpose vehicle (SPV) promoted by Mr. M K Agarwal and an associate
company; Amrit Jal Ventures Pvt. Ltd. (AJVPL) for setting up a 54
MW (2 X 27 MW) (which was later revised to 62 MW) Run of the River,
Bhasmey Hydro Electric Power Project (BHEPP). The project is
located on the river Rangpo, a major tributary of Teesta River in
the East District of Sikkim. The project was awarded by Government
of Sikkim (GoS) and Sikkim Power Development Company (SPDC) on
Build, Own, Operate and Transfer (BOOT) basis for a period of 35
years from the scheduled Commercial Operations Date (COD). The
project was scheduled to be commissioned in March 2014.


GRADIENT BUSINESS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Gradient Business Consulting Private Limited
        149 Cotton Street, 2nd Floor
        Burra Bazar Police Station
        Burra Bazar, Kolkata
        WB 700007
        IN

           - and -

        235/2A, A J C Bose Road
        Kolkata 700020
        West Bengal
        India

Insolvency Commencement Date: August 26, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 23, 2021

Insolvency professional: Jugraj Singh Bedi

Interim Resolution
Professional:            Jugraj Singh Bedi
                         JSBA House
                         1250 Ground Floor
                         Mukherjee Nagar
                         Delhi 110009
                         E-mail: jb@jsba.in

                            - and -

                         C/o Sunil Maheshwari
                         Suit No. 403, 4th Floor
                         7A, Bentick Street
                         Kolkata 700001

Last date for
submission of claims:    September 10, 2020


HI REACH: CARE Lowers Rating on INR8.50cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Hi
Reach Construction Equipments Private Limited (HRCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.50      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short-term Bank       0.25      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2019 placed the
rating of HRCPL under the 'issuer non-cooperating' category as
HRCPL had failed to provide information for monitoring of the
rating. HRCPL continues to be non-cooperative despite repeated
requests for submission of information through emails dated  August
7, 2020, August 12, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence
conducted due to non-cooperation by HRCPL with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained
owing by Deterioration in overall financial risk profile coupled
with Volatility in raw material prices and Cyclicality of the real
estate sector. The ratings, however, continue to derive comfort
from experienced promoters.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Deterioration in overall financial risk profile: During FY19, the
overall financial risk profile of the company deteriorated marked
by decline in scale of operations, decline in profitability
margins, and deterioration in capital structure and coverage
indicators. The company has achieved total operating income of Rs
10.90 crore in FY19 (refers to the period April 01 to March 31).
The company has incurred net losses of INR 3.71 crore. Further, the
capital structure marked by debt equity ratio and overall gearing
stood leveraged as on March 31, 2019 mainly on account of net
losses which resulted in erosion of net worth base. Further the
coverage indicators stood weak on account of net losses incurred by
the company during the year.

* Volatility in raw material prices:  Raw material consumption is
the single largest cost component of HRCL which constitute about
70% of the total cost of sales in FY19. The major raw material
consists of steel coils, steel wires and steel tubes, prices of
which depends upon various factors changes in the general economy,
interest rates and seasonal changes in the demand and supply
conditions in the market etc. HRCL has no long term contract with
any of the raw material suppliers and the company sources material
on a need basis as per the price prevailing in the market which
exposes the company to the volatility in raw material prices.

* Cyclicality of the real estate sector: The scaffold industry is
primarily dependent upon the demand of the real estate and
construction sector. The real estate industry is cyclical in nature
and is exposed to various external factors like the disposable
income, interest rate scenario etc. any adverse movement in the
macro economic factors may affect the real estate industry which in
turn would impact the demand for HRCL's product. The credit outlook
for the sector remains stressed until demand picks up which depends
on the improvement in the affordability.

Key Rating Strengths

* Experienced promoters: HRCL is a private limited company promoted
by Mr. Sanjay Mohan Kaul. Mr. Kaul is an engineering graduate and
he looks after the overall business operations of the scaffolding
division. He has an experience of more than three decades in
manufacturing of scaffolding through HRCL. Ms. Sanju Geeta Kaul
(wife of Mr. Kaul) looks after the home furnishing and designer
products segment. She was associated with National Institute of
Fashion Technology (NIFT), Delhi and has an experience of close to
two decade through NIFT.

HRCL was incorporated in September 1992 by Mr. Sanjay Mohan Kaul
and started commercial operations in October 1992. HRCL is engaged
in the manufacturing of scaffoldings items which find its
application in the construction industry. The company has two
manufacturing plants which are located at Sahibabad, Uttar Pradesh,
and Alwar, Rajasthan. HRCL procures raw materials consisting mainly
of cast iron and pipe angles from the domestic market majorly
Punjab, Uttar Pradesh, Rajasthan and Delhi. The final products are
sold in the domestic market on a pan-India basis to various
construction companies. The company is also engaged into
manufacturing and retailing store of home furnishing, women
apparels and accessories such as leather bag, artificial jewelry,
etc, under the brand name of Indian August in Noida, Uttar Pradesh.
The raw material mainly consists of fabrics, leather, threads, etc,
which is procured from the local market and the final products are
sold through the retail store.


HILLSFOOD AGRO: CARE Keeps D on INR9.1cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hillsfood
Agro Beverages Private Limited (HAB) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.96      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank       0.30      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 7, 2019, placed the
rating of HAB under the 'issuer non-cooperating' category as HAB
had failed to provide information for monitoring of the rating. HAB
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 24, 2020, August 21, 2020, and August 20,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

At the time of last rating in June 7, 2019 the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

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

Hillsfood Agro Beverages Private Limited (HAB) was incorporated in
August, 2013 and is currently being managed by Mr. Pradeep Kumar
Gupta and Mr. Anuj Kumar Jindal. HAB has set up a fruit juice
processing unit at Baddi, Himachal Pradesh with an installed
capacity of about 13,500 Kilo litres of juice per annum as on March
31, 2017. The company started commercial operations in April-2015.
The company sells its products viz mango juice, apple juice, mixed
juice etc under the brand name 'Juicewala' to various wholesalers
and retailers located in different states of India through its
network of super stockiest (15).


HMP HOTELS: CARE Keeps D on INR5.1cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of HMP Hotels
Private Limited (HMP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.10      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 7, 2019, placed the
rating of HMP   under the 'issuer non-cooperating' category as HMP
had failed to provide information for monitoring of the rating. HMP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 24, 2020, August 21, 2020 and August 20,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 7, 2019, the following were the
rating weaknesses:

* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt obligation.
Furthermore, the account has been classified as NPA.

HMP Hotels Private Limited (HMP) was incorporated as a private
limited company in August, 2007 but started its commercial
operations in September, 2017. The company is currently being
promoted and managed by Mr. Kamaljit Singh Hayre, Mr. Jaspal Nagga,
Mr. Harmesh Dhiman. The company is running hotel under the name of
"Best Western Nawanshahr"in Nawanshahr, Punjab on ~2900 square
yards of land with 40,000 square feet of built up area. HMP has a
franchise agreement with Best Western International Inc. for its
Best Western brand. Besides HMP, the company has one group concern
namely, Nakodar Hotels Private Limited (NHPL) and Hayre Regency
Private Limited (HRPL).


IMP POWERS: CARE Keeps D on INR382cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IMP Powers
Limited (IMP) continues to remain in the 'Issuer Not Cooperating'
category.
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      284.76      CARE D Reaffirmed and removed
   Facilities                      From Issuer Not Cooperating
  
   Short-term Bank      98.30      CARE D Reaffirmed and removed
   Facilities                      From Issuer Not Cooperating

Detailed Rationale and Key Rating Drivers

CARE had in March 2020, in line with the extant SEBI guidelines,
reviewed the rating of IMP on the basis of best available
information. The ratings were placed in the Issuer Not Cooperating
(INC) category on account of nonpayment of fees by the company as
agreed in the Rating Agreement. However, the company has paid the
fees. CARE has carried out a full review of the ratings and the
ratings stand at CARE D. The ratings assigned to the bank
facilities of IMP takes into account continuous overdrawl in the
cash credit limits and also numerous instances of LC devolvement
for more than 30 days due to its strained liquidity position.

Rating Sensitivities:

Positive factors

* Improvement in liquidity position resulting in satisfactory track
record of repayment of term debt, less than 100% utilisation of
fund-based limits and no LC devolvement or invocation of BG on a
sustained basis.

Key Rating Weakness:

* Instances of delays in debt servicing, more than 100% utilisation
of fund-based limits and numerous instances of LC devolvement for
more than 30 days due to its stretched liquidity position. The
company has term debt obligations against negative gross cash
accruals. The company's interest coverage ratio stood at 0.54x for
FY20. The company's operating cycle remains stretched at 215 days
in FY20 owing to higher inventory period.

Liquidity: Poor

The company has negative cash accruals against repayment
obligations. The company's working capital facility is utilised
more than 90% for past 12 months ended May 2020. The company has
availed moratorium (both tranches) as prescribed by Reserve Bank of
India (as a relief measure due to impact of COVID-19) on all of its
facilities. The company as on March 31, 2020 had cash and cash
equivalents of INR0.20 crore.

Incorporated in 1961 and promoted by Mr. Ramniwas R. Dhoot, IMP
Powers Ltd. (IPL) is engaged in the manufacturing of an entire
range of transformers. The company has its manufacturing facility
at Silvassa, for manufacturing of transformers ranging from 1 MVA
to 315 MVA, up to 400 kV Classwith an installed capacity of 16,000
MVA (Mega Volt-Ampere) as on March 31, 2020. IPL incorporated a
subsidiary company 'IMP Energy Limited' (IEL) in August 2012. IEL
is engaged in complete EPC work of small hydro power (SHP)
business. The Company sets up small hydro power plants of upto 5 MW
capacity and does the entire EPC work.


KATHPAL DAIRIES: CARE Keeps D on INR19cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kathpal
Dairies (KDS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.60      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 7, 2019, placed the
rating of KDS under the 'issuer non-cooperating' category as
Kathpal Dairies had failed to provide information for monitoring of
the rating. KDS continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and a letter/email dated August 24, 2020, August 21, 2020, August
20, 2020 and August 19, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 7, 2019, the following were the
rating weaknesses:

* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt obligation.

Kathpal Dairies (KDS) is a proprietorship firm established in
October, 2010 by Mr. Rakesh Kumar. KDS is engaged in processing of
milk which includes pasteurization and chilling at its facility
located in Moga, Punjab (Unit I) with an installed capacity of
chilling 9.12 crore litres of milk per annum. KDS procures the
nonpasteurized milk from local milk dairies in Moga, Punjab. The
firm sells the pasteurized milk to various dealers and wholesalers
located mainly in Punjab, Haryana, Himachal Pradesh, Jammu &
Kashmir and Delhi.


KSK ENERGY: CARE Keeps D on INR195cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KSK Energy
Limited (KSK) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      195.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated June 03, 2019, placed the
rating(s) of KSK under the 'issuer noncooperating' category as KSK
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. KSK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account the stretched liquidity position of
the company leading to delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on June 3, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Stretched liquidity position: KEL had undertaken development of
solar power project of 250 MW wherein there has been considerable
delays in project implementation. This along with subdued
performance of other operating power assets of the company has
weakened the financial profile of the subsidiaries of KEL which in
turn operate as holding companies of power assets of group.
Consequently, the company faces stretched liquidity and there has
been delays in debt servicing.

Key Rating Strengths

* Experienced promoter group: KSK group, promoted by Mr. K. A.
Sastry and Mr. S. Kishore, has been engaged in the business of
power generation for more than two decades and has set up a large
number of renewable and non-renewable power projects across India.
The promoters have been actively involved in the day-to-day
business with Mr. Sastry heading the operations and execution
divisions and Mr. Kishore taking care of the business development
and capital formation segment of the group.

The KSK group has been promoted by Mr. Sethuraman Kishore and Mr.
K. A. Sastry and it is involved in consulting and developing power
projects since 1998. KSK Power Venture Plc (KSKPV), incorporated in
Isle of Man, is the holding company of KSK Group and is listed in
the London Stock Exchange (LSE). KEL, Mauritius, incorporated in
2005, is a wholly-owned subsidiary of KSKPV. KEL, through its two
subsidiaries KSK Energy Company Private Limited (KECPL) and KSK
Energy Ventures Limited (KEVL), is engaged in development of
various infrastructure (power and non-power) projects. KECPL via
its separate Special Purpose Vehicles (SPVs) provides services like
coal transportation, water supply and other infrastructure
activities to the power plants, while KEVL's core business is power
generation. KEL also undertook development of 250 MW solar project
under different SPVs of KSK group (125 MW in Tamil Nadu and 125 MW
in Rajasthan).


KSK WATER: CARE Keeps D on INR636cr Loans in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KSK Water
Infrastructure Private Limited (KWIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      636.73      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated June 3, 2019, placed the
rating(s) of KWIPL under the 'issuer non-cooperating' category as
KWIPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. KSK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account the stretched liquidity position of
the company leading to delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on June 3, 2019, the following were the
rating strengths and weaknesses:

(Updated information taken from Ministry of Corporate Affairs)

Key Rating Weaknesses

* Subdued operational & financial performance of resulting in
delays in debt servicing:  The main activity of KWIPL is to supply
water to the power generation plant of its parent company, KSK
Mahanadi Power Company Limited (KMPCL). KWIPL did not report any
revenue during FY18 and with high debt repayment obligation, the
company faces stretched liquidity and consequently there are delays
in debt servicing.

Key Rating Strengths

* Experienced promoter group: The company is a part of KSK group of
Hyderabad which has long established experience in the power
generation segment.

KSK Water Infrastructures Private Limited (KWIPL) is a Special
Purpose Vehicle (SPV) promoted by KSK group to supply water to its
3600 MW (600 MW X 6 units) under construction thermal power plant;
KSK Mahanadi Power Company Limited (KMPCL) at District Janjgir
Champa in the State of Chhattisgarh. KMPCL is setting up 3600 MW (6
x 600 MW) domestic coal based power project at Nariyara village,
Janjgir-Champa District of Chhattisgarh. There are three separate
SPV companies for water transportation (under KWIPL), mining of
coal and rail transportation infrastructure to support the
operations of KMPCL. There is proposal to merge the three SPVs with
KMPCL and the same is under process.


MAA MAHARANI: CARE Keeps D on INR6.07cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Maharani Rice Mill (MMRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.07       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MMRM to monitor the ratings
vide e-mail communications/letters dated August 7, 2020, August 12,
2020, August 14, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on MMRM'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.

Detailed description of the key rating drivers

At the time of last rating in June 24, 2019, the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Ongoing delays in debt servicing: There are on-going delays in
debt servicing of the entity.

Maa Maharani Rice Mill (MRM) was constituted as a partnership firm
via partnership deed dated April 1, 2013. However, the firm is
currently governed by the partnership deed dated August 31, 2016
and it is managed by Mr. Uma Shankar Singh, Mr. Avinash Singh and
Mr. Arvind Kumar Singh. The firm has commenced operations from
April 2014 onwards and it is into processing and milling of
non-basmati rice. The manufacturing facility of the firm is located
at Wazidpur, Bihar with an installed capacity of 38880 metric ton
per annum.  


PATNA HIGHWAY: CARE Keeps D on INR846cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patna
Highway Projects Limited (PHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      846.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (Term Loan)                     Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 28, 2019 reaffirmed the
rating(s) of PHPL under the 'issuer non-cooperating' category as
PHPL had failed to provide information for monitoring of the
rating. PHPL continues to be non-cooperative despite repeated
requests for submission of information through emails dated August
6, August 10, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating has been reaffirmed on account of ongoing delays in debt
servicing. NCLT had ordered commencement of Corporate Insolvency
Resolution Process of the company vide order C.P. No. IB-
1504(PB)2019 pronounced on January 1, 2020.

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the lenders
interaction with CARE, there are ongoing delays in the debt
servicing.

One of the financial creditors has filed an instant petition with
National Company Law Tribunal (NCLT), principal bench, New Delhi to
trigger the Corporate Insolvency Resolution Process (CIRP) of
PHPL.

Liquidity: Very Poor liquidity, account is already NPA.

Incorporated as a special purpose vehicle (SPV) on December 22,
2009, Patna Highway Projects Limited (PHPL) is promoted by Gammon
Infrastructure Projects Limited, for the upgradation of
Hajipur-Muzaffarpur section of the existing NH-77 to four lane dual
carriageway, starting from Ramashish Chowk (0.00 km) to 46.30 km
and construction of 16.87 km new by-pass starting at 46.30 km and
connecting NH-28 of east-west corridor on the Patna Muzaffarpur
section of NH-77 in Bihar on build-operate transfer (BOT) -
National Highways Authority of India (NHAI, rated 'CARE AAA' for
instruments) annuity basis under NHDP - phase III. PHPL would
receive a fixed annuity payment of INR94.60 crore to be paid
semi-annually by NHAI during the entire concession period.

The project was originally estimated to be completed by February
2013, but was delayed on account of unavailability in receipt of
right of way (RoW) and construction of ROBs.

The original total cost of the project is INR940.05 crore funded in
debt: equity ratio of 9:0 times; later revised to INR1,535.17 crore
funded in debt: equity ratio of 2.22:1 times (debt of INR1,058
crore, equity of INR235 crore and bunched up annuities of INR242
crore). The additional loan of INR240 crore was sanctioned by all
the bankers in the consortium in April 2015.


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

The instrument-wise rating actions are:

-- INR874.30 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

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

Incorporated in 1995, Prateek Apparels manufactures readymade
garments. It is also involved in retailing of apparels and trading
of fabric. The company has four manufacturing units in Karnataka.
Prateek Apparels is promoted by Pradeep Aggarwal and the Phulchand
Group.


RAJAHMUNDRY GODAVARI: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajahmundry
Godavari Bridge Limited (RGBL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      566.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 28, 2019 reaffirmed the
rating(s) of RGBL under the 'issuer non-cooperating' category as
PHPL had failed to provide information for monitoring of the
rating. PHPL continues to be non-cooperative despite repeated
requests for submission of information through emails dated August
6, August 10, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating has been reaffirmed on account of ongoing delays in debt
servicing. NCLT had ordered commencement of Corporate Insolvency
Resolution Process of the company on February 27, 2020.

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the lenders
interaction with CARE, there are ongoing delays in the debt
servicing. One of the consortium banks of RGBL has initiated and
filed an application under the provisions of Insolvency and
Bankruptcy Code (IBC), 2016 before National Company Law Tribunal
(NCLT), Mumbai bench. NCLT has passed an order dated 27th February,
2020 admitting the matter to Corporate Insolvency Resolution
Process (CIRP) under the IBC and appointing an interim resolution
professional (IRP) on the said date.

Liquidity: Very Poor liquidity, account is already NPA.

Godavari bridge project involves the design, construction,
operation and maintenance of a 4.15 kilometre (km) long four-lane
bridge, which will connect Kovvur and Rajahmundry in Andhra Pradesh
across the Godavari river, with a 1.93 km approach road to the
bridge on the west of Godavari at Kovvur and a 8.41 km approach
road to the bridge on the east of Godavari at Rajahmundry. The
concession agreement (CA) entered into between Rajahmundry Godavari
Bridge Limited (RGBL) and the Andhra Pradesh Road Development
Corporation (APRDC) on behalf of the Government of Andhra Pradesh
is valid for a period of 25 years (the Godavari Concession
Agreement), beginning from the date on which financial closing for
the Godavari bridge project was achieved i.e. May 26, 2009. However
due to delays in respect of acquiring right of way the company
achieved Provisional Commercial Operation Date (PCOD) on November
1, 2015. The company has received approval for revised Toll rates
since June, 2017 as per the audited financials of RGBL for the
period ended March 31, 2018.


RAJKISHORE SINGH: CARE Lowers Rating on INR1cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajkishore Singh (RS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        1.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short-term Bank       2.00      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RS to monitor the ratings
vide e-mail communications/letters dated August 05, 2020, August
10, 2020, August 12, 2020 and numerous phone calls. However,
despite CARE's repeated requests, the Entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the 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 ratings
of RS's bank facilities will now be denoted as CARE C; Stable/CARE
A4 ISSUER NOT COOPERATING. Further, the banker could not be
contacted.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses:

* Proprietorship nature of constitution: RKS, being a
proprietorship entity, is exposed to inherent risk of proprietor's
capital being withdrawn at time of personal contingency.
Furthermore, limited ability to raise capital and poor succession
planning may result in dissolution of the entity.

* Susceptibility of operating margin to volatility in input
material prices and labour charges: The basic input materials for
execution of construction projects and works contracts are steel,
stone chips, bitumen and cement etc. The prices of which are highly
volatile. As in most of the contracts, price escalation clause is
not in place, and there is no such long term price contract with
the suppliers, accordingly the operating margin of the firm is
exposed to any sudden spurt in the input material prices along with
increase in labour prices being in labour intensive industry.

* Exposure to tender driven process risk and intense competition
within the industry owing to low entry barrier:  The civil
construction space is highly competitive with many players
operating in the sector affecting the profitability of the
participants. Furthermore, the firm is largely dependent on
government authorities for orders and mainly procures its
orders through tender bidding and in a highly competitive scenario;
risk of non-receiving of contract in tender bidding is
also high.

* Working capital intensive nature of operation: RKS's business,
being execution of construction projects, is working capital
intensive. Average utilization of its bank limit was high at about
85% during the last 12 months ended on Jun.2018.

Key Rating Strengths:

* Experienced proprietor with long track record of operation: RKS
has been in operation since 1999, accordingly has a moderately long
track record of operation. Further, the entity is managed by Mr.
Rajkishor Singh having around two decades of experience in
construction business.

M/s Rajkishor Singh (RKS) was established in 1999 as a
proprietorship entity by one Mr. Rajkishor Singh of Bihar. The
entity is registered as Class-A contractor with the Government of
Bihar. RKS participates in the tender process of various government
department of Bihar for their civil construction projects like
road, building construction and related ancillary works. Mr.
Rajkishor Singh looks after the day to day operations of the
entity.


RAVINDRA KUMAR: CARE Lowers Rating on INR9cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ravindra Kumar Singh (RKS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.00      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RKS to monitor the rating
vide e-mail communications/letters dated August 5, 2020, August 10,
2020, August 12, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the Entity has not provided the requisite
information for monitoring the rating. 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 ratings of RKS's
bank facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING. Further, the 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.

Detailed description of the key rating drivers

At the time of last rating in June 21, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

* Constitution as proprietorship firm: RKS, being a proprietorship
firm, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

* Geographical concentration risk: The entire operation of the firm
is confined in the city of Saharsa (Bihar). The limited geographic
presence limits the ability of the entity to realise the profit
potential and hinders its growth.

* High occupancy risk coupled with susceptibility of revenues to
demand for commercial estate in and around Saharsa of Bihar: RKS is
under developmental stage and is proposed to achieve commercial
operation date from April 2019. As of now, there has been no
booking done for the upcoming shopping mall. Furthermore, it will
earn its entire revenue from the lease rentals and other incomes
from a single property. The firm's revenues are highly dependent
upon the demand from retail space, which is dependent on the level
of economic activity in and around Saharsa, Bihar. Any change in
the economic activity may impact the demand in this region. Due to
this, the proposed mall may find it difficult to lease its property
or have to lease at lower rentals in the situation of economic
slowdown.

* Intense competition in the vicinity of the proposed shopping
mall: Saharsa, a fast growing city, is witnessing rapid development
as it transforms itself into an important commercial hub in North
India. The city has witnessed development in every sector from
small scale industries to pharmacy, IT and education, which have
brought significant change in people's attitude and behaviour. With
the change in mindset, people's buying habits have also changed.
Now people prefer to visit the shopping malls instead of old and
isolated shopping centres located at various places. Hence, there
is likely to be high demand for shopping malls in Saharsa, Bihar.
However, with rapid development and growing demand, significant
number of shopping malls has sprung up in the city in recent times
that are likely to offer tough competition to RKS. The fragmented
nature of the industry is likely to add to increase the competition
further.

Key Rating Strengths:

* Experienced proprietor: Mr. Ravindra Kumar Singh (aged 63 years)
has over three decades of experience in the banking industry. The
proprietor has limited experience in the leasing business. He looks
after the overall management of the firm, with adequate support
from a team of experienced personnel.

* Locational advantage: The shopping mall is being developed at
Saharsa, Bihar. The project is located at national highway Saharsa
– Madhepura Road. It is situated in a prime location being
surrounded by residential and commercial complex. Thus, considering
a blend of residential and commercial complex and its vicinity to
various industrial complexes, there will be constant inflow of
customers which would increase the footfalls in the mall and its
linkage to road networks and public transport makes the location of
the mall strategically important.

Set up as a proprietorship firm in 2015, Ravindra Kumar Singh (RKS)
is engaged in the construction of shopping mall cum commercial
complex in Saharsa, Bihar. The proposed mall to be set up on a plot
measuring 14.53 Kattha with a built up area of 57,325 sq.ft. The
proposed mall would comprise of 42 small shops for sale, hyper
market, banquet hall, food court and multiplex for rent or lease.
The project is estimated to be set up at a cost of INR15.32 crore
which is proposed to be financed by way of proprietor contribution
of INR6.32 crore and term loan of INR9.00 crore. The firm has
already invested INR7.0 crore towards land & site development,
building, civil works etc. till April 30, 2017 which is met through
proprietor contribution of INR3.85 crore and term loan availed by
the firm from State Bank of India of INR3.15 crore. The project is
expected to be operational from April, 2019. Mr. Ravindra Kumar
Singh (aged 63 years), having over three decades of experience and
looks after the overall management of the firm with adequate
support from a team of experienced personnel.


RAYMIX CONCRETE: CARE Keeps D on INR20cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raymix
Concrete India Private Limited (RCIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 10, 2019, placed the
rating(s) of RCIPL under the 'Issuer non-cooperating' category as
RCIPL had failed to provide information for monitoring of the
rating. RCIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated August 04, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

* On-going delays in meeting of debt obligations: Raymix Concrete
India Private Limited has been facing liquidity issues due to which
there are irregularities and delays in repayment of term loan
installments and interest obligations.

Tamil Nadu based, Raymix Concrete was incorporated as a Private
Limited Company in 2005 by Mr. Antony Francis and his family
members. RCIPL is engaged in the mixing and supply of ready-mix
concrete to the customers engaged in the infrastructure works such
as construction of roads and buildings etc. The company purchases
materials like cement, rock, metal and sand from local suppliers
located in and around Chennai and supplies its finished product to
the customers located in and around Tamil Nadu.


SAI WARDHA: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Wardha
Power Generation Limited (SWPGL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,493.98     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank      105.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Long-term/Short-     403.00     CARE D/CARE D; Issuer not
   term Bank                       cooperating; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 3, 2019, placed the
ratings of SWPGL under the 'issuer non-cooperating' category as
SWPGL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SWPGL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The rating assigned to the bank facilities of SWGPL factor in
stretched liquidity profile due to subdued operations resulting in
delays in debt servicing.

Detailed description of the key rating drivers:

At the time of last rating on June 03, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Subdued operational & financial performance of resulting in
stretched liquidity position: The company has been facing
operational issues due to non-tie up of PPA for about 31% of the
gross generation capacity which resulted in lower energy sale.
Consequently, the company has been operating at low PLF levels. On
the other hand, the company has a leveraged capital structure with
subsequent high debt repayment obligation due to additional debt
availed over the years for financing the business requirement.
Given the subdued operational performance, the company continued to
report operating loss and net loss in FY18. This coupled with high
debt repayment obligation resulted in liquidity stress and
consequently delays in debt servicing.

Key Rating Strengths

* Promoter's Strength and experience in power sector: SWPGL is a
Special Purpose Vehicle promoted jointly by KSK Electricity
Financing India Private Limited (KSKEFIPL, a 100% subsidiary of KSK
Energy Ventures Limited (SWPGL)). SWPGL is engaged in developing,
operating and maintaining power projects. SWPGL is the holding
company (indirect) of power projects being developed by the KSK
group. As on Mar.31, 2017, KSK group has seven operational power
plants with total installed capacity of 4472MW and is presently
constructing power projects capable of generating an aggregate of
3600 MW of power (thermal-coal based).

Incorporated in April 2007, Wardha Power Company Limited (WPCL) is
a special purpose vehicle promoted by KSK Electricity Financing
India Private Limited (KEFIPL). The name of the company changed to
present nomenclature, Sai Wardha Power Limited (SWPGL), on May 21,
2014. The company has implemented thermal (coal based) power
project (540MW) which achieved COD in May 2011. SWPGL is currently
managed by a board comprising Mr. S. Kishore and Mr. K.A Sastry.


SANTLADEVI RESORTS: CARE Assigns D Rating to INR42cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Santladevi Resorts (SR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           42.00      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SR takes into account
the delays in the servicing of its debt obligations.

Rating Sensitivities

Positive Factors

* Improvement in the liquidity position of the firm as reflected by
timely repayment of its debt obligations.

* Ability of the firm to achieve the envisaged revenue and
profitability while maintaining the capital structure and
implementation of the project within envisaged time and cost
estimates.

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in the debt servicing: There has been instance of delays
in the servicing of interest obligations of term loan during the
period of Jan'20 and Feb'20 due to the tight liquidity position.
However, the same has been paid in full on February 29, 2020 and
May 18, 2020 respectively. Further, in line with RBI guidelines in
wake of COVID-19 pandemic, the firm has availed moratorium period
for its term loan facilities provided by the bank. However, the
company has received moratorium on one of its loan facility of
INR21.31cr and for other loan of INR21cr, the moratorium has not
been approved as the same was disbursed post Feb 28, 2020.

Liquidity: Poor

The liquidity position of the firm remained poor as reflected by
insufficient funds which constrained the ability of the firm to
repay its interest obligations on a timely basis.

Dehradun, Uttarakhand based Santladevi Resorts (SR) was established
in February, 2017 as a partnership firm. The firm is currently
managed by Dr. Antriksh Saini, Dr. Pratibha Saini and Mr. Avishkar
Saini. The firm was established with an objective to open a five
star hotel under the brand name "Le Meridien Resorts & Spa" located
at Mauja Galjwadi, Dehradun. The total area of the property is
11305.41 square metres. The company has entered into hotel
agreement with M/s Starwood Hotels & Resorts India Private Limited
(Starwood); an affiliate of "Marriott International" which was
signed on March 5, 2018. The total cost of the project stood at
INR86.64 crore to be funded through term loan of INR42.31 crore and
balance through promoter's contribution in the form of partner's
capital to the tune of INR23.33 crore and unsecured loans of
INR21.00 crore. As on June 6, 2020, the firm has incurred INR60.72
crore which is ~70% of the total project cost. The project is
expected to be completed by March 31, 2021. After 3 months of trial
run, full-fledged operations of the project will be commenced from
July 1, 2021. The firm is having two associate concerns namely;
"Saini IVF & Fertility Research Centre" (established in 1999)
operates as clinic and nursing home and "Vision Art Solutions
Private Limited" (incorporated in 2010) engaged in the distribution
of medical equipments.


SHUBHAM PROPMART: CARE Keeps D on INR9.8cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shubham
Propmart Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.81      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 6, 2019, placed the
rating of SPPL under the 'issuer non-cooperating' category as SPPL
had failed to provide information for monitoring of the rating.
SPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 18, 2020, August 17, 2020, August 14,
2020 and August 13, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 6, 2019, the following were the
rating strengths and weaknesses.

* Ongoing delays in the servicing of debt obligation: There are
instances of over utilization of overdraft limit for more than 30
days. The delays are on account of weak liquidity as the society is
unable to generate sufficient funds on timely manner.

Shubham Propmart Private Limited (SPPL) was incorporated in 2010
and is promoted and managed by Mahesh Baliyan and Pawan Kumar. SPPL
has set up a 4 star resort in Village Sanawar, Kasauli. The hotel
is developed on a land parcel of 8315 sq. meters (sqm) and has 36
rooms (34 executive rooms and 2 suites), banquet hall, conference
room, coffee shop, bar & restaurant and other facilities (which
include spa, health club, swimming pool, steam & sauna, kids play
section etc.). The hotel commenced operations in September, 2018
(COD got extended from December, 2017 due to time overrun).
Further, there is cost overrun from INR14.13 crore (submitted at
the time initial rating) to INR20.08 crore. The same is met through
additional term loan of INR4.5 crore and remaining through
unsecured loans by promoters. The company has a Franchise agreement
with Ramada group for the hotel under the brand name "Ramada
Kasauli Sanawar Resort". The arrangement is for a period of 20
years.


SMT MACHINES: CARE Keeps D on INR6.2cr Loans in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SMT
Machines India Limited (SMT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.20      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 7, 2019, placed the
rating of SMT under the 'issuer non-cooperating' category as SMT
Machines India Limited had failed to provide information for
monitoring of the rating. SMT continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 24, 2020,
August 21, 2020 and August 20, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 7, 2019 the following were the
rating weaknesses:

* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt obligation.

The entity, an ISO 9001:2008 certified company, was incorporated in
June, 1992 as a private limited company by the name of Aman
Multilateral Private Limited, however, in December, 1994, the
constitution and name was changed to SMT Machines (India) Limited
(SMI). The company is currently being managed by Mr. Surinder Kumar
Mittal and Mr. Raman Mittal. SMI is engaged in manufacturing of
capital goods like shearing machines, conveyors, straightening
machines, mill stands, gear boxes, cooling bed, etc. which find
their application in steel and iron rolling mills at its
manufacturing plant located in Mandi Gobindgarh, Punjab.


VISAKHA FOODS: CARE Lowers Rating on INR4.84cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Visakha Foods Private Limited (VFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.84      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

   Short-term Bank       0.64      CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 04, 2019, placed the
ratings of VFPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated January 31, 2020 to August 10, 2020.In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of
Visakha Foods Private Limited factors in deterioration in capital
structure and debt coverage indicators, decline in total operating
income and operational and net losses during FY19. The ratings
however continues to be tempered by small scale of operations. The
ratings however underpinned by Promoters has one decade of
experience in manufacturing of food products like Pasta and
Vermicelli and reasonable track record of the company.

Detailed description of the key rating drivers

Key rating weaknesses

* Small scale of operations with decline in the total operating
income: The scale of operations of the company stood small at
INR6.51 crore in FY19 and net worth of INR0.17 crore as on 31st
March 2019. The total operating income of the company deteriorated
by 57% from INR15.15 crore in FY18.  Decline in profitability
margins in FY19.  The PBILDT and PAT margin stood negative at
15.49% and 19.20% in FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company marked by debt equity ratio
and overall gearing ratio deteriorated and stood at 18.46x and
35.29x as on 31st March 2019 due to decrease in net worth. The
TD/GCA stood weak at 28.05x in FY19 and interest coverage ratio
stood negative at 1.14 due to negative operating profit.

Key Rating Strengths

* Promoters has one decade of experience in manufacturing of food
products like Pasta and Vermicelli and reasonable track record of
the company: Visakha foods Private Limited (RLEP) was incorporated
in the year 2001 and promoted by Mr. Ravi Aditya, Mr. GVL Prasad,
Mr. Ravi Avinash, Mr. Ajay Ravi and Ms. Ravi Hemalatha (Spouse of
Ravi Aditya). Mr. Ravi Aditya is a qualified post graduate and has
one decade of experience in the manufacturing of food products like
Pasta and Vermicelli. Mr. Ajay Ravi has also more than one decade
of experience in the manufacturing of food products like Pasta and
Vermicelli. Through their experience in this industry, they have
established healthy relationship with key suppliers and customers.

* Comfortable operating cycle: The operating cycle of the company
remained comfortable at 6 days in FY19 due to improvement in
creditor days from 71 days in FY18 to 128 days in FY19. The
collection and inventory days stood at 86 days and 128 days
respectively in FY19.

Vizag based, Visakha Foods Private Limited (VFPL) was incorporated
in the year 2001 and promoted by Mr. Ravi Aditya, Mr. GVL Prasad,
Mr. Ravi Avinash and Ms. Ravi Hemalatha. Presently, the company is
engaged in manufacturing of food products like Pasta and
Vermicelli.




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

WIJAYA KARYA: Fitch Lowers LongTerm IDRs to BB-
-----------------------------------------------
Fitch Ratings has downgraded Indonesian government-owned
construction company PT Wijaya Karya (Persero) Tbk's (WIKA)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
to 'BB-', from 'BB'. At the same time, Fitch Ratings Indonesia has
downgraded WIKA's National Long-Term Rating to 'A(idn)', from
'AA-(idn)'. All ratings have been placed on Rating Watch Negative
(RWN).

The downgrade follows Fitch's revision of WIKA's Standalone Credit
Profile (SCP) to 'b-' and 'bbb-(idn)', from 'b' and 'bbb+(idn)',
respectively. This reflects 2Q20 performance that was significantly
weaker than Fitch expected, with WIKA's leverage (measured by net
debt/EBITDA) increasing to above 5x; the level above which Fitch
would consider negative rating action. Fitch forecasts leverage to
remain high for the next few years.

The RWN signals a potential re-assessment of Fitch's view of
government linkages. WIKA's financial profile has deteriorated and
Fitch thinks its credit metrics will remain under pressure over the
medium-term given the economic slowdown caused by the coronavirus
pandemic, as reflected in its revised SCP. WIKA, along with a
number of other government-owned construction companies, last
received tangible government support in 2016. The government's
pandemic-related support amounts to around IDR695 trillion, or 4.4%
of GDP, and includes direct cash transfers, provision of foods,
guarantees and tax incentives. However, support to WIKA has not
been forthcoming, despite its weakening financial profile.
Accordingly, Fitch is reviewing government support to determine
whether it has weakened.

The company's IDR benefits from a three-notch uplift from its SCP
for government support in light of its strategic importance to
Indonesia's infrastructure programme. WIKA's support score under
its Government-Related Entities Rating Criteria is 15, which, with
the seven-notch distance between WIKA's SCP and the sovereign
rating (BBB/Stable), could lead to a two or three notch uplift
being included in WIKA's IDR. Fitch has chosen a three-notch uplift
given WIKA's position as one of Indonesia's largest
government-owned construction companies, with a strong record of
executing strategic infrastructure projects. Government-owned
construction companies, which lead the country's infrastructure
programme, must overcome regulatory and bureaucratic hurdles and
investment in projects that have long payback periods on behalf of
the government. The projects are largely turnkey contracts where
payments are received only upon completion, pressuring companies'
financial performance. Therefore, private-sector and foreign
companies tend to shy away from government projects, increasing the
government's reliance on, and importance of, large government-owned
companies, such as WIKA.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

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

KEY RATING DRIVERS

Potential Reassessment of Support Expectations: Fitch assesses
WIKA's support record and expectations as 'Strong', based on its
strategic role, but the RWN highlights a potential reassessment
upon evidence of weaker government support in light of WIKA's
deteriorating credit metrics. The government last provided tangible
support in the form of a IDR4 trillion equity injection in 2016 to
promote WIKA's order-book growth and the execution of large
strategic projects. WIKA's credit metrics have deteriorated over
2020 on account of the pandemic, however, support has not been
forthcoming. This raises questions about the ability and
willingness of the government to provide consistent support.

Operational Disruption: Fitch estimates that WIKA's new contract
wins in 2020 will drop by around to 60% to IDR17 trillion and that
revenue will plunge by around 45% due to significant short-term
business disruption caused by the coronavirus pandemic and the
resultant slowdown in tenders and construction activity. New
project tenders are likely to dip as the pandemic takes a toll on
business activity, while construction is also set to slow due to
social-distancing measures.

Investment Pipeline Raises Leverage: Fitch expects leverage will
rise to around 14.0x in 2020 (2019: 3.6x) due to the pandemic, then
improve to 6.2x in 2021. Leverage is likely to stay at 5.0x-5.5x in
the medium-term as WIKA's role in the government's infrastructure
programme expands its investment pipeline and raises capex in the
next few years. Work on new contracts that were halted in 1H20 will
gradually resume and WIKA will rush to complete its backlog,
increasing project completions in 2021. Fitch thinks WIKA will
continue to rely on debt to bridge the FCF deficit associated with
its government contracts.

Risk to Estimates: Its rating-case assumes that business activity
will start to improve from late 2020 and that major project tenders
will resume in 2021, boosting WIKA's new-contract growth. However,
a prolonged pandemic may prompt the government to reallocate
resources away from infrastructure projects to combat the virus and
cause the private sector to shy away from expansionary activity.
This would reduce the number of contracts up for tender and affect
WIKA's financial profile for a longer period.

Another risk to its medium-term forecasts is the uncertain timing
and trajectory of sector recovery from the unprecedented severity
of the economic downturn, especially amid the possibility of a
second wave of infections and a return to lockdown measures.

'Strong' Ownership and Control: Fitch assesses WIKA's status,
ownership and control as 'Strong'. The Indonesian government owns
65% of WIKA, mainly via the Ministry of State Owned Enterprises,
and has strong influence over its investment decisions, strategy
and operation. The government also holds a golden share that gives
it veto power over the appointment and dismissal of board members,
distribution of profit and M&A.

'Moderate' Socio-Political Implications of Default: Fitch assesses
the socio-political impact of WIKA's default as 'Moderate', because
infrastructure development is a cornerstone of the government's
economic growth and urbanisation agenda. Infrastructure development
is not an essential service, such as food or utilities, but Fitch
does not think the implications are 'Weak' as WIKA lends its
balance sheet to government-related infrastructure projects; under
this practice, WIKA funds working capital in arrears so key
projects can be completed promptly, making WIKA vital for the
government's infrastructure growth drive.

'Weak' Financial Implications of Default: Fitch believes a default
by WIKA would have a minimal impact on the ability of the sovereign
and other government-related entities to raise financing. WIKA has
limited capital market exposure, mainly via its Komodo senior
unsecured notes. Nevertheless, Fitch may reassess this factor
should there be evidence that WIKA's default may have a moderate
impact on other GREs' fundraising activities.

DERIVATION SUMMARY

Its assessment of government support for WIKA can be compared with
that for PT Hutama Karya (Persero) (HK, BBB-/AA+(idn)/Stable, SCP:
b-, bb+(idn)), PT Indonesia Asahan Aluminium (Persero) (Inalum,
BBB-/Stable, SCP: b-), China Railway Group Limited (CRG; A-/Stable,
SCP: bb-) and Shanghai Construction Group Co., Ltd. (SCGC;
BBB+/Stable, SCP: bbb-).

HK and Inalum are rated using a top-down approach at one notch
below the sovereign rating, given their aggregate
government-related entity support score of 35.

Fitch assesses HK's status, ownership and control as well as its
support record and expectations as 'Very Strong', due to the
government high influence over its operation. HK also receives more
frequent government support for its Trans Sumatera toll road than
WIKA. Fitch thinks HK's default would significantly affect the
availability and cost of domestic and foreign financing options for
the government, especially in light of the proportion of HK's
government-guaranteed debt.

Fitch believes Inalum differs from WIKA in that Inalum's default
would have 'Very Strong' implications for the cost and availability
of financing for the government and government-related entities,
since Fitch believes investors view Inalum as a proxy financing
vehicle for the government.

Fitch rates SCGC using a bottom-up approach with a two-notch uplift
from its SCP, given its aggregate government-related entity score
of 15; the same as WIKA's score. However, Fitch provides up to
three notches of uplift to WIKA above its SCP because Fitch
believes it is strategically more important to the government. A
default by SCGC would disrupt construction projects in Shanghai,
but social consequences would be limited due to the city's high
urbanisation rate. WIKA's default would have a higher impact on
Indonesia's national infrastructure development plan.

WIKA's National Long-Term Rating can be compared with that of PT
Pupuk Indonesia (Persero) (PTPI; AAA(idn)/Stable) and PT Waskita
Karya (Persero) Tbk (WSKT, B(idn)/RWN, SCP: ccc-(idn)). PTPI's
rating is equalised with the Indonesian government on strong
operational and strategic linkages, driven by the company's
strategic role as the government's sole agent in producing and
distributing subsidised fertiliser to eligible farmers through a
public-service obligation scheme. Similarly, to WIKA, WSKT's rating
benefits from a four-notch uplift on the national scale, reflecting
moderate-to-strong government linkages in light of the government's
significant oversight over WSKT's operation and the company's
strategic importance to Indonesia's infrastructure development.

WIKA's SCP is comparable with that of global construction
companies, such as China's CRG, as well as US-based Infrastructure
and Energy Alternatives, Inc. (IEA; B-/Stable) and Tutor Perini
Corporation (TUT, B+/Stable).

CRG has a larger operating scale and stronger financial profile
than WIKA. This, combined with CRG's greater geographical and
product diversification, results in the company's SCP being
multiple notches higher than that of WIKA.

IEA has a considerably stronger financial profile than WIKA. Fitch
forecasts IEA's leverage, as measured by net debt/EBITDA, to be
below 1x in the next four years. IEA also has more robust FCF
generation. However, Fitch believes this is offset by WIKA's larger
operating scale, wider profit margin and IEA's higher project
execution risk, given the fixed-price nature of its contracts that
reduce its operational flexibility should there be cost overruns.
Fitch believes these factors warrant IEA's rating being at the same
level as WIKA's SCP.

Both WIKA and TUT have strong positions in their respective niche
markets and comparable operating EBITDA scale in the medium term.
WIKA has a higher profit margin, but Fitch believes TUT's exposure
to the more mature engineering and construction market in the US
and ability to better manage its cash flow will lead to stronger
FCF generation. This, along with its expectation of TUT's much
stronger financial profile over the next three years, results in a
two-notch gap in the assessment of the companies' credit profiles.

WIKA's national-scale SCP is stronger than that of WSKT, as WSKT
takes on a higher mix of turnkey engineering contracts on behalf of
the government and is one of Indonesia's largest toll-road
investors, with long payback periods. This leads to significantly
higher leverage and weaker interest coverage than at WIKA. The
multiple notch difference also reflects WSKT's poor liquidity
profile. WIKA's national-scale SCP is also stronger than that of
HK. Fitch believes WIKA's smaller operating scale is offset by its
stronger financial profile, less capital-intensive operation and
greater project diversification.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - New contracts wins of around IDR17 trillion in 2020 and IDR35
trillion in 2021 (2019: IDR41 trillion)

  - EBITDA margin, including share of profit from joint operations,
of around 7%-8% in 2020 and 11% in 2021 (2019: 15%)

  - Aggregate capex and investments of around IDR2.3 trillion in
2020

RATING SENSITIVITIES

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

Fitch may resolve the RWN upon further information with respect to
WIKA's government linkages. Fitch may take negative rating action
if it deems that overall linkages are weaker than expected.

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

Fitch may take a positive rating action if it deems that overall
linkages between WIKA and the government are stronger than
expected.

LIQUIDITY AND DEBT STRUCTURE

Manageable Refinancing Risks: Fitch believes WIKA's near-term
liquidity is supported by the company's manageable refinancing risk
on account of its strong working relationships with
government-owned and private banks. WIKA has a high amount of debt
maturing in the next six months, including its IDR5.4 trillion
Komodo bond due in January 2021. WIKA plans to refinance the Komodo
bond through domestic bonds and some bridging loans, primarily from
government-owned banks.

WIKA had cash of around IDR7.1 trillion at end-June 2020 and
uncommitted undrawn revolving cash lines of around IDR5.4 trillion,
which should partially cover short-term debt and current maturities
of IDR20.7 trillion in the next 12 months. These comprise the
IDR5.4 trillion Komodo bond, IDR750 billion in medium-term notes
maturing in October-November 2020, IDR205 billion in medium-term
notes maturing in February 2021 and IDR14.3 trillion of short-term
working capital lines and supply chain financing facilities.

Fitch expects WIKA's short-term working capital lines to be rolled
over by banks in the normal course of business given its
satisfactory credit profile and strong relationships with
government-owned banks. Fitch believes the company's debt maturity
profile will be extended should its refinancing be successful,
providing greater flexibility to manage cash flow and shore up
liquidity. A roll-over of working-capital debt would also free-up
cash to fund forecast capex and investments of around IDR2
trillion-3 trillion in 2020, if required. Nevertheless, liquidity
remains a key factor and failure to address upcoming maturities may
lead to negative rating action.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Share of profit from joint operations is included in EBITDA, as
these form part of WIKA's core operations

  - Supply chain financing due to be paid in more than 90 days is
considered as debt, as this effectively extends the usual trade
payable cycle

  - Fitch deducts IDR4 trillion from year-end cash, being the
difference between year-end cash and average cash balance between
the first and third quarters. This is to iron out seasonal working
capital variances that affect leverage.

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(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).




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

AWING TRAVEL: Goes Into Liquidation; Owes More Than NZD1 Million
----------------------------------------------------------------
Jo Mckenzie-Mclean at Stuff.co.nz reports that a tour bus company
involved in a crash that caused a girl to lose both her hands and a
woman to lose her arm has gone into liquidation, owing more than
NZD1 million.

Awing Travel NZ was placed into liquidation voluntarily on August
31, Stuff discloses.

The bus and trailer tipped on to its side and skidded for about 40m
after driver Liang Fang lost control on a downhill bend about 10km
from central Queenstown on January 21, Stuff recalls.

Twenty-three people, including Fang, were on board. St John staff
treated 20 for injuries. Two of the passengers, the girl who lost
both hands and the woman who lost an arm, were flown to hospital in
a serious condition.

In June, Fang, 32, was sentenced to 200 hours' community service
and disqualified from driving for nine months and ordered to pay
NZD9000 in reparation to the two most seriously injured victims.

According to Stuff, the company was forced to cease trading in
February 2020 when due to the Covid-19 global pandemic, the borders
were closed and tourists were prevented from visiting
New Zealand.

"The busy season for the company was expected to be between January
and April 2020," the liquidator's report said. "This put
significant strain on the tourism industry as a whole, including
the operations of the company, and inbound travel completely
stopped."

Prior to Covid, the business had been thriving, the liquidator's
report said. It purchased three more buses in 2019, bringing its
fleet up to seven, including five 40-seater buses, one 27-seater
bus and a minivan.

The director explored avenues to keep the company going. However,
with no income and no indication as to when operations could return
to normal, the decision was made to place the company into
liquidation voluntarily, the liquidator's report said, Stuff
relays.

A list of 15 creditors include Heartland Bank (owed NZD987,472),
Kiwi Finance Asset Ltd (owed NZD70,891) and Toyota Finance (owed
NZD24,063), Stuff discloses.

Employees are owed up to NZD23,960 each in unpaid wages.

"At this stage, there are insufficient funds for any distributions
to be made," the liquidator's report, as cited by Stuff, said.

"We estimate that there will be no funds available to unsecured
creditors. This is because all preferential and secured creditors,
such as employee claims, Inland Revenue claims - for unpaid GST and
PAYE and hire-purchase contracts must be paid before any unsecured
creditors."

Christchurch-based Awing Travel NZ provided transport to inbound
international tourists.




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

SINGAPORE AIRLINES: Plans to Slash 4,300 Jobs Amid Pandemic
-----------------------------------------------------------
Bloomberg News reports that Singapore Airlines Ltd. is eliminating
about 4,300 jobs, or 20% of its workforce, as the coronavirus
outbreak devastates the aviation industry.

The cuts will be made at Singapore Airlines and its SilkAir and
Scoot units. Discussions are underway with unions and arrangements
will be finalized as soon as possible, the carrier said in a
statement on Sept. 10, Bloomberg relays.

The job losses are the first at Singapore Airlines since the SARS
outbreak in 2003.

"Having to let go of our valuable and dedicated people is the
hardest and most agonizing decision that I have had to make in my
30 years with SIA," Bloomberg quotes Chief Executive Officer Goh
Choon Phong as saying. "The next few weeks will be some of the
toughest in the history of the SIA Group."

Bloomberg notes that the decision shows that even the world's top
carriers can't evade the biggest financial crisis in the industry's
history after the pandemic eviscerated air travel. The
International Air Transport Association doesn't expect passenger
traffic to recover to pre-pandemic levels until 2024, Bloomberg
relays. Singapore Airlines is particularly vulnerable because it
has no domestic market to fall back on.

"When the battle against Covid-19 began, none of us could have
predicted its devastating impact on the entire aviation industry,"
Mr. Goh said. "Eight months on, the number of carriers that have
collapsed continues to rise. It is still not clear who will
ultimately survive this crisis."

Bloomberg says the job losses come despite the airline raising
about SGD11 billion ($8 billion) through loans and a rights issue
in June, and receiving aid from a government job-support program.
The Ministry of Finance said it spent about SGD15 billion as of
July to help companies in the city-state pay staff, according to
Bloomberg.

Unlike many of its peers, Singapore Airlines initially managed to
resist job cuts, though some staff were redeployed to work in
hospitals, social services and on Singapore's transport network,
Bloomberg says.

It also imposed a hiring freeze in March and offered early
retirement and voluntary redundancies that eliminated some 1,900
positions. As a result, the potential cuts across the group have
been reduced to about 2,400, the airline said Sept. 10.

Bloomberg adds that Singapore Airlines and SilkAir are only
operating at about 7% of pre-pandemic capacity, and while some
routes are reopening, the level is likely to be just 11% by the end
of November, it has said.

The job cuts could initially save the airline SGD13 million a month
until March, when the government's job support program is due to
end, and almost SGD20 million after, according to James Teo, an
analyst with Bloomberg Intelligence in Singapore.

"I think these cuts are overdue and the delay was likely due to the
time taken to finalize voluntary departures," Bloomberg quotes Mr.
Teo as saying.

The carrier suffered a record SGD1 billion operating loss in the
first quarter through June, with revenue passenger kilometers
plunging more than 99%, Bloomberg discloses. The virus woes are
exacerbated by fuel-hedging losses, with as much as 79% of its
needs locked in at $71-$74 a barrel for jet fuel and $58-$62 for
Brent, Mr. Teo wrote earlier on Sept. 10, before the job-cuts
announcement, Bloomberg relays.

Singapore Airlines is reviewing its fleet size and network,
Bloomberg says. In July, it agreed with Airbus SE to defer
deliveries of some aircraft and reschedule some payments, while it
is in similar talks with Boeing Co., Bloomberg notes.

                      About Singapore Airlines

Headquartered in Singapore, Singapore Airlines Limited provides air
transportation, engineering, pilot training, air charter, and tour
wholesaling services.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
31, 2020, Egan-Jones Ratings Company downgraded the foreign
currency and local currency senior unsecured ratings on
debt issued by Singapore Airlines Limited to BB from BBB-.




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

ASIANA AIRLINES: Creditors to Inject $2BB After Sale Collapses
--------------------------------------------------------------
Reuters reports that creditors plan to inject $2 billion into
debt-ridden Asiana Airlines after a planned sale of South Korea's
second-largest carrier collapsed, a state bank said on Sept. 11.

Reuters relates that Kumho Industrial pulled the KRW2.5 trillion
(US$2.11 billion) sale of the South Korean airline to Hyundai
Development Co and brokerage Mirae Asset Daewoo.

They had agreed to buy control of Asiana in December, but called
for better terms after the airline's debt surged in subsequent
months after the coronavirus pandemic tore through markets and
wiped out demand for travel, Reuters says.

According to Reuters, Asiana CEO Han Chang-soo said it was
necessary to preserve Asiana Airlines as a going concern. State-run
lead creditor Korea Development Bank said creditors will relaunch
Asiana's sale as soon as conditions permit.

Hyundai Development plans to respond after legal review, it said in
a regulatory filing, adding that the deal fell apart due to
Asiana's failure to meet preconditions, Reuters relays.

Mirae Asset said it will respond according to future progress as a
financial investor, adds Reuters.

Asiana, which competes with bigger Korean Air Lines, had a total
debt of KRW12.8 trillion as of end-June, up more than 33% from a
year earlier, Reuters discloses citing regulatory filing.

                       About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

Asiana Airlines' net losses deepened for the January-March quarter
to KRW683.26 billion from KRW89.18 billion a year earlier.  The
airline has suspended most of its flights on international routes
as more than 180 countries have strengthened entry restrictions
amid coronavirus fears this year, according to Yonhap News Agency.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April until business circumstances normalize, Yonhap
noted.  Asiana's executives have also agreed to forgo 60% of their
wages, though no specific time frame was given for how long the pay
cuts will remain in effect.


EASTAR JET: To Cut Half of Workforce for New Deal
-------------------------------------------------
Yonhap News Agency reports that embattled Eastar Jet Co. said on
Sept. 7 it will reduce its workforce by more than half as part of
efforts to find a new investor after Jeju Air Co. scrapped its plan
to acquire the smaller budget carrier amid the coronavirus
pandemic.

Eastar plans to lay off 640 workers, or 53 percent, of its 1,216
employees on Oct. 14 before it begins the process of finding a new
investor, Eastar Senior Vice President Kim You-sang said over the
phone, Yonhap relays.

"Our lead managers and two private equity funds (that have an
interest in investing in Eastar) want the company to reduce our
fleet and workforce, among other things," Yonhap quotes Mr. Kim as
saying.

The company plans to maintain 576 employees, including cabin crew
members basically required to fly six planes, the executive said.

Eastar currently has 18 planes, including two 737 MAX aircraft, and
plans to reduce the fleet to five to seven planes.

Last month, Eastar selected Deloitte Anjin LLC, Yulchon LLC and
Heungkuk Securities Co. as lead managers to resume a bid to sell a
controlling stake of 51.17 percent, Yonhap notes.

The company is looking for a strategic investor, or a company, that
has an interest in the majority stake in Eastar, the executive, as
cited by Yonhap, said.

"Ten companies, including PEFs, have expressed their intention to
acquire Eastar. We are targeting to select a preferred negotiating
partner by the end of this month," he said.

Eastar, which has suspended all flights since March, faces
bankruptcy after Jeju Air scrapped the deal in late July due to the
COVID-19 pandemic's growing impact on the airline industry,
according to Yonhap.

In March, Jeju Air signed a deal to acquire the controlling stake
in Eastar Jet from Eastar Holdings for KRW54.5 billion (US$45.53
million) as part of its expansion strategy despite the pandemic,
Yonhap recalls.

On July 1, Jeju Air sent an ultimatum demanding Eastar Jet pay off
all of its debts, estimated at up to KRW170 billion, including
unpaid wages to its employees, delayed payments to subcontractors
and office operating expenses, by July 15.

But Eastar failed to meet the demands, Yonhap states. The company
said the debt payment was not part of the deal and that it was not
Eastar's duty to do so but Jeju Air's.

On July 23, the state-run Korea Development Bank (KDB) and the
Export-Import Bank of Korea said they will withdraw their plan to
extend loans worth KRW170 billion to Jeju Air following the deal's
collapse, Yonhap says.

Eastar Jet is a low-cost airline with its headquarters in
Banghwa-dong, Gangseo-gu, Seoul, South Korea.




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

BANGKOK BANK: Moody's Rates Add'l. Tier 1 Capital Securities (P)Ba1
-------------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba1 foreign currency
long-term rating to the perpetual Additional Tier 1 capital
securities component under the updated US$7 billion Global
Medium-Term Note (GMTN) program of Bangkok Bank Public Company
Limited (BBL, Baa1 stable, baa1) and Bangkok Bank Public Company
Ltd. (Hong Kong).

On September 10, 2020, BBL has updated its existing GMTN program to
allow the issuance of Additional Tier 1 capital securities and
increased the program size to US$7 billion.

Moody's had previously assigned a (P)Baa1 rating to the senior
unsecured component, and a (P)Baa3 rating to the subordinated Tier
2 notes component of the program.

The terms and conditions of the proposed Additional Tier 1 capital
securities incorporate trigger events and non-viability language
that are compliant with the rules set by the Bank of Thailand
(BOT); thereby allowing the securities to be considered Additional
Tier 1 capital. The notes can be issued either by BBL or by any of
its branches (other than branches in the United States).

RATINGS RATIONALE

The (P)Ba1 rating is positioned three notches below BBL's baa1
Adjusted Baseline Credit Assessment (BCA), in line with Moody's
standard notching guidance for contractual non-viability preferred
securities with optional, non-cumulative distribution skip
mechanisms.

The three-notch difference from the Adjusted BCA reflects higher
expected losses in these securities, and the impairment associated
with discretionary coupon suspension.

Under the terms and conditions, the principal of the Additional
Tier 1 capital securities will be written down, partially or in
full, upon the occurrence of a non-viability event, or when BBL's
Common Equity Tier 1 (CET 1) ratio on either a standalone or
consolidated basis is less than the trigger level of 5.15%.

Holders of the Additional Tier 1 capital securities are senior to
all shareholders, but junior to secured creditors, all depositors,
general creditors, senior unsecured creditors and Tier 2
subordinated noteholders.

The (P)Ba1 rating does not apply to any individual notes to be
issued under the program. The ratings on individual notes to be
issued under the program will be subject to Moody's review of the
terms and conditions set forth at issuance.

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

The ratings of the Additional Tier-1 capital securities are notched
from BBL's Adjusted BCA. As such, the ratings of the securities
will move in tandem with BBL's Adjusted BCA.

Moody's could downgrade BBL's BCA if the bank's financial
fundamentals deteriorate significantly.

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

Bangkok Bank Public Company Limited (BBL), headquartered in
Bangkok, reported total assets of THB3.8 trillion ($123 billion) as
of June 30, 2020.


THAI AIRWAYS: Faces Court Ruling on Landmark Debt Rescue Plan
-------------------------------------------------------------
Anuchit Nguyen at Bloomberg News reports that Thai Airways
International Pcl, the nation's flagship carrier, faces one of its
biggest challenges in its 60-year history, with a local court set
to rule on its debt restructuring today, Sept. 14.

According to Bloomberg, the Central Bankruptcy Court will decide
whether the airline can proceed with its plan to rehabilitate its
debt. The company, which had total liabilities of THB332.2 billion
(US$10.6 billion) at the end of June, is one of the nation's most
high-profile debt cases.

Bloomberg says the coronavirus pandemic has devastated the global
travel industry, forcing airlines to suspend flights, lay off
employees and seek financial help from governments and investors.
Industry strains have been mounting in Asia, with Singapore
Airlines Ltd. eliminating about 20% of its workforce, the report
notes. Thai Airways creditors are likely faced with a protracted
process: the company is estimating that the rehabilitation process
could take as long as seven years.

"The court's debt rehabilitation approval is just a tiny step,"
Bloomberg quotes Chanchai Chaiprasit, chief executive officer of
PricewaterhouseCooper's Thai unit, as saying. "It's an uphill task
to come up with a debt plan that would satisfy banks, aircraft
lessors, suppliers and other lenders."

Bloomberg says the Central Bankruptcy Court judge will rule if Thai
Airways can proceed with the appointment of EY Corporate Advisory
Services Ltd. and the carrier's board members as debt
rehabilitation planners. A favorable ruling will allow Thai Airways
to start talks soon with debt-holders on the terms of restructuring
the dues.

Bloomberg relates that Thai Airways was also dealt a further blow
recently, when the nation's Ministry of Transport identified
potential corruption in underpricing of tickets and excessive
overtime costs. Thailand's Ministry of Finance owns around 48% of
Thai Airways, according to an August filing.

The airline had defaulted on loans and bonds totaling 85 billion
baht, or 33.1% of its total assets, Bloomberg discloses citing Thai
Airways' latest statement on July 22. It reported a net loss of
THB28 billion in the first half of this year, a more-than-fourfold
jump from THB6.44 billion during the same time a year ago as the
carrier canceled scheduled flights from April to comply with
government rules to contain the pandemic.

                         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.

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.

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



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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 2020.  All rights reserved.  ISSN: 1520-9482.

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