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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

          Wednesday, March 4, 2020, Vol. 23, No. 46

                           Headlines



A U S T R A L I A

AUSTRALIAN ASSOCIATED: Future in Doubt Amid Financial Pressure
DECIMAL SOFTWARE: Second Creditors' Meeting Set for March 10
DECIMAL TECHNOLOGY: Second Creditors' Meeting Set for March 10
DURO FELGUERA: First Creditors' Meeting Set for March 11
LIBERTY 2016-1: S&P Raises Class F Notes Rating to BB (sf)

PIERCE ENGINEERING: First Creditors' Meeting Set for March 10
SKOPE GROUP: First Creditors' Meeting Set for March 11
TRITON TRUST 2019-1: Fitch Affirms BB-sf Rating on Class F Notes
[*] AUSTRALIA: More Retailers Set to Collapse, Gerry Harvey Says


C H I N A

BANK OF CHINA: Fitch Puts Final BB+ Rating to $2.82BB Pref. Shares
CANCER GENETICS: Court Dismisses Class Action Suit Pending in N.J.
HNA GROUP: Seeks Hainan Help as Coronavirus Lifts Liquidity Risks
MODERN LAND: Moody's Assigns B3 Rating to New USD Notes
TIANQI LITHIUM: Posts CNY2.82BB Loss in 2019 as Demand Slumps

XINJIANG GUANGHUI: Moody's Rates New USD Sr. Unsec. Notes B3
XINJIANG GUANGHUI: S&P Affirms 'B' LT ICR, Outlook Negative
XINJIANG GUANGHUI: S&P Assigns 'B-' Rating to US$ Sr. Unsec. Notes
YIDA CHINA: Fitch Downgrades LT Issuer Default Rating to C


H O N G   K O N G

BANK OF COMMUNICATIONS: Fitch Rates $500MM AT1 Securities Final BB+
ROAD KING: Moody's Assigns Ba3 Rating to New USD Sr. Unsec. Notes


I N D I A

AGNI INDUSTRIAL: CRISIL Maintains 'D' Rating in Not Cooperating
ALTICO CAPITAL: Hedge Funds Boost Bids as Sale Nears End
AMAZON ENTERPRISES: CRISIL Lowers Rating on INR7.95cr Loan to D
ARIHANT COAL: CRISIL Maintains 'D' Rating in Not Cooperating
DAYANAND COTTON: CRISIL Maintains 'D' Rating in Not Cooperating

EXIM LOGISTICS: CRISIL Lowers Rating on INR9cr Loan to 'D'
GOMATHI STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
J. R. AGROTECH: CRISIL Maintains 'D' Rating in Not Cooperating
KESHAV ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
KURUNJI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating

LAMIYA SILKS: CRISIL Maintains 'D' Rating in Not Cooperating
LUXOR WRITING: CRISIL Lowers Rating on INR55cr Loan to B+
M. O. POONNEN: CRISIL Withdraws D Rating on INR5.5cr Cash Loan
MAA MANGLA: CRISIL Maintains 'D' Rating in Not Cooperating
MAA SARASWATI: CRISIL Maintains 'D' Rating in Not Cooperating

MEGH CONSTRUWELL: CRISIL Withdraws D Rating on INR2cr Loan
MINEX INDIA: CRISIL Maintains 'D' Rating in Not Cooperating
MONGA IRON: CRISIL Maintains 'D' Rating in Not Cooperating
NIRMAL NCCC: CRISIL Lowers Rating on INR10cr Cash Loan to B+
PAWAN KUMAR: CRISIL Lowers Rating on INR4.5cr Cash Loan to B+

PINNACLE NEXUS: CRISIL Maintains 'D' Rating in Not Cooperating
PLUTON TRADING: CRISIL Lowers Rating on INR44cr Loan to B+
PRASANNA EDUCATION: CRISIL Keeps 'D' Rating in Not Cooperating
PRASHANTH POULTRY: CRISIL Maintains 'D' Rating in Not Cooperating
PRIME TECHNOPLAST: CRISIL Maintains 'D' Rating in Not Cooperating

PSN MOTORS: CRISIL Maintains 'D' Rating in Not Cooperating


I N D O N E S I A

GAJAH TUNGGAL: S&P Alters Outlook to Neg. & Affirms 'B-' ICR


J A P A N

FUJIMISOU: Oldest Ryokan Goes Bankrupt Due to Coronavirus
LUMINOUS CRUISING: Files For Bankruptcy; Blames Coronavirus


S I N G A P O R E

EZION HOLDINGS: Posts US$167.1MM Loss in Q4 Ended Dec. 31
EZION HOLDINGS: Reaches Agreement With White Knight


X X X X X X X X

Q&K INT'L: Discloses Substantial Going Concern Doubt

                           - - - - -


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

AUSTRALIAN ASSOCIATED: Future in Doubt Amid Financial Pressure
--------------------------------------------------------------
Zoe Samios at The Sydney Morning Herald reports that national news
agency Australian Associated Press is facing mass job cuts and the
prospect of closure as its shareholders confront one of the
toughest media markets in history.

Sources close to discussions about AAP's future, who spoke on the
condition of anonymity, said the operation has been under immense
financial pressure and major shareholders Nine Entertainment Co and
Rupert Murdoch's News Corp were assessing all options. Nine is the
owner of this masthead, SMH relates.

According to SMH, AAP executives will meet with Nine and News Corp
Australia executives this week to make a final decision about the
operation's future. As many as 180 jobs could go as a result of the
planned changes -- representing the entirety of AAP's remaining
editorial operations, the report says.

SMH says media companies are facing rising financial challenges
from the weakest advertising market since the global financial
crisis and the rise of global digital giants which have drawn
audiences and revenues away from incumbents.

Both Seven West Media and Nine announced significant cost-cutting
plans after downgrading their earnings forecasts in half-year
results, while News Corp said its third-quarter earnings were
affected by the "sluggish" Australian economy, the report relays.

Nine chief executive Hugh Marks told The Sydney Morning Herald and
The Age last week output deals like AAP were an area where his
metro publishing business could cut costs. Following the merger of
Nine and Fairfax Media in 2018, the business has increasingly been
able to use its own video and audio assets in stories, as opposed
to AAP resources.

"You have to continue to focus on those big cost areas . . . invest
in high-quality cost content, try and get efficiencies in
low-quality costs - printing, distribution, big output deals like
AAP," SMH quotes Mr. Marks as saying.

Like others, AAP has come under increasing financial pressure with
technology platforms like Google and Facebook taking clients,
advertising dollars and distributing content, SMH says. The news
wire subscription service has previously said hundreds of thousands
of dollars had left the business due to clients using search giant
Google.

Nine, News Corp, Seven West Media and Antony Catalano's Australian
Community Media are AAP's shareholders, SMH discloses. Nine is
estimated to inject about AUD5 million a year into the business,
while News Corp gives AAP about AUD10 million, according to those
familiar with the arrangements, the report relates. Seven West
Media and Australian Community Media are minority shareholders.

Last year sources with knowledge of the Nine business said the
company has been winding back its reliance on the news agency's
service, but regional daily newspapers and government funded
businesses like SBS have become major users of AAP, recalls SMH.

News.com.au has an entire section of its website dedicated to the
AAP feed. AAP is also Facebook's fact-checker, a role which it took
on in mid-2019. The future of this arrangement is not clear.

AAP posted a profit in 2019 after a major restructure, with chief
executive Bruce Davidson assuring it would be the last of the major
editorial redundancy rounds for the news wire service, SMH
discloses.

It achieved a AUD929,000 profit for the year after income tax,
compared to a AUD10.45 million loss the year prior. SMH relates
that the last major cuts took place in mid-2018, when about 10 per
cent of editorial – 25 staff – was cut due to a "disrupted"
environment, SMH reports.

DECIMAL SOFTWARE: Second Creditors' Meeting Set for March 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Decimal
Software Pty Ltd has been set for March 10, 2020, at 11:30 a.m. at
Central Park, Level 43, at 152-158 St Georges Terrace, in Perth,
WA.

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 March 9, 2020, at 4:00 p.m.

Matthew James Byrnes and David Hodgson of Grant Thornton were
appointed as administrators of Decimal Software on Feb. 4, 2020.

DECIMAL TECHNOLOGY: Second Creditors' Meeting Set for March 10
--------------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Decimal Technology and Systems Pty Ltd
     - Decimal Pty Ltd
     - Simpla Pty Ltd

has been set for March 10, 2020, at :00 p.m. at at Central Park,
Level 43, at 152-158 St Georges Terrace, in Perth, WA.

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 March 9, 2020, at 4:00 p.m.

Matthew James Byrnes and David Hodgson of Grant Thornton were
appointed as administrators of Decimal Technology et al. on Feb. 4,
2020.

DURO FELGUERA: First Creditors' Meeting Set for March 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Duro
Felguera Australia Pty Ltd will be held on March 11, 2020, at 2:00
p.m. at Level 5, Chifley Tower, at 2 Chifley Square, in Sydney,
NSW.

Rahul Goyal, Scott Harry David Langdon John Bumbak of Kordamentha
were appointed as administrators of Duro Felguera on Feb. 28,
2020.


LIBERTY 2016-1: S&P Raises Class F Notes Rating to BB (sf)
----------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by Perpetual Trustee Co. Ltd. as trustee
of Liberty Series 2016-1 SME. At the same time, S&P affirmed its
ratings on four classes of notes.

Liberty Series 2016-1 SME is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Liberty Financial Pty Ltd.

The rating actions reflect:

-- S&P said, "Our view of the credit risk of the underlying
collateral portfolio and the credit support provided for the rated
notes, which is commensurate with that credit risk. Our analysis of
credit risk is based on our "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, we have
applied similar assumptions." Credit support for the rated notes is
provided in the form of subordination.

-- That the underlying pool of assets has a weighted-average
seasoning of 46 months and a weighted-average current loan-to-value
ratio of 64.9%. The asset pool consists of 688 consolidated loans
as of Dec. 31, 2019.

-- That the transaction has continued to pay down sequentially
since close, increasing the level of subordination to all rated
note classes. The outstanding asset balance is A$207.6 million as
of Dec. 31, 2019. The transaction does have the ability to convert
to a pro-rata structure if the step-down conditions are met, with
the exception of the class G notes, which don't receive principal
payments until all rated notes are fully repaid. As a result, the
dollar amount of credit enhancement provided by the class G notes
will not decrease over time.

-- That asset performance has been stable since inception. By
current balance, 0.9% of loans are in arrears by more than 30 days
and the portfolio has experienced only minor losses to date.

-- S&P's rating actions have considered the exposure to
self-managed superannuation funds (SMSFs) loans. The proportion of
SMSF loans has increased since transaction close to 54% from 36%.
Given the lower prepayment rates compared with other product types,
the exposure to SMSF loans in the portfolio is likely to increase.

-- The transaction benefits from a number of structural
mechanisms, including an amortizing liquidity facility equal to
3.0% of the outstanding balance of the rated notes, and principal
draws, which are sufficient under S&P's stress assumptions to
ensure timely payment of interest. In addition, a cash reserve of
A$2.65 million, which has built up from excess spread, provides
additional support to the transaction. S&P's cash-flow analysis
also reflects that a minimum margin will be maintained on the
assets.

-- That the transaction passes our stressed cash-flow modeling
scenarios at their respective rating levels, having the ability to
make timely interest and ultimate payment of principal.

-- The uncertainty over the repayment of the bullet loans, which
are scheduled to mature during the next 12 months. Bullet loans
comprise 3.9% of the portfolio balance as of Dec. 31, 2019. Under
this loan product, borrowers can request an extension of the
maturity date if they meet certain criteria.

  RATINGS RAISED

  Liberty Series 2016-1 SME

  Class     To           From
  D         A (sf)       BBB+ (sf)
  E         BBB (sf)     BB+ (sf)
  F         BB (sf)      B+ (sf)

  RATINGS AFFIRMED

  Liberty Series 2016-1 SME

  Class     Rating
  A1        AAA (sf)
  A2        AAA (sf)
  B         AAA (sf)
  C         A+ (sf)


PIERCE ENGINEERING: First Creditors' Meeting Set for March 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pierce
Engineering Pty Ltd, trading as Pierce Engineering, will be held on
March 10, 2020, at 2:30 p.m. at Empire Hotel, at 5 East Street, in
Rockhampton City, Queensland.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Pierce Engineering on
Feb. 27, 2020.

SKOPE GROUP: First Creditors' Meeting Set for March 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Skope Group
Pty Ltd, trading as Skope Group Services; Scream Visual; Signage
Skope; Sign Fix, will be held on March 11, 2020, at 10:00 a.m. at
the offices of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex
Street, in Sydney, NSW.  

Alan Walker & Andre Lakomy of Cor Cordis were appointed as
administrators of Skope Group on Feb. 28, 2020.

TRITON TRUST 2019-1: Fitch Affirms BB-sf Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings affirmed 31 note classes from eight Triton
transactions, which consist of notes backed by pools of
first-ranking Australian residential full-documentation mortgage
loans originated by Columbus Capital Pty Limited. The notes were
issued by Perpetual Corporate Trust Limited in its capacity as
trustee.

RATING ACTIONS

Triton Trust No.10 Titan Warehouse Series 2019-1

Class A; LT AAAsf Affirmed; previously at AAAsf

Class B; LT AAsf Affirmed;  previously at AAsf

Class C; LT Asf Affirmed;   previously at Asf

Class D; LT BBBsf Affirmed; previously at BBBsf

Class E; LT BB+sf Affirmed; previously at BB+sf

Class F; LT BB-sf Affirmed; previously at BB-sf

Triton Trust No.8 Bond Series 2019-3

Class A1-5Y AU3FN0051306; LT AAAsf Affirmed; previously at AAAsf

Class A1-AU AU3FN0051298; LT AAAsf Affirmed; previously at AAAsf

Class A2 AU3FN0051314;    LT AAAsf Affirmed; previously at AAAsf

Class AB AU3FN0051322;    LT AAAsf Affirmed; previously at AAAsf

Triton Trust No.7 Bond Series 2017-2

Class A1-b AU3FN0038931; LT AAAsf Affirmed; previously at AAAsf

Class A2 AU3FN0038949;   LT AAAsf Affirmed; previously at AAAsf

Class A3 AU3FN0038956;   LT AAAsf Affirmed; previously at AAAsf

Class AB AU3FN0038964;   LT AAAsf Affirmed; previously at AAAsf

Triton Trust No.7 Bond Series 2017-1

Class A1-b AU3FN0036828; LT AAAsf Affirmed; previously at AAAsf

Class A2 AU3FN0036836;   LT AAAsf Affirmed; previously at AAAsf

Class AB AU3FN0036844;   LT AAAsf Affirmed; previously at AAAsf

Triton Trust No.7 Bond Series 2016-1

Class A1-b AU3FN0031795; LT AAAsf Affirmed; previously at AAAsf

Class A2 AU3FN0031803;   LT AAAsf Affirmed; previously at AAAsf

Class AB AU3FN0031811;   LT AAAsf Affirmed; previously at AAAsf

Triton Trust No.8 Bond Series 2019-2

Class A1-4Y AU3FN0047262; LT AAAsf Affirmed; previously at AAAsf

Class A1-AU AU3FN0047254; LT AAAsf Affirmed; previously at AAAsf

Class A2 AU3FN0047338;    LT AAAsf Affirmed; previously at AAAsf

Class AB AU3FN0047270;    LT AAAsf Affirmed; previously at AAAsf

Triton Trust No.2 Bond Series 2014-1

Class A AU3FN0024022;  LT AAAsf Affirmed; previously at AAAsf

Class AB AU3FN0024030; LT AAAsf Affirmed; previously at AAAsf

Triton Trust No.8 Bond Series 2018-1

Class A1-5Y AU3FN0042701; LT AAAsf Affirmed; previously at AAAsf

Class A1-AU AU3FN0042693; LT AAAsf Affirmed; previously at AAAsf

Class A1-US XS1847624399; LT AAAsf Affirmed; previously at AAAsf

Class A2 AU3FN0042719;    LT AAAsf Affirmed; previously at AAAsf

Class A3 AU3FN0042727;    LT AAAsf Affirmed; previously at AAAsf

For Triton Trust No.10 Titan Warehouse Series 2019-1, as per the
transaction documents, payment of class A subordinated interest and
of class B, C, D, E and F residual interest is excluded from its
rating analysis. Class A subordinated interest is subordinated
below losses if an amortisation event is subsisting for more than
six months, while class B, C, D, E and F residual interest is
subordinated below losses when the outstanding asset balance is
below AUD77.5 million. Non-payment of subordinated or residual
interest will not lead to an event of default, as outlined in the
transaction documentation.

KEY RATING DRIVERS

Operational Risk: Columbus is a non-bank financial institution
specialising in conforming Australian residential mortgage lending.
Columbus commenced originations in 2006 with growth driven by
loan-book acquisitions and organic origination. Fitch undertook an
onsite operational review and found that the operations of the
servicer and originator were comparable with market standards and
that there were no material changes that may affect Columbus
Capital's ongoing ability to undertake origination, administration
and collection activities.

Asset Analysis: The asset model was not re-run for all trusts in
accordance with Fitch's criteria, as the notes are rated at the
highest possible level (AAAsf) or the transaction is still within
its revolving period; asset composition and performance have not
changed materially since the last asset-model analysis; cash-flow
distributions have been within Fitch's expectations since the last
cash-flow model analysis; and there have been no material changes
to asset assumptions since the last asset-model analysis.

At end-2019, 30+ and 90+ day arrears tracked below Fitch's 3Q19
Dinkum RMBS Index of 1.07% and 0.58%, respectively; 30+ day arrears
ranged from 0.13% (Triton Trust No.8 Bond Series 2019-3) to 1.06%
(Triton Trust No.7 Bond Series 2016-1), while 90+ day arrears
ranged from 0.00% (Triton Trust No.7 Bond Series 2017-1, Triton
Trust No.7 Bond Series 2017-2, Triton Trust No.8 Bond Series 2019-2
and Triton 2019-3) to 0.49% (Triton Trust No.2 Bond Series 2014-1).
Loans that have a current hardship status but are not in arrears
are not included in Columbus Capital's arrears figures. There have
been two losses to date between the seven transactions (AUD59,968
in total), all of which have been covered by excess spread.

Liability Analysis: Cash flow analysis was not performed for all
trusts in accordance with Fitch's criteria, as the notes are rated
at the highest possible level (AAAsf) or the transaction is still
within its revolving period; asset composition and performance have
not changed materially since the last asset-model analysis;
cash-flow distributions have been within Fitch's expectations since
the last cash-flow model analysis; and there have been no material
changes to cash-flow assumptions since the last cash flow model
analysis.

Macroeconomic Factors: Fitch expects stable mortgage performance
supported by sustained economic growth in Australia. Fitch
forecasts steady GDP growth of 2.3% for 2020, stable labour markets
and low interest rates in Australia to support the Outlook on the
rated notes.

CRITERIA VARIATION

Fitch's APAC Residential Mortgage Rating Criteria does not
anticipate the assignment of ratings below the model-implied
ratings. For Triton 2019-1, sensitivity testing indicated the class
C note rating is sensitive to downgrade of the lenders' mortgage
insurance (LMI) providers' ratings. Fitch considered the
sensitivity of the rating, together with the revolving nature of
the portfolio, in assigning the final rating to class C. The
variation resulted in a rating on the class C notes that is
one-notch below the model-implied rating.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any foreseeable
change in performance. The prospect of downgrade is remote, given
the level of subordination available to all rated notes, pool
performance and adequate excess spread.

Class B, C, D, E and F notes from Triton 2019-1 and the class AB
notes from Triton 2014-1, Triton 2017-2 and Triton 2019-3 are LMI
dependent and therefore sensitive to downgrades in the LMI
providers' ratings. All other rated notes are independent of
downgrades in the LMI providers' ratings.

[*] AUSTRALIA: More Retailers Set to Collapse, Gerry Harvey Says
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that as the country heads
into the autumn and winter trading periods, Australia should expect
to see more retail brands collapse, according to high-profile
retailer Gerry Harvey.

In recent months, big-name brands including Ishka, Colette by
Colette Hayman, Jeanswest, Harris Scarfe, Bardot and Curious Planet
have all collapsed, SmartCompany says.

SmartCompany relates that some, including Jeanswest, look set to
survive the insolvency process, but the collapses have resulted in
the closure of a significant number of retail shopfronts.

Also contributing to the sense of a so-called retail apocalypse has
been decisions by other retailers, including EB Games and Bose, to
close multiple stores, and German hypermarket Kaufland's shock exit
from Australia, the report says.

Speaking after the release of Harvey Norman's latest results,
Harvey told news.com.au there are more retail collapses on the way,
and they will likely include smaller businesses, according to
SmartCompany.

"The main ones have probably gone now, there will be more but they
might be smaller ones, although I don't know of any that are having
a really big problem," the report quotes Mr. Harvey as saying.

"I don't think anyone has been surprised by the ones that went —
not anyone in retail or businesspeople, because they were all on
the margin.

"It's not a secret, it's just a fact of life that there are certain
retailers out there living day-to-day, while others are doing quite
well, and others in between.

"It is a hard business, and some retailers are really good, while
others are really bad, but overall it's not an easy business."

SmartCompany says Mr. Harvey attributed the challenges currently
confounding the retail sector to a number of issues, including high
rents, online competition, and a downturn in spending associated
with the drought and bushfires.

"It has been difficult right across the board in Australia -- it's
just a thing more retailers and business have been battling in the
last 12 months," Mr. Harvey said.

High retail rents have been a particular problem, said Harvey.

"We have a situation here with major shopping centres whacking up
rent and big overseas chains coming in, but some are now leaving,
department stores are in trouble and shopping centres are now
dropping rents, so things have changed quite a lot over the last
year."

Speaking to SmartCompany last week, one commercial leasing expert
said conditions for retail tenants are the worst he has ever seen.


"I've been doing this 40 years, I've seen CPI (consumer price
index) at 18 per cent going back to the Gough Whitlam days . . .
I've seen everything that's bad for retailers," Lawrence Brown told
SmartCompany.  "But I've never seen this, this is something right
out of left field. For a deal to be signed today, I would have to
do it so that there was absolutely no downside."

Mr. Brown, a leasing consultant and managing director of Complete
Retail Services, has been working in the space for 40 years.

He said the COVID-19 (coronavirus) outbreak has combined with
already weak retail conditions to create an unprecedented situation
for Aussie traders that's probably going to get worse before it
gets better.

The situation is so precarious that fashion retailers are facing
the possibility of a winter season without any stock, adds
SmartCompany.



=========
C H I N A
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BANK OF CHINA: Fitch Puts Final BB+ Rating to $2.82BB Pref. Shares
------------------------------------------------------------------
Fitch Ratings assigned a final rating of 'BB+' to Bank of China
Limited's (BOC, A/Stable/bb+) USD2.82 billion 3.60% non-cumulative,
perpetual offshore preference shares. The preference shares will
qualify as additional Tier 1 (AT1) capital, and the proceeds will
be used to replenish BOC's AT1 capital and increase its
capital-adequacy ratio. The securities will be issued on March 4,
2020 and will be listed on the Hong Kong Stock Exchange.

The final rating follows the receipt of final documentation
conforming to information previously received, and is the same as
the expected rating assigned on February 23, 2020.

KEY RATING DRIVERS

Fitch applies BOC's support-driven Long-Term Issuer Default Rating
of 'A' as the anchor for its Basel III-compliant AT1 preference
shares due to BOC's high systemic importance and strong linkages to
the state, including its majority stake. This is reflected in BOC's
Support Rating of '1' and Support Rating Floor of 'A', similar to
other state banks in China. Under Fitch's Exposure Draft for the
Bank Rating Criteria, a bank's IDR is used as the anchor rating
where Fitch believes sovereign extraordinary support is likely to
be extended further down the capital structure into more junior
obligations.

Non-performance risk is mitigated given its expectation for
sovereign support (hence zero notches) and the preference shares
are notched twice from their anchor rating to reflect high loss
severity, implying a rating of 'BBB+'. However, Fitch's exposure
draft imposes a rating cap of 'BB+' for issuers with Support Rating
Floors in the 'A' or 'BBB' category. As such, the ratings of the
preference shares are capped at 'BB+', as per its criteria.

Any distribution of dividends on AT1 instruments should only be
paid out of distributable items under China's Administrative
Measures for the Capital of Commercial Banks (Trial) (The Capital
Management Rules). The China Banking Insurance Regulatory
Commission has the discretionary authority to restrict dividend
payments and other distributions if BOC fails to fulfil the
capital-adequacy ratio requirements or violates certain other PRC
banking regulations. Any distributable profits that are not
distributed in a given year are retained and are available for
distribution in subsequent years. The Company Law and Capital
Management Rules, however, do not expressly define distributable
profits in the context of AT1 instruments. That said, Fitch does
not expect higher non-performance risk for the preference shares
due to the level of BOC's undistributed profits (end-3Q19: CNY784
billion). BOC also has the discretion to cancel dividends on the
preference shares, subject to a resolution passed at the
shareholders' general meeting. If BOC elects to cancel dividends on
the preference shares, this will result in cancellation of
dividends on common equity and all other classes of preference
shares that rank equally, though it may not apply to distributions
on its undated AT1 capital bonds.

The preference shares have lower recovery expectations than for
higher ranking securities due to their deep subordination status
and compulsory conversion features. The preference shares will be
irrevocably and compulsorily converted into equity upon the
occurrence of a trigger event, which will occur if the bank's
common equity Tier 1 ratio falls to 5.125% or below (full or
partial conversion to restore the common equity Tier 1 ratio to
above 5.125%) or if there is a non-viability event (full
conversion). A non-viability event occurs when the CBIRC concludes
that without a write-off or conversion of the bank's capital, the
bank would become non-viable, or the relevant authorities conclude
that without public sector injection of capital or equivalent
support, the bank would become non-viable. Once the preference
shares have been converted, they will not be restored under any
circumstances.

The preference shares rank ahead of claims from ordinary
shareholders and below all liabilities of the bank including
subordinated liabilities but excluding parity obligation, and rank
pari passu with all other preference shareholders. However, under a
non-viability event, the bank's AT1 instruments, whether in the
form of preference shares or capital bonds, will be subject to the
same order in loss absorption, as per the CBIRC's revised Guiding
Opinion on Commercial Banks' Innovation on Capital Instruments.

RATING SENSITIVITIES

Any changes to the rating on BOC's Basel III-compliant AT1
preference shares will be directly correlated to changes in BOC's
IDR, which will in turn reflect any shift in the perceived
willingness or ability of the government to support the bank in a
full and timely manner. Fitch will only upgrade the preference
shares if the anchor rating is 'AA-' or above, or downgrade the
preference shares if the anchor rating falls below 'BBB'. The
rating of the preference shares is also sensitive to divergence
between Fitch's final Bank Rating Criteria, when published, and the
current exposure draft.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of
environmental, social and governance (ESG) credit relevance is a
score of 3 - ESG issues are credit neutral or have only a minimal
credit impact on BOC, either due to their nature or the way in
which they are being managed by the bank.

BOC has an ESG Relevance Score of 4 for financial transparency risk
due to under-reporting of

non-performing loans and risk-weighted assets stemming from the use
of off-balance-sheet transactions. This negatively affects the
bank's credit profile and is relevant to the rating in conjunction
with other factors.

The bank is also given an ESG Relevance Score of 4 for governance
structure risk, as there is potential for significant state
influence as the owner or regulatory influence in light of the lack
of independence from the state. This negatively affects the bank's
credit profile and is relevant to the rating in conjunction with
other factors.

CANCER GENETICS: Court Dismisses Class Action Suit Pending in N.J.
------------------------------------------------------------------
The United States District Court for the District of New Jersey
granted Cancer Genetics, Inc.'s motion to dismiss with prejudice a
purported class action complaint filed on April 5, 2018 against the
Company and members of its management, captioned In re Cancer
Genetics, Inc. Securities Litigation. As previously reported, the
complaint alleged that the Company and members of its management
violated federal securities laws by making allegedly false and
misleading statements. The Court's written order dismissed the case
in its entirety with prejudice, resulting in a termination of all
claims. The plaintiffs have not indicated whether they will appeal
the dismissal.

                       About Cancer Genetics

Headquartered in Rutherford, New Jersey, Cancer Genetics, Inc. --
http://www.cancergenetics.com/-- develops, commercializes and
provides molecular- and biomarker-based tests and services,
including proprietary preclinical oncology and immuno-oncology
services, that enable biotech and pharmaceutical companies engaged
in oncology and immuno-oncology trials to better select candidate
populations and reduce adverse drug reactions by providing
information regarding genomic and molecular factors influencing
subject responses to therapeutics. CGI operates across a global
footprint with locations in the United States, Australia, and
China.

Cancer Genetics reported a net loss of $20.37 million in 2018
following a net loss of $20.88 million in 2017. At Sept. 30, 2019,
the Company had total assets of $20.83 million, total liabilities
of $13.37 million, and $7.46 million in total stockholders'
equity.

RSM US LLP, in New York, the Company's auditor since 2010, issued a
"going concern" opinion in its report on the Company's consolidated
statements for the year ended Dec. 31, 2018, citing that the
Company has suffered recurring losses, and has an accumulated
deficit and negative cash flows from operations. The Company is
also in violation of certain debt covenants. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

HNA GROUP: Seeks Hainan Help as Coronavirus Lifts Liquidity Risks
-----------------------------------------------------------------
Reuters reports that HNA Group has asked the government of China's
province of Hainan to lead a work group dedicated to resolving its
increasing liquidity risks after a slowdown in business caused by
the coronavirus outbreak.

HNA Group is not able to thoroughly deal with liquidity risks
itself, the company said in a post on its official WeChat account
on Feb. 28, Reuters relates.

According to Reuters, HNA directly owns or holds stakes in a number
of local Chinese carriers, including Hainan Airlines, and is among
many companies pressured by the coronavirus outbreak that has
forced widespread flight cancellations.

The work group is being led by Gu Gang, chairman of Hainan
Development Holdings Co., an investment arm of the government of
the southern province, the WeChat post said, Reuters relays.

Officials from the Hainan Yangpu Economic Development Zone, the
Civil Aviation Administration of China's Central and Southern
Regional Administration and China Development Bank are also
involved in the work team, HNA said.

Reuters says there have been news reports that the Chinese
government may take over HNA and sell off its airline assets
because the coronavirus outbreak has reduced the conglomerate's
ability to meet its financial obligations.

State carriers Air China and China Eastern Airlines are prepared to
hold talks about HNA's assets, a source with direct knowledge of
the matter said on Feb. 20, according to Reuters.

Reuters notes that HNA Group was once one of China's most
aggressive dealmaking firms, having spent $50 billion on global
acquisition spree that once spread from Deutsche Bank (DBKGn.DE) to
Hilton Worldwide.

However, it began unwinding those purchases two years ago to shift
focus to its airlines and tourism businesses, after drawing
scrutiny from Beijing and other overseas regulators.

In December, before the coronavirus epidemic hit China, HNA
Chairman Chen Feng admitted that the firm had faced cash flow
shortages that forced it to delay some salary payments in 2019, but
vowed to resolve its liquidity risks this year, the reort relates.

Since the outbreak, Hainan Airlines and other airlines have tried
to cut their losses by putting foreign pilots on unpaid leave, but
they still need to refund millions of passengers and face
plummeting demand.

In a separate statement on Feb. 29, HNA Group also said it will add
two more seats to its existing five member board of directors, with
Hainan Development's Gu becoming its executive chairman. Co-founder
Chen Feng will remain the board's chairman, Reuters reports.

Ren Qinghua, director of the Administrative Committee of Yangpu
Economic Development Zone, was also appointed to the board and will
become co-CEO alongside Tan Xiangdong, HNA Group's existing CEO, it
said.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of 2017.
The default came despite an estimated $18 billion in asset sales by
HNA in 2018 that have done little to address its ability to meet
its domestic debts, the FT noted.

MODERN LAND: Moody's Assigns B3 Rating to New USD Notes
-------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured debt
rating to Modern Land (China) Co., Limited's (B2 stable) proposed
USD notes.

The company plans to use the notes' proceeds to refinance its
existing indebtedness.

RATINGS RATIONALE

"The proposed bond issuance, if completed, will have limited impact
on Modern Land's credit profile, given that the proceeds will
mainly be used to refinance the company's existing debt," says
Celine Yang, a Moody's Assistant Vice President and Analyst.

Moody's expects Modern Land's debt leverage -- as measured by
revenue/adjusted debt - to weaken to around 55% over the next 12-18
months from 69% for the 12 months ended June 30, 2019, because its
debt growth will likely outpace revenue growth to fund land
acquisitions. Meanwhile, the company's EBIT/interest will likely
weaken slightly to around 2.0x over the next 12-18 months from 2.2x
for the 12 months ended June 30, 2019.

Modern Land's total contracted sales fell slightly to RMB2.0
billion in January 2020 from RMB2.1 billion in January 2019,
reflecting the impact of the Chinese New Year festival and the
outbreak of the coronavirus. Although the company's sales are
likely to stay weak in 1Q 2020 because of the outbreak, Moody's
expects sales will recover through the remainder of 2020, keeping
total contracted sales growth at a level similar to that achieved
in 2019. Moody's will continue to monitor developments and evaluate
the credit impact if the disruption is prolonged.

Modern Land's B2 corporate family rating (CFR) reflects the
company's (1) niche in marketing and selling eco-friendly homes;
(2) track record of consistently growing its contracted sales; and
(3) adequate liquidity.

At the same time, Modern Land's CFR is constrained by its low gross
profit margin when compared to its Chinese developer peers, as well
as its weak interest coverage, a result of its debt-funded growth
and high financing costs.

In terms of governance considerations, Moody's has taken into
consideration the concentrated ownership by Modern Land's founder
and chairperson, Mr. Zhang Lei, who held an approximate 66.3% stake
in the company as of June 30, 2019. Such concentrated ownership is
counterbalanced by the company's established governance structures
and standards as required by the relevant code for companies listed
on the Hong Kong Stock Exchange. Furthermore, the company has three
special committees in place, an audit committee, remuneration
committee and nomination committee, two of which are chaired and
dominated by the company's independent nonexecutive directors.

Modern Land's liquidity is adequate. Moody's expects that the
company's cash holdings and operating cash flow will be sufficient
to cover its dividend payments, maturing debt and committed land
payments over the next 12-18 months. As of June 30, 2019, the
company's cash balance of RMB10.4 billion (including restricted
cash) covered 139% of its short-term debt of RMB7.4 billion as of
the same date.

Modern Land's B3 senior unsecured debt rating is one notch lower
than the company's B2 CFR due to structural subordination risk.
This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Modern Land's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

The stable outlook reflects Moody's expectation that Modern Land
will maintain adequate liquidity and grow its sales as planned over
the next 12-18 months.

Moody's could upgrade Modern Land's ratings if the company
establishes a track record of (1) growing its scale and
establishing its brand in new locations outside its home market;
(2) maintaining a reasonable cash balance, such that
cash/short-term debt stays above 1.5x on a sustained basis; and (3)
strong financial discipline in its land acquisitions, with
homebuilding EBIT/interest coverage above 2.5x-3.0x and
revenue/adjusted debt above 70%-75% on a sustained basis.

Moody's could downgrade Modern Land's ratings if (1) the company's
liquidity and ability to generate operating cash fall below Moody's
expectations because of declining contracted sales and aggressive
land acquisitions; (2) the company's prices decline and its revenue
recognition is slower than expected, or its profit margins decline
further, leading to further weakness in its interest coverage and
financial flexibility; or (3) the company engages in material
debt-funded acquisitions.

Metrics indicative of a potential downgrade include Modern Land's
balance-sheet cash, both restricted and unrestricted, falling below
100% of short-term debt or the company's homebuilding EBIT/interest
coverage weakening below 1.5x on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Modern Land (China) Co., Limited was founded in 2000 in Beijing by
Mr. Zhang Lei, now its chairman, who is a real estate developer in
China. The company specializes in developing green housing units,
and is one of the few early leaders in China's green and
eco-friendly lifestyle market.

Modern Land listed on the Hong Kong Stock Exchange in July 2013. As
of June 30, 2019, the company had a total land bank of around 9.95
million square meters in gross floor area.

The company's land bank is situated in different cities such as
Beijing, Taiyuan, Xiantao, Hefei, Guizhou, Fuyang, Huzhou, Suzhou,
Guangzhou and Jiangxi, and it plans to expand further into quality
tier 2 cities over the next one to two years.

TIANQI LITHIUM: Posts CNY2.82BB Loss in 2019 as Demand Slumps
-------------------------------------------------------------
Caixin Global reports that debt-ridden Chinese lithium giant Tianqi
Lithium has posted a plunge in profit due to depressed prices and
slumping demand, a result that further deepens its financial
prospects for the year.

Caixin relates that Tianqi Lithium Corp., responsible for over 46%
of global production in 2018, reported on Feb. 29 a loss of CNY2.82
billion ($403 million) last year, down by 228% compared with 2018.

The company cited slumping product sales triggered by the roll back
of government subsidies for new-energy cars and a surge in debt for
the purchase in 2018 of Chilean chemical supplier Sociedad Quimica
y Minera de Chile (SMQ), Caixin says citing a preliminary report
filed to the Shenzhen Stock Exchange.

                       About Tianqi Lithium

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.

The company owns a 51% stake in the Greenbushes lithium mine in
Western Australia. It also owns a 25.9% stake in Chilean chemical
producer, Sociedad Quimica y Minera de Chile S.A.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
7, 2020, Moody's Investors Service downgraded to B2 from B1 Tianqi
Lithium Corporation's corporate family rating and the senior
unsecured rating on the bonds issued by Tianqi Finco Co., Ltd and
guaranteed by Tianqi Lithium.  The ratings outlook remains
negative.

"The ratings downgrade reflects Tianqi Lithium's reduced financial
flexibility as a result of its weakened capital structure, which in
turn will raise refinancing risk, in particular with regard to the
November 2020 maturity of part of the loan associated with its
acquisition of a stake in Sociedad Quimica y Minera de Chile S.A.
(SQM, Baa1 stable)," Gerwin Ho, a Moody's Vice President and Senior
Credit Officer said.

XINJIANG GUANGHUI: Moody's Rates New USD Sr. Unsec. Notes B3
------------------------------------------------------------
Moody's assigned a B3 senior unsecured rating to the proposed USD
notes to be issued by Xinjiang Guanghui Industry Investment (Group)
Co., Ltd. (B2 stable). The outlook is stable.

The bond rating reflects Moody's expectation that Guanghui Group
will complete the bond issuance upon satisfactory terms and
conditions, including proper registrations with the National
Development and Reform Commission and the State Administration of
Foreign Exchange in China (A1 stable).

The proceeds from the proposed issuance will be used for
refinancing purposes.

RATINGS RATIONALE

On February 27, 2020, Guanghui Group announced exchange offers for
the company's outstanding existing notes due in March 2020. The
total outstanding principal amount is about USD300 million and the
exchange offers will expire on March 11, 2020.

Under the offer, for each USD1,000 principal amount of the
outstanding existing notes due in March 2020, the holders will
receive USD1,015 in aggregate principal amount of the proposed
notes, cash consideration, and accrued interest in the form of
cash.

Moody's does not regard this exchange offer as a distressed
exchange — which is considered a default event under Moody's
definition — because bond holders will not incur an economic
loss, given that the exchange offer is at the par value of the
existing notes.

The company is also expecting to conduct a concurrent offering of
new notes.

"The proposed issuance will not impact Guanghui Group's B2
corporate family rating or stable outlook, as most of the proceeds
will be used to refinance existing debt, helping improve the
company's debt maturity profile," says Roy Zhang, a Moody's
Assistant Vice President and Analyst and the Lead Analyst for
Guanghui Group.

Guanghui Group's revenue reached RMB189 billion in 2018, growing by
an average year-on-year growth rate of 22% over the past three
years. Meanwhile, its leverage -- as measured by adjusted total
debt to EBITDA -- decreased to 6.0x at the end of 2018 from a peak
of 9.9x at the end of 2016. The improving trend is supported by the
company's leadership in the domestic auto dealer industry, as well
as by its diversified business operations across energy and real
estate.

With a 33% stake, Guanghui Group is the largest shareholder in the
China Grand Automotive Services Grp Co., Ltd (CGA, B1 stable). CGA
is the leading auto dealer in China (A1 stable) in terms of unit
sales, with a large network, strong geographic coverage, and a
diversified brand offering. It contributed to 88% of Guanghui's
consolidated revenues in 2018.

Moody's expects Guanghui Group will continue to grow its business
scale and maintain its leverage ratio around 6.0x-6.5x over the
next 12-18 months.

"However, the B2 rating is constrained by Guanghui Group's private
company status, its structural subordination to the listed
operating entities, and its weak liquidity," adds Zhang.

Guanghui Group is a private company, and its corporate governance
and transparency are weaker than those of publicly listed
companies. Furthermore, its lack of access to the equity markets
represents a disadvantage when compared with listed companies.

Guanghui Group operates its auto dealer business through its
33%-owned CGA, and its energy business through its 44%-owned
Guanghui Energy Co., Ltd. As a holding company, Guanghui Group is
also structurally subordinated to these operating entities.

Guanghui Group's liquidity profile is weak due to its high reliance
on short-term debt, which amounted to around RMB66.6 billion at the
end of June 2019 and well exceeded its cash holdings -- including
pledged deposits -- of RMB31.5 billion.

However, the company has a good track record of refinancing its
debt, and also demonstrated good funding access in 2019 when
overall funding conditions were not favorable for privately-owned
enterprises in China.

The stable outlook reflects Moody's expectation that (1) Guanghui
Group will maintain its stake in, and control over, CGA; (2) CGA
will maintain its credit profile; and (3) Guanghui Group will be
able to refinance its short-term debt.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

In terms of environmental and social risks, some of Guanghui
Group's businesses, such as its oil and gas, coal mining and
chemical businesses, are exposed to high risks associated with
tightening emission standards and ensuring safe operations.
However, such risks are partially mitigated by the company's track
record of operational continuity and business diversification.

In terms of corporate governance, in addition to its private
company status, the company's share ownership is concentrated in
Ms. Sun Guangxin, who held a 50.06% stake in the company as of the
end of 2018. Such risk is partially mitigated by the presence of
China Evergrande Group (B1 stable) as the second largest
shareholder, with a 40.97% stake as of the same date.

The B3 senior unsecured bond rating is one notch lower than it
would otherwise be due to structural subordination risk. This risk
reflects the fact that the majority of Guanghui Group's claims are
at its operating subsidiaries and have priority over its senior
unsecured claims at the holding company in a bankruptcy scenario.

Moody's could upgrade the rating if Guanghui Group: (1) improves
its liquidity, such that its cash/short-term debt trends towards
1x; (2) improves its control over its major subsidiaries, such that
its shareholding increases materially and its share pledge reduces
materially; and (3) improves its credit metrics, such that adjusted
debt/EBITDA falls to 5.0x-5.5x and EBITDA/interest exceeds 2.5x on
a sustained basis.

On the other hand, Moody's could downgrade the rating if (1)
Guanghui Group reduces its ownership in, or control over, CGA; (2)
CGA's credit profile weakens materially; or (3) Guanghui Group's
liquidity or credit metrics further deteriorate, such that its
adjusted debt/EBITDA exceeds 8.0x and EBITDA/interest falls below
1.0x-1.5x on a sustained basis.

The principal methodology used in this rating was Retail Industry
published in May 2018.

Xinjiang Guanghui Industry Investment (Group) Co., Ltd. is a
private company that operates in three key segments, namely auto
dealerships, energy and real estate. At the end of June 2019, the
company held a 33% stake in China's largest auto dealer by revenue,
China Grand Automotive Services Co., Ltd.

Founded in 1989, the unlisted Xinjiang Guanghui was 50.06% owned by
the Mr. SUN Guangxin at the end of 2018. Mr. Sun is the chairman,
founder and controlling shareholder.

XINJIANG GUANGHUI: S&P Affirms 'B' LT ICR, Outlook Negative
-----------------------------------------------------------
On Feb. 27, 2020, S&P Global Ratings affirmed its 'B' long-term
issuer credit rating on Xinjiang Guanghui and its 'B-' long-term
issue rating on the company's outstanding senior unsecured notes.

S&P said, "We affirmed the rating on Guanghui because the company
should have sufficient resources on hand and access to capital
markets to meet its maturing senior notes. This is one of the
primary reasons that we don't view the proposed partial exchange
offer on the company's outstanding senior unsecured notes as
distressed. Additionally, in our opinion, the terms of the proposed
exchange offer adequately compensate investors.

"In our view, Guanghui has sufficient internal resources to repay
the notes maturing in March 2020. We estimate the notes issuing
entity, the parent of Guanghui, has about Chinese renminbi (RMB)
1.8 billion of unrestricted cash as of Dec. 31, 2019, and access to
about RMB1.2 billion cash at its 100% owned real estate
subsidiary."

Under the proposed exchange offer, every US$1,000 of the principal
of the existing notes will be exchanged for US$1,015 of the new
notes (incorporating capitalized interest). In addition, investors
will get a coupon increase on top of the existing 7.875%, in line
with market yields on Guanghui's other outstanding senior notes.
There is also a cash incentive of US$30 for every US$1,000 of the
principal. The company will also launch new notes concurrently with
the exchange offer.

If successfully executed, the proposed exchange offer and new notes
will help Guanghui maintain its liquidity buffer. However, weak
market interest for the offer and Guanghui not being able to access
the capital market after the first quarter of 2020 could signal the
company's waning capital market standing and ability to obtain
fresh financing.

In that scenario, Guanghui will use its cash balance, cash at the
real estate subsidiary, bank lines, and other onshore funding
sources such as share pledges to repay its 2020 notes. S&P
estimates that the company has about RMB2.0 billion in undrawn
share pledge lines and bank lines. Although S&P views such a
scenario as unlikely, it could eat into the company's cash position
and reduce its liquidity.

Guanghui's debt of RMB68 billion due in the 12 months ending Sept.
30, 2020, is materially higher than its unrestricted cash balance
of about RMB16 billion on Sept. 30, 2019. A majority of these debt
maturities are bank credit lines, which S&P assumes will be rolled
over by banks. However, the company will still have a sizable
portion of bullet debt that it will need to refinance.

S&P believes Guanghui will continue to have access to banks and the
onshore capital market. The company issued RMB1.5 billion long-term
corporate bonds and medium-term notes in December 2019 with an
interest cost of 7.5%, despite the tough funding environment for
privately owned enterprises in China.

The coronavirus outbreak in China will depress Guanghui's auto
sales and operating cash flow in the first few months of 2020, but
the company could make up the shortfall in the second half of the
year. S&P expects sales to recover or increase because consumers
will prefer their own cars over public transportation. Restocking
pressure should be limited over the coming months given
historically low inventory and disrupted auto production by
automakers. Separately, the company was also able to obtain new
bank loans to support operations and renew its existing credit
lines.

S&P views Guanghui as a likely beneficiary under the monetary
easing policy in China following the coronavirus outbreak,
principally due to its large asset base, market position as the
largest auto retailer, and established banking relationships.

The negative outlook reflects Guanghui's relatively tight liquidity
and some execution risk on the proposed transaction.

S&P said, "We could lower the rating if Guanghui's liquidity
deteriorates from the current level. More immediately, this could
happen if market interest in the exchange offer and new bond
issuance is weak, and if the company cannot issue new bonds in the
onshore market beyond March. This could also happen if the
company's bank support or market access dwindles such that it has
limited access to long-term funding in the next three to six
months.

"We could revise the outlook to stable if Guanghui significantly
increases its operating cash flow and meaningfully improves its
liquidity buffer such that it can extend its debt maturity profile.
This could also occur through capital injections from shareholders
or asset disposals to repay debts."


XINJIANG GUANGHUI: S&P Assigns 'B-' Rating to US$ Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes by Xinjiang
Guanghui Industry Investment (Group) Co. Ltd. (Guanghui;
B/Negative/--). The rating is subject to S&P's review of the final
issuance documentation. The company plans to use the proceeds to
refinance its offshore US$300 million senior unsecured notes due
March 2020.

S&P rates the proposed notes one notch below the issuer credit
rating on Guanghui because the debt is significantly subordinated
to other debt in the company's capital structure. As of June 30,
2019, Guanghui's capital structure consists of Chinese renminbi
(RMB) 20.5 billion in secured debt and about RMB76.4 billion in
unsecured debt held at operating subsidiaries, and RMB19.5 billion
in unsecured debt at the parent level. Guanghui's priority debt
ratio is about 83%, above our notching-down threshold of 50%.


YIDA CHINA: Fitch Downgrades LT Issuer Default Rating to C
----------------------------------------------------------
Fitch Ratings downgraded Yida China Holdings Limited's Long-Term
Issuer Default Rating to 'C' from 'CCC'. At the same time, Fitch
has downgraded the company's senior unsecured rating and the rating
on its USD300 million senior notes due April 2020 to 'C' from 'CCC'
with a Recovery Rating of 'RR4'.

The downgrades follow Yida's announced launch of a tender offer to
exchange its notes due 2020 for new senior notes due 2022, which
Fitch considers a distressed debt exchange (DDE) as per its DDE
criteria. Fitch will downgrade the IDR to 'RD' (Restricted Default)
if the proposed tender offer is completed and re-rate Yida's IDR to
a level that is consistent with its post-exchange capital structure
and risk profile; this would likely be in the low speculative
rating range.

KEY RATING DRIVERS

Exchange Offer Constitutes a DDE: The exchange offer, if
successful, will constitute a DDE under Fitch's criteria. Fitch
expects the following two factors to apply when classifying a debt
exchange as a DDE; the exchange imposes a material reduction in
terms compared with the original contractual terms and is conducted
to avoid bankruptcy, similar insolvency or intervention
proceedings, or a traditional payment default.

Offer to Avoid Payment Default: Fitch believes the exchange offer
was made by Yida to avoid payment default in April 2020, when its
USD300 million notes mature, given its tight liquidity. Yida had
CNY823 million in unrestricted cash at end-June 2019 and Fitch
estimates its end-2019 cash balance was close to that level. Yida's
ability raise new financing has been impaired since 2019 due to the
financial troubles of its parent, China Minsheng Investment Corp.,
Ltd. It had resorted to asset sales to maintain liquidity in 2019,
but there has not been little progress on this front in recent
months.

Material Reduction in Terms: Yida is offering USD80 cash and USD920
in new notes due 2022 for each USD1,000 principal amount of the
existing notes due 2020. This constitutes a material reduction in
the terms of the existing notes, as the bulk of repayment is being
made in the form of new notes instead of cash. In addition, the new
notes remove some restrictive covenants of the existing notes.

Terms of Exchange Offer: A minimum of 75% of the existing notes
need to be tendered in this offer for it to be successful. The new
notes will offer a coupon of 10.00% during the first six months and
14.00% thereafter, compared with the 6.95% coupon rate of the
existing notes.

DERIVATION SUMMARY

The ratings on Yida and its bonds are driven by the announced DDE,
based on Fitch's criteria.

KEY ASSUMPTIONS

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

  - Flat attributable contracted sales at CNY8 billion during
2019-2021.

  - Actual attributable land premium paid of CNY2.9 billion in 2019
and CNY2.3 billion in 2020-2021.

  - Rental revenue to increase by 5% a year in 2019-2021.

  - Average borrowing cost to rise to 10% in 2019-2020.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - Fitch will downgrade Yida's IDR to 'RD' if the exchange offer
is completed.

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Fitch will reassess Yida's capital structure and cash flow
after the completion of the exchange offer, or if the offer is not
completed, to determine its IDR and senior unsecured ratings.

LIQUIDITY AND DEBT STRUCTURE

Pressured Liquidity: Yida had CNY823 million in unrestricted cash
at end-June 2019 and Fitch estimates its unrestricted cash at
end-2019 was at a similar level. However, Fitch believes some of
the cash balance may have been used for expenses in January and
February 2020. Fitch estimates that if the offer has 75%
acceptance, the cash required for the exchange offer would be USD93
million - exchange offer cash consideration and settlement of
untendered existing notes due April 2020 - and USD24 million if the
offer is 100% accepted. In addition, the company will have to pay
accrued interest on the existing notes of up to USD10.4 million.



=================
H O N G   K O N G
=================

BANK OF COMMUNICATIONS: Fitch Rates $500MM AT1 Securities Final BB+
-------------------------------------------------------------------
Fitch Ratings assigned Bank of Communications (Hong Kong) Limited's
(BOCOMHK, A/Stable) USD 500 million non-cumulative perpetual
capital securities a final rating of 'BB+'. The securities are
intended to qualify as Basel III additional Tier 1 capital.

The final rating follows the receipt of final documentation
conforming to information previously received, and is the same as
the expected rating assigned on February 19, 2020.

The securities will carry a fixed initial distribution rate of
3.725% annually, up to but excluding the first reset date on March
3, 2025. The issuance is callable on the first reset date and every
distribution payment date thereafter. If not called, the
distribution rate on the securities will be reset on the first
reset date and every five years thereafter, to a fixed rate
annually equal to 2.525% over the prevailing five-year US Treasury
rate. The securities will be issued on March 3, 2020 and will be
listed on the Hong Kong Stock Exchange.

KEY RATING DRIVERS

Fitch applies BOCOMHK's support-driven Long-Term Issuer Default
Rating of 'A' as the anchor rating for its Basel III-compliant AT1
capital securities. Under Fitch's Exposure Draft: Bank Rating
Criteria, a bank's IDR is used as the anchor rating where Fitch
believes institutional support is likely to be extended further
down the capital structure into more junior obligations. For
BOCOMHK, Fitch believes Bank of Communications Co., Ltd. (BOCOM,
A/Stable/bb-) is likely to extend support to BOCOMHK's hybrid
securities given the subsidiary's important role in group and high
operational integration with its parent - the latter contributing
to Fitch not assigning a Viability Rating to BOCOMHK. BOCOM's
Long-Term IDR is, in turn, underpinned by expectations of timely
support from the Chinese government (A+/Stable), in light of the
bank's high systemic importance and the state being the largest
shareholder.

Fitch believes the expectation of institutional support mitigates
non-performance risk (hence zero notches is applied), but the AT1
securities are notched twice from the anchor rating to reflect high
loss severity, implying a rating of 'BBB+'. However, under the
Exposure Draft, an instrument's rating is capped at the equivalent
rating of an instrument issued by the source of support, and the
rating is capped at 'BB+' for issuers with Support Rating Floors in
the 'A' or 'BBB' category. Thus, this caps the rating for BOCOMHK's
AT1 securities at 'BB+', given BOCOM's sovereign-support driven IDR
and Support Rating Floor of 'A'.

BOCOMHK has full discretion to cancel any periodic distribution on
the securities, and any distribution may only be paid out of the
bank's distributable reserves. In addition, BOCOMHK is not obliged
to pay any distribution if prevented from doing so under Hong
Kong's banking regulations or other Hong Kong Monetary Authority
(HKMA) requirements. However, Fitch does not expect higher
non-performance risk for BOCOMHK's AT1 instruments because of the
level of its accumulated realised profits.

The securities have lower recovery expectations than for higher
ranking securities due to their deep subordination status as well
as a non-viability trigger, as determined by the HKMA or a
government body, a government officer or other relevant regulatory
body with the authority to make such a decision. A non-viability
trigger includes a public-sector capital injection or equivalent
support being necessary to prevent the bank from becoming
non-viable. If a non-viability event occurs, outstanding principal
and any accrued but unpaid distribution of the securities will be
written off, in part or in full, irrevocably to restore viability.
The amount to be written off will be as much as is required for the
bank to become viable or according to a determination made by
BOCOMHK and accepted by the HKMA, up to the full principal and
distribution amount on the securities. The securities will rank
ahead of claims only from BOCOMHK's ordinary shareholders, and rank
below all senior liabilities and Tier 2 capital securities of the
bank in liquidation.

RATING SENSITIVITIES

The rating on the securities is sensitive to changes in BOCOMHK's
Long-Term IDR, which is sensitive to Fitch's perception of
institutional support from BOCOMHK's parent and the sovereign's
ability and propensity to support BOCOM and its subsidiaries. The
rating for BOCOMHK's securities may change if BOCOM's Support
Rating Floor and IDR are upgraded to 'AA-' or higher or are
downgraded to below 'BBB', in accordance with the Exposure Draft.

Changes in the anchor rating or relative notching, potentially
stemming from a change in Fitch's assumptions around BOCOM's
ability and propensity to support the subsidiary and prevent
BOCOMHK from triggering the securities' loss-absorption features,
may also affect the ratings of the securities. In addition, the
rating is sensitive to divergence between the final Bank Rating
Criteria, when published, and the current Exposure Draft.

ROAD KING: Moody's Assigns Ba3 Rating to New USD Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 backed senior unsecured
debt rating to the proposed senior unsecured USD notes to be issued
by RKPF Overseas 2019 (A) Limited and guaranteed by Road King
Infrastructure Limited (Ba3 stable).

Road King plans to use the proceeds from the proposed notes for
acquisitions of or investments in property projects or general
corporate purposes.

RATINGS RATIONALE

"The proposed bond will have a limited impact on Road King's credit
metrics over the next 12-18 months, because the total bond issuance
will likely be within our forecast of new debt to be raised by the
company in 2020 for capital expenditure and general corporate
funding," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

Moody's expects Road King's leverage - as measured by
revenue/adjusted debt - will improve slightly to around 65% over
the next 12-18 months from 63% for the 12 months ended June 30,
2019, supported by increased revenue recognition from robust
contracted sales over the past two years that will slightly outpace
the growth in adjusted debt.

However, Moody's expects Road King's gross profit margin will
decline to 31%-33% over the next 12-18 months from 40% in H1 2019
and 45% in 2018. The high gross margins recorded during these
periods followed the completion of certain high-margin projects in
the Yangtze River Delta.

Consequently, Road King's EBIT/interest should normalize to 3.5x
over the next 12-18 months from the robust 5.4x recorded for the 12
months ended June 30, 2019.

Moody's also expects Road King's recurring income to weaken to
around 35% of the company's interest expense over the next 12-18
months from 46% for the 12 months to June 30, 2019, partly due to
the implementation of the new toll-free policy announced by China's
Ministry of Transport, and which was effective since February 17,
2020. Nevertheless, the weakened interest coverage from its toll
road operations will continue to support its credit profile.

In 2019, Road King's contracted sales, including its share in joint
ventures and associates, grew 20% year-on-year to RMB38.7 billion,
following strong 31% annual growth in 2018. Such robust contracted
sales will support future revenue growth for the company.

Although the company's sales are likely to weaken in 1Q 2020
because of the coronavirus outbreak, Moody's expects that sales
will recover through the remainder of 2020, keeping total
contracted sales growth at a level similar to that achieved in
2019. Moody's will continue to monitor developments and evaluate
the credit impact if the disruption from the virus is prolonged.

Road King's liquidity is good. Its cash balance of HKD14.0 billion
at June 30, 2019 could cover 115% of short-term debt as of the same
date. Moody's expects Road King's cash balance, together with its
operating cash flow, will be sufficient to cover its short-term
debt, committed land premiums and dividend payments over the next
12 months.

Road King's Ba3 corporate family rating reflects the company's
track record in property development, cautious approach to land
acquisitions and financial management, and track record of
maintaining adequate liquidity throughout the business cycles. The
rating also takes into account the stable cash flow from the
company's toll road investments, as well as stable debt leverage
and financial metrics that are comparable with those of its
Ba3-rated peers in the Chinese property industry.

However, the CFR is constrained by the geographic concentration of
the company's land bank, as well as the execution risks associated
with any new toll road acquisitions.

Road King's senior unsecured rating is unaffected by subordination
to claims at the operating company level, because the company's
creditors benefit from its diversified business profile, including
in particular, the cash flow generated from the toll road
business.

In terms of environmental, social and governance (ESG) factors, the
Ba3 CFR has considered the concentration of the company's ownership
in its controlling shareholder, Wai Kee Holdings Limited, which
held a 43% stake in the company as of June 30, 2019, and the
presence of governance structure and disclosure standards as
required under the Corporate Governance Code for companies listed
on the Hong Kong Stock Exchange. Furthermore, the company has three
special committees in place, an audit committee, remuneration
committee and nomination committee, two of which are chaired and
dominated by the company's independent nonexecutive directors.

The stable outlook on the rating reflects Moody's expectation that
Road King will maintain its prudent financial management, while
growing its property development and toll road businesses; thereby
preserving stable credit metrics and good liquidity.

Upward ratings pressure could emerge, if Road King (1) grows its
scale without sacrificing profit margins; (2) grows its toll road
dividends and improves interest coverage from recurring income to
above 0.6x-0.7x on a sustained basis; (3) maintains stable credit
metrics, with homebuilding EBIT/interest above 4.0x-4.5x and
revenue/debt above 90%; and (4) maintains adequate liquidity.

On the other hand, downward ratings pressure could emerge if (1)
Road King's liquidity deteriorates because of weaker sales,
aggressive land or other acquisitions; or (2) the operating
performance of the company's property segment deteriorates. Credit
metrics indicative of downward ratings pressure include
homebuilding EBIT/interest below 2.5x-3.0x or revenue/debt below
65%, on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Listed in Hong Kong, Road King Infrastructure Limited invests in
toll road projects comprising five expressways across four
provinces in China: Anhui, Hebei, Hunan and Shanxi. In addition, at
June 30, 2019, the company had a property development portfolio
with a land bank of 7.9 million square meters across the Bohai Rim,
Yangtze River Delta, Greater Bay Area (including Hong Kong), Henan
and Hubei Province.



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

AGNI INDUSTRIAL: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Agni Industrial Fire
Services Limited (AISL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Working       2.75      CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING)

   Term Loan              4.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AISL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AISL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AISL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of AISL continues to be 'CRISIL D Issuer not
cooperating'.

Established as a proprietorship concern and reconstituted as a
private-limited company in 2002, AISL supplies, installs, tests,
and commissions fire-fighting systems. Operations are managed by Mr
Debashish Chakraborthy.

ALTICO CAPITAL: Hedge Funds Boost Bids as Sale Nears End
--------------------------------------------------------
Bijou George and Rahul Satija at Bloomberg News report that Indian
shadow bank Altico Capital India Ltd. is inching toward the final
stage of a debt restructuring that's been keenly watched as the
country grapples with a crisis in the industry.

Bloomberg relates that rival hedge fund bidders Cerberus Capital
and SSG Capital raised their bids for Altico late last week, people
familiar with the matter said. The raised bids mean that creditors
of the shadow lender could recover at least 71% of their
outstanding debt of INR38.7 billion ($538 million), a marked
improvement from earlier bids, Bloomberg says.

That's a turnaround from just months ago, when three of the five
initial bidders dropped out of the race for the lender. Loans of
the shadow bank traded for almost half of face value, in the
aftermath of its default in September.

According to Bloomberg, the creditor-run debt restructuring at
Altico is being closely followed as a barometer of India's shadow
banking crisis, as well as a potential opportunity for hedge funds
and banks trading discounted debt. Distressed debt buyers including
Deutsche Bank and Singapore-based hedge fund Broad Peak have made
bets on the lender's debt, Bloomberg relates.

Creditors must now choose between the rival bids of SSG and
Cerberus, as well as an Altico shareholder sponsored debt recast
plan ahead of a two-stage vote mid-March, adds Bloomberg.

                        About Altico Capital

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. Its business strategy initially
focused on special situation opportunities across the capital
structure. In FY15, the company was renamed Altico Capital India
Limited, and its business strategy was changed. Altico is focused
on high-yield asset-backed senior secured credit opportunities in
the real estate sector.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
26, 2019, Bloomberg News said lenders to Altico Capital India Ltd.,
an Indian shadow bank at the center of an industry crisis since it
started defaulting have called for binding bids from potential
rescuers by mid-January, people familiar with the matter said.
Altico Capital India Ltd. is one of the latest caught up in the
nation's shadow banking crisis, which has deepened as lenders
already reeling from one of the world's worst bad loan piles balk
at extending more credit, according to Bloomberg.

The shadow bank started defaulting on its interest repayments in
September, and its lenders are keen for it to get an equity
infusion for any debt restructuring plan to be cleared, the people
said, asking not to be identified as the discussions are private,
Bloomberg reported.

AMAZON ENTERPRISES: CRISIL Lowers Rating on INR7.95cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Amazon
Enterprises Private Limited (AEPL) to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating '.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.95       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    0.47       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              3.58      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated January 23, 2019, July
11, 2019 and Feb 17, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of HPSL. This restricts CRISIL's ability to take a
forward-looking view on the credit quality of the entity. CRISIL
has migrated its ratings on the bank facilities of AEPL to 'CRISIL
D/Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating '.

The downgrade reflects delays in debt servicing owing to poor
liquidity.

AEPL was incorporated by Mr M Kamalnath and Mr K Radhkrishana in
2013. It collects, sorts, and grades waste paper, and sells to
paper mills in Telangana and Andhra Pradesh. The company has
processing capacity of 500 tonne per annum (tpa) in Moosapet,
Telangana, and is setting up 2000-tpa capacity in Suraram,
Telangana.

ARIHANT COAL: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Arihant Coal Sales
India Private Limited (ACSIPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            35         CRISIL D (ISSUER NOT
                                     COOPERATING)
   Letter of Credit      115         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with ACSIPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ACSIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACSIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of ACSIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

ACSIPL was incorporated in 2003 by Mr. Anil Jain in Bhopal (Madhya
Pradesh). It trades in imported and domestically procured coal.

DAYANAND COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dayanand Cotton Ind
(DCI) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         5        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan           1        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DCI for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DCI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of DCI continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

DCI is a partnership firm that started commercial production from
February 2012. The firm is engaged in ginning and pressing of raw
cotton (kapas). There are 12 partners in the firm with Mr.
Jerambhai Dubriya (15 per cent stake), Mr. Jitendrakumar Khokhani
(10 per cent), and Mr. Chunilal Ghetiya (10 per cent) actively
handling its operations.

EXIM LOGISTICS: CRISIL Lowers Rating on INR9cr Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded the ratings of Exim Logistics Private Limited
(ELPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')  

   Proposed Long Term     2         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Standby Line of        1         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Working Capital        9         CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ELPL for obtaining
information through letters and emails dated December 31, 2018, and
June 24, 2019, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the ratings assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on best-available or limited
or dated information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the credit
quality. CRISIL believes information available is consistent with
'Scenario 1' outlined in the Framework for Assessing Consistency of
Information with 'CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

The downgrade reflects delay in debt servicing and overdrawing in
the cash credit account due to stretched liquidity.

ELPL was set up in 2006 by Mr Himadri Pattnayak. The company
provides logistics services, mainly road transport, and also acts
as a custom-house agent.

GOMATHI STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gomathi Steels (GS)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee          2         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Bill Discounting        3         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Bill Discounting under  1.5       CRISIL D (ISSUER NOT
   Letter of Credit                  COOPERATING)

   Cash Credit            14         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Intraday Limit          0.1       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan               2         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with GS for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of GS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

GS is a proprietorship concern of Mr. Govindasamy established in
2003. The firm manufactures various steel products such as nails,
bolts, couplers, and mild steel wires, and also trades in steel
wire rods. Its manufacturing units are near Chennai (Tamil Nadu).

J. R. AGROTECH: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of J. R. Agrotech
Private Limited (JRAPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            194        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Foreign Exchange         3        CRISIL D (ISSUER NOT
   Forward                           COOPERATING)

   Proposed Cash           22        CRISIL D (ISSUER NOT
   Credit Limit                      COOPERATING)

   Proposed Long Term      19.6      CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Proposed Short Term     33        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               14.4      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Warehouse Receipts      39        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with JRAPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JRAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JRAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of JRAPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

The JR group mills, processes, and sells rice in India and abroad.
Incorporated in 1998, JRAPL is promoted by Mr Raman Aggarwal and
his brother, Mr Krishan Kumar Aggarwal.  J. R. D. International
Limited (EXPAND), founded by Mr Raman Aggarwal and his son, Mr
Raghav Aggarwal, in 2010, trades in rice, and has set up its own
sortex machine and processing unit.

KESHAV ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Keshav Enterprises
(KE) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       14        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KE for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of KE continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is engaged in ship-breaking and trading of
scrap metal. It started operations with trading of scrap metal
procured from other ship-breakers; in 2012-13, it procured its
first ship for breaking.

KURUNJI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kurunji Agro Product
(KAP) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        5.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan    1.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KAP for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KAP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of KAP continues to be 'CRISIL D Issuer not
cooperating'.

KAP was set up in 2009 and commenced operations in 2013. Based in
Dindigul, Tamil Nadu, the firm manufactures mango pulp. It was set
up by Mr. S Palanisamy, Mr. S A Kadar. and Mr. A Muruganandham.

LAMIYA SILKS: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lamiya Silks -
Triprayar (LS) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            4.9        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Cash
   Credit Limit           0.33       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan              0.77       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with LS for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of LS continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

LS is a Kerala-based firm, engaged in retailing of readymade
garments. The firm was set up by Mr Abdul Jabbar in 2008. Daily
operations are being managed by Mr Abdul and his son, Mr Ashik.

LUXOR WRITING: CRISIL Lowers Rating on INR55cr Loan to B+
---------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Luxor
Writing Instruments Private Limited (LWIPL; a part of the Luxor
group) to 'CRISIL B+/Stable Issuer not cooperating' from 'CRISIL
BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            55        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Term Loan     26.31     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              33.69     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with LWIPL for obtaining
information through letters and emails dated
December 31, 2019 and January 28, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LWIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LWIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of LWIPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of LWIPL and Luxor International Pvt Ltd
(LIPL), together referred to as the Luxor group, as both the
companies have a common management. LWIPL and LIPL cater to the
domestic and export markets, respectively, and sell products under
the common brand, Luxor.

                           About the Group

LIPL was established in 1980 by the late Mr D K Jain. The company
manufactures writing instruments, including ball, fountain, roller
and gel pens, highlighters, markers and colouring material, exports
products under its own brand 'Luxor' and undertakes contract
manufacturing for several brands worldwide.

LWIPL was set up in 1996 by the late Mr DK Jain, as a joint venture
between Luxor Pen Co and The Gillette Co USA; the latter's share
were brought by promoters and reconstituted as an independent
company in 2000. The company has a similar product portfolio as
LIPL and sells products under the Luxor brand, in the domestic
market. LWIPL is also licensed to manufacture and distribute
writing instruments for international brands such as Parker, Pilot,
and Waterman in India.

The group is currently managed by Ms. Pooja Jain, and manufacturing
facilities are located at Noida, Gurugram and Haridwar.

M. O. POONNEN: CRISIL Withdraws D Rating on INR5.5cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of M. O.
Poonnen (part of the M. O. Poonnen group) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            5.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Migrated from
                                     CRISIL D'; Rating Withdrawn)

   Proposed Long Term     1.0        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Migrated from
                                     CRISIL D'; Rating Withdrawn)

   Standby Line of        0.5        CRISIL D (ISSUER NOT
   Credit                            COOPERATING; Migrated from
                                     CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with M. O. Poonnen for
obtaining information through letters and emails dated February 05,
2020 and February 10, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of part of the M. O. Poonnen group.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for part of the M. O. Poonnen group is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has migrated
the ratings on the bank facilities of part of the M. O. Poonnen
group to 'CRISIL D Issuer not cooperating'.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sunil Steels - Podiyadi and M. O.
Poonnen. That's because both firms, together referred to as the M.
O. Poonnen group, are in the same line of business, and have common
promoters and significant operational and financial linkages.

The M. O. Poonnen group was established in 1985 by Mr. M.O.
Poonnen. The Kerala-based group imports and processes marbles. The
group which also trades Ceramics, granites and various construction
materials retails its products through its three retail showrooms
in Kerala and its operations are managed by Mr. Sunil George
Oommen.

MAA MANGLA: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Mangla Ispat
Private Limited (MMIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      0.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.45       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       5.55       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with MMIPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MMIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MMIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MMIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2004, MMIPL manufactures sponge iron. The company
is promoted by Mr. Manoj Kumar Agarwal and Mr. Ravi Kumar Agarwal.
The facility is in Raigarh (Chhattisgarh).

MAA SARASWATI: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Saraswati
Education Society (Regd.) (MSES) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         8.9       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft              1.1       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MSES for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MSES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSES is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MSES continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MSES is registered in Haryana under the Indian Societies Act, 1860,
with an objective of setting up educational institutes. The society
has set up Maa Saraswati Institute of Engineering And Technology at
Kalanaur, Rohtak (Haryana) for providing engineering and management
courses. Mr. Radhey Shyam, the president of the society, manages
operations.

MEGH CONSTRUWELL: CRISIL Withdraws D Rating on INR2cr Loan
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Megh
Construwell (MEGH) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Cash Credit            1.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Term Loan              1.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with MEGH for obtaining
information through letters and emails dated February 5, 2020 and
February 10, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MEGH. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for MEGH is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower. Based on the last available information, CRISIL has migrated
the ratings on the bank facilities of MEGH to 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

Megh was set up in 1993 as a proprietorship firm by Mr Meghraj
Suresh Avadh and got its present name in 2008. It undertakes
projects in civil construction for Municipal Corporation for laying
pipes, construction of drainage systems, elevated water tanks and
reservoirs primarily for Nashik Municipal Corporation.

MINEX INDIA: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Minex India (Minex)
continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------     -----------   -------
   Cash Credit         9        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Minex for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Minex, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Minex is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Minex continues to be 'CRISIL D Issuer not
cooperating'.

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.

MONGA IRON: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Monga Iron And Steel
Private Limited (MISPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     6         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with MISPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MISPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MISPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MISPL continues to be 'CRISIL D Issuer not
cooperating'.

MISPL was set up in 1985 as a proprietorship firm, and was
reconstituted as a private limited company with the present name in
2008. The company trades in stainless steel products. Its
registered office is in New Delhi.

NIRMAL NCCC: CRISIL Lowers Rating on INR10cr Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Nirmal NCCC
Construction Private Limited (NNCPL) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Negative Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            10         CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Negative ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with NNCPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NNCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NNCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of NNCPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Negative Issuer not cooperating'.

NNCPL was incorporated in 2009. It is jointly owned by New
Consolidated Construction Company Ltd (NCCCL; 74 percent stake and
Nirmal Construction Pvt Ltd (NCPL; part of the Nirmal group; 26
percent). NNCPL primarily provides construction services to the
Nirmal group, which operates various entities engaged in real
estate construction, including flagship company Nirmal Lifestyle
Ltd (rated 'CRISIL D').

PAWAN KUMAR: CRISIL Lowers Rating on INR4.5cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Pawan Kumar
Kanoi (PKK) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            4.5        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Electronic Dealer       6         CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                  COOPERATING; Revised from
   (e-DFS)                           'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Fund-Based    14.5       CRISIL B+/Stable (ISSUER NOT
   Bank Limits                       COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with PKK for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PKK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PKK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of PKK Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Set up as a proprietorship concern in 1978 by Mr Pawan Kumar Kanoi,
PKK trades in iron and steel products such as sheets, hot
rolled/cold rolled coils and plates, angles, channels, and
thermo-mechanically treated bars.


PINNACLE NEXUS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pinnacle Nexus
Limited (PNL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Packing Credit         18         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Short Term     3         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with PNL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PNL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PNL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of PNL continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

PNL was established in June 2007 in Navi Mumbai (Maharashtra). The
company is promoted by Mr. Sohail Munshi, who is its chairman and
managing director. The company trades in readymade garments (RMGs),
fabric, leather garments, and imitation jewellery, and primarily
exports to the Middle East, Asia, and Africa.

PLUTON TRADING: CRISIL Lowers Rating on INR44cr Loan to B+
----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Pluton
Trading Private Limited (PTPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Electronic Dealer      44       CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                COOPERATING; Revised from
  (e-DFS)                          'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term     11       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with PTPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of PTPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

PTPL was set up as a partnership firm, Pluton Trading Co, in 2013,
and was reconstituted as a private-limited company with the current
name in April 2017. It is an authorised and sole distributor of TCL
for Morbi, Gujarat, and trades sodium tripolyphosphate, soda ash,
sodium meta silicate, sodium bicarbonate and other related
chemicals which is majorly used into ceramic and sanitary ware
manufacturing. Mr Mayur Likhiya and Mr Keyur Likhiya are the
promoters.

PRASANNA EDUCATION: CRISIL Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prasanna Education
Trust (PET) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Long Term Loan      10       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with PET for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PET is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of PET continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 2003, the PET has been running 10 institutions that
imparts education from primary to higher standards. The trust is
managed by Mr. K. Gangadhara Gowda, former Minister, Government of
Karnataka and his family. The trust also runs the Prasanna
Ayurvedic College and Hospital.


PRASHANTH POULTRY: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prashanth Poultry
Private Limited (PPPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           4.45        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan        10.77       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Cash          3.00       CRISIL D (ISSUER NOT
   Credit Limit                      COOPERATING)

   Proposed Long Term     0.78       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of PPPL continues to be 'CRISIL D Issuer not
cooperating'.

PPPL, set up in 2005, and promoted by Mr. V Bhaskar Rao and his
family is in the poultry business; it produces eggs at its unit in
Mahbubnagar, Andhra Pradesh.

PRIME TECHNOPLAST: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prime Technoplast
Private Limited (PTPL) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       50         CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with PTPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of PTPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2007, PTPL manufactures PP bags. Mr. Mehtab Hussain
manages the daily operations. The manufacturing facility is in
Howrah, West Bengal.

PSN MOTORS: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of PSN Motors Private
Limited (PSN) continues to be 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             4.8        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Overdraft               0.75       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term      3.16       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan               0.29       CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with PSN for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PSN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PSN is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of PSN continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

PSN was initially set up in 1921 and reconstituted as a private
limited company in 1952. Since 2009, PSN has been an authorised
dealer for SML Isuzu Ltd. It is presently managed by its managing
director, Mr. P K Sangameswaran.



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

GAJAH TUNGGAL: S&P Alters Outlook to Neg. & Affirms 'B-' ICR
------------------------------------------------------------
On Feb. 27, 2020, S&P Global Ratings revised its outlook on Gajah
Tunggal to negative from stable. At the same time, S&P affirmed its
'B-' long-term issuer credit rating on the company and its
long-term issue rating on the company's US$250 million senior
secured notes.

S&P revised the outlook on Gajah Tunggal to negative because it
sees rising refinancing risks for the company over the next 12-18
months, given its elevated and growing short-term debt.

Gajah Tunggal's short-term debt will likely remain close to
Indonesian rupiah (IDR) 2 trillion over the next 12-18 months,
higher than IDR1.8 trillion in 2018 and IDR1.1 trillion in 2017.
Amortization on the company's syndicated bank loan will increase to
IDR750 billion in 2020 and IDR890 billion in 2021 from IDR730
billion in 2019. Such amounts are sizable compared with a cash
balance that S&P estimates was about IDR900 billion as of Dec. 31,
2019.

S&P said, "We forecast that Gajah Tunggal needs annual EBITDA
exceeding IDR2.5 trillion in 2020 and 2021 to generate sufficient
cash flows to service its syndicated bank loan. This corresponds to
EBITDA margin exceeding 14%, compared to our estimate of 12% in
2019. We see limited upside for Gajah Tunggal's revenues, margins,
and cash flow in 2020 and 2021, given uncertain domestic operating
conditions, and the structural volatility in raw material prices
and the Indonesia rupiah."

Recurring investments could consume most of the company's operating
cash flows through 2021. S&P estimates free operating cash flows to
be IDR400 billion per year in 2020 and 2021. That level is
insufficient to repay the amortization on Gajah Tunggal's
syndicated bank loan, let alone working capital facilities. The
company will therefore need to draw on its cash balance or raise
additional short-term debt.

The US$250 million notes maturing in August 2022 add to Gajah
Tunggal's refinancing risk. These notes have shortened the
company's average debt maturity profile to slightly over two years
from three years in 2018, and four years post the refinancing of
its US$500 million notes in 2017.

S&P said, "Amid Gajah Tunggal's weakening liquidity position, we
place less emphasis on the company's operating performance and
credit ratios. We project a debt-to-EBITDA ratio averaging about
4.0x through 2021. However, this positive credit trajectory does
not reduce the refinancing risk the company faces, in our
opinion."

The negative outlook reflects Gajah Tunggal's growing refinancing
risk and the prospect of a downgrade within the next six to nine
months if the company is unable to lengthen its debt maturity
profile substantially.

S&P said, "We may downgrade Gajah Tunggal in the next six to nine
months if the company fails to address the mismatch between its
free cash flow generation and its debt repayment requirements. We
may also lower the rating if worsening operating conditions, or
more aggressive capital spending undermines the company's free
operating cash flows." A downside trigger could be the company's
short-term debt increasing to well above IDR2 trillion or cash
balance declining toward IDR500 billion with no prospect of
recovering.

A revision of the outlook to stable would be contingent on a
sustainable reduction in Gajah Tunggal's refinancing risk and a
lengthening of its debt maturity profile. This would imply a longer
record of generating sizable free operating cash flows and
bolstering the liquidity buffer through growing cash balance and
improved covenant headroom.




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

FUJIMISOU: Oldest Ryokan Goes Bankrupt Due to Coronavirus
---------------------------------------------------------
The Mainichi reports that a long-established inn at a popular hot
spring resort in the central Japan prefecture of Aichi has been
forced to close its doors for good after continued cancellations
from Chinese customers amid the spread of the new coronavirus sent
its finances into a spiral, Tokyo Shoko Research Ltd. announced on
Feb. 25.

The Mainichi relates that Fujimisou, a traditional Japanese
"ryokan" inn based in the Nishiura Onsen resort in the prefectural
city of Gamagori, is reported to have begun bankruptcy proceedings
at the Toyohashi branch of the Nagoya District Court. Its total
liabilities are said to be under investigation.

According to the report, the unfortunate fate of the Fujimisou inn
highlights the continued effect that the Chinese government's
travel ban on group tours abroad is having on Japan's tourism
industry.

Tokyo Shoko Research said Fujimisou was established in 1956. As a
ryokan offering fine views of Mikawa Bay and opportunities to dine
on fresh seafood, it saw sales in the period of December 2005 of
around JPY550 million.

In recent years it had seen demand rise in Chinese tour groups and
poured its energy into catering toward them. But with the Chinese
government's move to forbid its citizens from traveling in such
groups abroad, the future prospects for Fujimisou became uncertain,
and the discontinuation of the business was reportedly accepted,
according to The Mainichi.

"It's a precious ryokan that my forefathers kept going up until
now, but with no customers there's nothing we can do," the report
quotes Go Ito, the inn's CEO, as saying.

Some years ago, the inn set its sights on business from Chinese
tour groups, and inked a deal with a Chinese company to receive the
visitors. Each month it would receive around between 40 and 50
groups. Its 40 rooms were almost always packed out exclusively with
Chinese guests.

The effects on Fujimisou from the new coronavirus were first felt
immediately after infections were being confirmed, with the number
of Chinese visitors steadily waning. The Chinese government then
banned its citizens from tour group travel on Jan. 27.

Mr. Ito closed the inn on Feb. 14, saying, "I resolved myself to
it, knowing that we had no other option but to decide (to close
Fujimisou) based on the Chinese government's policies," the
Mainichi adds.

LUMINOUS CRUISING: Files For Bankruptcy; Blames Coronavirus
-----------------------------------------------------------
Reiji Yoshida at The Japan Times reports that a cruise ship company
in Kobe was effectively bankrupted by the coronavirus crisis on
March 2 after filing for protection from creditors under the
corporate rehabilitation law.

In a statement, Luminous Cruising Co., which runs one of Japan's
largest restaurant cruise ships, laid the blame on customer
cancellations linked to the COVID-19 outbreak on the Diamond
Princess, the virus-hit cruise ship operated by Carnival Corp. of
the United States, the Japan Times relates.

Luminous Cruising, which operates the Luminous Kobe-2, a 4,778-ton
liner with enough capacity for 2,000 passengers, now has JPY1.243
billion in debt, the Japan Times discloses citing research firm
Teikoku Databank Ltd.

According to the Japan Times, the company was already experiencing
financial difficulties due to disruptions caused by recent
earthquakes and typhoons in western Japan. In addition, rising fuel
prices were hurting the company even before the coronavirus
outbreak.

Of the roughly 3,700 passengers and crew members on the Diamond
Princess, more than 700 have been infected and six have died. The
health ministry's heavily criticized quarantine received wide
coverage around the world, heavily damaging the cruise ship
industry's image.

"We have decided to start corporate rehabilitation processes
because it would for sure cause great trouble to creditors if we
leave this status quo unattended," the report quotes Luminous
Cruising as saying in a statement on its website.

Tokyo-based First Pacific Capital Ltd., which operates the cruise
ship Kobe Concerto, will help rehabilitate Luminous Cruising.
Passengers who booked trips on the Luminous Kobe-2 will be offered
trips on the Kobe Concerto instead, the report notes.



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

EZION HOLDINGS: Posts US$167.1MM Loss in Q4 Ended Dec. 31
---------------------------------------------------------
The Business Times reports that Ezion Holdings posted a narrower
fourth-quarter loss of US$167.1 million, compared with a loss of
US$390.8 million the year before.

The group recorded lower other operating expenses of US$71.8
million, down 80.3 per cent from US$362.1 million, largely due to
impairments and write-offs incurred in 2018, BT discloses.

BT says share of losses of associates and jointly controlled
entities narrowed sharply to US$158,000 from US$32.3 million for
the three months ended Dec. 31, 2019.

Revenue for the three months fell 55.6 per cent to US$13.2 million,
while gross loss was US$6.4 million compared with a gross profit of
US$2.1 million a year ago, the report relays.

Loss per share was 4.48 US cents, compared with 10.54 US cents the
year before, BT adds.

                       About Ezion Holdings

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment holding and
provision of management services. The Company, along with its
subsidiaries, specializes in the development, ownership and
chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the oil
and gas industry; Exploration and development support, which is
engaged in owning, chartering and management of rigs and vessels
involved in the exploration and development phase of the oil and
gas industry, and Others, which includes assets or investments
involved in renewable energy and other oil and gas related
industry. The Company owns a fleet of multipurpose self-propelled
service rigs. It owns a fleet of service rigs in Southeast Asia for
use in offshore oil and gas industry, and  offshore wind farm
industry.

EZION HOLDINGS: Reaches Agreement With White Knight
---------------------------------------------------
The Business Times reports that Ezion Holdings has on Feb. 28
reached a new conditional debt conversion and conditional option
agreement with would-be white knight, Malaysia-listed Yinson
Holdings.

As at Dec. 31, 2019, Ezion had net liabilities of US$867.4
million.

Under the conditional debt conversion agreement with Yinson's
indirect wholly owned subsidiary Yinson Eden, US$482.3 million of
Ezion's debt will be wiped out by Yinson Eden in exchange for the
company getting 23 billion new ordinary shares in Ezion at an issue
price of 3.17 Singapore cents per share, according to BT.

BT says Yinson Eden has entered into agreements with Ezion's major
secured lenders to assume Ezion's debt.

Yinson Eden will also pay Ezion about US$47 million in cash, the
report notes.

According to BT, the issue price represents a discount of 26.3 per
cent to the volume-weighted average price of 4.3 Singapore cents
for trades done on Feb. 26, 2019.

It is subject to adjustment, with a minimum price of 2.88 Singapore
cents per share. If adjusted, up to 25.4 billion new shares will be
issued.

Under the conditional options and convertible notes subscription
agreement, Ezion will grant US$150 million worth of unlisted and
transferable share options to Yinson Eden, BT notes.

BT says each option will carry the right to subscribe for one new
share at an expected exercise price of 3.49 Singapore cents per
option share. The option exercise price represents a 18.8 per cent
discount to the last traded price.

Yinson Eden will also subscribe to US$20 million of 8.1 per cent
convertible notes issued by Ezion, adds BT.

According to BT, Ezion intends to propose a scheme of arrangement
to compromise at least US$740 million of the company's debt, which
will result in the group's debt not exceeding US$403 million.

The various transactions with Yinson Eden are conditional upon the
company owning at least 63.46 per cent of Ezion at the end of the
transactions and scheme of arrangement, BT reports.

                       About Ezion Holdings

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment holding and
provision of management services. The Company, along with its
subsidiaries, specializes in the development, ownership and
chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the oil
and gas industry; Exploration and development support, which is
engaged in owning, chartering and management of rigs and vessels
involved in the exploration and development phase of the oil and
gas industry, and Others, which includes assets or investments
involved in renewable energy and other oil and gas related
industry. The Company owns a fleet of multipurpose self-propelled
service rigs. It owns a fleet of service rigs in Southeast Asia for
use in offshore oil and gas industry, and  offshore wind farm
industry.



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

Q&K INT'L: Discloses Substantial Going Concern Doubt
----------------------------------------------------
Q&K International Group Limited filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
net loss of CNY498,337,000 on CNY1,233,770,000 of total net
revenues for the year ended Sept. 30, 2019, compared to a net loss
of CNY499,922,000 on CNY889,937,000 of total net revenues for the
year ended in 2018.

The Company said, "We recorded net losses in the past and may not
be able to continue as a going concern or achieve or maintain
profitability in the future.

"We incurred net losses in FY 2017, FY 2018 and FY 2019 of RMB245.4
million, RMB499.9 million and RMB498.3 million (US$69.7 million),
respectively.  As of September 30, 2019, we had an accumulated
deficit of RMB2,275.9 million (US$318.4 million).  Our net cash
used in operating activities were RMB43.6 million, RMB117.0 million
and RMB88.2 million (US$12.3 million) for FY 2017, FY 2018 and FY
2019, respectively.  Our balance of cash and cash equivalents has
fluctuated and amounted to RMB365.1 million, RMB103.8 million and
RMB159.8 million (US$22.4 million) as of September 30, 2017, 2018
and 2019, respectively.  As of September 30, 2017, 2018 and 2019,
our current liabilities exceeded our current assets by RMB631.1
million, RMB1,521.9 million and RMB1,100.6 million (US$154.0
million), respectively.  Furthermore, in January 2020, we entered
into agreements with a rental service company to acquire lease
contracts with landlords and tenants and related fixtures and
equipment for approximately 47,000 rental units in Sichuan and
Chongqing for a consideration of RMB580.0 million (US$81.1
million), which is payable by the end of 2020 and subject to
adjustments based on the quality of the assets according to the
agreements.  As of the date of this annual report, we have paid a
deposit of approximately RMB200.0 million (US$28.0 million) for
this transaction.  These factors raise substantial doubt about our
ability to continue as a going concern."

The Company's balance sheet at Sept. 30, 2019, showed total assets
of CNY1,799,746,000, total liabilities of CNY2,610,612,000, and
CNY2,236,351,000 in total shareholder's deficit.

A copy of the Form 20-F is available at:

                       https://is.gd/mvveu1

Q&K International Group Limited operates a long-term apartment
rental platform in the People's Republic of China. The company
sources apartments from landlords, converts them into standardized
furnished rooms, and leases to tenants. It also provides Internet
connection and utility services as part of the lease agreement. Q&K
International Group Limited was founded in 2012 and is based in
Shanghai, the People's Republic of China.



                           *********


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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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***